Group Disability Vs. Individual Disability – What You Need to Know

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

My employer offers me disability insurance via a group plan. Why do I need my own policy? It’s terrific that your employer offers this important benefit to you. But there are important differences between a group disability plan designed to appeal to employers and an individual plan, designed and customized for your personal needs as […]

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New Years Resolutions for Doctors

Posted on: January 12, 2017 by Chuck Krugh, CFP

The New Year is traditionally a time to act on plans for self-improvement. Millions of Americans will be working to lose weight, to achieve success at work, improve their 2 mile run time, or to achieve a variety of financial and personal goals. Here are some great New Year’s resolutions for doctors to consider: Go […]

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6 Investing Mistakes Doctors Make Too Often

Posted on: December 27, 2016 by Chuck Krugh, CFP

For a bunch of smart people, doctors are notorious for being bad investors. But bad investment decisions are preventable. Understanding the common mistakes physicians make when it comes to investing their money can pay big dividends in the future. Failure to start early. Yes, physicians enter their careers with a lot of debt to pay […]

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Residents – What They Earn and What They Owe, Nationwide

Posted on: September 27, 2016 by Chuck Krugh, CFP

The average salary for residents for 2016 was essentially unchanged compared to the prior year, at $56,500, according to the recently-released Medscape Residents Salary  & Debt Report 2016. That represents an increase of $100 per year, which is well within the margin of error. Naturally, some specialties out-earned others, and just about everybody out-earned emergency […]

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Young Doctors: Run – Don’t Walk – To Fund A Roth IRA

Posted on: September 7, 2016 by Chuck Krugh, CFP

Young physicians – especially those about to enter residency or still in residency, have a unique tax planning opportunity that’s almost unmatched by any other profession: The opportunity to contribute to a Roth IRA (or Roth 401(k)) while earning an income far, far below their likely income brackets in retirement. And that’s why the Roth […]

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The New Doctors’ Financial Planning Checklist

Posted on: July 26, 2016 by Chuck Krugh, CFP

Congratulations on becoming a physician! You’re going to help a lot of people, potentially save a lot of lives, and in the process, make a good deal of money. The total lifetime earnings of a physician easily amounts to upwards of $7 to $10 million and sometimes more, over the course of a successful career […]

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Is Your Medical Specialty Among the Top Earners?

Posted on: June 14, 2016 by Chuck Krugh, CFP

Want to know what your fellow docs are getting paid? The 2016 Medscape Physician Compensation Report is out. Here are some of the key findings: The five specialties that are among the top earners are as follows: Orthopedics: $443,000 Cardiology: $410,000 Dermatology: $381,000 Gastroenterology: $380,000 Radiology: $375,000 … And here are the lowest-earning specialties, in […]

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7 Student Loan Management Tips For Young Doctors

Posted on: April 19, 2016 by Chuck Krugh, CFP

Medical school pays off big for the vast majority of doctors who stay in medicine for their entire careers. But that doesn’t mean that medical school debt and student loan balances are fun. According to the New American Education Policy Program, the average medical school graduate begins his or her career with college debt in […]

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How To Deal With Medical School Debt

Posted on: March 23, 2016 by Chuck Krugh, CFP

In the long run, medical school is worth the investment many times over. But it sure doesn’t feel like it sometimes when you’re making those big payments! If you’re just starting out on your medical career, here are some things to keep in mind as you create a strategy to minimize the burden of your […]

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Is the REPAYE Plan a Good Deal for Doctors?

Posted on: February 21, 2016 by Chuck Krugh, CFP

REPAYE, a new twist on the existing Income-Based Repayment (IBR) and Pay-As-You-Earn (PAYE) programs to adjust student loan payment programs to income – just became operational in the final weeks of the end of 2015. The program will potentially benefit up to 5 million Americans who are now enrolled in the IBR program, which caps […]

Posted in: Financial Planning Medical Residents Money Management Physician Money Management