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Sunday, December 16, 2018
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Worried About the Equifax Data Breach? Here’s What to Do:

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Over the past few days, I’ve received several e-mails and phone calls from my physician clients asking me what to do about the Equifax data breach.

So, I thought it was important to quickly explain what the Equifax data breach means, and what to do if you think your information might be compromised.

WHAT IS THE EQUIFAX DATA BREACH?


Equifax is one of the three main credit bureaus. This means that they have your name, social security number, birthday, addresses, license number, and more.

Whenever you want to check your credit report, Equifax is one of the places you go to see it. So, needless to say, they have a lot of information about you.

Last week, it was announced that hackers broke into the Equifax database, which affected 143 million Americans.

WHAT SHOULD I DO?


There are a few things you should do if you think your information was compromised.

This includes enrolling in Equifax’s credit monitoring service, getting a copy of your credit report, and freezing your account.

To get full details of each of these next steps as well as links that explain how to accomplish each one, please reach the full blog post on the Physician Wealth Services blog.

OTHER IMPORTANT TIPS


You can keep an eye on your credit report through a free service like Credit Karma. This is what I use personally, and it’s easy because you can dispute items on your credit report right through the Credit Karma website.

Also, don’t forget about your spouse and kids. Sometimes, children’s social security numbers are more vulnerable when there is a major security breach like this one because many people forget to freeze their children’s credit files.


Ultimately, I hope this information helps. To read more details about the breach and find out how you can see if your information was affected, visit the full post HERE.

Can Physicians Really Make Money Doing Surveys?

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physician surveys
physician surveys

As a physician, I am always looking to supplement my income. Surveys are a great way to do that on your off time. Initially, it was hard to find surveys that paid well and/or catered toward physicians. Over the years, I have compiled a nice list of physician survey sites and their specific contact information. Some physician surveys can pay up to $250 + for an hour of your time. That is more than what most doctors make per hour. They key is to register for as many survey sites as possible and fill out your complete profile. This way you get surveys you qualify for and get more of them. Will this make you rich? Of course, not.   But, it can be a significant source of supplemental income. So, take a look below, register and get started today so you can…

*pay off you student loans faster

*pay off bills quicker

*save more for retirement

*start you kids’ college savings plan

*take that vacation you always wanted to take

*much, much more

There are several companies and websites that allow you to do surveys from the comfort of your home or even from your smart phone.  Check out the full post of physician surveys.

Ronny Abraham, MD
http://physician-employment-opportunities.com
md17careers@gmail.com

Andy’s SAHD Journey: Student to Full Time Daddy to Travel Consultant

In my mind, I was going to get all these projects done around the house. Yard work, painting, clean the garage, it was going to be awesome!

Boy, was I in for an awakening, lol.

Lets just say, I never drank coffee until my son was born.

Vans Custom Shoes: Unboxing and Review

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Custom made Just For You!  How awesome is it to hear that?  How often do we get something that is CUSTOM just for us?  For me, not often.  With 3 kids running around, I can’t even get alone time on the toilet, let alone something custom-made just for me.

Well DMD Lifestyle is proud to partner with the VANS Shoe Company, but specifically, I want to highlight their Custom Shoe Program. 

The Best Way to Buy a Car

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physician wealth services buying a car personal finance doctor

Whenever I meet with a client for the first time to create their financial plan, the topic of buying a car always comes up. My clients usually want to know how much can they afford to spend on a car, and what is the best way to buy a car. They want to feel like they’re getting a great value for their money while purchasing something they really want.

Plus, since I work with physician families, many of them want to know if they can buy a new car, how much they should spend, and how they should go about getting the best deal with the limited amount of time that they have.

Many of my clients drove old or run down cars throughout their training and want to upgrade their vehicles now that they’re fully fledged physicians with real physician incomes.

So, because this is such a common question, I thought it would be best to break down my method for buying a car. After using this method to buy my own vehicle, I’m confident it’s the right way to buy a car to ensure you get the best value without sacrificing your precious time.

STEP 1: DETERMINE YOUR BUDGET

This step probably isn’t that surprising, but it’s important to know what you can afford to spend. I recommend my clients pay cash for their cars if at all possible unless for some particular reason there’s an extra incentive if you finance it at an extremely low rate.

STEP 2: KNOW YOUR PRIORITIES

Everyone has a different reason for buying a car. For example, when I bought my Tundra, I purchased it specifically because my wife was pregnant with our first child and I valued safety and size over MPG.

STEP 3: DECIDE ON USED OR NEW

I prefer to buy new cars. I know this is controversial advice in the personal finance space, but to me, it was an investment in my family’s safety and future, something I consider absolutely priceless.

STEP 4: DO YOUR RESEARCH

My clients are physicians and so they don’t want to spend an entire Saturday test driving cars, negotiating, and dealing with salesmen at the car dealership. That’s why I recommend a little something I call negotiating from the couch.

To learn my step by step method of negotiating from the couch, and how I used it to buy a brand new truck with less than one hour spent at the dealership, check out the full post on Physician Wealth Services.

WHAT IS A 529 COLLEGE SAVINGS PLAN AND IS IT WORTH OPENING?

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The younger physicians I help with their financial planning often have questions regarding saving for college for their children. So, I thought it would be helpful to write a post to explain what a 529 college savings plan is and if it’s even worth opening.

Like everything else in financial planning, the answer to this question will really depend on your current financial situation and the goals and objectives that you want to achieve.

WHAT IS A 529?

A 529 is a savings account designed for higher education (college).

Yup, that’s it.

You put money in, watch it grow over the next 18 or so years, withdraw from the account during the time your child is in college. Genius, right?

I could give you more details with fancy words, of course, but that is the most simplistic definition. It really is just that easy.

WHEN DOES A 529 MAKE SENSE?

Investing in a 529 makes the most sense when you have all of your other priorities on track.

You can find out if you’re on track by asking yourself a few questions:

Do you know how much money comes in (earned income) and how much money goes out (your spending) every month?
Are you fully saving for your retirement in your 403b/401k and maxing out your IRA’s?
Do you have an adequate emergency fund set up and fully funded?

Saving towards a 529 plan also makes sense when you have a reliable and significant amount of money to contribute and you can contribute the money early in your child’s life.

It really doesn’t make sense to set up a 529 plan for your freshman in high school. The earnings growth potential is quite limited with such a short investment time horizon. Plus, the tax benefits will more than likely not outweigh locking your funds into a 529 account. The longer the length time between now and when your child will need the funds for college, the more it makes sense to invest in a 529.

WHAT ARE THE BENEFITS OF A 529?

A 529 will not lower your taxes by contributing exactly it like your 401k does. There are, however, 30 or so states that give a tax deduction if you live in that state and contribute to a plan in that state, but that isn’t always the best option.

There are even more benefits to a 529 plan as well, which I explain in great detail in the full post on Physician Wealth Services. In the full post, I also share the two 529 plans I typically recommend to my clients, when you shouldn’t invest in a 529 plan, and my trick for funding my own children’s 529 plans. Check it out HERE.

SoFi – Student Loan Consolidation

SoFi Refinance

Being married to a busy professional typically comes along with student loans and tons of debt.  Friends of ours will often joke about how they would love to “roll in the dough” like [THEY THINK] we do.  What they almost always forget, is with a great job title and income typically comes an even greater debt load!

DMD Lifestyle is proud to be an affiliate partner with SoFi, who have revolutionized the world of student loan and debt consolidation.

Click here to see how much SoFi can save you on your loans!


For Whiskey Lovers – Order your whiskey online

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For Whiskey Lovers

It wasn’t until I became a dad that I discovered my love of whiskey.  Being a Tennessee boy, whiskey is in my blood.  I discovered Jack Daniels in college and shortly after, began seeking out Kentucky Whiskey and Bourbon, Japanese Whiskey, and have worked hard to try whiskey from all over the world!

From one of the members of our private Facebook community, I learned that there is a whole website and community built FOR WHISKEY LOVERS!

Use our affiliate link below and shop their large collection of whiskey (and bourbons) and have it delivered right to your door!

Click here to place your Whiskey order!

To take your Whiskey drinking experience to the next level, try drinking from the Norlan Whisky Glass

Cheers!

Whiskey Lovers Explorer's Club

Gold Medal Wine Club Review and Unboxing

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While the majority of the guys I hang out with love a good beer or whiskey, there are definitely times that wine is the drink of choice!

DMD Lifestyle has partnered with Gold Medal Wine Club, the best wine club on the planet. Period.  When you subscribe to one of their club memberships, you get to enjoy small-production, award-winning wines delivered right to your door!

Join the Wine of the Month Club

Use our affiliate link below (so the editors of the site can buy milk for the babies and wine for mommy and daddy) to order your award-winning wine!

Click here to Shop the Wine Shop and save up to 70%

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5 Financial Tips Every Doctor Should Know

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Graduating from residency and starting your career is a busy time, but it’s also a time when you’ll experience a large income jump, when your student loans will be due, and when you’ll start to feel the pressure of lifestyle inflation.

So, although you’re busy taking care of others, don’t forget to take care of you too. Below are some ways to do just that.

1. ESTABLISH A BUDGET
While the B word seems boring and somewhat daunting for many physicians, it doesn’t have to be. There are amazing online tools that can help you analyze your spending and get your finances in order.

2. AVOID LIFESTYLE INFLATION
Being aware of your spending can help you avoid lifestyle inflation too. A good rule of thumb is to ensure your spending doesn’t increase by more than 20% in the first 3-5 years after residency.

It is extremely common for new physicians to get caught up in the lifestyle creep, so don’t let it happen to you! As someone who is married to a physician, I know it’s hard living off of a resident salary; however, it’s important to keep some perspective.

3. DO SOME GOAL PLANNING
Doctors are about as goal oriented as it gets, but that doesn’t always apply when it comes to financial goals. So, spend some time thinking about your goals and major expenses coming up in the next 1, 3 and 5 years, and write them down.

4. START INVESTING ASAP
While I can’t give exact investment advice, I invest in passively managed exchange traded funds, also known as index funds. Don’t fall prey to active management and advisors trying to beat the market.

5. HAVE A PLAN FOR YOUR LOANS
If you plan on trying to get forgiveness via the PSLF program, make sure you keep up with your public student loan forgiveness employment certification form. If you aren’t going for PSLF, closely evaluate your options and analyze if refinancing your student debt makes sense.

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Ultimately, now that you’ve graduated from residency, you have so much potential when it comes not only to your career, but your finances too. Take the time to make a plan for your finances, track your spending, and set strong goals, and you’ll be surprised at just how much wealth you can build in a short amount of time.

To learn more about these tips, including the best programs I recommend for budgeting and more investment tips, please check out the full post on the Physician Wealth Services blog.

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