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Medical Practices: Where to Set up Shop

Have you ever stopped to think that after taxes (State and Federal) and land costs that there maybe some states that are less expensive places to live in, purchase goods and set up shop then others? If so, which states would those be? The Bureau Economic Analysis recently conducted a study on how far after tax dollars stretch on a state by state basis. Essentially the researchers at the foundation compared what the real purchasing power of $100 is per state.  The study gets into some finer details but I really would like to take a look at the illustration below created by the National Tax Foundation based on the study's data, as it relates to determining where the most economical places to live and practice are. If we take a look at the Map we can see that states such as California and New York have significantly less buying power then many of the other states.  The salary bases might be higher in these areas but what this study is showing is that the people who appear to be earning[...]
DUI

DUI

Fall is here and the holiday season upon us.  There a numerous reasons to be celebratory whether it be religious, sports related or my personal favorite Halloween.  It is important to remember that while celebrating with friends and family can be liberating that we keep our wits about us and remember not to drink and drive.  I recently came across a comical picture illustrating the arrest of a person in halloween costume for driving under the influence.  While my initial response was to laugh,  I quickly began to consider the reality that this person's life will be dramatically affected by their actions and the importance of understanding the seriousness of a DUI on a financial plan.   You might be thinking it will be a very expensive ticket and a mark on your drivers license. It's way more than that.  From the initial expense of having your car towed to the impound lot, to the lost wages or even your job, the cost can be astronomical. Lets consider for a moment that you are still i[...]
Should you buy short term disability protection?

Should you buy short term disability protection?

Disability protection for the short-term, otherwise known as STD, is a product offered by employers to provide income replacement for, as the name says it short periods of time, typically for 180 days or less.  Most minor injuries or illnesses that would not commonly qualify for a Long Term Disability, LTD, claim would then qualify.   When you consider that most of minor injuries or ailments that result in a claim are resolved in short periods of time, the out of pocket expense to own this policy is very costly. For medical professionals, this sort of protection is typically not needed because of employment agreements and usually your employer will continue to pay you from 90 to 180 days.  When you are self-employed going without this type of protection is fine if you know you have receivables coming in the door for up to 180 days. The one exception, to which I would recommend short-term disability income protection, is if you are a female professional and you intend to have chil[...]
Disability Income Protection and Women in Medicine

Disability Income Protection and Women in Medicine

While sitting here trying to get over my writers block, I began to wonder about the possible topics for this blog.  Of the numerous thoughts came to mind there was one that seemed to stick out above the rest, women and disability insurance as part of their overall risk management portfolio.  According to Pew Research, women account for almost half of the U.S. Labor force today that’s around 47%.  The employment rate of married mothers with children has increased from 37% in 1968 to 65% in 2011.  In another research that was gathering data on the percentage of Women graduating from medical school the findings showed much the same.  As of 2005, women accounted for 47.1% of all medical school graduates.  That was a large part of the medical population as of 10 years ago.  The stats are bound to be better today.  Many of these women have gotten married and now have children, which puts them into the Pew Research statistics.  This only drives home the point that the need for income protecti[...]
Congratulating Graduating Medical Students

Congratulating Graduating Medical Students

Congratulations, to all graduating medical students.  The road was a long one but you have accomplished so much along the way.  As you enter into your residency new and exciting experiences await.  You will be challenged  but it will be an exciting and fulfilling step towards a rewarding career in your chosen medical specialty. As you enter your specialty training or even your transitional year there are a few things you must keep in mind. 1) The best financial plan for you right now is to live frugally. I know thats not hard to do on a residen'ts salary, but its imparative that you start good spending habits now. 2) Start interviewing as soon as possible. It never hurts to get a headstart, and who knows you may even lock up a stipend for the rest of your residency. 3) If you go on vacation make sure its to a place you think you might like to practice. While you are there get acquinted with the area and job opportunities available. 4) Finally, If you have not already thought abo[...]