First of all, the term ‘getting out of debt’ is a misnomer. Sure, most consumer debt is bad, incurred at ridiculously high interest rates, and something you want to pay off as soon as possible, with a vengeance. What we really want to do is increase your net worth. That means you want your assets
The Five Principles of Disability Income Insurance for Doctors
Disability income insurance isn’t like major medical insurance, post Affordable Care Act. There’s no guaranteed issue if you apply within some open enrollment period. But it’s critically important coverage for young doctors to own. For the vast majority of physicians in their 20s, 30s and 40s, their
Five Ways To Save on Disability Premiums
Disability insurance is a critical asset for physicians. There are literally millions of dollars on the line for any future or current physician who has most of a career ahead of him or her. If you were to unexpectedly lose your ability to work in the medical profession – either by illness or
Do I Need Disability Insurance As a Medical Student?
That’s a question we are often called to address, and the answer is often “yes.” You may not need the same level of protection as people well into their medical careers, and unless you’re independently wealthy, we understand you can’t afford to pay unlimited disability insurance premiums. But we
How to Save Money as a Resident
We know how hard it is to balance the budget when you’re in residency. The average resident salary is around $50,000. There’s a compelling need to protect as much as $15,000,000 in future income as a physician against the very real risk of a career-wrecking disability that could happen to anyone –
5 Financial Tips For Young Doctors
Remember that game “LIFE?” The child’s board game by Milton Bradley? In that game, the player with the biggest salary was the doctor. But in the game, there were no debt service expenses. There were no medical malpractice insurance premiums. And the government wasn't squeezing Medicare and Medicaid
What is the Best Time to Buy Disability Insurance?
There’s a common saying in the insurance business and the military: “It wasn’t raining when Noah built the ark.” That’s true! And, it’s important to take that advice to heart. In my business, we sometimes run into the tragic consequence of waiting too long to get disability insurance coverage in
Physicians Should Buy Disability Insurance While Young
Many young physicians dream of the freedom of opening their own private practice, mid-career. But sometimes the ability to fulfill one’s dreams gets hampered by decisions you make in your 20s. Recently, we had a call from a young surgeon, 36 years old, who was planning to open up a new practice