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The Ultimate Business Overhead Protection Cheat Sheet

The Ultimate Business Overhead Protection Cheat Sheet

Hi to all of you out there I am sure by now your summer is in full swing.  Many of you are preparing to begin your residencies as specialists in Anesthesia, Neurosurgery, Emergency Medicine, Radiology and the numerous other medical specialties and many of you are entering into private practice.  By now you should have already invested in your most valuable asset and purchased the best disability coverage for your income protection.  If you have not what are you waiting for?  Ok enough with the lecture today I want to talk about Business Overhead Expense Disability Insurance.  You are probably thinking ok but I am not going into my own practice right now or maybe never. That doesn't mean you shouldn't understand what it is.  You never know what the future holds or if one of your colleagues will benefit from this information.  Lets get started. Business Overhead Expense Insurance is a type of disability coverage that enables you to maintain your business as a specialist in Radiology i[...]
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Should You Rent or Should You Buy?

So you are thinking about buying a home/condo. That is the American dream right? White picket fence, friendly neighbors, good schools, perfectly manicured lawns even a membership to your local country club. Whoa Nelly! First you need to make sure you know the basic differences before you jump in with both feet. The list below itemizes some of the expenses that you will be responsible for if you own.  Many are included in your rent if you live in an apartment.  It is a good idea to think about these when you are considering whether to rent or buy. Basics: Renting(offers no future financial advantages) or Owning (builds equity and credit) Payment:  Fixed monthly in an apartment versus Fixed or Flexible Mortgage Utilities: Gas, Electric, Water, Sewer, Trash pick up(can be included in rent) Cable/Internet: (can be included in rent)  Maintenance (painting, lightbulbs, lawn care) all are at the owners expense.  Generally included when renting Property Taxes Fitness fac[...]
Interest Rates Going UP UP UP

Interest Rates Going UP UP UP

June is quickly approaching and so is the next chance for the Fed to raise interest rates. Considering that she has already increased the rates twice in the last 12 months and the economic effects were negligible my bet is on another increase. Probably similar to that of the previous two which were one quarter of a point. Doesn’t seem like much but it can have a significant impact on your wallet? As a specialist in Emergency Medicine it is important to understand how these increases will affect your bottom line and what you can do about it. Most of you are not old enough to remember what the interest rates where in the 1980’s and but get ready for a shocker. The average home loan was 18.5% for a fixed 30 year mortgage. No one really wanted adjustable rates because the market was increasing and that would have spelled disaster for most. Looking ahead to the present, rates have been at historical lows. This has made it attractive to buyers and those looking to refinance. The home th[...]
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Disability Awareness its May

May is month of celebrations.  There is May day, Cinco de Mayo, of course Mothers Day and Memorial day.  What you may not know is that May is also Disability Insurance Awareness Month. There are so many months with awareness activities but this one is near and dear to our hearts.  Income Protection Specialist wants to make certain that you as a medical professional understand the importance of having this critical financial protection in your portfolio. It really doesn't matter what your specialty whether it be Emergency Medicine, Anesthesia, Otolaryngology, Neurosurgery or any of the other important medical practices, you need to make sure you are covered.   As stated by the council for disability awareness, “The typical American worker dramatically underestimates, or even ignores the risk of income loss that can be caused by illness or injury.”  Having the proper guidance from a qualified trusted professional is critical in making certain you are protected in the event of a disabi[...]
Now That You've Got Some Money?

Now That You've Got Some Money?

Medical school is behind you and now you can focus on your residency in Emergency Medicine.  You are finally going to have some positive cash flow but knowing what to do with it can be tricky.  Seems like the answer should be easy but when you break it down the choices you make can mean the difference between financially secure now and in the future or being broke again. The first thing you want to do is get a complete understanding of your current expenses. The best way to do this is break them down into categories.  Start with your fixed necessary expenses such as: Rent, Student debt, Disability Income Protection, Auto Loan etc. Then your non fixed necessary like groceries, medical expenses, gas, clothing etc.  Now add in your wants category items like dining out, morning starbucks, impulse purchases, event tickets (you get the idea). Keep in mind this is the category that typically gets everyone in trouble. Once you've got all that then take that number and deduct it from [...]