b***u
发帖数: 746 | 1 According to Medscape's 2014 Compensation Report, the average family
physician earns roughly $176,000 annually after expenses, but before taxes.
To most folks, that kind of money is pretty enviable. But for many doctors,
it's simply not enough.
How is it possible to have trouble paying bills on $175,000 a year?
Young MDs and DOs, especially, may be weighed down by medical school debt:
Graduates of the class of 2013 owe $169,900 on average, according to the
Association of American Medical Colleges. Add to this a mortgage, property
taxes, car loans, and the cost of raising a couple of kids, and you can see
where a 6-figure salary can get stretched thin in a hurry.
"You combine long hours with the fact that many doctors aren't paying close
attention to their finances, and all of a sudden their paychecks aren't
covering their expenses," says Albert J. Zdenek, Jr., President and CEO of
Traust Sollus Wealth Management, with offices in New York City and Princeton
, New Jersey.
The struggle to stay afloat is often complicated by feelings of burnout.
Some 40% of doctors report feeling burned out, with family physicians and
internists ranking in the top 5 of the 25 specialties we examined.
Burnout, we found, tends to peak in doctors aged 46-55 years, a period
during which many physicians still have sizable financial obligations (eg, a
mortgage, kids' educations). Moreover, 31% of frazzled doctors consider
themselves to have minimal savings for their age group and stage of their
career, compared with 21% of their less-stressed peers.
Where's the Money Going?
A recent Fidelity Investments analysis of physicians' retirement-savings
habits shows that even though doctors earn good money, they're on track to
replace only 56% of their income in retirement.[1] That's significantly off
the rate of 71% that Fidelity recommends for those earning more than $120,
000 annually, a figure that includes the vast majority of MDs and DOs.
What's contributing to the income-replacement gap? Fidelity cites those
heavy amounts of med-school debt, as well as the fact that physicians in
general tend to start saving later in life than many other types of
professionals.
"There's also a strong sense of delayed gratification among doctors," says
Kathy Stepp, a principal with Stepp & Rothwell, a financial planning firm
based in Overland Park, Kansas. "After residency, they go from '0 to 60' in
terms of earnings, whereas other professionals see their salaries increase
more steadily over the years."
That, she says, can lead to spending binges, high-rate debt, and lower
amounts directed to retirement savings.
The key to living within your means entails taking a hard look at what
expenses you can eliminate or take a smarter approach to. We're talking
about shooting elephants here, not worrying about how skipping your morning
latte will improve your financial picture (it really won't).
★ 发自iPhone App: ChineseWeb 8.6 | b***u
发帖数: 746 | 2 According to Stepp, some "nonlegitimate" expenses that you should examine
more closely include the following.
"Can't Miss" Investments
Because they're high-earners, physicians often get approached to invest in a
hot stock or in a side business. But often these investment "opportunities"
miss -- and miss badly. "Unfortunately, doctors are prime targets of
unscrupulous salespeople, because they have a reputation for not
understanding the business side of things," says Stepp.
Al Zdenek, too, has seen physicians get burned on these "inside" deals a
number of times. "Doctors are very bright people," he says, "but they often
don't take the time to fully understand and monitor the investment, or ask
themselves how it fits into their overall financial plan." (For more, see
Doctors' 5 Most Common Financial Blunders.)
Too Much Focus on Status Symbols?
Do you need to be driving a new luxury car every few years, when a well-
maintained preowned car will do? Are you an empty-nester living in a house
with space you no longer need? Do your kids really have to attend exclusive
private schools? These are all questions that have the potential to save you
some serious coin, which you can then redirect to pay down debt or fund
your retirement.
Expensive Trips and Meals Add Up
The burnout we spoke about earlier -- a real concern for physicians -- is
often soothed with pricey vacations and frequent dinners out. But before you
hop in the car next time, ask yourself whether you couldn't cook more meals
at home and limit the number of restaurant splurges. Apply the same
restraint to vacations as well: Wouldn't a long weekend at a resort you can
drive to restore you as fully as a trip to Europe?
"We could be watching our discretionary spending a lot more closely,"
confesses Eric Friskel, a 46-year-old pulmonary medicine/critical care
specialist in Mission Hills, Kansas. "Our family of 5 eats out a lot, and we
take 2 or 3 really nice vacations a year. We tend to go to high-end places
and spend about $10,000 per trip. Our friends with kids travel for half that
amount or less, and I'm sure we could too." And because neither partner
cooks, he says, the tab for take-out and restaurant meals can easily run $
400 or more a week.
Playing Banker to Other Family Members
Your status as a physician may get others to thinking that they can borrow
money from you and not pay it back. That includes your adult children, who
may slowly and methodically drain you of income that could be better
allocated to your own debt and retirement savings. If you're inclined to
loan money to someone, either put it in writing and include a modest rate of
interest, or do it from the goodness of your heart with no expectation of
the loan ever being repaid (which is an all-too-typical outcome).
★ 发自iPhone App: ChineseWeb 8.6 | b***u
发帖数: 746 | 3 IS ALL SPENDING BAD?
Not only isn't all spending bad, but in some cases taking on more debt can
be a good thing because of the tax benefits associated with it, says Al
Zdenek. Legitimate expenses, such as buying a house, saving for your kids'
college education, and funding your retirement plans, should be at the top
of your budget. And if you're having trouble managing your money, you
certainly should create and stick to a budget.
What are some of the "legitimate" things you should be spending on? Here are
the most important ones.
Mortgage Debt
Financial advisors agree that it's smart to buy a home. Not only will
purchasing allow you to live "rent-free" after the loan is paid off, you'll
get a tax deduction for the interest on the loan and your annual property
taxes. (Although there's always the threat that some of these tax perks will
disappear, it's not likely that they'll evaporate entirely.) "That said,
don't buy more home than you need," advises Kathy Stepp. "Unlike a lot of
other professionals who make similar salaries, doctors tend more to try to
keep up with the Joneses, and this often gets them into trouble. We see a
fair number of physicians carrying way too much mortgage debt."
Retirement Savings
As the old saying goes, "Pay yourself first." According to the Fidelity
survey, most physicians are heeding this advice: Their average savings rate,
from employer and employee contributions, is a healthy 14.9%.
If you're tempted to cut back in some area, think long and hard about
mortgaging your future by skimping on your savings today. Not only do annual
contributions to a retirement plan set the foundation for your golden years
, they help to reduce your taxable income and, in turn, the amount you owe
Uncle Sam.
The Friskels have taken that mandate seriously. Eric and his wife, Lesley,
44, a pediatric anesthesiologist, save a total of roughly $100,000 a year in
their retirement plans, despite having about $650,000 in mortgage debt,
including their principal residence and a vacation home. "I'm glad that we'
re saving so much," Eric says, "but at the same time, I'd like to get our
loans paid off as soon as possible."
Insurance
At the top of your insurance pyramid should be adequate life insurance.
Plain-vanilla term-life coverage is the cheapest because there's no
investment component to it. The face value of the policy should be enough to
cover your loved ones' major expenses (the balance of the mortgage and your
kids' tuition costs, for instance) in the event that something untoward
happens.
Get a good disability policy (for more, see Hidden Time Bombs in Your
Disability Policy) and adequate property-and-casualty coverage as well,
recommends Al Zdenek. "As you get older, you start accumulating things -- a
primary home, a vacation home, jewelry, perhaps some art and other expensive
collectibles -- so it's important to keep up with property-and-casualty
insurance and regularly review your coverage."
★ 发自iPhone App: ChineseWeb 8.6 | b***u
发帖数: 746 | 4 OTHER LEGITIMATE REASONS TO SPEND
Education Costs
We're talking less about your own school loans here than we are saving for
your kids' college educations. Although you may be able to spend less by
sending your children to state schools, the overall cost of higher education
shows few signs of slowing. As with your retirement plans, look at
education as a legitimate fixed cost that you should fund regularly.
The Friskels are doing very well on that score, having socked away $90,000
each for their 2 oldest kids (aged 12 and 10 years) and $60,000 for their
youngest, who is 8 years old. The couple contributes $500 a month to each of
the kids' accounts.
Professional Advice
A smart advisor can save you money in ways you may not have considered. For
example, Al Zdenek helped an internist and his wife refinance their $400,000
mortgage to pay off $152,000 in med-school and car loans. The free cash
flow from the refinancing allowed them to fully fund their 401(k) plans in
2013, which provided an additional $15,000 in federal and state income tax
savings.
"A lot of doctors aren't aware of what impact their spending decisions can
have on their tax bill," says Zdenek, who is a CPA in addition to a wealth
advisor. "All of these decisions -- purchasing or financing real estate, a
car, a home, medical equipment -- can affect whether and how soon you meet
your financial goals."
Bottom line: Make sure you hire advisors you can trust, including a smart
accountant and a good financial planner. "Just because you have a lot of
education," says Eric Friskel, "don't presume you know how to manage money
too."
CONCLUSION
As you can see, there are plenty of things that are worth opening your
wallet for and others that you ought to seriously rethink on a case-by-case
basis. No one said it would be easy, of course; it'll entail sacrifice and a
new approach to things. But ultimately you -- and your family, if you have
one or plan to start one soon -- will find it easier to live comfortably
within the good salary you work so hard to earn. And that will surely pay
dividends for years to come.
★ 发自iPhone App: ChineseWeb 8.6 | A*******s
发帖数: 9638 | 5 Never listen to those so called financial adviser.
education
【在 b***u 的大作中提到】
: OTHER LEGITIMATE REASONS TO SPEND
: Education Costs
: We're talking less about your own school loans here than we are saving for
: your kids' college educations. Although you may be able to spend less by
: sending your children to state schools, the overall cost of higher education
: shows few signs of slowing. As with your retirement plans, look at
: education as a legitimate fixed cost that you should fund regularly.
: The Friskels are doing very well on that score, having socked away $90,000
: each for their 2 oldest kids (aged 12 and 10 years) and $60,000 for their
: youngest, who is 8 years old. The couple contributes $500 a month to each of
| a**e
发帖数: 5094 | 6 我个人感想：老美越来越穷，包括医生。保持以前的消费习惯是不可能的。越早认清现
实越好。要说医生挣钱不够多，日子过不下去，这个给谁说都不信。关键是一下几点：
医生半辈子都在念书，接触社会少，比较容易上当受骗，几个错误的投资下来，就打一
辈子工还债了。身边或多或少有gold digger,娶错嫁错，经济上损失又不少。误认为钱
途一片光明，所以年轻的时候没投资，没想过compound interest的问题。W-2 数字大
，到手钱少，没养成勤俭节约的习惯。一句话总结，挣得多花的少才能养老退休。挣一
个花俩，卖一辈子苦力。LOL。
.
,
see
【在 b***u 的大作中提到】
: According to Stepp, some "nonlegitimate" expenses that you should examine
: more closely include the following.
: "Can't Miss" Investments
: Because they're high-earners, physicians often get approached to invest in a
: hot stock or in a side business. But often these investment "opportunities"
: miss -- and miss badly. "Unfortunately, doctors are prime targets of
: unscrupulous salespeople, because they have a reputation for not
: understanding the business side of things," says Stepp.
: Al Zdenek, too, has seen physicians get burned on these "inside" deals a
: number of times. "Doctors are very bright people," he says, "but they often
| a**e
发帖数: 5094 | 7 我接触过的financial advisor 水平大都不怎么样，有的算数都算不利索，税法知道的
还没我多。到底谁给谁advise？ ：）
【在 A*******s 的大作中提到】
: Never listen to those so called financial adviser.
:
: education
| a******8
发帖数: 231 | 8 是的，嫁错娶错，少则三五年白干，多则半辈子搭进去，这个是最需要考虑的投资。 | A*******s
发帖数: 9638 | 9 Very well said.
给医生协会打工的感想是，以前是药厂对医生感兴趣，sunshine后是metlife，newyork
life，prudential 这些公司，还有一些银行都把医生作为首选的目标。现在股市高涨
，这些公司可是卯足了劲，大家一定要小心。一个骨科集团在房价最高时买了几十套海
边别墅，两年前每套从80万降到30万，只能破产。另一个病理医生一辈子经历了几个经
济危机，每次都大买地产，赚得钵盂满满。
【在 a**e 的大作中提到】
: 我个人感想：老美越来越穷，包括医生。保持以前的消费习惯是不可能的。越早认清现
: 实越好。要说医生挣钱不够多，日子过不下去，这个给谁说都不信。关键是一下几点：
: 医生半辈子都在念书，接触社会少，比较容易上当受骗，几个错误的投资下来，就打一
: 辈子工还债了。身边或多或少有gold digger,娶错嫁错，经济上损失又不少。误认为钱
: 途一片光明，所以年轻的时候没投资，没想过compound interest的问题。W-2 数字大
: ，到手钱少，没养成勤俭节约的习惯。一句话总结，挣得多花的少才能养老退休。挣一
: 个花俩，卖一辈子苦力。LOL。
:
: .
: ,
| a**e
发帖数: 5094 | 10 为什么这些公司开始上了？不就是卖保险的吗？
发家致富还是要靠投资。W-2再多，O8改改税率就都没啦。
听说美国这几年政府税收连年增长，媲美天朝。我觉得中国又输出价值观了。：）
newyork
【在 A*******s 的大作中提到】
: Very well said.
: 给医生协会打工的感想是，以前是药厂对医生感兴趣，sunshine后是metlife，newyork
: life，prudential 这些公司，还有一些银行都把医生作为首选的目标。现在股市高涨
: ，这些公司可是卯足了劲，大家一定要小心。一个骨科集团在房价最高时买了几十套海
: 边别墅，两年前每套从80万降到30万，只能破产。另一个病理医生一辈子经历了几个经
: 济危机，每次都大买地产，赚得钵盂满满。
| A*******s
发帖数: 9638 | 11 现在不是股市高涨吗？买涨不买跌就是这些公司的生存之道
【在 a**e 的大作中提到】
: 为什么这些公司开始上了？不就是卖保险的吗？
: 发家致富还是要靠投资。W-2再多，O8改改税率就都没啦。
: 听说美国这几年政府税收连年增长，媲美天朝。我觉得中国又输出价值观了。：）
:
: newyork
|
|
