As we wind down the year, it's the perfect time to reflect on the insights and stories that have resonated with our readers. In this article, we'll revisit the standout blogs, showcasing the themes, lessons, and trends that emerged throughout the year.
From practical tips to thought-provoking discussions, these posts not only captured attention but also sparked conversations. Take a look as we highlight our top picks and explore what made them memorable.
The backdoor Roth IRA is a strategy for high-income earners to fund a Roth IRA despite income limits. It involves making a non-deductible contribution to a Traditional IRA and then converting it to a Roth IRA.
Consulting a CPA is recommended for personalized advice on backdoor Roth IRAs.
Written by: Will Koster, CFP®
The blog post highlights the significance of understanding Relative Value Units (RVUs) in physician compensation, which are used by the Centers for Medicare and Medicaid Services (CMS) to determine reimbursement for services. It outlines three compensation models: guaranteed salary, salary plus bonuses, and productivity-only.
RVUs measure the time, skill, and intensity required for medical services and are calculated using components like work RVU, practice expense RVU, and malpractice RVU, along with geographic adjustments.
The article stresses the need for new physicians to grasp RVUs before signing contracts, particularly those based on productivity. It advises asking key questions about reimbursement rates and payment structures and encourages consulting trusted advisors when reviewing employment agreements.
Written by: Anu Murthy, JD
Whole life insurance is a type of permanent life insurance that provides coverage for the insured's entire life, as long as premiums are paid. It typically includes a savings component where cash value accumulates.
Like many financial products, they have both advantages and disadvantages. The suitability of whole life insurance depends on individual financial situations, goals, and risk tolerance. Consultation with qualified professionals is crucial for making an informed decision.
Written by: Shane Tenny, CFP®
Money dysmorphia is a psychological condition characterized by distorted perceptions of one's financial status, leading to unhealthy behaviors and attitudes toward money.
It affects individuals across all socioeconomic backgrounds, with nearly one-third of Americans experiencing it, particularly among younger generations like Gen Z and millennials. Symptoms include anxiety, depression, and financial instability, often exacerbated by social media comparisons.
To overcome money dysmorphia, individuals can practice awareness, consult with financial professionals, set realistic financial goals, limit social media use, and cultivate mindfulness. Emphasizing self-compassion and recognizing that money management is a learnable skill can also help foster a positive relationship with money.
Written by: Shane Tenny, CFP®
Financial infidelity is when one partner in a relationship keeps significant financial secrets from the other, similar to physical infidelity in its impact on trust. Younger generations are more likely to engage in financial secrecy, often due to a lack of trust and communication about finances.
The article outlines the various forms financial infidelity can take, such as hidden debts, unauthorized spending, or secret savings. It emphasizes that the root cause is often a breakdown of trust and urges couples to address these issues through open dialogue, accountability, and possibly seeking help from a neutral third party.
The importance of creating a transparent financial environment through budgeting, regular check-ins, and shared goals is also highlighted.
Written by: Shane Tenny, CFP®
The article discusses the optimal timing for funding a Roth IRA. It emphasizes that contributions can be made at any time during the year but suggests that funding early in the year can be beneficial. This allows the investments to grow tax-free for a longer period.
The article also highlights the importance of considering market conditions and personal financial situations when deciding when to make contributions.
Written by: Jordan Bilodeau, CFP®
There are tax implications on signing bonuses for physicians, which are often structured as forgivable loans. While these bonuses can be attractive, they can lead to significant tax liabilities once forgiven.
Physicians need to be aware that the IRS does not consider the loan taxable until it is forgiven, potentially resulting in a large tax bill in the future. The average signing bonus for physicians has risen, and proactive planning is recommended to avoid surprises.
Financial guidance can be helpful for managing these situations.
Written by: Shane Tenny, CFP®
The IRS has updated retirement contribution limits for 2025:
Consult a financial planner to adjust your contributions accordingly.
Written by: Jordan Bilodeau, CFP®
Thank you to everyone who has read our blogs this year. We hope you found them insightful, informative, or helpful in your financial journey.
If one of your New Year's resolutions is to get a better handle on your financial situation, we encourage you to stick with it. Financial planning can seem intimidating, but when you connect with the right financial planner, they can help guide you through the areas of confusion or concern and find the solutions to help you meet your financial goals.
Interested in speaking with someone? Please get in touch with one of our financial advisors today.
Any discussion of taxes is for general information purposes only, does not purport to be complete or cover every situation, and should not be construed as legal, tax or accounting advice. Clients should confer with their qualified legal, tax and accounting advisors as appropriate.
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Joannah Long is the Director of Marketing at Spaugh Dameron Tenny, where she leads marketing strategy, content development, branding, and client communication. With experience in financial services, nonprofit leadership, and consumer marketing, Joannah provides a seasoned, relationship-driven approach to building trust with executives, physicians, dentists, retirees, and high-net-worth professionals. She focuses on creating clear, consistent messaging that aligns with the firm’s mission of providing comprehensive, personalized financial planning.
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