Author's posts
Backdoor Roth conversions may be going away: What this means for physicians
Even though their incomes often exceed the phaseout threshold for funding Roth IRAs, physicians have been utilizing loopholes in the tax code to fund Roth IRAs for the past decade or more. Converting IRA funds to Roth IRA funds allows a taxpayer to cha…
Pros and cons of 457(b) plans: What physicians need to know
There’s not a perfect financial planning vehicle in existence. Salary deferral plans, like many retirement plans and 457 plans, carry pros and cons. Many hospital systems have a combination of 401(k), 403(b), and 457 plans. The 401(k) is often designed…
Physician financial planning during uncertain times
With COVID-19 well underway and impacting everything from the economy to everyday life, here are a few financial planning strategies during a crisis. 1. Understand your budget. During uncertain times, spending usually reverts to a survivalist mentality…
The doctor’s budget — remastered
About a decade ago, I had my first doctor-client. And part of what they wanted to discuss was budgeting in order to save more. They just got new jobs and wanted some general planning for the sake of making good decisions. Software for budgeting and spe…
4 financial mistakes medical residents make and how to avoid them
Medical residents and fellows have always been in an interesting situation. They are embarking on the foothills of their career and obtaining the skills and knowledge they need to press forward. They are likely in the most idealistic mindset they’…
The most important aspect to a young doctor’s financial plan
In a young physician’s life, financially speaking, the single most important aspect to financial well-being has nothing to do with money; it has nothing to do with investments; it has nothing to do with budgeting and saving. I think financial advisors …
