M Advisor Podcast: Recent Episodes
M Advisor
Financial Planning for Millennial Physicians, Dentists, Executives, and Business Owners.
Registered Representative: Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA-SIPC. Investment Advisor Representative: Cambridge Investment Research Advisors, Inc. a Registered Investment Advisor. M Advisor is not an affiliate of Cambridge Investment Research.
As parents, we are all willing to support our kids. As our kids grow up, they'll need some support, both emotionally and financially. Sometimes financial support for adult children can create a sort of financial enablement where the "child" is unable or unwilling to take care of their own responsibilities. This can put the parents' finances in a tough spot as well as create division in family relationships, such as sibling relationships. In this episode, we'll explore the impact of this situation and a few different ways of dealing with the bigger picture of this scenario.
So I was reading "Start with Why" by Simon Sinek, and there's a moment in the book where Simon gets to attend a conference with select business leaders, and the conference began with these two questions: "Raise your hand if you have reached many or all of your financial goals.""And Raise your hand if you feel successful." (and many of the hands went down).I wondered how this would apply to physicians. Many of us see physicians as being successful just by being a physician, but I wonder how many physicians, whether they have achieved a number of financial goals or metrics, actually feel successful.
I ran across a thoughtful quote credited to Confucius, and it made me think about it from several different angles. The quote is this: "We have two lives, and the second begins when we realize we only have one." This podcast examines this quote from a financial planning perspective and a bit beyond. Enjoy this episode, and maybe you can examine it from different angles in your own life, too!
For most physicians, purchasing disability insurance is an easy decision; however, there is one investment that disability insurance companies do not support. Wait, do your investments and disability insurance policies coincide? To some degree, yes. Here I give an example and explore a potential blind spot in doctor's income protection: unearned income.
Some investment assets warrant the formation of a holding company, usually for liability purposes. Real estate, private equity, and franchise agreements are great examples of these assets. Learn how a physician may structure a holding company, and let's take a deep dive into how it works.
We leave a different kind of legacy in various aspects of our lives. We leave a legacy for our spouses, our kids, and our clinics, among others. We'll explore some of the conversations and experiences that impact our legacy.
When you figure out you need an LLC, the question always looms: "What do I name the LLC?" Also, find out how to see what names are available and what names are already taken. This episode explores what kinds of LLCs and what uses of LLCs might be appropriate for what kind of LLC names.
Time horizon is generally defined as the period of time for which a specific investment account will stay invested before being utilized. Many times, an investment isn't allowed to enjoy its full time horizon due to our own behavior with our money. Adjusting your view for a much larger time horizon, and adjusting it for all of your assets might provide a different perspective on your life and legacy goals.
With the springtime weather upon us, thunderstorms can intrude on our finances by damaging our houses. During storm season, it's important to understand how our homeowner's insurance policy works if our house gets hit by a storm. The wind & hail deductible is included in all our homeowner's policies, and it is often misunderstood.
When the market declines, what are some good investment responses? How do market fundamentals work in a down market? What should we do with our investments when the market declines?
When the market goes down, what financial planning tasks help with the bigger picture? Knowing your budget, cash needs, and making sure you have the right amount of insurance are all critical components of a financial plan that's experiencing a reduction in asset valuation.Additional Resources:https://www.m-advisor.com/blog/financial-planning-for-savers-in-a-down-market-image
The memories we give our kids and grandkids provide them with the lens they'll use to view their inheritance - or any gift, for that matter. Vacations are just one of many ways to create memories that shape our lives. Let's explore the impact of taking time for vacations and how this shapes our legacy.
Learn what "per Stirpes" means, and how it can have a lasting impact on your beneficiaries.
Establishing a family trust or a revocable trust is an important step in a financial plan, but unless the trust is funded properly, it can be a near worthless endeavor. Learn the importance of funding a trust and how to do it.
Understanding how the concept of sunk costs impacts your decision-making can be a valuable tool for improving your life. Identifying this concept can be effective, not only in your financial life, but in nearly every aspect of your well-being.
Tax planning with W-2 income is simple, yet important. Understanding how income sources do and don't interact with one another is important to planning your next decision from a tax perspective. I also describe a calculator I use from the IRS to estimate tax withholdings. Here is a link to that calculator. Enjoy!https://www.irs.gov/individuals/tax-withholding-estimator
What are some common New Year resolutions for your finances? How can you improve your finances?
In financial planning, figuring out what we want can be a difficult task. Deciding what we like may feel like we limit our possibilities. If we choose one path and lean in to that path, we may close the door on other opportunities.
While tax planning with W-2 income is limited, there are still steps you can take to maximize your tax deductions. For those who take the standard deduction most years, but almost get enough expenses to itemize, here's a quick way to plan ahead to get the most out of your charitable contributions.
If a tree falls in the forest, but no one hears it, does it make a sound? If plans are created, and no one knows about them, do the plans exist? Here, we chat about what aspects of a financial plan should be discussed and how to discuss them.
What is a buy/sell agreement and when does it become important? If you own a business or run a practice with other owner/partners, a buy/sell agreement can protect your practice against unwanted changes of ownership. Additionally, if you own your own practice, you may be responsible for buying shares in a practice when a partner unexpectedly cannot work any longer due to death, disability, bankruptcy, or divorce.
First of all, what is an LLC? Do physicians need an LLC or a PLLC? Learn why a physician might want to create an LLC or a PLLC (and what's the difference?), and how would an LLC be beneficial?
Our financial lives can be as simple or complex as we make them; however, there is a balance of the simple and the complicated that might make our financial plan more effective. Is there a planning opportunity we're missing by being too simplistic? If our financial plan is too complicated, is it sustainable? Utilizing professional guidance from financial advisors, attorneys, and accountants may enable you to use a sort of professional capacity to hold the complexity balance you need.
Money can undoubtedly stir emotions. Your initial memories and experiences with money can create a lasting impression on your money habits, which ultimately can play a part on determining your legacy. Were your first money experiences good or bad? Was money a sore subject in your youth? Uncovering and labeling these experiences may help you understand why money is emotional to you.
Many physicians receive a bonus when signing employment contracts. These bonuses can be nice additions to a new job; however, where there is income, taxes exist. Learn about the most popular forms of physician signing bonuses and how they impact your income tax. You may not be able to change your signing bonus, but you can plan for it!
Too often the conversations about life insurance are geared toward how much insurance to purchase. This conversation focuses on when to consider life insurance purchases and changes. What do you look for when you look at your own policies? Easy ways to make sure your insurance policies are up to date.
What are gift taxes? What are estate taxes? These taxes are uniquely positioned to work together, yet they are distinct taxes. Learn the basics of how these taxes work. Understanding the basics of these taxes might help you plan for your kids.
We are all saving for someone else, even if we're saving for ourselves. As time passes, are we taking care of our future selves? How can we be aware of what we will need as we get older.
The summer often provides a bit slower routine, which allows us time and capacity to consider what's important in our lives. In financial planning, understanding the kind of life you want to live is a great accomplishment. With some self-awareness, you can prioritize meaningful planning objectives and filter those that aren't.
How does term life insurance work? Life insurance is generally pretty complicated. Term life insurance is the simplest kind of life insurance, but there are a few things to be aware of. I've seen too many individuals get bad advice on their life insurance because it benefitted the insurance agent. Life insurance shouldn't be a zero-sum game, and you shouldn't have heartache when buying life insurance. In this podcast, learn some of the basics of the two primary types of term life insurance, their pros and cons, and what to look out for when reviewing or purchasing a policy.
Let's get morbid! What is the impact of your legacy on the decisions and to-dos surrounding your own passing and funeral? There are a lot of decisions that are made after a person dies: do you want to be buried or cremated? Where do you want to be buried? Do you want your ashes spread or held? Is it fair to force our grieving families to make these decisions on our behalf? How do we even have these conversations with our loved ones?
What is the self employment tax? If you have any 1099 wages, there is a good chance you are subject to the self employment tax. Depending on your personal tax situation, the self employment tax could be devastating to your lifestyle and your ability to save for your future. Learn what the self employment tax is, so you can be aware of one of the biggest tax traps!
What if you create a financial goal and are successful at achieving it? Then what? Is planning for our financial future a fulfilling endeavor? Are there other questions we should be asking ourselves when we plan ahead? If we retire, for example, is that enough? Is achieving a goal enough to keep us fulfilled?
As a parent, is an inheritance an obligation to provide? Can an inheritance promote negative outcomes? What are your thoughts on inheritances?
Learn the basics of umbrella insurance: What is umbrella insurance and how do you get umbrella insurance? These policies are often overlooked, but they can be critical to your financial plan!
What's the difference between legacy and an inheritance? Which has more value? Here are a few thoughts on legacy and who is in control of our legacy.
Reading from the article: Why M Advisor Exists: A Mini Manifesto. This short article captures why M Advisor exists today. Read the article here:https://www.m-advisor.com/blog/why-m-advisor-exists-a-mini-manifestoThanks for listening!
A little insight on how to start your financial planning journey in 2024. Get your finances on track once and for all!
What were some of the troubles and difficulties in 2023? Here is a discussion about some of the troubles I saw repeatedly in 2023. In preparing for the new year, it's good to look back and learn.
A quick discussion on financial goals: What is a financial goals, and how is a financial goal helpful?
Learn the basics of living trust and learn how it might help you in your financial plan. For more information, learn more at https://www.m-advisor.com/blog/estate-planning-101-what-is-a-trust.
What is a will and do you need one? Take a quick moment to learn the basics of one of the most foundational estate planning tools available to us.
Our finances can feel out of control if we don't have the right balance in our money and life, but what determines that balance?
It's scary season and Friday the 13th to boot. Here are a few examples of unsuitable transactions I commonly see. What's scarier than unsuitability? Make sure the lights are on when you hear this!
Viewing through the lenses of "What makes the most financial sense" vs. "What impacts my legacy." This is a juxtaposition of two viewpoints that, quite frankly, might not be too far apart.
This is my thoughts on Bill Perkin's book "Die with Zero". I felt there was a good message in this book, and here are my thoughts.
Saving money is important, but sometimes our lives get knocked out of balance. Medical school, residency, fellowship, and the first job contract are all situations where life gets busy, and the lack of money magnifies the craziness. Is it ever OK to have times when we don't save money? Or maybe we just need to give ourselves some grace when life gets hectic.
Annuities can be uniquely complicated instruments. This is quite simply an educational overview on the basics of annuities.
We live everyday in our physical fitness, and we watch our abilities change with our diet and exercise. Likewise, do we have an financial fitness? Can we "work out" our financial lives to absorb emergencies and take advantage of opportunities? How does our emotional well-being fit into our financial fitness? You'll find some good questions to ask yourself!
Money is a tool, and we should consider valuing it as such. Money, in and of itself, isn't enough to create we're proud of.
Many people engage in financial planning seminars, books, and courses. Most of the time, the information is too general to provide your own stamp on these plans and the audience is often left asking, "Now what?"
Get a broad introduction to individual disability insurance. What is individual disability insurance and what to look for. Get information to review your current insurance policy.
Visit m-advisor.com to find more content, ask questions, and schedule meetings.
Group long-term disability insurance is offered by many hospital systems as a benefit to physicians. The details of this benefit are often overlooked. Learn about the basics of this benefit and what to look for when evaluating your own policy. Using the information from this podcast episode can help you create a better plan for you and your family.
In case of a natural disaster, what do you take with you? What items in your house do you save? For many of us, the stuff we hold onto doesn't matter. Our kids will someday do inventory of all the things we saved and figure out how to get rid of much of it. We don't our stuff with us, so it's important to begin the process of figuring out what really matters.
How many times have you overlooked naming beneficiaries on your retirement accounts and insurance policies? For such a simple task, its impact can be felt for generations. Are there rules for naming beneficiaries? Take a deep dive through the topic. For more information: https://www.m-advisor.com/blog/how-to-assign-a-beneficiary
Investment strategies can get complicated, but even when the situation gets complex, the fundaments often remain a backbone of any plan. This podcast takes you through the very basics of understanding a stock vs. a bond, and then how these investments are utilized. There are three core strategies discussed: strategic allocation, index investing, and tactical investment models.
Beginning in 2024, SECURE Act 2.0 will create a path for unused 529 college saving plans to be rolled into Roth IRAs. While this sounds like a great thing, there's a catch -- well, there are a lot of catches. Lots and lots of "red tape" surround this rule. The headline looks great, but how does this work? Learn if this ruling could be beneficial to you.For more information on this topic, feel welcome to read our article:https://www.m-advisor.com/blog/unused-529-plans-can-be-rolled-to-roth-iras
457(b) plans are offered at many hospitals around the country. These plans offer an easy way to reduce current earned income and provide another avenue of tax deferred growth; however, 457(b) plans are not retirement plans. Instead, these accounts are classified as salary deferral plans, so they are fundamentally different than retirement plans with their own pros and cons. Learn if 457(b) plans align with your financial goals or inhibit them.
Behavioral finance has been widely acknowledged and accepted by the financial planning community. Here is a brief introduction to one such topic of behavioral finance: Confirmation Bias. Once you understand confirmation bias, you can seek awareness of how you gather information about various topics.For more information, read Daniel Kahneman's book: "Thinking, Fast and Slow"
How can we prioritize taking care of our kids with our money? Here are three important ways to make sure our kids are financially cared for.
What is an HSA? Many physicians have them available in their benefit packages, but what do they do and how do they work? Find out if an HSA is right for you!
Who takes care of the caretaker? Physicians need to make sure to take care of themselves to be able to provide for their patients and families.
The new year often grants us the mental and emotional capacity to tackle big projects and better ourselves. Here are a few ways to self-assess your financial well-being to get your financial planning on track for you and your family's benefit.
The world around us is constantly changing. Can you create a financial plan that accounts for changes you couldn't possibly predict?
Money can be a difficult topic of conversation between family members, yet much of our financial planning is completed for the benefit of our family. How can we start the conversations about money that are supposed to make us feel connected -- not exposed. The stories about wealth and money create our legacies, but these stories often go undiscovered.
Credit cards have their rewards and benefits, but they aren't beneficial to everyone. Are you using credit cards to help your plan or are credit cards burdensome?
A budget can be a great thing, but have you ever wondered if there's a more efficient budgeting blueprint? Can focusing on expenses help you save more? In this episode, learn how to develop a budget that gets you to save more money for your future!
More information: https://www.m-advisor.com/blog/your-new-budget
Hosted by Paul Morton, CFP®, ChFC®
Even if you don't purposefully establish a financial plan, you already have a plan. Learn how ignoring a few key financial planning topics can lead to scary consequences. Take the time to make sure you don't make these mistakes. Happy Halloween, and be careful out there!
Hosted by Paul Morton, CFP®, ChFC®
What are some basic estate planning functions you've completed throughout your life that impacts your legacy? Estate planning is often thought of as a complicated process, but there are many simple and important tasks that can be completed to persuade your legacy.
Hosted by Paul Morton, CFP®, ChFC®
One of the most delicate times in a physician's financial life occurs after signing their first job contract. This time is when the tone is set for the rest of their careers. The balance between lifestyle and savings is determined for years to come.
Hosted by Paul Morton, CFP®, ChFC®
The fundamentals of backdoor Roth IRA contributions are quite simple, and this episode explores the basics of what a backdoor Roth IRA means and how to do it.
Hosted by Paul Morton, CFP®, ChFC®
Learn the basics of IRAs, from Traditional IRAs to Roth IRAs to employer-sponsored IRAs. What do all IRAs have in common and what variations are there? IRAs are a staple in the financial planning world, so it's important to understand how they work.
Hosted by Paul Morton, CFP®, ChFC®
Why are some people "good" with money and some aren't? Do some people have skills that others don't have? In this episode, I discuss the very beginnings of financial success being a mindset, or maybe even an expectation. I reference an article, which can be found here: https://www.m-advisor.com/blog/youre-not-bad-with-money
Hosted by Paul Morton, CFP®, ChFC®
What is Public Service Loan Forgiveness (PSLF) and how can it help you? Learn about the basics of PSLF and how to apply for PSLF! For professionals with student loans, the student loan rules are constantly changing. Learn about loan forgiveness programs that should be considered in your financial plan.
Hosted by Paul Morton, CFP®, ChFC®
More Information: https://www.m-advisor.com/blog/how-to-apply-for-pslf https://www.m-advisor.com/blog/infographic-how-to-apply-for-pslf
Do you know much about the retirement plans at your hospital? Discover the differences between all the most popular and likely retirement plans offered in hospitals to understand and determine where they fit in your plan.
Buying a house is one of the more important decisions we make, yet we don't take the time to understand the details of our own mortgages. As a physician, you have options on how to obtain a mortgage, and here you can quickly get insight into some of the pros and cons in obtaining a physician mortgage.
Hosted by Paul Morton, CFP®, ChFC®
Further Reading: https://www.m-advisor.com/blog/physician-mortgages
Further Reading: https://www.m-advisor.com/blog/physician-mortgages
As a professional, how do you protect your income and assets against personal lawsuit? This episode explores the fundamentals in protecting income against events outside your control.
Do you have moonlighting income? Here you will find some education on how your moonlighting income works and some practical tips on ensuring your moonlighting income helps you, not hurts you. Adding extra income can certainly be a good thing, yet it's important to understand how that income can affect you. Additionally, understanding what's at stake can help you plan ahead.
Hosted by Paul Morton, CFP®, ChFC®
Further Reading: https://www.m-advisor.com/blog/pros-and-cons-of-w-2-income-vs-1099
Protecting income against sickness and injury isn't always simple. In the fundamentals in financial planning, your investment decisions can provide long-term benefits, whether you continue working or not. This episode explores the fundamentals in protecting income against events outside your control.
Hosted by Paul Morton, CFP®, ChFC®
Further Reading: www.m-advisor.com/blog/free-advice-to-ask-your-car-insurance-agent-try-this
Income is your financial plan's most valuable resource. Protecting income is a fundamental necessity in your plan, and it's often one of the first steps in a financial plan, but I have always felt this purchase had been rushed and minimized. Purchasing life insurance is an emotional decision, and those emotions aren't discussed. A life insurance policy often acts as a love letter to your family, and purchasing a life insurance policy is a selfless act. What decisions are you making when you purchase a policy? Do you have a goal for the insurance? Did you purchase enough life insurance or not enough? This episode explores the fundamentals in protecting income against events outside of your control. Hosted by Paul Morton, CFP®, ChFC®
Here's some further reading:
Article: https://www.m-advisor.com/blog/life-insurance-dos-and-donts
Article: https://www.m-advisor.com/blog/life-insurance-decision-making
We are excited to introduce the M Advisor Podcast with Paul Morton, CFP®, ChFC®! This first episode discusses some foundational components of your plan: how to save. There is a ton of information about what to do with savings or even how much to save, but I don't see many people discussing how to save effectively. This podcast explores some simple and practical ways to create savings habits that make sense!
Once your income reaches a level where it covers your basic monthly expenses, you can begin to save more comfortably and more intentionally. Focusing on saving, rather than focusing on expenses, can propel your financial plan forward.
Click below to listen to the podcast. For more information, read these articles:
https://www.m-advisor.com/blog/your-new-budget
https://www.m-advisor.com/blog/maximizing-your-monthly-savings
I'm happy to announce the M advisor podcast. The M advisor podcast is intended to provide financial education on the emotional side of money for busy professionals such as physicians, dentists, executives, and business owners. The intention of the M advisor podcast is to instill clarity on what to do inside your financial plan, and just as important, the M Advisor Podcast seeks to help you understand why.
Each person has unique goals, important relationships, and different desired outcomes, so it doesn't make sense for everyone to have the same financial plan. The uniqueness of each person and each situation should be reflected in the uniqueness of their financial plan. The M advisor podcast celebrates that uniqueness and serves as a guide to enhance your own unique life goals and accomplishments.
If you are a busy professional seeking practical information to guide life's big decisions that speaks to both your rational and emotional well-being, the M advisor podcast is for you.
Paul Morton, CFP®, ChFC®