M Advisor Podcast: Financial Clarity for Physicians

How many times have you overlooked naming beneficiaries on your retirement accounts and insurance policies? For such a simple task, its impact can be felt for generations. Are there rules for naming beneficiaries? Take a deep dive through the topic. For more information: https://www.m-advisor.com/blog/how-to-assign-a-beneficiary

Investment strategies can get complicated, but even when the situation gets complex, the fundaments often remain a backbone of any plan. This podcast takes you through the very basics of understanding a stock vs. a bond, and then how these investments are utilized. There are three core strategies discussed: strategic allocation, index investing, and tactical investment models.

Beginning in 2024, SECURE Act 2.0 will create a path for unused 529 college saving plans to be rolled into Roth IRAs. While this sounds like a great thing, there's a catch -- well, there are a lot of catches. Lots and lots of "red tape" surround this rule. The headline looks great, but how does this work? Learn if this ruling could be beneficial to you. For more information on this topic, feel wel...

457(b) plans are offered at many hospitals around the country. These plans offer an easy way to reduce current earned income and provide another avenue of tax deferred growth; however, 457(b) plans are not retirement plans. Instead, these accounts are classified as salary deferral plans, so they are fundamentally different than retirement plans with their own pros and cons. Learn if 457(b) plans a...

Behavioral finance has been widely acknowledged and accepted by the financial planning community. Here is a brief introduction to one such topic of behavioral finance: Confirmation Bias. Once you understand confirmation bias, you can seek awareness of how you gather information about various topics. For more information, read Daniel Kahneman's book: "Thinking, Fast and Slow"

What is an HSA? Many physicians have them available in their benefit packages, but what do they do and how do they work? Find out if an HSA is right for you!

Who takes care of the caretaker? Physicians need to make sure to take care of themselves to be able to provide for their patients and families.

The new year often grants us the mental and emotional capacity to tackle big projects and better ourselves. Here are a few ways to self-assess your financial well-being to get your financial planning on track for you and your family's benefit.

The world around us is constantly changing. Can you create a financial plan that accounts for changes you couldn't possibly predict?

Money can be a difficult topic of conversation between family members, yet much of our financial planning is completed for the benefit of our family. How can we start the conversations about money that are supposed to make us feel connected -- not exposed. The stories about wealth and money create our legacies, but these stories often go undiscovered.

Credit cards have their rewards and benefits, but they aren't beneficial to everyone. Are you using credit cards to help your plan or are credit cards burdensome?

A budget can be a great thing, but have you ever wondered if there's a more efficient budgeting blueprint? Can focusing on expenses help you save more? In this episode, learn how to develop a budget that gets you to save more money for your future! More information: https://www.m-advisor.com/blog/your-new-budget Hosted by Paul Morton, CFP®, ChFC®

Even if you don't purposefully establish a financial plan, you already have a plan. Learn how ignoring a few key financial planning topics can lead to scary consequences. Take the time to make sure you don't make these mistakes. Happy Halloween, and be careful out there! Hosted by Paul Morton, CFP®, ChFC®

What are some basic estate planning functions you've completed throughout your life that impacts your legacy? Estate planning is often thought of as a complicated process, but there are many simple and important tasks that can be completed to persuade your legacy. Hosted by Paul Morton, CFP®, ChFC®

One of the most delicate times in a physician's financial life occurs after signing their first job contract. This time is when the tone is set for the rest of their careers. The balance between lifestyle and savings is determined for years to come. Hosted by Paul Morton, CFP®, ChFC®

The fundamentals of backdoor Roth IRA contributions are quite simple, and this episode explores the basics of what a backdoor Roth IRA means and how to do it. Hosted by Paul Morton, CFP®, ChFC®

Learn the basics of IRAs, from Traditional IRAs to Roth IRAs to employer-sponsored IRAs. What do all IRAs have in common and what variations are there? IRAs are a staple in the financial planning world, so it's important to understand how they work. Hosted by Paul Morton, CFP®, ChFC®

Why are some people "good" with money and some aren't? Do some people have skills that others don't have? In this episode, I discuss the very beginnings of financial success being a mindset, or maybe even an expectation. I reference an article, which can be found here: https://www.m-advisor.com/blog/youre-not-bad-with-money Hosted by Paul Morton, CFP®, ChFC®

Should you prioritize paying your debt or saving?

What is Public Service Loan Forgiveness (PSLF) and how can it help you? Learn about the basics of PSLF and how to apply for PSLF! For professionals with student loans, the student loan rules are constantly changing. Learn about loan forgiveness programs that should be considered in your financial plan. Hosted by Paul Morton, CFP®, ChFC® More Information: https://www.m-advisor.com/blog/how-to-apply...

Do you know much about the retirement plans at your hospital? Discover the differences between all the most popular and likely retirement plans offered in hospitals to understand and determine where they fit in your plan.

Buying a house is one of the more important decisions we make, yet we don't take the time to understand the details of our own mortgages. As a physician, you have options on how to obtain a mortgage, and here you can quickly get insight into some of the pros and cons in obtaining a physician mortgage. Hosted by Paul Morton, CFP®, ChFC® Further Reading: https://www.m-advisor.com/blog/physician-mort...

As a professional, how do you protect your income and assets against personal lawsuit? This episode explores the fundamentals in protecting income against events outside your control.

Do you have moonlighting income? Here you will find some education on how your moonlighting income works and some practical tips on ensuring your moonlighting income helps you, not hurts you. Adding extra income can certainly be a good thing, yet it's important to understand how that income can affect you. Additionally, understanding what's at stake can help you plan ahead. Hosted by Paul Morton,...

Protecting income against sickness and injury isn't always simple. In the fundamentals in financial planning, your investment decisions can provide long-term benefits, whether you continue working or not. This episode explores the fundamentals in protecting income against events outside your control. Hosted by Paul Morton, CFP®, ChFC® Further Reading: www.m-advisor.com/blog/free-advice-to-ask-your...