The Pros and Cons of Paying Off Your Mortgage Early

December 10, 2024May 21, 2019 by Justin Nabity

Most people dream about the day they finally pay off their mortgage. After years and years of monthly payments, it feels pretty good to sign that last check.

So, you’d think that paying off your mortgage early would make sense, right? If you’re a physician with a hefty monthly salary, wouldn’t you want to pay it off ASAP?

Well, not necessarily.

If you have the means, it’s tempting to pay off your debts in one lump sum and stop worrying about monthly payments.

However, paying a lump sum (or a series of lump sums) isn’t always the way to go.

In fact, it might even be detrimental to your finances. Depending on your situation, it may or may not be a good option for you.

5 Ways for Doctors to Save on Taxes

October 19, 2022April 2, 2019 by Justin Nabity

A physician’s busy schedule doesn’t slow down for tax season, and most doctors don’t have time to sift through every potential write-off or tax credit to save money. As a result, doctors usually pay significantly more in taxes than others in the same income bracket. Even with high average salaries, doctors still have to plan … Read more

Retirement Plan Options

November 18, 2024April 30, 2018 by Justin Nabity

Our constant approach to serving physicians is education. In light of this approach, Physicians Thrive wanted to share some information regarding all the options for managing retirement plans from former employers. Keep the Old 401K or Rollover into your New Employer’s Plan Each 401k provider has a “menu of investments” that participants can choose from. … Read more

It’s Tax Season: How Will the Big Changes Affect Physicians?

July 29, 2022March 13, 2018 by Justin Nabity

April 17th is right around the corner, and everyone is talking about the new tax laws. Therefore, here are the key takeaways to help you understand the changes and maximize your return as a practicing physician. Changes First, small businesses are getting bigger breaks with the business income left after you pay yourself a salary. … Read more

What Your Kids Can Learn About Financial Commitment & Health from You

June 27, 2024August 25, 2017 by Justin Nabity

Financial Commitment & Health Ask any 4-year-old what they want to be when they grow up, and you’ll get a hodgepodge of answers ranging from the adorable to the extreme. Usually they aren’t thinking of financial commitment. “A firefighter!” “A rock star!” “A squirrel!” One timeless profession that has proven to be a top choice … Read more

Tax Problems Physicians Face (and How to Fix Them)

October 5, 2026September 28, 2016 by Justin Nabity

Key Takeaways If you feel like you have tax problems, you’re in good company. Taxes are the single largest expense most physicians will ever have, bigger than the house and bigger than the student loans. And the frustrating part is how it shows up. You get a raise, and the paycheck barely moves. You pick … Read more

Should You Pay Off Your Debt First?

October 18, 2022September 15, 2016 by Justin Nabity

Is there a better option than to pay your debt first? Ever since we started teaching at medical centers and universities we have received all kinds of questions. Which pertain to the dilemma of carrying so much medical student loan debt. With the average doctor coming out of medical school with a hundred or more … Read more

How Much Money Do You Need to Retire?

June 27, 2024August 19, 2016 by Justin Nabity

“So, how much money do I need to actually retire?”

The question of retirement came up when we were at the American Academy of Ophthalmology conference in Chicago speaking with a group of eye surgeons. The moment it was asked, I was thinking to myself how am I going to give him a simple answer for this because are so many variables that come into play. He was looking for an exact number. For any fee only financial planner out there, we all can share the same sentiment…it’s like where do we begin, which layer do we start with.

Is there a specific dollar amount that has to be achieved in order to be able to make it? You may have heard $3M or $5M or some other number. Well there are two different numbers to consider. There’s the amount you must have saved by retirement and there is the total amount of spending over the course of retirement with the latter being much more significant.

Read more

Mid-Year Tax Changes That Will Help You

August 22, 2022August 16, 2016 by Justin Nabity

Making mid-year tax changes can completely change your outlook for the year

Mid-year tax changes are a great way to make sure you’re even with the government come tax season. Remember, if you get a large refund, you’ve given the government an interest-free loan straight from your pocket!
One of the easiest ways to reduce your household income tax liability is to maximize your contributions to tax-deductible vehicles such as 401k, 403b, 457b plans.

Each of these allow you to put away $18,000 which means you could take a tax deduction of $54,000. How much tax would this save you if you were in the 35% income tax bracket? That would be $18,900. Simply by shifting your income from once place to another can provide that much tax relief.

So what happens to the growth inside of these accounts and the income that you can take in retirement?

Why Do You Need a Financial Planner?

June 27, 2024July 27, 2016 by Justin Nabity

The True Cost of Being Your Own Advisor

Financial Planner Tips

We all have things we want to accomplish in life. If you’re like most, you’ve spent some time thinking about these things. Initially, it’s as simple as deciding on what area of medicine you want to practice. Beyond that, it usually consists of putting together a more detailed list of the things you want to accomplish. Or a list of the goals you have. Here are some financial planner tips!

As a physician, you’ve spent countless hours preparing and training for your profession. A lot of times, the idea of taking care of the financial essentials can seem overwhelming. Whether it’s making sure the contract you’re offered is fair or getting the adequate amount of disability insurance, each one of these things. Along with funding any other goal for that matter, can feel like just another item to take care of. And one more thing you can check off your list.

I would suggest however, there’s a better way to approach these things and all your goals for that matter, so you don’t sell yourself short.