Some Cost of Living and Expense Benchmarks for Us All
By Dr. David Edward Marcinko MBA
[Editor-in-Chief]
There are many types of budgets. Fixed and variable budgets; semi-variable, cost plus/minus, managerial and even zero-based budgets! And, we’ve written about some of them on this ME-P.
Nevertheless, I’ve never been a big fan of personal budgeting. For clients, they seem to be a neurotic crutch, and for me a pointless exercise as I make sure I live on less than I make. Yet, this philosophy is most unusual in the financial advisory world.
But, like minds to the contrary do exist. Just ask my colleague, and financial planner, Rick Kahler CFP® MS ChFC CCIM.
Still, this visual will give you a rough idea of the average cost-of-living as a percentage of income for laymen. We all love benchmarks; don’t we?
Assessment
But, does the above infographic relate to medical and financial services professionals; why or why not, and if so, how?
Conclusion
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Filed under: Financial Planning, Risk Management Tagged: | Cost of Living and Expense Benchmarks, Dr. David Marcinko, Personal Budgetings Guidelines
More on Budgets and Financial Calculators
Dr. Marcinko, thanks for this post. A bit too broad perhaps, but helpful nevertheless.
And so, to continue the budgeting thought, here is a link to every possible financial calculator your readers could ever think of, all for free.
http://credit.org/blog/calculators/
Claude
On Cash Emergency Funds for Physicians – Update
Today, in these tumultuous times – as financial advisors – we are suggesting a generous 3-5 year cash emergency fund for mature practicing doctors.
Sure this seems extreme to some MDs and FAs, but since the “flash crash” of 2008-09; it seems more prudent with considerably less criticism, especially of late with our current low interest rate environment.
Look – Cash is power, choice, swagger, potency, freedom and represents options. And, the emergency fund determination is now more complicated than ever, for any budget.
Read this related post to learn how to do it:
http://www.medicalexecutivepost.com/2009/03/03/emergency-funds-for-physicians/#comments
Cash is king! So, acquire it!
Dr. David Edward Marcinko MBA CMP™
Certified Medical Planner™
http://www.CertifiedMedicalPlanner.com