Prather White McGowan helps physicians and dentists live a more meaningful life. We focus on more than our clients' bank statement or investment returns. We want to know who they are and what brings them joy. We're not in the business of making people rich, because being rich in and of itself is not the answer. Instead, we are in the business of helping physicians and dentists reduce financial stress so that they are free to pursue the things that bring them joy.
When market values fluctuate wildly it can leave us all shaken and rattled. We don’t like uncertainty. So, during times like that it is important to gather perspective as we decide how to react, or whether to react at all. One great way to gain proper perspective is to look back at history and our own past experiences.
Your income is your single-biggest asset. It is critical that you protect it in the event that illness prevents you from working. A smart risk-management attitude is "It might happen to me." DI insurance is a great strategy for protecting your income in the event that you become too ill or disabled to perform the daily functions your job requires.
529 plans have traditionally been about the future. While using them in the present is now possible, it limits the plan's inherent tax benefits and you may be unwinding what you prepared for college. With college tuition rising on an annual basis, we cannot afford to let the use of a 529 plan in the present replace what it was initially designed to do.
A Backdoor Roth Conversion makes sense for some, but not for all. A strong financial strategy will help you know whether this tool will be of benefit to you when the time comes to make withdrawals from your retirement savings.