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  • David E. Marcinko [Editor-in-Chief]

    As a former Dean and appointed University Professor and Endowed Department Chair, Dr. David Edward Marcinko MBA was a NYSE broker and investment banker for a decade who was respected for his unique perspectives, balanced contrarian thinking and measured judgment to influence key decision makers in strategic education, health economics, finance, investing and public policy management.

    Dr. Marcinko is originally from Loyola University MD, Temple University in Philadelphia and the Milton S. Hershey Medical Center in PA; as well as Oglethorpe University and Emory University in Georgia, the Atlanta Hospital & Medical Center; Kellogg-Keller Graduate School of Business and Management in Chicago, and the Aachen City University Hospital, Koln-Germany. He became one of the most innovative global thought leaders in medical business entrepreneurship today by leveraging and adding value with strategies to grow revenues and EBITDA while reducing non-essential expenditures and improving dated operational in-efficiencies.

    Professor David Marcinko was a board certified surgical fellow, hospital medical staff President, public and population health advocate, and Chief Executive & Education Officer with more than 425 published papers; 5,150 op-ed pieces and over 135+ domestic / international presentations to his credit; including the top ten [10] biggest drug, DME and pharmaceutical companies and financial services firms in the nation. He is also a best-selling Amazon author with 30 published academic text books in four languages [National Institute of Health, Library of Congress and Library of Medicine].

    Dr. David E. Marcinko is past Editor-in-Chief of the prestigious “Journal of Health Care Finance”, and a former Certified Financial Planner® who was named “Health Economist of the Year” in 2010. He is a Federal and State court approved expert witness featured in hundreds of peer reviewed medical, business, economics trade journals and publications [AMA, ADA, APMA, AAOS, Physicians Practice, Investment Advisor, Physician’s Money Digest and MD News] etc.

    Later, Dr. Marcinko was a vital and recruited BOD  member of several innovative companies like Physicians Nexus, First Global Financial Advisors and the Physician Services Group Inc; as well as mentor and coach for Deloitte-Touche and other start-up firms in Silicon Valley, CA.

    As a state licensed life, P&C and health insurance agent; and dual SEC registered investment advisor and representative, Marcinko was Founding Dean of the fiduciary and niche focused CERTIFIED MEDICAL PLANNER® chartered professional designation education program; as well as Chief Editor of the three print format HEALTH DICTIONARY SERIES® and online Wiki Project.

    Dr. David E. Marcinko’s professional memberships included: ASHE, AHIMA, ACHE, ACME, ACPE, MGMA, FMMA, FPA and HIMSS. He was a MSFT Beta tester, Google Scholar, “H” Index favorite and one of LinkedIn’s “Top Cited Voices”.

    Marcinko is “ex-officio” and R&D Scholar-on-Sabbatical for iMBA, Inc. who was recently appointed to the MedBlob® [military encrypted medical data warehouse and health information exchange] Advisory Board.

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Book Speaker Dr. David E. Marcinko CMP® MBA for your Next Medical, Pharma, Hospital, University or Financial Services Seminar or Personal and Corporate Coaching Sessions 

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Dr. David Edward Marcinko, editor-in-chief, is a next-generation apostle of Nobel Laureate Kenneth Joseph Arrow PhD, as a health-care economist, insurance advisor, financial advisor, risk manager, and board-certified surgeon from Temple University in Philadelphia.

In the past, he edited eight practice-management books, three medical textbooks and manuals in four languages, five financial planning yearbooks, dozens of interactive CD-ROMs, and three comprehensive health-care administration dictionaries.

Internationally recognized for his clinical work, he is a past endowed chair; professor of health economics, finance and public health policy management; and distinguished visiting professor of surgery as a Bachelor of Medicine–Bachelor of Surgery (MBBS) degree recipient from Marien Hospital in Aachen, Germany.

He provides litigation support and expert witness testimony in state and federal court, with medical publications archived in the Library of Congress and the Library of Medicine at the National Institutes of Health.

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iMBA, Inc Seminar Topics

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[PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET]

  Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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[HOSPITAL OPERATIONS, ORGANIZATIONAL BEHAVIOR AND FINANCIAL MANAGEMENT COMPANION TEXTBOOK SET]

Product DetailsProduct Details

[Foreword Dr. Phillips MD JD MBA LLM] *** [Foreword Dr. Nash MD MBA FACP]

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[PRIVATE MEDICAL PRACTICE BUSINESS MANAGEMENT TEXTBOOK – 3rd.  Edition]

Product Details

  [Foreword Dr. Hashem MD PhD] *** [Foreword Dr. Silva MD MBA]

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https://davidedwardmarcinko.com/speaking/

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The New “Fiduciary” Rule

 Really? Whose side is your financial advisor on?

 

 

 

 

 

By Rick Kahler CFP®

If it weren’t already hard enough to understand whose side your financial advisor is on, it got more complicated on June 9, 2017. As of that date, all financial advisors who sell products are required to forego any sales agenda and give advice that would benefit their clients or customers (called “fiduciary advice”).

Does this sound too good to be true? It is!

This rule only pertains to rollovers into an IRA from a qualified plan like a 401(k), and only to the investment recommendations for that IRA account.

Any other account is still fair game for stuffing full of high-commission and high-fee products that mainly benefit salespeople and their companies.

Also, in case you think your IRA is now protected from high-cost products, there’s one more catch. Salespeople are not required to look out for your best interests if they explain to you how and why they intend to give advice that instead primarily benefits themselves and their brokerage company.

While this new law will probably confuse consumers more than it helps, it may be a first step toward something larger.

Here is the sad truth

Most Americans believe they already receive objective, fiduciary advice. The overwhelming odds are that they don’t.

You face odds of ten to one that your advisor is a salesperson who is not required to put your financial interests first. Most Americans purchase their investments from the half a million brokers who earn commissions if they can convince you to buy an expensive alternative to the thriftier, better-performing investment options on the market. That’s more than ten times the number of advisors who adhere to a fiduciary standard. Government research estimates that consumers lost $17 billion a year to conflicted advice in the recommendations related to retirement plans made by brokers and sales agents posing as advisors.

The bottom line is that at best, only one out of every ten financial advisors puts your interests first. The actual number of real fiduciary advisors may actually be even lower than this discouraging figure.

A Study

A mystery shopper study in the Boston area found that only 2.4% of the “advisors” it surveyed (most were almost certainly brokers) made what most would consider to be fiduciary recommendations.

On the other side, 85% advocated switching out of a thrifty portfolio with excellent funds into something a bit more self-serving.

The Brokerage industry

The brokerage industry—that is, the larger Wall Street firms, independent broker-dealer organizations and life insurance organizations—repeatedly fought the fiduciary rule in court, arguing, in some cases, that their brokers and insurance agents shouldn’t be held to this standard. The courts refused to block the rule.

It gets worse

Brokers are held to a sales standard, but it’s a very low one that is appropriately known as “compliance.” They are required to “know their customer” and to make investment recommendations that would be “suitable” to someone in that customer’s circumstances.

In addition, a new study found that 8% of all brokers have a record of serious misconduct, and nearly half of those were kept on at their firms even after getting caught.

Assessment

There is one simple way to determine whether you’re working with somebody you can trust. Ask your advisor directly to provide a written and signed one-page statement that he or she will act in your best interests.

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If the broker hems and haws, hold onto your wallet or purse. Chances are any recommendations you receive will cost you money, a cost only disclosed somewhere deep in the fine print of whatever agreement you sign. If the advisor signs the statement, chances are you will receive fiduciary advice. 

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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WHAT IS THE VELOCITY OF MONEY?

It’s the Rate of [Physician] Circulation and Consumption

Courtesy: https://lnkd.in/eBf-4vY

The VM is a measure of the number of times that the average unit of currency is used to purchase goods and services within a given time period. The concept relates the size of economic activity to a given money supply. This speed of money exchange is one of the variables that determine inflation.

VM is the ratio of gross national product (GNP) to a country’s money supply. The more often money changes hands, the greater the level of commerce. The VM is determined by money supply, interest rates, inflation, commerce and the Federal Reserve.

LINK: https://lnkd.in/eZxrhtp

Physicians, like most consumers, tend to hold less money as interest rates and inflation increase, and therefore the velocity of money increases.

ESSAY: https://lnkd.in/e6TvuVM

VM is reduced when people increase money holdings in periods of low interest rates and low inflation; the opposite when rates and inflation are high.

CMP® CURRICULUM: https://lnkd.in/eDTRHex

Assessment: Comments appreciated.

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BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS:
1 – https://lnkd.in/ebWtzGg
2 – https://lnkd.in/ewJPTJs
THANK YOU
***

FREE BUSINESS CONSULTATIONS & FINANCIAL ADVISORY OPINIONS

iMBA Inc, NOW OFFERING FREE BUSINESS CONSULTATIONS & FINANCIAL ADVISORY OPINIONS FOR MEDICAL COLLEAGUES & ENTREPRENEURS

Courtesy: https://lnkd.in/eVGcji5

By Ann Miller RN MHA CMP®

[Executive Director]

After an overwhelming initial response, the Institute of Medical Business Advisors [iMBA, Inc] is again offering free 60 minute phone or video consultations and second opinions to doctors, nurses and medical colleagues on a limited scheduling and time basis, during the current Corona Virus outbreak 24/7.

REGULAR SERVICE: https://lnkd.in/dw7FHyP Professional fees are waved during this time of crisis. According to Professor and CEO Dr. David Edward Marcinko MBA CMP, “this is our small way to help give back to colleagues who are vital to the US public health system and wellness of the country.” Topics include a plethora of personal financial planning and / or medical practice management and entrepreneurial business issues.

TOPIC LIST: https://lnkd.in/e7WrDj9

TO SCHEDULE: MarcinkoAdvisors@msn.com B

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BUSINESS, FINANCE, INVESTING & INSURANCE TEXTS FOR DOCTORS

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

PHYSICIAN-EXECUTIVES AND MEDICAL CXOs:

1 – https://lnkd.in/eEf-xEH

2 – https://lnkd.in/e2ZmewQ

THANK YOU

***

FREE FINANCIAL & BUSINESS ADVISORY CONSULTATIONS

iMBA IS NOW OFFERING FREE FINANCIAL & BUSINESS ADVISORY CONSULTATIONS

***

By Ann Miller RN MHA CMP®
[Executive Director]
***
The Institute of Medical Business Advisors [iMBA, Inc] is now offering free 30 minute phone or Skype® video consultations and second opinions to physicians, nurses and medical colleagues, on a limited scheduling and time basis, during the current Corona Virus outbreak 24/7.
***
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According to Professor and CEO Dr. David Edward Marcinko MBA, “this is our small way to help give back to colleagues who are so clinically vital to the US public health system and wellness of the country.” Topics include a plethora of personal financial planning and / or medical practice management business issues.
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SCHEDULE A CONSULT:
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BUSINESS, FINANCE, INVESTING AND INSURANCE TEXTS FOR DOCTORS
***
FOR PHYSICIAN-EXECUTIVES AND MEDICAL CXOs
THANK YOU
***

 

Another CERTIFIED MEDICAL PLANNER® “In The News”

YAHOO Finance!

Courtesy: http://www.MedicalExecutivePost.com

“The extensive experience of our professional team allows us to implement a rigorous process to identify ‘Best in Class’ opportunities in our focus areas,” said Amaury Cifuentes CFP®, CMP® one of the firm’s founders. “We assist in providing capital, innovative solutions and strategic expertise to our portfolio throughout the investment cycle.”

LINK: www.CertifiedMedicalPlanner.org

The partners in the firm include:

Amaury Cifuentes, CFP®, CMP® has 30 years of experience in banking and finance; financial planning and investments with an emphasis on business lending, real estate and private investments. He is a Certified Medical Planner®, giving him an enhanced knowledge of the medical industry’s specific needs.

LINK: https://finance.yahoo.com/news/bluekey-wealth-advisors-announces-formation-150000988.html

Assessment: Your congratulations are appreciated.

TEXTS FOR PHYSICIAN EXECUTIVES AND HOSPITAL CXOs:

1 – https://lnkd.in/eEf-xEH

2 – https://lnkd.in/e2ZmewQ

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TEXTS FOR PHYSICIANS AND ADVISORS

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

THANK YOU

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Physician “Life-Style Creep”

We Must Avoid It!

By Dr. David E. Marcinko MBA

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MORE: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Conclusion: Your thoughts are appreciated.

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 Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™ Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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How to become a board CERTIFIED MEDICAL PLANNER®

HOW TO BECOME A BOARD

CERTIFIED MEDICAL PLANNER®

[Two Program Matriculation Options Available]

http://www.CertifiedMedicalPlanner.org

CURRICULUM: Enter CPMs

[PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET]

  Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™     Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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Understanding Leases

 An Important Money Skill

By Rick Kahler CFP

“Some days adulting is a pain.” What parent of college-age children hasn’t heard something similar from their kids? The transition from kid to adult is a necessary process toward living a fulfilled and meaningful life, but it isn’t easy or smooth.

This is especially true when it comes to money. Mastering money skills can be a challenge even for older adults.

One of the earliest opportunities to learn adult financial skills comes with renting an apartment. Before you sign that first lease—or any lease—it’s important to understand it. A lease is a legal document that sets out obligations and rights for both landlord and tenant.

One of the most important features of a lease is the length of the agreement. Your lease could be “month-to-month” or for a specific period like a few months or even several years. The most common residential lease terms are six months to one year.

There are pluses and minuses to both types. A month-to-month lease gives the renter the minimum commitment and maximum flexibility. Usually, if you want to move out for whatever reason, you just need to give the landlord a 30-day notice. Unlike a longer-term lease, there is no penalty for “breaking” the lease unless you fail to give even a 30-day notice.

So why wouldn’t a tenant always want a month-to-month lease? Many tenants don’t understand that the flexibility goes both ways. If a landlord chooses to stop leasing the property, finds a tenant willing to pay higher rent, or decides to sell the property, all the lease requires is a 30-day notice for the current tenant to move out. A tenant must accept that risk.

A recent local example concerned 11 house renters who lived on the campus of the Star Academy, a former state-owned property near Custer, SD.  Some of the tenants had rented for 14 years with month-to-month leases. When the state foreclosed on the property it gave the tenants 30-day notices to move. This was not received well by the renters, who faced the prospect of immediately having to find new places to live in a town with a limited supply of housing. Fortunately, the governor reversed the decision and gave the renters six months to find new housing.

As shocking and heartless as this move might have seemed to the renters, it was completely within the rights of the landlord, just as it would have been completely within the rights of any of the tenants to do the same.

It’s easy to get lulled to sleep by a month-to-month lease, especially when a tenant has lived in the property for year after year. However, if the prospect of having to vacate your home in 30 days is not appealing, it would be a really good idea to ask the landlord for a longer lease.

Assessment:

Before signing a lease, consider how long you are willing to commit to living in the property. What will best serve your situation? For some, it may be a lease that expires at the end of a school year, or in a year, or even in three to five years if you see no reason that you will need to move anytime soon. Be aware that by signing the lease, you agree to stay and to pay rent until the time is up.

Also understand that, unless the lease specifically states otherwise, neither you nor the landlord are bound to renew when the lease expires. So it’s important to renegotiate a new lease well before the current lease expires.

Before signing any lease, read it carefully. Ask clarifying questions. Be sure you understand the legal commitment you are making.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

***

An Entrepreneurial Mindset Can Hinder Wealth Building

“Help Wanted: Entrepreneur”

By RICK KAHLER, CFP

You have probably never seen an ad like this, because entrepreneurs are not hired. They hire themselves. Merriam-Webster defines an entrepreneur as “a person who starts a business and is willing to risk loss in order to make money” or “one who organizes, manages, and assumes the risks of a business or enterprise.”

God bless entrepreneurs. Without them our world would look much different. We would probably still be living in caves, hunting with clubs, and eating raw meat. They create companies from scratch. In so doing, they create jobs and take significant monetary risks of a business failure.

They also stand to gain substantial rewards for success, but that success is far from guaranteed. Few people realize that most entrepreneurs fail in their attempts in business. According to Investopedia, 50% of all new businesses fail in 5 years, 66% in 10 years, and 75%  in 15 years.

Given those statistics, the entrepreneurs who succeed must be rich, right? A study by Career Explorer found that the average full-time salary of an entrepreneur is $43,240 a year. To put this into perspective, the average starting salary for a graduating four-year degree student at the South Dakota School of Mines and Technology is $63,354. Maybe there should be a song, “Mamas, don’t let your babies grow up to be entrepreneurs.”

My experience, however, is that it really doesn’t matter what Mama says. The entrepreneurial mindset is somewhat inextinguishable. While there have been some attempts at teaching entrepreneurial skills, it’s hard to teach grit, determination, and perseverance, coupled with a good dose of fantasy thinking and denial. It’s really hard to “tell” an entrepreneur anything.

Fittingly, entrepreneurs love to invest in their own companies. Investment advisors call such holdings “tangible” investments, ones you can see and touch. Tangible investments include start-up businesses, family-owned businesses, and all types of directly owned real estate. They are inherently non-diversified and illiquid. Typically, entrepreneurs have the vast portion of their net worth tied up in their businesses. It’s incredibly rare to find one with a stash of cash or any type of liquid portfolio or retirement plan.

Why? The entrepreneurial mindset. First, entrepreneurs don’t believe in traditional diversification. Why settle for earning an average of 5% a year when you can earn ten times that in your business? Never mind that the chance of losing it all is three to one. Most entrepreneurs firmly believe they are the one guaranteed to succeed even though the deck is stacked against them.

Second is that since 75% of businesses ultimately fail, most entrepreneurs are losing, not making, money. They are perennially cash-poor and need every dollar they can find to fund their negative cash flows. Even those who are making money rarely have any liquid investments because entrepreneurs are always looking for new ventures, which of course, need funding.

One of the most difficult tasks I face is persuading a successful entrepreneur to take some hard-earned “chips” off the table and sock away a low-risk, diversified nest egg to assure a comfortable retirement. The only ones I’ve convinced to do that were older entrepreneurs who had owned their companies for well over 15 years and were under five years from retirement. All the younger entrepreneurs to whom I have given that advice have refused the notion. All have eventually lost 75% to 90% of their net worth and, sadly, the opportunity to secure their future.

The entrepreneurial mindset of determination and perseverance can bring significant financial rewards. Expanding that mindset to include a broader, more diversified view of investing for the future can turn those rewards into long-term financial independence.

Assessment: Your thoughts are appreciated.

BUSINESS, FINANCE, INVESTING & INSURANCE TEXTS FOR DOCTORS:

1 – https://lnkd.in/ebWtzGg

2 – https://lnkd.in/ezkQMfR

3 – https://lnkd.in/ewJPTJs

THANK YOU

***

Help a Veteran with “Pro Bono” Medical Care -OR- Financial Planning Advice

Join Our Mailing List 

[By Staff Reporters]

As a doctor, you have a unique position in society and the ability to help your fellow man/woman during the most frail, jubilant and sacred times of human life; even unto the end.

HELP a Veteran today!

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Veteran's Day 2012

VETERAN’S DAY 2019

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Assessment

Similarly, as a financial advisor, you have a unique position in society and the ability to help your fellow man/woman during their most financially fragile times of life; even unto the end.

So, be a fiduciary advisor; not just a Registered Representative, commissioned sales person, or agent.

HELP a Veteran today!

More: Are You Providing Pro Bono Financial Advice? [Voting Poll and Survey]

MORE: VA Cost Accounting

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

***

Although this book targets physicians, I was pleased to see that it also addressed the risk management, financial planning and employment benefit needs of nurses; physical, respiratory, and occupational therapists; CRNAs, hospitalists, and other members of the health care team….highly readable, practical, and understandable.

Captain CASH Unit Iraq [retired] – Cecelia T. Perez RN [Hospital Operating Room Manager, Ellicott City, Maryland

perez-x-mass

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MY ADVISORY BUSINESS MODEL SYNOPSIS

HOW I EARN – AND YOU PROFIT!

By Dr. David E. Marcinko MBA

My fee is $250 per hour prorated, so you only pay for the time used. This fee covers almost any medical practice management, insurance and risk management, personal financial planning or investment-related topic, including document review, phone consultation, research, and written investment strategies.

I also offer a special program for first-time potential clients called a Physician Practice-Portfolio Second Opinion™.  This all-inclusive $450 program takes about two hours in total and includes a pre-call document review, 60-minute phone consultation, and summary with observations and recommendations.

Docotor colleagues find this to to be a good value because their questions are answered under one fee.

So, it does not matter if you are a new, mid-career or mature practitioner, or where your money is invested or how much you have invested. Simply, I serve along side you as a fiduciary by upholding a duty of loyalty, fairness and good faith in all decision making.

At your professional service!

THANK YOU
Dr. David Edward Marcinko MBA MEd CMP™
Certified Medical Planner
phone: 770-448-0769
MarcinkoAdvisors@msn.com

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Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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Financial Planning Advice that Changed My Life

A PODCAST

By Vitaliy Katsenelson CFA

One of the best wedding gifts I received was lunch with my friend, Mark. Here, I reflect on the financial advice Mark gave me then, and how it could help young people like my son Jonah settle into adulthood with a lot more forward-thinking.

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You can read this article online at:

 https://contrarianedge.com/personal-finance-advice-that-changed-my-life/

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Financial Stress in Times of Transition

Financial Stress Adaptation

By Rick Kahler CFP®

Stress is what happens when something you care about is at stake. This definition comes from Susan Bradley, CFP, author of Sudden Money and a specialist in the financial aspect of life transitions.

The stress around these transitions is a common reason that people seek out financial advice. We tend to be driven to consult advisors as a result of stressful changes in our lives, such as a divorce, a sudden money event like an inheritance or insurance settlement, an investment or job loss, retirement, or the death of a loved one.

While all these life events certainly have financial components, it’s almost always the emotional components of the change—how we respond to them—that are the cause of the stress.

Any change includes three stages: an ending, a period of passage while we relate and adapt to the change, and a new beginning. This period of transition can be fraught with emotion and behaviors that can trip us up in many ways, including financially.

Susan identifies nine such emotions and behaviors that she sees commonly in people in transition.

1. Lack of identity. If the transition results in the loss of a familiar role—spouse or employee, for example—you may struggle with “Who am I now? “There is often confusion and ambivalence about the future, and an inability to make decisions.

2. Confusion/Overwhelm/Fog. There is a sense of defeat by everything. You may physically slump, have a glazed-over look, and ask others to repeat a lot. It’s hard to understand, be present, respond, focus, or move forward.

3. Hopelessness. You may have a sense of having given up, not being in control of your fate, or being a victim. It may seem that there is nothing you can do to change yourself or the outcome. Financial decision-making is very difficult.

4. Invincibility. This can happen with a big positive change in your finances. You may think everything is going to turn out fine. You may feel euphoric, confident, and smarter than your advisors. You may spend more and take greater investment risks.

5. Mental and Physical Fatigue. Change can be exhausting, and the exhaustion can go undetected by others and even yourself. You may have difficulty following an agenda and tasks.

6. Numb/Withdrawn. You may feel ambivalent about and indifferent to exploring the changes in your life, what you want, and what the future may hold. You don’t give much feedback and are withdrawn and non-expressive. You may miss or not return phone calls or emails. The planning process often comes to a standstill.

7. Narrow or Fractured Focus. You may either be preoccupied with one area that excludes everything else or have an inability to focus on anything. In either case, focusing on what’s important becomes difficult or impossible.

8. Inconsistent Behavior. This is the inability to hold to one position. Instead, you may change your mind repeatedly or switch between opposite positions. You are uncertain and often embrace opposites in your wants and desires in the same breath. Making decisions become impossible.

9. Combative. You may hold on to feelings of anger, resentment, victimization, and rage regardless of the facts. You are outwardly emotionally expressive and challenging. You don’t respond well to logic and practicality. A combative person doesn’t have problems making decisions, but does have difficulty making good decisions that are in their best interests.

Assessment

Emotions and behaviors like these are generally temporary. Financial decisions made in the midst of transition-based stress, though, can have lasting negative consequences. The support of trustworthy advisors can be invaluable in navigating through both painful and joyful life changes.

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On the Unintended Consequences of High Taxes on the Rich

On the two types of tax increases

[By Rick Kahler CFP®]

Two types of tax increases are being promoted by several presidential candidates and members of Congress. The less common idea, which I wrote about recently, is a wealth tax on net worth. The more common proposal is a significant increase in income taxes.

Presidential candidate Bernie Sanders favors a progressive income tax that tops out at 54.2% on incomes over $10 million. Not to be outdone, Congresswoman Alexandria Ocasio-Cortez supports increasing the income tax on the same group to 70%.

If you think these proposals are so radical that only the most liberal of voters would support them, a poll conducted by Hill-HarrisX in January 2019 found that 59% of all voters favored a 70% tax bracket. The survey asked 1001 registered voters if they favored a 70% top rate for “the 10 millionth dollar and beyond for individuals making $10 million a year or more in reportable income.” While predictably most Democrats polled—71%—favored the steep increase, 60% of Independents and 45% of Republicans also supported it.

When you consider how popular the notion of a 70% top income bracket is, it isn’t a stretch by any means to imagine these same voters in the 2020 election giving control of Congress and the Presidency to politicians favorable to hiking taxes. The chance of seeing such massive increases on the wealthy goes from a remote possibility to a real probability.

Promoters of the anticipated windfall revenues from such a tax want to redistribute the proceeds to fund things like free college education, affordable health care for all, high speed rail trains, and converting existing buildings to comply with “green” regulations.

While all these outcomes are well intended, perhaps even desirous, before we forge ahead it may be a good idea to consider unforeseen consequences. Let’s look at how past attempts to fund massive government benefits by raising taxes on the rich have worked.

France

In 2012 France raised the top tax bracket to 75% on individuals earning over $1 million. French economist Thomas Piketty, who really wanted to see the tax at 80%, was so exuberant about the move that he predicted many other countries would follow suit.

Government officials estimated that tax revenues would soar to 30 billion euros in 2013. They were roughly half right: revenues came in at 16 billion euros. One of the reasons the tax revenue windfall didn’t develop was a consequence that politicians had not considered. The wealthy packed their bags and moved, taking their investments and income with them.

By 2015, around 2.5 million French citizens lived in the U.K., Belgium, Singapore, and other countries that had much more competitive tax rates. The French economy ground to a halt, growth stagnated, and unemployment soared to 10%. In 2015 France repealed the ill-fated tax.

England

According to The Times of London in March 2019, one-third of British billionaires have left the country because of high taxes, most in the last ten years.

Maryland

The state of Maryland has had a similar experience due to high state and municipal taxes. In October 2013, the Maryland Public Policy Institute reported on throngs of wealthy retirees  “moving out of Maryland to save money on taxes and leave more to their children. This is costing the state millions in tax revenue.”

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Assessment

If the U.S. enacts a similar tax, it is foolish to assume the outcome will be any different. A plethora of other countries with great amenities and competitive tax rates will appeal to those affected by the tax. Tax policies that regard the wealthy primarily as sources of revenue rather than investors in their communities do little to keep those citizens anchored at home.

And so, your thoughts are appreciated.

***

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Less Pain at the 2019 Easter Sunday Pump? Well, Maybe!

HAPPY EASTER 2019

This ME-P was originally posted in 2014.

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A Visual Guide to How Increasing Gas Prices are Burning Away the American Pocketbook

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Assessment

The times and gas prices have changed since 2014 – when we first started to track this; haven’t they?

***

Conclusion

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Consider Taxes Before Retiring Abroad

Physicians Considering Retirement in Another Country?

By Rick Kahler CFP®

One way for a retiring doctor to stretch a retirement nest egg is to relocate your retirement nest. Finding a place with a lower cost of living can include considering retirement in another country.

International Living

According to International Living, Panama is one of the best options for Americans looking for affordable living costs, good medical services, and an appealing climate. Costa Rica, Mexico, and Belize are also good possibilities.

Before you pack your sunhat and flip-flops and head for a low-cost retirement haven like Panama, however, take a look at all the factors affecting your retirement income and expenses. One of those is taxes.

Taxes

Moving out of the country does not mean your tax bill to the US government or your current state will decrease. Short of giving up your US passport, there is nothing you can do to escape paying US taxes on your income, even if you don’t live in the US. We are one of two countries worldwide—the other is Eritrea—that taxes our citizens based on both residence and citizenship.

You might assume, however, that moving out of the country would end your liability for state income taxes. That isn’t always the case. Some states still want to tax your income even though you don’t live there. According to Vincenzo Villamena in a December 2018 article for International Living magazine titled “How to Minimize Your State Tax Bill as an Expat,” it’s especially problematic if you end up returning to your old address in the state and start filing an income tax return. Eventually, he says, “the state will see the gap” and may require you to pay taxes on the missing years.

You have nothing to worry about if you live in one of the seven states with no income tax: South Dakota, Wyoming, Nevada, Washington, Texas, Florida, and Alaska. Tennessee and New Hampshire aren’t bad, either, as they don’t tax your earnings but they do tax your investment income. Most other states will let you off the hook if you submit evidence that your residence is in another country and you haven’t lived in the state for a while.

Then there are the states that won’t let go of their former residents easily. Those are California, Virginia, New Mexico, South Carolina, North Carolina, Massachusetts, and Maryland. Assuming that when you leave you will be coming back, they require that you continue to pay state tax on your income.

***

Solutions?

The solution to this issue takes a little financial planning and some extra time. The best way to escape paying taxes to a state you no longer live in is to move to a state with no income tax first before relocating abroad. You must prove to your old state that you have left and have no intention of ever coming back.

***

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This means moving for real—cutting as many ties to your old state as possible and establishing as many as possible in your new state. You will want to sell your home, close bank accounts, cancel any mailing addresses, change healthcare providers and health insurance companies (including Medicare), be sure no dependents remain in the state, and register to vote and get a driver’s license in the new state. As a final good-bye you will want to notify the tax authorities that you are filing a final tax return for your last year that you lived in the state.

Assessment

In case you need a good state from which to launch your leap into expat status, consider South Dakota. Not only would my income tax-free home state let you go easily, it would welcome you back if you should decide to return to the US.

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The “Deeper Dive” Costs of College Debt

Unintended Consequences?

[By Rick Kahler MSFS CFP]

Not only is a college education a door to higher wages, but providing that education is an important segment of our economy and a huge source of good paying jobs.

In 2017 the average salary for the country’s 624,822 full-time college instructors was $82,240, according to an annual study from the Department of Education’s National Center of Education Statistics.

The old days

In the days before college loans were as easy to get as the common cold, college costs were due in cash. Students and parents had to save money or pay tuition out of their earnings. Many students worked their way through college. Those without savings, the ability or desire for college jobs, or high enough grades for scholarships didn’t go to college.

Since colleges competed for students, market forces controlled the tuition rates. Raising tuition too much resulted in fewer students and smaller revenues. The two forces of supply (college capacity) and demand (the ability to pay tuition) kept college costs in check.

Understandably, borrowing to pay for college tuition was difficult. What sane bank or investor would loan money to an unemployed teenager with no collateral to speak of? If you could find someone willing to make such a risky loan, the interest rate was high.

Politics

Well-intended politicians decided it wasn’t fair that those without the means to pay tuition were denied college educations. Their solution was to require taxpayers to underwrite college loans, sometimes at interest rates lower than those available to the most creditworthy.

With tuition money easy to obtain through low-cost, government backed loans, demand for a college education increased. With the increased demand came higher tuition costs. This easy money is the primary reason that college tuition costs have far outpaced inflation and have gone up twice as fast as medical costs since 1985.

***

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Consequences

Unfortunately, one consequence of loaning money to those deemed poor risks is that a high percentage of those borrowers are unable to repay the debt.  It should come as no surprise that 10.7% of all student loans are currently 90 days or more in default. Conversely, the composite default rate on mortgages, credit cards, and auto loans is 0.82% as of October 2018.

Today, taxpayers are on the hook for over 92% of the $1.5 trillion in outstanding student loans made to over 44 million borrowers, according to a June 13, 2018, Forbes article by Zack Friedman, “Student Loan Debt Statistics in 2018.” Only home mortgages exceed student loan debt.

And the appetite for loans continues to rise. The average student from the Class of 2016 graduated with over $37,000 of college debt. It isn’t uncommon for a medical student to amass over $200,000 of student loan debt. This year we will add another $120 billion in college debt to the books.

The more college debt that graduates take into the workplace, the less they have to spend for vehicles, rent, and consumer goods. The damage to the credit ratings of the 10.7% who are in default will also hinder their purchasing power for years to come.

******

Assessment

If taxpayers ever decide to quit footing the bill, my hunch is that many colleges’ tuition rates will fall as hard as housing prices did in Florida, Arizona, and California in 2009. Lower tuition costs would create a financial hardship for most colleges and the some 4,000,000 people employed in higher education.

Politically, I don’t expect that to happen. Colleges are big business with a lot of money and influence in Congress. Further, a college education is becoming viewed as a right that should be free. In the meantime, savvy students will do whatever they can to minimize their college tuition and graduate debt-free.

***

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Conclusion

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WHAT CAN A Certified Financial Planner® REALLY DO FOR YOU?

That a NON-CFP® Certificant … CAN-NOT?

[By Dr. David Edward Marcinko MBA CMP®]

http://www.CertifiedMedicalPlanner.org

OK – I was a Certified Financial Planner® before my academic team launched the Certified Medical Planner™ online and on-ground chartered education and board certification designation program a few years ago. I am now reformed and in remission.

MORE: Enter CPMs

Enter the Certified Medical PlannerChartered Designation

Today, we are gratified that Certified Medical Planner™ mark notoriety is growing organically in the healthcare, as well as financial services, industry.

In fact, even uber-blogger Mike Kitces MSFS, MTAX, CFP, CLU, ChFC, RHU, REBC, CASL has taken note of us in his musings on the Nerd’s Eye View website.

And, the reality is that there are a growing number of CFP educational programs at the post-CFP niche market level. But, none for healthcare industrial complex: for doctors … by doctors!

CMP

QUERY

Nevertheless, I was a bit flummoxed when a physician college recently asked me this simple question:

Q: What can a CFP® mark holder do for me that a non-CFP® certificant can not?

Assessment

Now, much like a good interrogating attorney, I think I already know the answer to this question. Nevertheless, it is important to determine and understand what our ME-P readers believe; and why they believe it!

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So, please opine and tell us what you think.

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Professor and physician executive David Edward Marcinko MBBS DPM MBA MEd BSc CMP® is originally from Loyola University MD, Temple University in Philadelphia and the Milton S. Hershey Medical Center in PA; Oglethorpe University, and Atlanta Hospital & Medical Center in GA; and the Aachen City University Hospital, Koln-Germany. He is one of the most innovative global thought leaders in health care business and entrepreneurship today.

Dr. Marcinko is a multi-degreed educator, board certified physician, surgical fellow, hospital medical staff President, Chief Education Officer and philanthropist with more than 400 published papers; 5,150 op-ed pieces and over 125+ international presentations to his credit; including the top 10 biggest pharmaceutical companies and financial services firms in the nation. He is also a best-selling Amazon author with 30 published text books in four languages [National Institute of Health, Library of Congress and Library of Medicine].

Dr. Marcinko is past Editor-in-Chief of the prestigious “Journal of Health Care Finance”, and a former Certified Financial Planner®, who was named “Health Economist of the Year” in 2001. He is a Federal and State court approved expert witness featured in hundreds of peer reviewed medical, business, management and trade publications [AMA, ADA, APMA, AAOS, Physicians Practice, Investment Advisor, Physician’s Money Digest and MD News].

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A Financial “Christmas Carol” [Part 2]

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By Rick Kahler MS CFP® http://www.KahlerFinancial.com

Rick Kahler MS CFPPreviously, in Part 1, we discussed the most important step of changing a problematic financial behavior: becoming willing to admit that changing the behavior is important and to seriously contemplate the change. Ebenezer Scrooge in A Christmas Carol took that step when he heeded a warning from the ghost of Jacob Marley.

Financial Transformations

The next step in the financial transformation process is probably the most difficult and requires the most courage. It is looking into the past to revisit the events in our lives where our strongly held delusions were formed. Scrooge resisted this step and tried his best to skip over it. Yet his guide, the Ghost of Christmas Past, gently turned him toward the past.

Bringing objectivity and understanding to entrenched financial delusions isn’t easy. Many people want to focus instead on obtaining more information on how to save, invest, or spend wisely. We try to jump into the present before visiting the past, which is typically the last thing we want to do.

Yet, what we need most for transformation is emotional intelligence, which cannot be learned academically or developed by oneself. It must be learned emotionally, experientially, and in community. Just as Scrooge found a guide in the Ghost of Christmas Past, people wanting to gain the emotional intelligence needed to change their financial behaviors require the assistance of a financial coach or therapist. This is a journey that cannot be taken alone.

The New Reality?

Once we have taken that difficult but transformational journey into the past, we are ready to become present and see reality with new clarity. While Scrooge was less resistant to looking at the present than the past, it was the one step that terrified him the most. Once emotional intelligence is gained, we must face replacing our faulty beliefs with accurate cognitive information. This is the place for learning about budgeting, debt reduction, investments, and other financial skills.

In Changing for Good, Dr. James O. Prochaska calls this the stage of preparation, where we begin to acquire necessary knowledge and take the necessary steps to get ready to act. Scrooge’s guide, the Ghost of Christmas Present, helped him negotiate the present and obtain this knowledge. Our real-world guides may include accountants, attorneys, financial planners, and educational books and workshops.

When we gain accurate financial knowledge, we are ready to look toward the future to see where our previous delusional decisions potentially were taking us. Like the vision that the Ghost of Christmas Future unveils before Scrooge, the scene is often harsh. However, because of our preparation, we have the capacity and tools to enter what Prochaska calls the action phase.

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Now we can begin to create a future that is consciously and deliberately planned. We can take control of our money rather than our money controlling us. Our guides can be financial advisors, financial planners, and financial mentors.

Many of us try to shortcut the transformation process by starting here, in the last step of looking toward the future. Sadly, without first taking the critical steps of viewing the past and learning the present, we often lose heart. This is why resolutions for financial change often fail, not because the goal is bad or unattainable, but because we are unprepared to go into action.

The end product of Scrooge’s difficult journey with the three Spirits was a transformed person, full of joy, generosity, and spirit. He experienced this transformation because he had the courage and conviction to start the process.

Assessment

It’s not possible to give the gift of a financial transformation. It is a gift that can only be received. This Christmas and New Year 2019, perhaps it’s time for you to receive yours.

Part 1: A Financial “Christmas Carol” [Part 1]

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM)

A Financial “Christmas Eve Carol” [Part 1]

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By Rick Kahler MS CFP® http://www.KahlerFinancial.com

Rick Kahler MS CFPFor me, the Christmas season doesn’t seem complete without Charles Dickens’s A Christmas Carol. I’ve long been captivated by the transformation of the cold-hearted and calculating Mr. Scrooge, the seemingly inherent goodness of Bob Cratchit, and the haunting visits of the Ghosts of Christmas.

As a student of Dickens’s fable, I’ve been amazed at the wisdom and universal truths contained in that seemingly simple story. I have discovered that Mr. Scrooge isn’t merely the villain he’s often made out to be, nor is Cratchit the straightforward hero.

It’s not uncommon for the average American to have a stressful, even adversarial relationship with money, especially since half of Americans have no savings or investments and live month to month. Stress over money is especially exacerbated during the Christmas season each year. Many Americans borrow heavily on credit cards for gifts and end up stressing for months afterward trying to pay the bill.

Financial Transformations

How ironic that what Dickens unveils in the short A Christmas Carol is a powerful process for financial transformation (or any desired transformation). Dickens gives us a four-step process that anyone can employ to change destructive financial behaviors.

A few years ago I co-authored a book, The Financial Wisdom of Ebenezer Scrooge that highlights the subtle wisdom of Dickens’s story as it pertains to transforming one’s behavior around finances. The story became the heart of a successful model employed by financial planners and therapists to help transform a person’s relationship with money.

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The Story

The first big event in the story is the visit to Scrooge by the ghost of his old business partner, Jacob Marley. Scrooge takes to heart Marley’s warning to change his ways, thereby becoming willing to consider changing. Psychologists would call this an intervention.

The first and most important step toward transformation needs to be a personal realization that something is amiss with your behavior and it’s you who wants to contemplate changing, as opposed to someone else insisting you ought to or should change. Meaningful and sustainable change comes only from within, not without. Blaming personal financial problems on family, employers, the wealthy, or the government just keeps a person stuck in delusion.

What is the key to developing an internal desire to change? Addiction recovery programs call this “hitting bottom.” I describe it as reaching a state of openness to accept the facts and circumstances as they are, not as you wish they were. It is becoming convinced that change is crucial and that you are passionately ready to take action to change.

On that Christmas Eve, inexplicably, Scrooge was finally ready consider the message his old friend Marley had tried to deliver to him on many Christmas Eves previously.

In the book Changing for Good, psychologist James O. Prochaska and his co-authors describe this as moving from the stage of pre-contemplation to contemplation. Scrooge was willing to consider that his firmly entrenched world view might be skewed and to consider seeing the facts for what they were, not as he assumed they were.

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bear

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We may not be misers like Scrooge, but when it comes to our beliefs around money, we have as many delusions as he did. A few of the more popular of these beliefs, or money scripts, are: “More money is the answer,” “The stock market is a gamble,” “I work hard so I deserve to spend money,” and, “If I work hard I will make money.”

Assessment

Becoming willing to consider change is half the battle to free ourselves from destructive financial behavior based on these delusions. But it is only half. Next time we will look at three additional steps to transformation.

Part 2: A Financial “Christmas Carol” [Part 2]

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Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM)

Keeping Up with the Clauses

Feeling the Pressure to “Give”

By Rick Kahler MS CFP®

Are you feeling any pressure this Christmas season to give, give, give? Keeping up with the Joneses all year is hard enough. It gets even worse during the holidays, when we feel pressured to keep up, not just with the Joneses, but also with the expectations others, and ourselves, put on Santa Claus.

Some Christmas shoppers overspend on gifts and end up paying off credit card bills for months. Others drive themselves crazy trying to find exactly the right gifts for the right people. Others hate the whole idea of shopping so much that they find it hard to enjoy the season.

If you fit into any of these categories, the cause may be your money scripts. The unconscious beliefs about money that we all hold are especially likely to kick in this time of year. We are surrounded by expectations and pressures about “ideal” holiday celebrations with the perfect gifts, the perfect decorations, and the perfect foods. As a result, we are especially vulnerable to making money decisions blindly in response to beliefs we don’t even realize we hold.

You may be one of those who regularly end up spending significantly more on gifts than you intended to. You may impulsively buy additional, unbudgeted gifts for people you’ve already bought presents for. You may not even try to set holiday spending limits. You may overspend on things for yourself while you’re Christmas shopping.

  • If any of these are true for you, you may have some unconscious beliefs about money that drive you to overspend. See whether any of the following money scripts might fit for you:
  • “The more you spend, the more love you show.”
  • “It takes the joy out of giving if you pinch pennies.”
  • “It’s the season for giving lavishly, not for being a Scrooge.”
  • “If I don’t buy just the right gifts, people won’t like or respect me.”
  • “I need to give my kids more than I got when I was a child.”
  • “More gifts and more spending will make the holidays okay (and make my guilt go away).”
  • “It’s tradition. Everyone expects (whatever) from me.”
  • “I do so much for everyone else; I deserve something for myself, too.”

It’s also possible you may go to the opposite extreme and be a Grinch when it comes to the holidays. If you hate Christmas shopping, grumble about the holiday being so commercialized, and look forward to January, it’s possible you may hold some money scripts that drive you to underspend. Your beliefs may be similar to the following:

  • “It’s wrong to spend money except on necessities.”
  • “You aren’t a spiritual or religious person if you spend too much money.”
  • “Christmas shouldn’t be about money.”
  • “It’s wrong to spend money on luxuries when poor people are suffering.”
  • “It isn’t good for kids to get too much.”
  • “My kids shouldn’t have more than I had when I was a child.”

Christmas Wreath

If you’d like to change some aspects of what you do and how you feel about holiday spending, you may find it useful to take a closer look at your own beliefs about the season. One way to begin this is to quickly write answers (short statements are best) to the following questions: What do I believe about money and each of the following? Christmas? Family celebrations? Presents? Giving? Spending? Receiving?

Assessment

You may uncover some money scripts similar to the ones listed above. Learning why you tend to overspend or underspend this time of year won’t instantly change what you do. Yet understanding what is behind your pattern of holiday spending is an important way to start becoming a more conscious Christmas shopper.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

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DOCTORS:

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“Fiduciary Financial Planning for Physicians” https://tinyurl.com/y7f5pnox

“Business of Medical Practice 2.0” https://tinyurl.com/yb3x6wr8

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***

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Meet David K. Luke MIM CMP™ [An ME-P Thought-Leader]

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A Physician Focused Financial Advisior and Certified Medical Planner™

Financial Management Experience

https://www.medicuswealthplanning.com/team/david-k-luke

David K. Luke focuses on helping physicians, medical professionals, and successful retirees with financial planning, investment and risk management.

In the past 24 years of industry experience, David has held licenses including general securities registered representative, registered investment advisor, Branch management supervision, and Life, Accident, and Health Producers.

David, a fee-only advisor, is able to help his clients to achieve peace of mind and greater assurance with their financial goals by giving advice and providing investment management that is in their best interest, untainted by commissions or sales objectives. Likewise, in a true fiduciary capacity, he is able to help investors determine the reliability and suitability of products and services that they have been sold by other advisors.

David began his career managing money in 1986 in the General Motors of Canada Banking and Investments department where he was engaged in cash management, foreign currency hedging, and the debt issuance of a $100 million Eurobond and a $300 million Note Issuance facility. In 1988 as Supervisor of Borrowings for GMAC Canada David was responsible for the daily average issuance of $125 million in short-term Commercial Paper. David worked as a stock broker and portfolio manager for 2 major national brokerage firms (A.G. Edwards and Wachovia Securities) from 1989 to 2008.

Additionally, at Wachovia Securities David was among an elite group of financial advisors approved as a PIM (Private Investment Management) Portfolio Manager. Prior to joining Net Worth Advisory Group in 2010, David managed his own independent firm, Luke Wealth Strategies, working as a registered representative and investment advisor.

Education and Designations

  • President 2009/2010, Financial Planning Association (FPA) – Utah Chapter Affiliate
  • National Association of Personal Financial Advisors (NAPFA)
  • Member, Medical Group Management Association Master of International Management (Finance concentration)
  • American Graduate School of International Management Bachelor of Arts, Brigham Young University
  • Certified Medical Planner™ Professiobnal Designation from iMBA, Inc www.CertifiedMedicalPlanner.org

http://www.CertifiedMedicalPlanner.org

Assessment

David is our newest ME-P “thought-leader”. We look foward to his insider comments and posts. So, please welcome him and give his site a click: http://networthadvice.com/our-team/david-k-luke/

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Book Dr. David E. Marcinko MBA for your Next Seminar

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Schedule Marcinko for Your Next Seminar!

DEM 2012

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http://www.CertifiedMedicalPlanner.org

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Book Dr. David Edward Marcinko CMP®, MBA, MBBS for your Next Medical, Pharma or Financial Services Seminar or Personal and Corporate Coaching Sessions 

Dr. Dave Marcinko enjoys personal coaching and public speaking and gives as many talks each year as possible, at a variety of medical society and financial services conferences around the country and world.

These have included lectures and visiting professorships at major academic centers, keynote lectures for hospitals, economic seminars and health systems, keynote lectures at city and statewide financial coalitions, and annual keynote lectures for a variety of internal yearly meetings.

Topics Link: toc_ho

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[PHYSICIAN FOCUSED FINANCIAL PLANNING AND RISK MANAGEMENT COMPANION TEXTBOOK SET]

  Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™ Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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[HOSPITAL OPERATIONS, ORGANIZATIONAL BEHAVIOR AND FINANCIAL MANAGEMENT COMPANION TEXTBOOK SET]

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[Foreword Dr. Phillips MD JD MBA LLM] *** [Foreword Dr. Nash MD MBA FACP]

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On Lost or Stolen Credit, ATM and Debit Cards

 Why I Dislike Debit Cards –  And You Should Too!

[By Dr. David Edward Marcinko MBA]

If your credit, ATM, or debit card is lost or stolen, federal law limits your liability for unauthorized charges. Your protection against unauthorized charges depends on the type of card — and when you report the loss.

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https://www.consumer.ftc.gov/articles/0213-lost-or-stolen-credit-atm-and-debit-cards

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MORE: Pros and Cons

https://clark.com/commoncents/debit-vs-credit-pros-cons-protections-money/

Assessment

Your thoughts are appreciated.

MORE FOR DOCTORS:

“Insurance & Risk Management Strategies for Doctors” https://tinyurl.com/ydx9kd93

“Fiduciary Financial Planning for Physicians” https://tinyurl.com/y7f5pnox

“Business of Medical Practice 2.0” https://tinyurl.com/yb3x6wr8

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

THANK YOU

The Future of Health Care?

A National Survey of Physicians

The 2018 Future of Healthcare report, compiled from the observations of more than 3,400 doctors, has uncovered a complex picture of the attitudes of physicians nationwide toward the important issues facing the industry. 

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https://www.thedoctors.com/future

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Assessment

Your thoughts are appreciated.

MORE FOR DOCTORS:

“Insurance & Risk Management Strategies for Doctors”

https://tinyurl.com/ydx9kd93

“Fiduciary Financial Planning for Physicians”

https://tinyurl.com/y7f5pnox

“Business of Medical Practice 2.0”

https://tinyurl.com/yb3x6wr8

***

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

THANK YOU

The CERTIFIED MEDICAL PLANNER® Charter Designation Program

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CERTIFIED MEDICAL PLANNER® CHARTER DESIGNATION PROGAM

[A Continuing Education Portal for Financial Advisors]

By Ann Miller RN MHA

An Information Technology Educational Futurist

Today, colleges and universities are finally beginning to identify students who are adept at learning online and reward the top achievers and professors. Employers, graduate and medical schools are beginning to troll MOOCs [massive open online courses] seeking viable job, and academic, candidates.

In fact, when I last checked, the nation’s public health administration and related B-student were enrolled in more than 118 online programs. MOOCs offer greater access for a larger number of students, at significantly lower costs than on-site programs.

By the same token, technology like Blackboard®, Cernage, and eXplorance, Kalture and related must be used to full potential. Smart phones, PCs and tablets, videos, interactive games, AI simulators and related apps with Skype®-like virtual classrooms and cloud storage are obvious embellishments to online initiatives. 

An Executive Education Pioneer 

Moreover, it is increasingly imperative that technology be used to expand the universe of targeted adult-learners. This is for aspiring professionals and business executives, or those already in the workforce.

Estimates by Business Week suggest that adult executive education in the US is a $900 million annual business with approximately 80 percent provided by university schools. Beside the educational benefits, monetary dividends are reaped as open enrollment eases matriculation access. Similar programs at the Wharton School, Darden, Harvard and the Goizueta Business School at Emory University charge premium rates for the implied institutional moniker.

ENTER the CERTIFIED MEDICAL PLANNER® charter designation

According to industry pundit: Mike Kitces MSFS CFP CLU ChFC EA

The CERTIFIED MEDICAL PLANNER™ charter designation program was created by Dr. David Marcinko (who edited the Financial Planning Handbook for Physicians and Advisors” [1st and 2nd editions”] AND “The Business of Medical Practice [1st, 2nd and 3rd editions]. It is intended for those financial advisors, medical management consultants or healthcare CXOs who aim specifically serve physicians and the allied healthcare and medical community.

http://www.BusinessofMedicalPractice.com

Out content focuses not only on the risk management, insurance, investment and financial planning issues relevant to all independent or employed physicians, but also provides an understanding of the business, economic and financial aspects of medical practice management so that CMP™ charter holders can help their physician clients achieve the next level of businesses in the modern era.

“The informed voice of a new generation of fiduciary advisors for healthcare”

 Like medical professionals, all licensed Certified Medical Planner™ charter-holders are required to act in accordance with governing regulations. They are required to sign a Code-of-Ethics attestation confirming the intent to run their advisory and/or management consulting business according to a strict set of fiduciary standards. 

PROGRESS: After several years of proof-of-concept preparation, we secured the website URL: http://www.CertifiedMedicalPlanner.org complete with copyrighted logo and launched. We now have about 60 graduates under a quarter-semester business model with 3 mandated proprietary textbooks, case models, test questions and checklists, and 3 recommended proprietary dictionary handbooks which we produced and copyrighted.

Our strategic competitive advantage [SCA] is four-fold: fiduciary status, asynchronous education with “live” instructors, deep curriculum granularity and requisite undergraduate degree.

PRODUCT LINE EXTENSION: Our course materials are kept updated thru our website platform: http://www.MedicalExecutivePost.com with half million readers / subscribers

Full Disclosure: We are currently under non-disclosure agreements [NDA] with a VC firm located in Durham, NC that acquires, invests and operates a portfolio of educational and healthcare media, market intelligence, online certification programs and associated businesses.

NOTE: We would consider a revenue sharing relationship with a major University SBE in order to quickly achieve scale, automate the program and establish a scholarship fund.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Product DetailsProduct DetailsProduct Details

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The Surprising Spending Patterns of High Earners

If you want to guess someone’s income level, look at what they buy

By Rick Kahler CFP®

***

Obviously, the rich and the poor will spend their available funds on different things.  Just what those things are, however, is less obvious. To illustrate, here is a pop quiz: Since 1992, what two products most consistently indicated that those using them were in the top 25% of all income earners in the U. S.?

Guessing a new car or a house would be logical, but wrong. The top two products indicative of being in that top one-fourth were dishwashers and dishwashing detergent. According to a fascinating study done by Marianne Bertrand and Emir Kamencia, “Coming Apart? Cultural Distances in the United States Over Time,” published in June 2018, if you use either there is about a 70% chance you are in the highest-earning 25%.

The study’s broader focus was on cultural differences, but what I couldn’t stop reading was the economic information. The products indicating affluence were nowhere near what I would have guessed.

Let’s start with 1992. The top product purchased by the rich was a dishwasher. If you owned one, there was a 70.4% chance you were in the top quartile of income earners. If you used dishwasher detergent, the chances were 70.2% you earned a high income. If you took a vacation where you traveled away from home, the chances were 67.0% you were high income. The top brands purchased by the affluent/rich were Grey Poupon Dijon mustard (62.2%), Kodak film (61.6%), and Thomas English muffins (61.5%). The top TV shows watched were Autoworks 200 (57.3%), Bush Clash (57.1%), and Tour du Pont (56.7%). Sorry, but I’ve never heard of any of these shows.

Moving on to 2004, the preferences of high income earners shifted slightly. The top product purchased by the affluent was a new vehicle (73.6%), followed by dishwashing detergent (71.6%), and owning a dishwasher (70.8%). A vacation was in fourth place with 70.5%. The top brands indicating affluence were Land O’ Lakes butter (59.2%), Kikkoman soy sauce (58.7%), and people who did not use a BIC lighter (58.7%). The top TV shows were the Super Bowl (58.5%), NFL Monday Night Football (56.1%), and NFL Regular Season Football (55.9%).

Jaguar Touring sedan XJ-V8-LWB

What about today? In 2016—the last year of data studied—the top product was a vacation (70.9%), owning a passport (70.3%), and having a Bluetooth in your vehicle (70.2%). Eight of the top 10 items related to travel or technology. The other two? Numbers five and six were owning a dishwasher and using dishwasher detergent. The top brand indicative of a high income was far and away Apple, with an iPhone first (69.1%) and an iPad second (66.9%). Across all years in their data, no individual brand was as predictive of being high-income than these two products. Other brands high on the list were Verizon Wireless (61.0%), an Android phone (59.5%), and Kikkoman soy sauce. Top TV shows were the Super Bowl (57.1%), Love It Or List It (55.9%), and Property Brothers (55.7%).

Keep in mind that the study showed seven out of 10 people who own iPhones, travel on vacation, or use dishwashers are in the top 25% of income earners. Not all people who do these things are affluent. Still, the odds that they are high earners are far better than the odds of winning any game of chance in Deadwood.

Assessment

So next time you want to size up the chances of someone being high income, ask them where they went on vacation this year and whether they took vacation photos with an iPhone or iPad. Or just ask how often they run their dishwasher.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

MORE FOR DOCTORS AND NURES:

“Insurance & Risk Management Strategies for Doctors” https://tinyurl.com/ydx9kd93

“Financial Management Strategies for Hospitals” https://tinyurl.com/yagu567d

“Operational Strategies for Clinics and Hospitals” https://tinyurl.com/y9avbrq5

***

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Inflation Rates of Selected Items

1998 to Present

By U.S. BLS

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***

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

DOCTORS:

“Insurance & Risk Management Strategies for Doctors” https://tinyurl.com/ydx9kd93

“Fiduciary Financial Planning for Physicians” https://tinyurl.com/y7f5pnox

“Business of Medical Practice 2.0” https://tinyurl.com/yb3x6wr8

HOSPITALS:

“Financial Management Strategies for Hospitals” https://tinyurl.com/yagu567d

“Operational Strategies for Clinics and Hospitals” https://tinyurl.com/y9avbrq5

***

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

On Frugality and Money

The Essential Money Survival Skill

By Rick Kahler CFP®

Someone recently asked me to share my number-one financial tip that would make the greatest impact on a person’s financial well-being. For someone who can speak for hours on the topic, that’s a daunting task. I wanted to quote the late Dick Wagner’s advice to “Spend less, save more, and don’t do anything stupid,” but that sentence contains three tips.

I had to pick one and chose “spend less.” The greatest common denominator of financial success is not talent, IQ, career choices, income, inheritance, investment choices, being in the right place at the right time, or luck. It’s frugality.

Someone who has mastered the art of frugality has an essential survival skill. Their ability to save, to squirrel away money in times of prosperity, enables them to roll with almost any financial calamity. They tend to master their money rather than let money master them.

Frugal people find saving somewhat of a game. They get high off of building savings and finding bargains. They clip coupons, shop sales, and buy generic store brands. They buy used everything whenever possible, especially large ticket items like cars, appliances, and furniture. They do as much home maintenance themselves as is prudent. They rent things they won’t use much rather than buy. They don’t smoke, drink in excess, or do recreational drugs. They cook at home a lot. They pay off credit cards monthly, take on debt carefully, and pay down debt ahead of time, if possible. They find affordable ways to do the things they enjoy.

As frugal people accumulate wealth, they don’t give up their thrifty habits. As an example, I have a client who chose to vacation in Ireland this year. Why? It was a bargain. He got $700 roundtrip tickets by snagging a one-day sale on American Airlines.

Even though the external trappings of frugality are easy to spot, becoming frugal is really an inside job. If you aren’t naturally a saver, it’s not easy to just decide to become frugal. Changing to thrifty habits because you know you “should” doesn’t work any better than just deciding to lose 20 or 60 pounds does. Lifestyle shifts like this take something more than cognition.

To develop frugality you need to change your mindset about and your relationship with money. How do you do that? With intention, persistence, humility, patience, and curiosity.

There are many ways to begin changing your money mindset. I recommend starting with discovering the subconscious beliefs you have about money and how it works. I call these money scripts and have written about them in my books and blog.

Next, you may want to uncover the roots of those money scripts. This involves taking a look at how money was viewed in your family growing up and chronicling the positive and negative life events that have happened in your life. We help clients do this with two exercises called the Money Atom and the Money Egg. Slowly you will see themes emerge that completely explain why frugality is not your strong suit. This understanding is the foundation for change.

It is also valuable to find an accountability partner, someone who is frugal themselves, to be a mentor. This is similar to the Alcoholics Anonymous program’s recommendation to find a sponsor. It’s a tried and true model that produces results. Another option is to look for a financial coach or therapist (check at financialtherapyassociation.org) in your area or available to meet with you online.

Assessment

Becoming frugal doesn’t mean becoming a miser or depriving yourself. It means using your money thoughtfully to support the life you want to live. And it is a mindset you can learn.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

DOCTORS:

“Insurance & Risk Management Strategies for Doctors” https://tinyurl.com/ydx9kd93

“Fiduciary Financial Planning for Physicians” https://tinyurl.com/y7f5pnox

“Business of Medical Practice 2.0” https://tinyurl.com/yb3x6wr8

HOSPITALS:

“Financial Management Strategies for Hospitals” https://tinyurl.com/yagu567d

“Operational Strategies for Clinics and Hospitals” https://tinyurl.com/y9avbrq5

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

On Legacy Parenting

What Are You Passing On?

By Rick Kahler CFP®

Fiduciary, client-centered financial planning is dynamic, ongoing, and evolving. The collaboration between client and planner is a relationship that often lasts for a client’s’ lifetime.

Sometimes that relationship even extends beyond a client’s lifetime if they have children or leave money to a foundation. It’s not uncommon for clients’ children to become the stewards of their parents’ financial legacy via an inheritance or being appointed the overseers of a trust fund. Nor is it unusual for the children to become clients of the financial planner, either as they create their own financial success or as they inherit from their parents.

Children often form partnerships with a parent’s financial planner as their parents age and they become caretakers of their parents’ financial affairs. It’s very common that at some point, a child will have a durable power of attorney. This responsibility includes not just paying bills, but maintaining the investment portfolio, selling real estate, and making a plethora of other financial decisions that are crucial to the parents’ wellbeing. If children don’t have good money skills or don’t know about the specifics of their parents’ finances, the task can be overwhelming. A planner’s help can be invaluable.

Evolution lack

Sometimes, however, that next generation of relationships doesn’t evolve. I once had a long-time client who developed dementia. My financial planning meetings were now with his children, who had no understanding of the history I had with their father or the investment philosophy of the portfolio. They questioned everything I was doing: the investments, our fees, our philosophy.

Eventually, the children suggested I liquidate the portfolio and loan the money to them to use in their business. Even though they had the legal right to direct me to do that, I resisted.

This created a real emotional conflict of interest. Even though my client had legally passed the decision-making on to the children, what they wanted was not in his best interest. And knowing my client as I did through our long relationship, he would have not agreed in the least to what they requested. I decided I would rather face a judge as a result of acting in the best interest of my client instead of following the requests of the children. Fortunately, they didn’t persist.

Example:

When the client passed away, almost immediately the children called and asked me to liquidate their father’s investments and distribute cash as quickly as possible. Before long, I heard that much of the father’s estate was being squandered. After I had worked closely with this man for so long and helped him build that estate, this saddened me.

Yet this client’s legacy was no longer my concern. When children become stewards of their parents’ legacies, the money belongs to them. They might feel chained by guilt and obligation to carry out a parent’s wishes. They might squander a parent’s legacy on ill-advised pursuits, spending, and investment schemes. Ideally, they will have developed enough financial and emotional intelligence to follow a more balanced middle path.

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To help children find that middle path, perhaps the best legacy parents can leave is their values. This can be done by teaching children about finances, family businesses, and family history, by leaving ethical wills, and above all by example.

Assessment

Those values and the financial legacies to support them start a new cycle. Inheritances are meant to support children’s own dreams and quests for meaning. Unless the funds are left to a trust, the decision-making is literally and figuratively out of the hands of both the parents and their financial planner. The planner, as a torchbearer for clients, has the responsibility to pass that torch to the next generation.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

DOCTORS:

“Insurance & Risk Management Strategies for Doctors” https://tinyurl.com/ydx9kd93

“Fiduciary Financial Planning for Physicians” https://tinyurl.com/y7f5pnox

“Business of Medical Practice 2.0” https://tinyurl.com/yb3x6wr8

HOSPITALS:

“Financial Management Strategies for Hospitals” https://tinyurl.com/yagu567d

“Operational Strategies for Clinics and Hospitals” https://tinyurl.com/y9avbrq5

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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The Top Physician “Side Hustles”

Side Gig Nation

Curated by Jan Greene

The Takeaway

Physicians have a variety of ways to make extra money outside of their main day jobs, most often consulting or other medical work, a Medical Economics survey finds.

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Details

The top 14 sources of secondary income for doctors, according to the magazine’s annual survey, are:

  • consulting (23% of respondents),
  • other medical work (19%),
  • clinical work (13%),
  • expert witness (12%),
  • teaching (11%),
  • nursing home (9%),
  • speaking (9%),
  • hospice (7%),
  • urgent care (5%),
  • locum tenens (4%),
  • preceptor (4%),
  • clinical trials (3%),
  • military (2%), and
  • telemedicine (1%).

Assessment

The online survey, conducted in October 2015, had 2065 responses from confirmed physicians actively practicing medicine, with a margin of error of 2.1%.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure. 

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

 Contact: MarcinkoAdvisors@msn.com

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Product DetailsProduct Details

A New FINANCIAL PLANNING TEXTBOOK for DRs and Physician Focused Financial Advisors

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 THRIVE IN 2019

Our New Text – “Take a Peek Inside 

Now Available –

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Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM)

Front Matter with Foreword by Jason Dyken MD MBA

logos

“BY DOCTORS – FOR DOCTORS – PEER REVIEWED – FIDUCIARY FOCUSED”

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Book Reviews

Written by doctors and healthcare professionals, this textbook should be mandatory reading for all medical school students—highly recommended for both young and veteran physicians—and an eliminating factor for any financial advisor who has not read it. The book uses jargon like ‘innovative,’ ‘transformational,’ and ‘disruptive’—all rightly so! It is the type of definitive financial lifestyle planning book we often seek, but seldom find.
LeRoy Howard MA CMPTM, Candidate and Financial Advisor, Fayetteville, North Carolina

I taught diagnostic radiology for over a decade. The physician-focused niche information, balanced perspectives, and insider industry transparency in this book may help save your financial life.
Dr. William P. Scherer MS, Barry University, Ft. Lauderdale, Florida

This book was crafted in response to the frustration felt by doctors who dealt with top financial, brokerage, and accounting firms. These non-fiduciary behemoths often prescribed costly wholesale solutions that were applicable to all, but customized for few, despite ever-changing needs. It is a must-read to learn why brokerage sales pitches or Internet resources will never replace the knowledge and deep advice of a physician-focused financial advisor, medical consultant, or collegial Certified Medical Planner™ financial professional.
—Parin Khotari MBA, Whitman School of Management, Syracuse University, New York

In today’s healthcare environment, in order for providers to survive, they need to understand their current and future market trends, finances, operations, and impact of federal and state regulations. As a healthcare consulting professional for over 30 years supporting both the private and public sector, I recommend that providers understand and utilize the wealth of knowledge that is being conveyed in these chapters. Without this guidance providers will have a hard time navigating the supporting system which may impact their future revenue stream. I strongly endorse the contents of this book.
—Carol S. Miller BSN MBA PMP, President, Miller Consulting Group, ACT IAC Executive Committee Vice-Chair at-Large, HIMSS NCA Board Member

This is an excellent book on financial planning for physicians and health professionals. It is all inclusive yet very easy to read with much valuable information. And, I have been expanding my business knowledge with all of Dr. Marcinko’s prior books. I highly recommend this one, too. It is a fine educational tool for all doctors.
—Dr. David B. Lumsden MD MS MA, Orthopedic Surgeon, Baltimore, Maryland

There is no other comprehensive book like it to help doctors, nurses, and other medical providers accumulate and preserve the wealth that their years of education and hard work have earned them.
—Dr. Jason Dyken MD MBA, Dyken Wealth Strategies, Gulf Shores, Alabama

I plan to give a copy of this book written
by doctors and for doctors’ to all my prospects, physician, and nurse clients. It may be the definitive text on this important topic.
—Alexander Naruska CPA, Orlando, Florida

Health professionals are small business owners who need to apply their self-discipline tactics in establishing and operating successful practices. Talented trainees are leaving the medical profession because they fail to balance the cost of attendance against a realistic business and financial plan. Principles like budgeting, saving, and living below one’s means, in order to make future investments for future growth, asset protection, and retirement possible are often lacking. This textbook guides the medical professional in his/her financial planning life journey from start to finish. It ranks a place in all medical school libraries and on each of our bookshelves.
—Dr. Thomas M. DeLauro DPM, Professor and Chairman – Division of Medical Sciences, New York College of Podiatric Medicine

Physicians are notoriously excellent at diagnosing and treating medical conditions. However, they are also notoriously deficient in managing the business aspects of their medical practices. Most will earn $20-30 million in their medical lifetime, but few know how to create wealth for themselves and their families. This book will help fill the void in physicians’ financial education. I have two recommendations: 1) every physician, young and old, should read this book; and 2) read it a second time!
—Dr. Neil Baum MD, Clinical Associate Professor of Urology, Tulane Medical School, New Orleans, Louisiana

I worked with a Certified Medical Planner™ on several occasions in the past, and will do so again in the future. This book codified the vast body of knowledge that helped in all facets of my financial life and professional medical practice.
Dr. James E. Williams DABPS, Foot and Ankle Surgeon, Conyers, Georgia

This is a constantly changing field for rules, regulations, taxes, insurance, compliance, and investments. This book assists readers, and their financial advisors, in keeping up with what’s going on in the healthcare field that all doctors need to know.
Patricia Raskob CFP® EA ATA, Raskob Kambourian Financial Advisors, Tucson, Arizona

I particularly enjoyed reading the specific examples in this book which pointed out the perils of risk … something with which I am too familiar and have learned (the hard way) to avoid like the Black Death. It is a pleasure to come across this kind of wisdom, in print, that other colleagues may learn before it’s too late— many, many years down the road.
Dr. Robert S. Park MD, Robert Park and Associates Insurance, Seattle, Washington

Although this book targets physicians, I was pleased to see that it also addressed the financial planning and employment benefit needs of nurses; physical, respiratory, and occupational therapists; CRNAs, hospitalists, and other members of the health care team….highly readable, practical, and understandable.
Nurse Cecelia T. Perez RN, Hospital Operating Room Manager, Ellicott City, Maryland

Personal financial success in the PP-ACA era will be more difficult to achieve than ever before. It requires the next generation of doctors to rethink frugality, delay gratification, and redefine the very definition of success and work–life balance. And, they will surely need the subject matter medical specificity and new-wave professional guidance offered in this book. This book is a ‘must-read’ for all health care professionals, and their financial advisors, who wish to take an active role in creating a new subset of informed and pioneering professionals known as Certified Medical Planners™.
—Dr. Mark D. Dollard FACFAS, Private Practice, Tyson Corner, Virginia

As healthcare professionals, it is our Hippocratic duty to avoid preventable harm by paying attention. On the other hand, some of us are guilty of being reckless with our own financial health—delaying serious consideration of investments, taxation, retirement income, estate planning, and inheritances until the worry keeps one awake at night. So, if you have avoided planning for the future for far too long, perhaps it is time to take that first step toward preparedness. This in-depth textbook is an excellent starting point—not only because of its readability, but because of his team’s expertise and thoroughness in addressing the intricacies of modern investments—and from the point of view of not only gifted financial experts, but as healthcare providers, as well … a rare combination.
Dr. Darrell K. Pruitt DDS, Private Practice Dentist, Fort Worth, Texas

This text should be on the bookshelf of all contemporary physicians. The book is physician-focused with unique topics applicable to all medical professionals. But, it also offers helpful insights into the new tax and estate laws, fiduciary accountability for advisors and insurance agents, with investing, asset protection and risk management, and retirement planning strategies with updates for the brave new world of global payments of the Patient Protection and Affordable Care Act. Starting out by encouraging readers to examine their personal ‘money blueprint’ beliefs and habits, the book is divided into four sections offering holistic life cycle financial information and economic education directed to new, mid-career, and mature physicians.

This structure permits one to dip into the book based on personal need to find relief, rather than to overwhelm. Given the complexity of modern domestic healthcare, and the daunting challenges faced by physicians who try to stay abreast of clinical medicine and the ever-evolving laws of personal finance, this textbook could not have come at a better time.
—Dr. Philippa Kennealy MD MPH, The Entrepreneurial MD, Los Angeles, California

Physicians have economic concerns unmatched by any other profession, arriving ten years late to the start of their earning years. This textbook goes to the core of how to level the playing field quickly, and efficaciously, by a new breed of dedicated Certified Medical Planners™. With physician-focused financial advice, each chapter is a building block to your financial fortress.
Thomas McKeon, MBA, Pharmaceutical Representative, Philadelphia, Pennsylvania

An excellent resource … this textbook is written in a manner that provides physician practice owners with a comprehensive guide to financial planning and related topics for their professional practice in a way that is easily comprehended. The style in which it breaks down the intricacies of the current physician practice landscape makes it a ‘must-read’ for those physicians (and their advisors) practicing in the volatile era of healthcare reform.
—Robert James Cimasi, MHA ASA FRICS MCBA CVA CM&AA CMP™, CEO-Health Capital Consultants, LLC, St. Louis, Missouri

Rarely can one find a full compendium of information within a single source or text, but this book communicates the new financial realities we are forced to confront; it is full of opportunities for minimizing tax liability and maximizing income potential. We’re recommending it to all our medical practice management clients across the entire healthcare spectrum.
Alan Guinn, The Guinn Consultancy Group, Inc., Cookeville, Tennessee

Dr. David Edward Marcinko MBA CMP™ and his team take a seemingly endless stream of disparate concepts and integrate them into a simple, straightforward, and understandable path to success. And, he codifies them all into a step-by-step algorithm to more efficient investing, risk management, taxation, and enhanced retirement planning for doctors and nurses. His text is a vital read—and must execute—book for all healthcare professionals and physician-focused financial advisors.
Dr. O. Kent Mercado, JD, Private Practitioner and Attorney, Naperville, Illinois

Kudos. The editors and contributing authors have compiled the most comprehensive reference book for the medical community that has ever been attempted. As you review the chapters of interest and hone in on the most important concerns you may have, realize that the best minds have been harvested for you to plan well… Live well.
Martha J. Schilling; AAMS® CRPC® ETSC CSA, Shilling Group Advisors, LLC, Philadelphia, Pennsylvania

I recommend this book to any physician or medical professional that desires an honest no-sales approach to understanding the financial planning and investing world. It is worthwhile to any financial advisor interested in this space, as well.
David K. Luke, MIM MS-PFP CMP™, Net Worth Advisory Group, Sandy, Utah

Although not a substitute for a formal business education, this book will help physicians navigate effectively through the hurdles of day-to-day financial decisions with the help of an accountant, financial and legal advisor. I highly recommend it and commend Dr. Marcinko and the Institute of Medical Business Advisors, Inc. on a job well done.
Ken Yeung MBA CMP™, Tseung Kwan O Hospital, Hong Kong

I’ve seen many ghost-written handbooks, paperbacks, and vanity-published manuals on this topic throughout my career in mental healthcare. Most were poorly written, opinionated, and cheaply produced self-aggrandizing marketing drivel for those agents selling commission-based financial products and expensive advisory services. So, I was pleasantly surprised with this comprehensive peer-reviewed academic textbook, complete with citations, case examples, and real-life integrated strategies by and for medical professionals. Although a bit late for my career, I recommend it highly to all my younger colleagues … It’s credibility and specificity stand alone.
Dr. Clarice Montgomery PhD MA, Retired Clinical Psychologist

In an industry known for one-size-fits-all templates and massively customized books, products, advice, and services, the extreme healthcare specificity of this text is both refreshing and comprehensive.
Dr. James Joseph Bartley, Columbus, Georgia

My brother was my office administrator and accountant. We both feel this is the most comprehensive textbook available on financial planning for healthcare providers.
Dr. Anthony Robert Naruska DC, Winter Park, Florida

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business-valuation

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Becoming financially independent to help other people?

Help both the planet and the poor

 

By Rick Kahler CFP®

Here’s is how you can help both the planet and the poor: Live frugally and save for your own old age.

In other words, become a millionaire or close to it.

  • Are you concerned about saving the planet?
  • Would you like to see more government funding for research into projects like developing clean energy?
  • How about helping people who cannot help themselves?
  • Would you like to see more government spending for marginalized populations?

It’s easy to see that reducing your lifestyle can reduce your carbon footprint to help the planet. But how does your becoming financially independent help other people?

It means you will not become a consumer of precious government or charitable resources that could be redirected to making a difference in both preserving the planet and eliminating poverty. If you don’t provide for yourself financially, chances are good that you will end up dependent on government funding for your existence.

Take long-term health care, for example

Forty-five percent of all nursing home spending is funded by our tax dollars. Of Medicaid’s $565 billion dollar annual budget (2016 figures), 20% or $113 billion goes for nursing home care. The federal government—meaning we the taxpayers—picks up the tab for 65% of all people in nursing homes. Medicaid pays for about 1 million of the some 1.5 million nursing home beds in the US.

The average annual amount the government spends is $113,000 for a semi-private room. What’s interesting is the actual average cost of a semi-private nursing home room is around $225 a day, or about $82,000. I am not sure where the other $31,000 goes, but my hunch is that it’s inefficiently spent on the salaries of those who administer the program. So, if you can save enough to pay your nursing home costs, you get an extra bonus of saving an additional $31,000 in government spending.

One way to relieve the government of the cost of your nursing home care is to purchase long term care insurance. According to Morningstar, the average annual premium for long-term care policies being sold in 2014 was $2772. While this isn’t cheap, neither is it prohibitively expensive for many middle-class Americans, especially compared to common expenditures like unlimited cell phone service or annual vacations.

In addition to direct payments like Medicaid, there’s another cost to society from those who fail to or are unable to provide for their own old age. This is the need for family members to become unpaid caregivers. For 2013, Morningstar estimated the dollar value of such care at $470 billion. If caregivers quit jobs or take time off, or if they are forced to take Social Security benefits early, the result is lost tax revenue and increased government spending. In addition, those who sacrifice their own resources to care for parents may carry a pattern of retirement scarcity on into the next generation.

The wealthy

It appears to be a common misperception that “the wealthy” are somehow a drain on society who use more than their fair share of resources. There may be some validity to this perception for the relatively few uber-rich with multiple homes and conspicuously lavish lifestyles.

However, quite the opposite is true for the much greater number of ordinary people who accumulate enough wealth to take care of themselves until the end of their lives. When you are able to fund your own lifetime care, you do not need your family members and fellow taxpayers to provide the resources you require. And at the end of your life, you might even be able to bequeath some of your estate to help the poor and the planet. 

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Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

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On Domestic Price Changes and Inflation

1997 – 2017 Selected Goods, Services and Wages

By BLS

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Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

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Cost-of-Living USA

Goods and Services [1975 – 2015]

By BLS

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Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

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“Healthcare Finance News” interviews Dr. DE Marcinko [ME-P Editor-in-Chief]

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Key strategies for hospital pension fund managers

Professor Hope Hetico

By Hope R. Hetico RN MHA

[Managing Editor]

Recently, Mr. John Andrews, Contributing Editor of the well known industry publication Healthcare Finance News in Chicago, caught up with our Publisher and Editor-in-Chief … Dave Marcinko.

He was asked the following questions which focused on best industry practices and looked at the overall pension situation for hospitals and health systems in the US.

Questions:

  • How prevalent are pensions for hospital workers and how does it compare to the economy at large?
  • Are more hospitals going to a 401(k) benefit system?
  • Is there someone within hospital HR managing the pension funds or do they typically contract with outside firms?
  • What are the key tenets to investing for a hospital pension fund? How much risk should be assumed compared to more conservative investments? How do you strike a balance between growth and capital preservation?
  • In general, how well do hospitals understand their fiduciary responsibilities? How involved should the Board of Directors be in the process?
  • Do you recommend a defined contribution and defined benefit plan? What are the pros and cons of each?
  • Are there certain industries that are more attractive than others for investment? Is it kosher for a healthcare pension fund to invest in healthcare-related interests?
  • and much more!

Assessment

Of course, any interview with David is a free-for-all with topics and discussions all over the place; so enjoy the [electronic] show.

Health 2.0 hospital

INTERVIEW

Pension funds linger, even make comeback, among healthcare providers

“While not as prevalent as they once were, healthcare pension plans still represent a significant fiduciary obligation” – Dr. DE Marcinko, iMBA Inc., Atlanta, GA

Healthcare Finance News

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It is part of what healthcare economist Dr. David Marcinko MBA calls “a sea change that has occurred over the past decade” in terms of pension displacement.

NOTE: This inteview was prompted by the release of our newest textbook: COMPREHENSIVE FINANCIAL PLANNING STRATEGIES FOR DOCTORS AND ADVISORS [Best Practices from Leading Consultants and Certified Medical Planners™].

Enter the CMPs

http://www.CertifiedMedicalPlanner.org

It is the only multi-contributor major text that was written by doctors; for doctors and about doctors from a peer-reviewed and fiduciary perspective. It is already redacted in medical school libraries throughout the country.

Front Matter with Foreword by Jason Dyken MD MBA

logos

“BY DOCTORS – FOR DOCTORS – PEER REVIEWED – FIDUCIARY FOCUSED”

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM)

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COUPLES: “one is a spender and one is a saver”

On Couples and Money

By Rick Kahler CFP®

“With couples, usually one is a spender and one is a saver.”

I’ve heard this many times, and I’ve even said it myself. Money issues are one of the most common areas of stress between partners, and conflicting views over spending and saving is a major contributor.

However, a recent study done by Brigham Young University and Kansas State University led me to see marital money issues in a new way. The study, published last year in the Journal of Financial Planning under the title “Tightwads and Spenders: Predicting Financial Conflict in Couple Relationships,” found that partners’ perceptions of each other’s money behavior often does not match reality. The fact that you may see your partner as a spender has actually no correlation to whether they are. Yet there is a huge correlation between thinking your partner is a spender and experiencing financial conflict in the marriage.

Study

Ashley LeBaron, a BYU graduate student and co-author of the study, said this in a BYU News article published August 15, 2017: “The fact that partners’ perceptions of each other’s spending behaviors were so predictive of financial conflict suggests that when it comes to the impact of finances on relationships, perceptions may be just as important, if not more important, than reality.”

As it turns out, the highest contributors to financial conflict between partners weren’t disagreements over how much to fund children’s education, save toward retirement, or spend on a vacation or a car. It was whether one partner considered the other partner a spender or a tightwad—regardless of their actual spending patterns.

If you want to bring more harmony and objectivity around money to your couple-ship, you might consider taking the following steps:

1. Define “spender” in your own words. What does it mean to you if someone is a spender?
2. Define “tightwad” in your own words.
3. Think of your definition of “spender.” Write down all the one-word feelings that you can identify when you think of a spender.
4. Do the same with your definition of “tightwad.”
5. Write a list of all the evidence you can think of that your partner is a spender. Stick with the facts, not a projection. For example, a statement that “my partner spends too much money on coffee” is a projection. Instead, “Three days a week, my partner spends $2.50 on an Americano at Starbucks,” is an observation.
6. In the same way, list all the evidence that your partner is a tightwad.
7. Repeat steps 5 and 6, but about yourself.
8. Look back at the one-word feelings you listed in step 3. Which of those might your partner feel about your spending?
9. Consider which of the one-word feelings you listed in step 4 that your partner might feel about your saving.
10. Now, give this exercise to your partner to complete.

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Finally, select a time to compare answers. Choose one of you to go first while the other listens with absolutely no interruptions, cross talk, or comment. This is hard, but crucial. When the first partner is done, then switch roles without any comments.

If your partner isn’t willing to participate, consider doing this exercise on your own. The insight you gain could be valuable.

Assessment

If the level of money conflict in your relationship is so high that you can’t even imagine doing this exercise together, you also might consider setting up an appointment with a financial therapist. Conflicts over money can be resolved, but it often takes both partners having the willingness do so. Even more, it often takes one or both partners having the courage to ask for help.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/
Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

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About the Lorenz Curve

What it is – How it works
By staff reporters

HISTORY:

The Lorenz curve is a graphical representation of income inequality or wealth inequality developed by American economist Max Lorenz in 1905.

DEFINITION:

The graph plots percentiles of the population according to income or wealth on the horizontal axis. It plots cumulative income or wealth on the vertical axis, so that an x-value of 45 and a y-value of 14.2 would mean that the bottom 45% of the population controls 14.2% of the total income or wealth. http://www.HealthDictionarySeries.org

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USE:

The concept is useful in describing inequality among the size of individuals in ecology and in studies of biodiversity, where the cumulative proportion of species is plotted against the cumulative proportion of individuals.

It is also useful in business modeling: e.g., in consumer finance, to measure the actual percentage y% of delinquencies attributable to the x% of people with worst risk scores.

MORE: https://www.investopedia.com/terms/l/lorenz-curve.asp

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Contact: MarcinkoAdvisors@msn.com

***

https://www.crcpress.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

MONEY: Spend it -OR- Give it Away

MONEY: The two choices

By Rick Kahler CFP®

A colleague recently reminded me that there are ultimately two things we can do with money: spend it or give it away. That’s it.

At first glance, this seems too simplistic. What about saving? What about investing for our future security? What about creating wealth?

Even when we are in the process of accumulating money and building wealth, we do so for the inevitable day we choose to spend it or give it away. Investing for retirement is about providing money to spend when we’re no longer earning an income. And whatever we have left at the end of life is ultimately given away.

Furthermore, the decision to spend or give away money is always a choice, even when it may seem we have no choice.

Here is why 

Most money experts break spending into “discretionary” and “non-discretionary” categories. Another way to frame this is “wants” and “needs.” Discretionary spending includes items that we want which aren’t necessary for survival, such as entertainment, vacations, designer clothes, and gourmet food. Non-discretionary items, or needs, include basic housing, food, clothing, and transportation.

Discretionary spending is clearly a choice. Yet even though we may tell ourselves we have “no choice” but to spend money on non-discretionary needs, fundamentally we always have a choice.

We may think we make the mortgage or rent payment because we “have” to, but actually it’s a choice because the alternative is to find a new place to live or be homeless. We make the car payment because we choose not to walk or use public transportation. We may choose to work at a job we dislike because it allows us to spend money on other choices we deem more important than job satisfaction. We choose to pay our taxes in order to avoid serious consequences like heavy fines or even going to jail.

We choose to earn and spend our funds in the ways we do, not because we “have to,” but because there is a payoff that makes the choice worthwhile.

Giving money away may seem more obviously a matter of choice. Yet giving to charity or to family members out of guilt or a sense of obligation sometimes seems like a “must.”

The choice

Yet in every case, it’s still a choice. Even when we give because it seems to be the only way to avoid detrimental or catastrophic consequences, we’re still making a choice. In some cases, choosing not to give (to a child, for example) may result in some wonderfully rich life lessons or behavioral changes.

The one time it seems that we really have no choice on whether we spend or give away our money is when we die. But even then, the choices about giving what we have left are made during our lifetime. Those who don’t do estate planning are choosing to let others decide how their money will be given away, with those decisions constrained by the provisions of their state’s laws.

Assessment

The bottom line is that when it comes to spending or giving money, we always have a choice. Ultimately, all of the money we choose not to spend while we are alive is money we are choosing to give away after death.

When we view our spending and giving as a matter of choice, it may be easier to see the importance of making money choices thoughtfully and consciously. The way we use our financial resources is crucial both for supporting our own life aspirations and for giving back to our families and communities. Choosing to spend consciously and give wisely is one more way we can choose to live richer, more fulfilling lives.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings

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Happy Birthday Professor Hope Rachel Hetico 2018

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Congratulating a Medical Executive-Post Human Dynamo

  • By Dr. David Edward Marcinko CMP® MBA MBBS
  • By Ann Miller RN MHA
  • By Edward, Teresa and Mackenzie [ME-P staff]

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During this busy post-holidays week, we’d like to acknowledge the birthday of one of our own; Hope Rachel Hetico.

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Despite again being in Chicago on a major corporate executive consulting assignment, Hope is a human dynamo for our holding parent company, the www.MedicalBusinessAdvisors.com and this expanding ME-P publication.

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Professor Hope Hetico

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In addition to serving as ME-P Managing Editor, she teaches online for our www.CertifiedMedicalPlanner.org program and completed her Co-Editorial duties for our just released 800 page  textbook, Risk Management, Liability Insurance and Asset Protection Strategies for Doctors and Advisors [Best Practices from Leading Consultants and Certified Medical Planners®].

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

She also completed editorial work on our 750 page companion text book Comprehensive Financial Planning for Doctors and Advisors [Best Practices from Leading Consultants and Certified Medical Planners®].

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Hope accomplished all this while still leading on-ground classes and B-School health administration teaching assignments using the curriculum she helped outline in our magnum opus www.BusinessofMedicalPractice.com.

Product Details

Ageless

Now, don’t try to guess Hope’s age – you’d be decades off. Suffice it to say – she wears it well. Rather, follow our lead and feel free to give her a warm birthday “shout-out” and great big Mazel-Tov’.

Happy Birthday, Hope!

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More:

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

DICTIONARIES: http://www.springerpub.com/Search/marcinko
PHYSICIANS: www.MedicalBusinessAdvisors.com
PRACTICES: www.BusinessofMedicalPractice.com
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CLINICS: http://www.crcpress.com/product/isbn/9781439879900
BLOG: www.MedicalExecutivePost.com
FINANCE: Financial Planning for Physicians and Advisors
INSURANCE: Risk Management and Insurance Strategies for Physicians and Advisors

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Spirituality and Financial Planning

What does spirituality have to do with financial planning?

By Rick Kahler CFP®

That was my first thought when Stephen Brody, CFP, ChFC, EdD, contacted me about being interviewed for his doctoral dissertation on “Assessing Spirituality in Financial Life Planning.” The incongruity of the idea intrigued me, so I agreed.

Definitions: http://www.HealthDictionarySeries.org

Financial life planning

In order to understand Brody’s work, I first needed to know his definitions of both financial life planning and spirituality. Financial life planning is an integrated approach sometimes described by terms such as client-centered financial planning. It includes investment advising, but the scope of the engagement is much broader and emphasizes clients’ overall well-being.

Brody writes that financial life planning “is literally a matter of connecting your money and your values with your life. . . .the life of the client becomes the axis around which the financial plan develops and evolves. The client is at the center of the plan, and the money is simply the details to support a life well lived.”

Spirituality

Spirituality, for many people, is equal to religion. I used to believe that a spiritual person was a religious person and one couldn’t be a religious person without being a spiritual person.

That is not Brody’s definition of spirituality, which he views on a faith-neutral basis. One of his cited definitions of spirituality that makes sense to me is that it relates to searching for meaning, purpose, and a moral framework for connecting with self, others, and the ultimate reality.

Methodologies

Financial life planners use a number of methodologies which lead clients to a greater level of meaning and well-being. They look at money as a tool that supports someone in finding and living a life of meaning and purpose. Seen from this perspective, I have to agree that what a financial life planner does is spiritual. After all, I’ve never heard of someone’s last words being, “Life was so good—my financial planner helped me earn 5.76% compounded annually for 20 years.”

Brody’s research finds there are three types of intelligence needed by a financial life planner. They are IQ (intellectual intelligence), EQ (emotional intelligence), and SQ (spiritual intelligence). Brody describes IQ, which deals with knowledge, as the learning stage of the financial planning process. I contend that education is 50% of what a financial planner does. The psychological factors of dealing with money require EQ, or what he calls the understanding stage.

Brody defines SQ as “The ability to behave with wisdom and compassion, all the while maintaining inner and outer peace, regardless of the situation.” This refers to the character and moral factor involved in planning, which Brody suggests is the enlightening stage. This is where money supports meaning.

Like both intellectual and emotional intelligence, spiritual intelligence has its own skill set. Brody discusses 21 specific skills. Eight of them are summed up in just being aware of things like one’s own world view, purpose, values, and limitations.

From his research, Brody suggests that the ideal financial planning engagement is based on deep and meaningful conversations. He says it is “a process that seeks the development of the whole person,” as opposed to just focusing on concerns like rates of return and tax strategies. From these more meaningful conversations comes “a discovery and awareness that leads to the understanding of your life’s meaning, purpose, and moral framework.”

One participant in the survey said that appropriately sequenced questions help clients have a “glide path into self-discovery” and greater clarity of what’s important to them in life.

Assessment

From that understanding, planner and client can work together co-create a financial plan that aligns with the person’s vision of their ideal self and supports a fulfilling life.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

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More on “income inequality” and financial planning

“The rich get richer and the poor get poorer”

By Rick Kahler CFP®

One of the pillars of my profession of financial planning and counseling is to help people get richer. For many people, this statement might evoke the idea of “income inequality” as summed up by the phrase “the rich get richer and the poor get poorer.” This is a common money script around a topic that evokes a lot of difficult emotion.

Of course, there are people who have wealth that tends to increase over time. This includes some who inherit vast wealth and others who achieve wealth through business ownership or creative successes. It also includes those who live on less than they make, invest the difference, and make sound investment decisions with the money they have saved.

Goals of financial planning

Regardless of the economic class people start out in, one of the goals of financial planning is to help them expand their lifestyles—in in other words, to get richer. We help them build wealth so they can afford to send their children to college, or can take care of themselves in old age, or can someday not have to work for an income. We help the poor to become middle class, the middle class to become affluent, the affluent to become rich, and the rich to become richer.

When I frame “the rich getting richer” in that manner, people typically respond, “I never thought of it that way.” It contradicts the popular interpretation that the way the rich get richer is by taking from the poor, hence “the poor get poorer.”

Certainly it’s true that some rich people and companies do exploit the poor or try to influence legislation in their own interests. The artificially high prices they charge can be one factor in causing the poor to get poorer. Examples of this might include the secondary educational system as well as industries where excessive regulations limit competition.

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https://www.amazon.com/Comprehensive-Financial-Planning-Strategies-Advisors/dp/1482240289/ref=sr_1_1?ie=UTF8&qid=1418580820&sr=8-1&keywords=david+marcinko

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Reasons

However, just as most of the rich don’t get richer by exploiting the poor, most of the poor don’t get poorer by being exploited by the rich. Some get poorer because they lack education or don’t know how to access help. Some get poorer by events out of their control, such as job layoffs, serious illnesses, or cultural, racial, or sexual discrimination. There are many reasons.

Some get poorer through choosing careers with little future, not taking care of their health, or making poor money decisions such as financially enabling children. Others are caught up in destructive behaviors like addictions or compulsive gambling. A few even choose poverty for religious or philosophical reasons.

Complex

As with many things, income inequality is complex.

For example, some people choose to take large risks that could result in their becoming very rich or very poor.

Others choose the security of a steady paycheck. There could ultimately be a huge wealth gap between the entrepreneur who hits it big and the more conservative person who wants to play it safe. Does that mean the gap is inherently bad, or that the risk-taker doesn’t deserve the rewards of success?

Certainly, the risk-taker could have ended up far worse than the person who played it safe. Does that make one right and the other wrong? I don’t believe so.

Assessment

Just as with other money scripts, “the rich get richer and the poor get poorer” is true in some circumstances. At other times, the truth can be that “the rich get poorer and the poor get richer.” It can also be true (think of the 2008 economic crash) that “the rich get poorer and the poor get poorer.” And the final truth—one that financial planners work toward—is to help “the rich get richer and the poor get richer.”

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, urls and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/
Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, IT, business and policy management ecosystem.

***

An End of Year Financial Check List

Important for your Financial Health

By Patrick Bourbon CFA

The last few weeks of the year are often a mad rush so we thought that it is a good time to share this checklist of important items to consider before the calendar year ends, all related to your investments and finances so that you can reach your goals and dreams faster.

1. Review your IRA – 401(k) / 403(b) retirement accounts – Are you on track for a comfortable retirement?
2. Start tax planning! It’s not too early to think about taxes – Asset location & Tax efficiency
3. Rebalance your portfolio
4. Harvest your capital losses
5. Check your emergency fund
6. Review your insurance policies
7. Contribute to your Health Spending Account
8. Take your Required Minimum Distribution
9. Contribute to your 529 Plan
10. Determine your net worth
11. Check your credit score
12. Check your beneficiaries
13. Update your estate plan
14. Maximize your business deductions
15. Spending and automated savings – You want to look ahead

Assessment

Short and sweet.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, urls and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements.

Book Marcinko: https://medicalexecutivepost.com/dr-david-marcinkos-bookings/

Subscribe: MEDICAL EXECUTIVE POST for curated news, essays, opinions and analysis from the public health, economics, finance, marketing, I.T, business and policy management ecosystem.

***

How Fees Impact Your Retirement Savings [video]

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How 1% Fees Can Eat Up 30% of Your Nest Egg

By Sally Brandon

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In this brief video, Rebalance IRA‘s Vice President of Client Services, Sally Brandon, details the direct impact that hidden and unfair fees can have on your retirement nest egg.

The firm works to make sure you retire with as much of your hard-earned savings as possible.

How 1% Fees Can Eat Up 30% of Your Nest Egg

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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Royal College of General Practitioners Recommends: “Comprehensive Financial Planning Strategies for Doctors and Advisors”

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Comprehensive Financial Planning Strategies for Doctors and Advisors

RECOMMENDATION

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Drawing on the expertise of multi-degreed doctors, and multi-certified financial advisors, Comprehensive Financial Planning Strategies for Doctors and Advisors [Best Practices from Leading Consultants and Certified Medical Planners™] will shape the industry landscape for the next generation as the current ecosystem strives to keep pace.

Traditional generic products and sales-driven advice will yield to a new breed of deeply informed financial advisor or Certified Medical Planner™.

The profession is set to be transformed by “cognitive-disruptors” that will significantly impact the $2.8 trillion healthcare marketplace for those financial consultants serving this challenging sector. There will be winners and losers.

The text, which contains 24 chapters and champions healthcare providers while informing financial advisors, is divided into four sections compete with glossary of terms, Certified Medical Planner™ curriculum content, and related information sources.

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http://www.CertifiedMedicalPlanner.org

1. For ALL medical providers and financial industry practitioners
2. For NEW medical providers and financial industry practitioners
3. For MID-CAREER medical providers and financial industry practitioners
4. For MATURE medical providers and financial industry practitioners

Using an engaging style, the book is filled with authoritative guidance and healthcare-centered discussions, providing the tools and techniques to create a personalized financial plan using professional advice.

Comprehensive coverage includes topics likes behavioral finance, modern portfolio theory, the capital asset pricing model, and arbitrage pricing theory; as well as insider insights on commercial real estate; high frequency trading platforms and robo-advisors; the Patriot and Sarbanes–Oxley Acts; hospital endowment fund management, ethical wills, giving, and legacy planning; and divorce and other special situations.

The result is a codified “must-have” book, for all health industry participants, and those seeking advice from the growing cadre of financial consultants and Certified Medical Planners™ who seek to “do well by doing good,” dispensing granular physician-centric financial advice:

Omnia pro medicus-clientis

  Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

DR. DAVID EDWARD MARCINKO MBA CMP™

ISBN Number: 9781482240283

Number of pages: 744

Publisher: CRC Press

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AWARDS

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Financial “Planning” versus “Preparing”

Understanding the Difference

By Rick Kahler CFP®

Retirement planning is one of the issues that commonly lead clients to consult financial advisers.

One of its essential aspects is creating a plan to save and invest in order to provide a comfortable retirement income. Ideally, this starts many years ahead of retirement, even as early as your first paycheck.

As retirement comes closer, planning for it expands to take in a host of other considerations, such as deciding when to retire, where to live, and what kind of lifestyle you hope to have. When retirement becomes a reality, the focus shifts to carrying out the plan.

Preparing

All of this planning is crucial. Yet, for both financial advisers and clients, it’s good to keep in mind that planning has its limits. In the post-retirement years, it may be helpful to think in terms of preparing for old age rather than planning for it.

The older we get, the more important this distinction between planning and preparing becomes. Too many life-changing things can happen without regard to our best-laid plans. Often they occur unexpectedly, resulting in emergency situations where urgent decisions have to be made. A stroke or a fall, a diagnosis of terminal illness, a broken hip that leaves someone unable to go back to independent living—and suddenly, right now, the family needs to find an assisted living facility, arrange for live-in help, or sell a home.

What are some of the ways to prepare for these contingencies?

  1. Explore housing options well ahead of time. Find out what assisted living, home care, and nursing home services and facilities are available where you live and whether they have waiting lists. Have family conversations about possibilities like relocating or sharing households:
  2. Research the financial side of these options. Investigate the cost of hiring help at home, assisted living facilities, and nursing care centers. Find out what is and is not covered by Medicare and long-term care insurance. For example, people are sometimes surprised to learn that Medicare does not pay for nursing home care other than short-term medical stays.
  3. Designate someone to take over decision-making, and do the paperwork. Execute documents like a living will, medical power of attorney, and contingent power of attorney. Update them as necessary, and give copies to your doctors, your financial planner, and appropriate family members.
  4. Start relatively early to downsize. Well before you’re ready to let go of possessions or move into smaller housing, start considering what to do with your “stuff.” Focus on the decisions rather than the distribution. There’s no need to get rid of possessions prematurely, but decide what you want to do with them—and put in writing. Do this while it’s still your choice, rather than something your family members do while you’re in the hospital or nursing home
  5. Do your best to practice flexibility and acceptance. No matter how strongly you want to live in your own home until the end of your life, for example, it may not be possible. The physical limitations of aging can limit our choices, and even the best options available may not be what we would like them to be. It is a profound gift to yourself and your family members to accept these realities with as much grace as you can muster.

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Assessment

Finally, please don’t underestimate the importance of planning financially for retirement. Because the bottom line is that you can’t plan for all the things that might happen as you age, but you can prepare to deal with them. One of the most useful tools to cope with those contingencies is having enough money.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

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