Money Talk
What 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 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 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?”…
Read MoreCombining Finances: A Rite of Passage (Part 2)
As seen in Part 1, how you choose to combine your finances is a very personal decision between you and your partner. There are a host of factors that determine the best method. For those who have already combined finances, what worked earlier in the relationship is not guaranteed to stay that way as the…
Read MoreCombining Finances- A Rite of Passage (Part 1)
First comes love, then comes marriage. Then comes….combining your finances? For many couples, the idea of combining finances is about as appealing as nails on a chalkboard. But when you are sharing a life together, and more importantly, when you are now legally bound to one another in the form of a marriage, the subject…
Read MoreHealth Savings Accounts: The Ultimate Triple Tax-Advantaged Account
Building up a savings account for a rainy day is a must when it comes to financial well-being, and this includes having enough funds to cover medical expenses. You don’t want to be in a position where you are avoiding a trip to the doctor because you don’t have the funds to pay for a…
Read MoreTips For Organizing Your Finances
The post Marie Kondo and Your Finances discusses the mindset around decluttering and organizing your finances. Here, you’ll be getting some tactical tips on ways to physically and digitally organize your financial life. Why is this so important? Because when your finances are disorganized, you are wasting both your precious time and money! Time is…
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