A new year brings the opportunity for a fresh start. Now, that doesn't mean you need to start from scratch. Instead, it gives you the chance to review and audit what you are doing and what you are not doing to determine if anything needs to change.
Spaugh Dameron Tenny has compiled a list of savvy money moves that financial planners frequently recommend for physicians and dentists to consider. While all the suggestions are not for everyone, you can find and implement the ones that make the most sense for your financial situation.
See how many of these smart money moves work for you!
Recommended by Shane Tenny, CFP®, Managing Partner
Set up an automatic transfer from your checking to savings. Automating your savings is one of the best ways to reach a financial goal. Not having to think about it is critical. Set it and forget it, and you will not miss the money coming out of the account.
Experts suggest that you are more likely to hit your goal by automating your saving than if you choose to transfer money to a designated account manually.
Recommended by Jordan Bilodeau, CFP®, Director of Financial Planning
When you transition from residency or fellowship to practicing, not only does what is expected of you change, so does your earning power. You want to take advantage of your income and not just spend it without knowing where it goes. Two considerations include:
Recommended by Jordan Bilodeau, CFP®, Director of Financial Planning
Make sure your Retirement Plan and Health Savings Account contributions are up to date with the new IRS limits.
Recommended by Will Koster, CFP® and Certified Student Loan Professional®, Financial Planner
With the Administrative Forbearance expiring in 2022, student loan payments and interest will resume for the first time in over two years! Consider what has changed in your personal situation during that time period.
Recommended by David Belinkie, CFP®, Financial Planner
Recommended by Bryce Miller, CFP®, Financial Planner
Consider implementing a credit monitoring service like LifeLock and freezing your credit if you are not looking to add on new debt obligations like mortgages, car loans, credit cards for the foreseeable future. Other ideas include:
With the financial world becoming more digital, protecting your information and identity is essential.
This list is by no means complete, but it gives some ideas of what you can do to start 2022 off on the right foot financially. Spaugh Dameron Tenny specializes in the unique financial planning needs of medical and dental professionals. So whether you are completing your training or entering retirement, let our team of financial planners help you begin the new year with the smart money moves that best suit your specific financial situation.
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The team at Spaugh Dameron Tenny works to present timely educational content that benefits doctors and their unique financial situations.
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