How Physicians Can Use a Health Savings Account for Retirement

Posted on: July 9, 2018 by Chuck Krugh, CFP

Most physicians have a pleasant problem: They make too much money per year to make fully-deductible contributions to a traditional IRA for retirement. Many earn too much to contribute to Roth IRAs as well. But there’s another less well-known option for physicians in private practice, or who have access to a high-deductible health plan (HDHP) […]

Posted in: Financial Planning Money Management Physician Money Management Retirement

Insurance Coverage Every Private Practice Needs

Posted on: June 27, 2018 by Chuck Krugh, CFP

When a physician transitions from practicing as an employee to owning or being a partner/shareholder in his or her own private practice, the financial picture changes. A lot. As an employee, you’re sheltered from having to protect the business entity. You just need to worry about yourself and your own family. Once you own a […]

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How To Use A Credit Card (And What to Look Out For)

Posted on: March 22, 2018 by Chuck Krugh, CFP

First of all, let’s get this out of the way: We know that for the vast majority of cardholders, credit cards are toxic to financial health. Unless you get one of those sweet introductory 0 percent interest deals for nine-months to a year, interest rates on these things are ridiculous. We are advocates of being […]

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What the Tax Cuts and Jobs Act Means for Doctors

Posted on: February 21, 2018 by Chuck Krugh, CFP

The Tax Cuts and Jobs Act – the sweeping tax reform signed into law in the closing days of 2017, contains a number of tax breaks. The majority of middle class taxpayers will receive a significant tax cut as a result of the law, though a few readers may find themselves with little or no […]

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Doctors: Don’t Count on Uncle Sam if You’re Disabled

Posted on: January 23, 2018 by Chuck Krugh, CFP

If you’re ever disabled, don’t be relying on the federal government for help. Federal disability benefits were never intended to cover more than very basic needs. The average Social Security Disability benefit is just $1,173 per month. And now it’s taking even longer to get approved. In prior years, it generally took an average of […]

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Estate Planning Basics for Young Doctors

Posted on: January 9, 2018 by Chuck Krugh, CFP

As much as none of us want to admit it, we’re all going to check out one of these days. The time to lay the groundwork for our eventual deaths is now. Accident, illness or violent crime can strike any of us at any time. Most of these steps for estate planning have to be […]

Posted in: Financial Planning Money Management Physician Money Management Retirement

Year-end Tax Tips for Doctors and Dentists

Posted on: December 6, 2017 by Chuck Krugh, CFP

November is upon us, and that means it’s time to make your end-of-year tax moves to make sure you minimize your overall business, income and capital gains tax liability, while maximizing your personal and business cash flow. Maximize retirement plan contributions. While you have until next April to make contributions to an IRA, you have […]

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Study: Doctors Get Paid Best in Rural Areas and Lower-Cost Cities

Posted on: November 21, 2017 by Chuck Krugh, CFP

“I’d be a bum on the street with a tin cup if markets were efficient.” – Warren Buffett Doctors aren’t commodities – and neither are the markets they work in. That’s why there are big differences in compensation, even within the same city and within the same specialty. A recent survey from Doximity uncovered significant […]

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Study – Young Physicians Don’t Know Much About Money

Posted on: October 23, 2017 by Chuck Krugh, CFP

Unlike the great singer Sam Cooke, young doctors actually do know a lot about biology and the science book. Some of them even know something about the French they took. But they don’t know much about money. That’s not just us talking. That’s the result of a study recently published in the International Journal of […]

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What If You Lose a Partner or Key Person?

Posted on: October 10, 2017 by Chuck Krugh, CFP

This could happen to you: You are a successful physician in private practice, living your dream. You have a terrific bunch of partners, and a skilled and diligent office manager who keeps the whole practice humming along. But early one morning you get a call from distraught family member: There’s been an accident. Your key […]

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