Retirement 101: The "Pro-Rata Rule"

Retirement 101: The "Pro-Rata Rule"

Here is the thing about Uncle Sam - no matter what you do, he always gets his cut.  As I learn more about investing for retirement and tax-minimization strategies, the "pro rata rule" keeps popping up.  As an FPMD reader, you probably don't have a lot of extra cash at the end of the month to dig deep into retirement strategies.  But you soon will.  Today I want to talk about the IRS "pro rata rule," also known as the "cream-in-your-coffee" rule.

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Retirement 101: Pay Yourself First (PYSF)

Retirement 101: Pay Yourself First (PYSF)

If you've been around the personal finance blogosphere, you probably have encountered this term - "Pay Yourself First." Or you may have read WealthyDoc's insightful guest post on Physician on Fire - Pay Yourself First? No, Pay Yourself Last.  Since I've talked a lot about PSLF, I thought it's time we pay some attention to PYSF.  So what exactly do we mean when we say "Pay Yourself First"?  Let me explain.

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Retirement 101: Know Your Tax ______ Plans

Retirement 101: Know Your Tax ______ Plans

In my daily conversations with medical colleagues, I often toss around certain terms without explaining them fully - 401k, 403b, 457, IRA, HSA, 529 etc.  The reason why these particular number-letter combinations come up so often is because tax advantaged investment plans are by definition better than regular old taxed investment plans - unless you really like paying taxes.  But even tax advantaged investment plans are not all created equal.  Let's hit the basics and discuss the differences between tax _______ investment plans.

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GUEST POST: How Termination Agreements Gets Expensive

GUEST POST: How Termination Agreements Gets Expensive

According to the American Medical Group Association’s (AMGA) Physician Retention Survey, almost a third of all new physicians will switch employers within their first three years of practice. Many factors play into why physicians may leave an employer, but regardless of reason, it’s important to understand potential consequences of terminating an employment agreement as it can become extremely expensive. There are multiple factors to consider if you find yourself wanting to find a different employer.

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Investing 101: Risk Tolerance

Investing 101: Risk Tolerance

Investing is frequent topic on Future Proof, MD.  I've shared several of my personal investing strategies with you in previous posts Why I Never Short a Stock...Investing for Retirement - The Future Proof Way, and A Simple Step-wise Approach to Retirement Savings.  I may have said multiple times these exact words "depending on your risk tolerance," so let's talk risk tolerance.

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Investing 101: Dollar Based Investing

Investing 101: Dollar Based Investing

I recently realized that my enthusiasm often drives me to go too fast and too deep when discussing financial topics with my medical colleagues - often I don't recognize I've overdone it until I see the "nobody home" sign in their eyes.  So let's return to the basics with the 101 series.  Today we're talking about "Dollar Based Investing", also referred to as "Dollar Cost Averaging."

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GUEST POST: Contracts 101 - Private Practice vs. Corporate Employment

GUEST POST: Contracts 101 - Private Practice vs. Corporate Employment

Over the years the employment of physicians by corporate entities has grown dramatically.  Last year, 67% of all graduating residents and fellows chose hospital employment over joining a private practice.  This trend is more pronounced for certain specialties (we recently had a client tell us out of her Family Medicine graduating class of 30, only one is going into private practice).  Let’s talk about the pros and cons of the traditional model of private practice vs. the new trend of corporate employment.

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Investing 101: Introduction to Investing

Investing 101: Introduction to Investing

We all want to live a comfortable life.  While what you consider "comfortable" may differ based on your specific circumstance and your outlook on life, there's a good chance that whatever it may be has a good deal to do with wealth.  I encouraged all of you to start investing early in my post Why You Should Start Saving - Yesterday!.  But what is investing and how do you go about doing it?  Let's address the basics.

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