Financial Tips for Young Doctors

Posted on: September 20, 2017 by Chuck Krugh, CFP

We’re always scouring the Web for good articles and studies about doctors and financial tips – and we were particularly pleased to come across this fine piece from Kevin Liu at KevinMD.com. Aiming his advice at young physicians who have just completed residency, or advanced fellowship training, and who are entering the attending physician phase […]

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Protecting the Small Medical Practice Against Disaster

Posted on: September 7, 2017 by Chuck Krugh, CFP

On top of the terrible human toll on individuals inflicted by disasters such as Hurricane Harvey – currently affecting millions in Texas and Louisiana – disasters take a terrible toll on small businesses as well: According to data from the Federal Emergency Management Agency (FEMA), some 40 percent of all small businesses shuttered by a […]

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The Most Dangerous Myths About Insurance Coverage

Posted on: August 24, 2017 by Chuck Krugh, CFP

When it comes to insurance coverage, what you don’t know may not kill you – but it can cost an awful lot of money. Unfortunately, there are a number of myths and misconceptions that even very highly educated people have about insurance and what it covers and doesn’t cover. Here are some of the most […]

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Beware of the Disability Disconnect

Posted on: June 7, 2017 by Chuck Krugh, CFP

When it comes to the risk of disability, Americans are woefully underinsured. Disability vastly outpaces the death of a breadwinner among those under age 50 as a leading cause of economic hardship for families. The fact is, most people vastly underestimate their chances of becoming disabled: According to information from the Social Security Administration, about one […]

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Young Doctors Need To Step Up Savings and Financial Planning Efforts

Posted on: May 24, 2017 by Chuck Krugh, CFP

The American Medical Association has just released its 2017 Report on Resident Physicians’ Financial Preparedness, and things aren’t looking great. Researchers surveyed over 50,000 residents and got 1,573 responses from residents in a variety of medical specialties from across the country. Nearly two-thirds of residents report being ‘behind’ when it comes to preparing for retirement, […]

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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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