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Turning Quarterly Physician Bonuses Into Monthly Savings
Manage episode 465123448 series 3584152
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Episode Summary:
In this episode, Nate Reineke and Ben Utley explore strategies for turning quarterly physician bonuses into effective monthly savings. They share insights into managing unexpected income and address listener questions about donor advised funds (DAFs), retirement planning, and the impact of health insurance on financial goals for physicians.
Key Takeaways:
- Utilizing Quarterly Bonuses: Physicians can allocate quarterly bonuses to create a more stable monthly savings flow, helping to offset expenses and build wealth over time.
- Tax Benefits of DAFs: Donor advised funds provide significant tax advantages for charitable contributions.
- Building Educational Wealth: 529 accounts remain a practical strategy for families looking to save for college tuition.
- Health Insurance Considerations: Incorporating health insurance costs into retirement plans is essential, with options available for delaying Medicare enrollment.
- Retirement Account Strategies: A solid understanding of traditional and Roth retirement accounts can enhance overall tax efficiency.
Call to Action:
For more information, visit www.physicianfamily.com.
Disclosure: See marketing disclosures at www.physicianfamily.com/disclosures.
Closing Thought:
Remember, you’re not just making a living; you’re making a life. Pursue what lights you up!
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