Credit Scores and Credit Reports: What You Need To Know
Beyond the Mortgage: Don't Ignore the Costs of Home Ownership
A home will likely be the most expensive purchase you will ever make in your lifetime. As much as we’d like to believe that we make our home purchase decisions rationally, who are we kidding? This is a very emotional purchase, and logic flies out the door when we start envisioning life in our new…
Read MoreWhat Will You Make of Your Millions?
$5.8 million. This is the number that you can expect to earn in a lifetime according to these conditions: Starting salary: $80,000 Age: 26 Retirement age: 65 % annual increase in income: 3% Of course, these numbers will vary WIDELY depending on your situation. Change any of these variables, and you will have different results.…
Read MoreTaxes: DIY or Hire?
Tax season is usually focused on one thing- am I getting a refund, and if so, how big is it going to be? According to the latest numbers, $452 billion in tax refunds were issued for fiscal year 2019. That’s a LOT of money. Even when people understand that this was a result of overpaying…
Read MoreBad with Money? Think Again….
What’s the first thing people want to do when it comes to taking control of their money? The logical first step is to look at some numbers. Ah yes- the exciting world of tracking expenses, budgeting, and cash flow planning. Don’t get me wrong. I absolutely LOVE IT when people decide to start looking at…
Read MoreThe Racial Wealth Gap, and What Veterinarians Can Do About It
Building wealth comes down to a very simple formula. Make more money than you spend. Invest the difference wisely. Set your kids up for success so that future generations may prosper. The formula may be simple. But the ability to build wealth and pass it along is NOT a level playing field- not by a…
Read MoreWhat To Do With Extra Cash
Here’s a nice problem to have: What do you do with extra money? Whether it’s your tax refund, a bonus, an unexpected stimulus check, a break on your student loan payments, an inheritance, a winning lottery ticket….what all of these have in common is that this is an unexpected, yet welcome addition of cash. It…
Read MoreThe CARES Act: What Veterinarians Need to Know from a Personal Finance Perspective
On March 27, 2020, the record-breaking $2+ trillion stimulus package (CARES Act- Coronavirus Aid, Relief, and Economic Security Act) was signed into law. This is in addition to the Families First Coronavirus Response Act (FFRCA) that was passed earlier in the month. Here are some of the highlights that will help you, the veterinarian, as…
Read MoreSteps To Take With Your Money When Chaos Abounds
There were a number of reasons I felt compelled to start this blog nearly 2 years ago, and one of them was to help increase financial literacy for DVM’s before there was any sort of market downturn. Taking action on your money is easier to accomplish when the economy is doing well and individuals have…
Read MoreRetirement: Are You On Track? A 4-Step Process
The following is a guest post from Miles Saunders, the founder of MNS Wealth Management, an independent financial advisory firm that serves veterinarians. Here, he shares his thoughts about making sure that you’re on the right track when it comes to retirement. “How do I know that I am on the right track for retirement?”…
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