One Clever Way to Really Get Ahead
We’re often asked by clients how they can make more money save on taxes. Here’s my answer: Move. Move to a state with lower taxes and cost of living. Unfortunately, it’s probably not going to be a state with great weather or beaches.
Unlike some geographically-tethered professions, dentists can live and work anywhere and still make the same amount of money. It’s just as easy to have a practice collecting $1MM in a rural area as a city. Why? Less competition in less populated...Read More
Q3’s 2019 Market Update
Brandon Hobson, CPA | Director of Investments
Volatility is picking up in Q3, and some of you may be anxiously waiting for it to subside. If you closely watch the markets or have tuned in to recent media coverage, you can’t escape it. The U.S. announced that they are increasing tariffs on China and a trade deal doesn’t look like it’s coming any time soon. The IMF cut global GDP forecast for 2019 (1). Possibly most concerning was the temporary inversion of the U.S. treasury yield...Read More
Is it time to refinance?
Greg Maravilla, MBA, CPA, CFP® | CFO Advisor / Partner
As the stock and bond market signal recession and the Federal Reserve having recently dropped its fed fund rate, we are likely to see bank interest rates doing lower. 30-year mortgage rates are now around 3.7% and practice loans are in the low 4%. As a result, if you have existing debt, you might consider refinancing to save on interest expense. Is it worth it? Some things to consider first:
Prepayment penalties –...Read More
The Ultimate Sophistication is…..
Pop Quiz Doc. What was it Da Vinci Said About Sophistication?
Well, I can’t give you the answer just yet, but let me preface it. Compare these two doctors:
Alright, here’s the answer to our little quiz:
The ultimate sophistication is simplicity
– Mr. Leo DV
My examples above aren’t made up. The data is clear. Those doctors with a simple financial structure and healthy practice progress toward financial independence faster. And, doctors that keep it simple, tend to have less stress....Read More
Student Loans and Financial Planning for the Young Doctor
I recently was invited to speak to the 4th year dental students at USC. My subject was student loans and personal finance. The level of student loans these hard working, very bright students have accumulated is generally between $400,000 and $600,000. This isn’t unusual for students in other dental programs throughout the country. The questions I received from these students were:
What is the difference between IBR, PAYE, and REPAY and which program should I be on?
Can I just pay the minimum...Read More
Distinguishing one financial advisor from another
Distinguishing one financial advisor from another
There are so many folks out there dishing out financial “advice” and even more who call themselves a “financial advisor,” or “financial planner.” For example, Certified Public Accountants (CPA), Certified Financial Planners (CFP®), Broker agents, Insurance agents, and Investment Advisor Representatives (IAR) are all individuals who often title themselves as Financial Advisors and/ or financial planners. The problem here is that...Read More
Market Review
Global Market Performance
The attached Market Review provides insight into the performance of Global Markets around the world and highlights the importance of a globally diversified portfolio. Returns over the short-term can be hard to predict for any one country, but consistent exposure to global markets will offer greater investment opportunities and potentially higher returns.
Market Review
Recent Market Volatility
During periods of market volatility, it is important to remember that...Read More
President’s Message: Four Reasons Why Some Doctors Get Ahead Financially and Others Don’t
They Have Effective Patient Communication and Team Leadership Skills:
What is communicated to patients, and how it is communicated, may be the most important factor. Patients say “no” all to often to the treatment they need. Without treatment plan acceptance, it becomes very hard to cover fixed costs and personal budget needs. Leading a team goes hand in hand with patience communication since staff members are speaking with the patient as much, if not more than the...Read More
Is Student Loan Refinancing Right for You?
Molly Carapiet, Eagle Lending, Director of Operations, First Republic Bank
Young professionals with large student loan balances are often stuck between a rock and a hard place. If you’re currently managing student debt, you’ve probably been hearing about the option to refinance your education loans. But how do you know if refinancing is right for you?
Although every borrower has a unique financial situation, below are a number of questions to ask yourself to help you decide if...Read More
Financial Planning and The Challenge of Sisyphus
I begin with a bit of Greek mythology. I believe it offers a keen lesson on personal finance. Sisyphus, King of Ephyra, was punished by the Gods for chronic deceitfulness. He was condemned to roll a large boulder up a hill, only to have it slip from his hands and roll back down the hill. This he did over and over … forever.
This is an excellent representation of our efforts to grow and control wealth. You spend years in college and then years in your profession. You accumulate assets and...Read More