By: Charlotte A. Dougherty, CFP® In conjunction with Lincoln Financial Advisors
Having a career that brings you personal satisfaction and financial success places many demands on your time and energy. You may find yourself putting off important tasks simply because there’s no strict deadline for completing them. But, no matter how busy you are, there’s one task you shouldn’t put off — planning for your financial future. Married or single, with or without dependents, you need a comprehensive financial plan.
Chances are, you’ve taken care of the basics. You’ve set goals, diversified your investments to mitigate risk and outpace inflation, and started saving for retirement. Now it’s time to consider additional strategies. A financial plan tailored to your needs and personal circumstances can help maximize your potential assets and preserve them for your loved ones.
By Anthony J. Ogorek, Ed.D., CFP
The road to hell is paved with good intentions. This popular aphorism has been around for years with good reason. It seems that, try as we may, good intentions do not always result in good outcomes. We witness this truth in our financial advisory firm more than we would like to admit.
The typical scenario involves a busy high achiever, such as a medical professional or business person who feels that they cannot find anyone as qualified as themselves to manage their financial affairs. Either through a lack of encouragement or a lack of interest, their spouse is left out of the loop regarding the family’s financial picture.
By Jerry H. Biese, Genworth Life Insurance Company
As the French writer François de la Rochefoucauld once said, “The only thing constant in life is change.” Therefore, learning to manage major life changes in a positive way is essential to physical, emotional, and spiritual well-being. Regardless of whether these changes are positive, such as having a baby or relocating for a new job, or negative, such as the loss of a parent or the dissolution of a marriage, there are steps that you can take to better navigate these stormy seas.
MD Preferred is proud to announce a national partnership between MD Preferred and Physician CVs, a rapidly growing online networking site where physicians and healthcare hiring authorities from hospitals, clinics, private practices and medical recruiting firms come to share information about career opportunities. PhysicianCVs represents the latest evolution of online career services.
By David Wray
David Wray, the president of the Profit Sharing/401(k) Council of America, once said that the purpose of profit-sharing plans is “to generate goodwill and a feeling of partnership” between employer and employee. Profit-sharing plans give employees a share in the profits of a company each year and can help to fund their retirements.
All funds contributed to a profit-sharing plan accumulate tax deferred, as with other defined-contribution retirement plans, but employer contributions are tax deductible only if the plan is defined as an elective deferral plan, which means that instead of accepting their profit shares as cash, employees defer the assets into retirement funds.
Articles abound with the claim that - if you save $100 a month, earning 10 percent per year, you will have a given sum of money in 30 years. These simplistic future-value exercises (also known as deterministic calculations) are helpful in explaining the potent effect of compound interest and encouraging investors to start saving early; after all, it was Einstein who once said, "the most powerful force in the universe is compound interest." The problem with such deterministic calculations is that they assume the average annual earnings will remain constant throughout the investment period - in other words, investments will always have positive returns. If we have learned anything these past few years, it is that stock markets do not always earn positive returns each year, and that returns can be volatile. Until recently, most financial advisors used deterministic calculations to forecast future portfolio values; however, such calculations fail to answer the most crucial questions on an investor's mind: Will I have enough money to retire? In recent years, financial advisors have shifted away from using deterministic calculations and toward Monte Carlo simulations to be able to answer the aforementioned questions with a greater level of confidence.
On April 12th Health and Human Services Secretary Kathleen Sebelius announced a program projected to save 63,000 lives and up to $35 billion in health care costs over the next three years by preventing hospital related injuries and illnesses.
"Americans go the hospital to get well, but millions of patients are injured because of preventable complications," Sebelius said. "Working closely with hospitals, doctors, nurses, patients, families and employers, we will support efforts to help keep patients safe, improve care, and reduce costs. Working together, we can help eliminate preventable harm to patients."
The Chinese curse "may you live in interesting times" seems an appropriate description for how many medical professionals feel about their lives. Over the past couple of decades, physicians have had to work harder, not to make more money, but just to stay in place economically. Many are older and working harder than ever, yet find the lifestyle that they have enjoyed in the past gradually eroding.
There are many reasons for the "treadmill syndrome." However, what is most frightening is not the obvious economic fallout, but the lifestyle compromises that many physicians are not even aware of until, unfortunately, it may be too late. Let's take a look at how the rising costs of educating children are materially contributing to more years worked with a potentially diminishing level of satisfaction.
By Brian Picariello CPA/PFS, CFA, Traust Sollus Wealth Management
You have chosen to open your own practice because you know that running a business of your own is the way to build your personal fortune. You are prepared to put in the time and take the business risks, because you know the rewards will come.
As a good doctor, you probably put in long days taking care of your patients, and then want to spend time with your family as well. Although revenue is coming in and you're taking home a good paycheck, do you know how to take to maximize the value of your business and use it to grow your own personal wealth?
This year choose to find the time to take the four steps that will help your reach your personal financial goals.
Making excuses to delay estate planning is easy. In fact, maybe you’ve already thought: “I’ll worry about it when I’m older.” Or “My estate is too small to be affected.” Or even, “I don’t know what I’m going to do with my assets yet.” However, if you are unprepared when incapacity or death strikes, your family’s financial future may not be protected. While there is no designated age for beginning to plan your estate, waiting too long may rob your beneficiaries of much of their inheritance. That’s why it’s important to take the time now - before you need an estate plan.