Stoic Wealth Advisors’ Post

Medical practitioners face overwhelming demands, from staying updated on research and tech to managing finances like student loans and retirement. 🏥💼 Just as patients need checkups, practitioners should work with financial professionals to keep their finances healthy. 👩⚕️ Take control of your financial future today and talk with Stoic Wealth today! #FinancialPlanning #MedicalProfessionals #StoicWealth https://lnkd.in/gXab_p35

Medical practitioners face overwhelming demands, from staying updated on research and tech to managing finances like student loans and retirement. 🏥💼 Just as patients need checkups, practitioners should work with financial professionals to keep their finances healthy. 👩⚕️ Take control of your financial future today and talk with Stoic Wealth today! #FinancialPlanning #MedicalProfessionals #StoicWealth https://lnkd.in/gbYCX6w8

Our audience of medical professionals is growing. So, whether you're a private partner physician being bought out at the end of your career or just starting out as a nurse, physicians assistant, or orthopedic resident... Welcome! We are excited to share a bi-weekly series, each post will focus on a different aspect of financial issues tailored specifically for medical professionals. Addressing issues like: Are you tired of feeling like you're playing financial catch-up? From balancing student loan debt To retirement planning To maximizing your focused time on finances Investing for your success Our goal is to empower you and provide you with the tools and knowledge you need to take control of your financial future. Our impact is measured by your increasing success. #financialpulse #heirs

"Maintain the lifestyle you had in residency for the first couple of years working as an attending physician.", Justin W. Rice, CFP®, CSLP® tells us, in the latest published article in our magazine. He outlines five common financial mistakes physicians make and offers actionable strategies to address each, in "Five Money Mistakes Physicians Make (and Strategies to Avoid Them)" Find it, read it, learn from it, share it, on our website! Stay tuned for more from Justin, a Biomedical Engineer turned Financial Strategist. #money #finance #wealth #rich #financial #finances #medicine #doctors #healthcare #doctor #physician #learn #somedocs

🚫 Top 5 Financial Mistakes Dentists Make – And How to Avoid Them! 🚫 Being a dentist is incredibly rewarding, but managing the financial side of your practice can be challenging. Here are the top 5 financial mistakes I see dentists make and tips on how to steer clear of them: Neglecting to Create a Comprehensive Financial Plan Many dentists dive into their practice without a solid financial plan. This can lead to unexpected expenses and cash flow issues. 📊 Tip: Partner with a financial advisor who understands the dental industry to create a tailored plan. Underestimating the Importance of Tax Planning Taxes can be a significant burden if not managed properly. 😖 Tip: Implement a proactive tax strategy to take advantage of deductions and credits specific to dental practices. Overlooking Retirement Savings Focusing solely on the practice can lead to neglecting long-term savings. 💼 Tip: Start early with retirement plans like 401(k)s or IRAs to ensure a comfortable retirement. Ignoring Practice Valuation Without regular valuation, you might not know your practice's worth until it's too late. 💡 Tip: Conduct annual valuations to track your practice's growth and make informed decisions about selling or expanding. Mismanaging Debt From student loans to equipment financing, debt can accumulate quickly. 🚫 Tip: Develop a debt repayment strategy that balances paying down high-interest debt while investing in your practice's growth. Utilize income-driven repayment for your student loans if your income is less than your student loan balance. Remember, the key to financial success in dentistry is proactive planning and informed decision-making. Let's ensure your practice thrives! 🌟 #Dentistry #FinancialPlanning #TaxStrategy #RetirementSavings #PracticeValuation #DebtManagement

Building Credit as a Medical Resident: Why It Matters Building credit may not seem urgent for medical residents, but early financial decisions can have long-term impacts. Starting now makes it easier to secure favorable loan terms when buying a home, opening a practice, or making other major purchases. Here are some helpful tips for building credit during residency: - Open a Credit Card: Consider options tailored to residents, and pay off balances monthly to boost your credit. - Set Up Auto-Payments: A solid payment history is key for a high credit score. - Refinance Student Loans: Lower interest rates can help manage debt and improve credit. - Choose Doctor-Friendly Banks: Salve, for example, offers resources specifically for physicians to help with credit-building and financial growth. Establishing good credit during residency means fewer financial barriers and more opportunities down the line!  #MedicalResidency #FinancialWellness #PhysicianFinance

Medical professionals face unique financial pressures, from education loans to performance-based pay. At Win Wealth Solutions, we specialize in helping physicians, dentists, nurse practitioners, and other medical professionals manage their finances effectively. Whether you’re navigating student loans, planning for your children’s education, or aiming for an early retirement, we’ve got you covered. Don't rely solely on your employer’s plans. Partner with us to take control of your financial future with strategies tailored to your needs, including tax-managed investments and credit solutions. Let us help you build a financial plan that supports your career goals and sets you up for a comfortable retirement. Learn more about how we can help: https://lnkd.in/gbjGZiFb #WealthManagement #MedicalProfessionals #FinancialPlanning #WinWealthSolutions

We know there is alot to think about including your education, managing your financial health, with balancing your career journey. 🩺📚📈 Did you know RBC has dedicated Healhcare Advisors to help with you navigate the many complexities! ⬇️🩺 https://lnkd.in/gvq8AHjt

Consumer Financial Protection Bureau Consumer Financial Protection Bureau (CFPB), along with VP Kamala Harris, press conference to announce the proposed regulation removing all medical debt from credit reports. Every action has a consequence, and each consequence has another consequence. These are called 2nd-order consequences, and they will be extremely harmful to hospitals, physicians, and people who pay their bills today and tomorrow. What 2nd-order consequences can you expect? 1. Health systems and physicians will start to require payment upfront – Several health systems are already in the process of asking for credit card information before services are rendered (except in ER or medically necessary cases). Health systems will collect an amount before the service and have patients sign an agreement that their credit card will be processed for the remaining amount owed (up to a certain limit). Health systems can no longer risk not receiving payment for 30, 60, or 90 days later and especially cannot allow long-term payment plans. 2. Non-payment will be shifted to the payers of medical bills – A greater cost shift will occur as more individuals justify non-payment for services. This will cause medical costs to increase faster to cover the non-payment. Currently, less than 10 cents on the dollar is collected for accounts listed with medical debt collection companies. Companies can expect their premiums to rise to account for the new non-payers. It is ironic that a shift to high deductible plans may have now caused a shift back to employers paying more. 3. More small claims/legal actions (where states allow) – As a last resort, collection agencies may resort to small claims/legal action on accounts. This will occur in greater numbers as the medical industry becomes desperate for payment to keep their doors open. 4. Higher interest rates and less credit – Americans can expect higher interest rates. Lenders will need to ensure repayment, and if medical debt is hidden from sight, interest rates will have to increase to deal with this risk. Lower-scoring consumers will be less likely to receive credit, as the chances that medical bills might prevent repayment of loans will be considered. Thank you, Christian Agurto Account Manager P&D Credit Bureau christian@pndcredit.com (p) 253-246-0300   (f) 253-246-0360 www.pndcredit.com & www.quickcollectinc.com

Siphoned from Society "If I was dying I would never go there" - quoted by a 30 year veteran nurse who was fraught with bureaucratic DENIAL for cancer treatment. Even if you are not the patient - this is affecting our quality of life. You pay the bill - yet you are not allowed access to or utilize the services you paid for in advance? What is the common 'cents' approach. Prosperity only for 'sum' and not all succumbs to disparity. There are far more legal parameters and legal implications regarding this conscious avoidance and willful neglect. Perpetuating a collapse in the economic systems, including but not limited to: 1. Staff labor employment perils and patient delayed care preventing work (even if part time), retirement investments, insurer and reinsurance markets, equity funds, bonds, securities, tax revenues, public finance, grant funding. 2. Kicking the CAN'T down the road back onto an empty public purse. Imaging if other vital public services were managed as above: Elected offices, law enforcement, government administration, defense, public works, transportation, utilities, commerce, FAA, FTA, banking, manufacturing, agriculture, FEMA, housing, without government oversight and regulation enforcement.