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At Partners in Financial Planning, our passion for financial planning shows. From IRAs to Roth Conversions to where to volunteer, we share information on topics to help you on your financial wellness journey and more.
How New Doctors Can Navigate a Physician’s Mortgage (And Buy The Right House)
Doctors interested in purchasing their first home tend to face more hurdles than other homebuyers. Their debt-to-income (DTI) ratio is high, and being in residency may make it challenging to prove employment. These can be red flags (even deal-breakers) when trying to obtain a conventional mortgage, which is why some lenders offer loans specifically for physicians. What Is a Physician’s Loan? A physician’s loan, or doctor’s mortgage loan, is a…
Benefits of Using a 529 Plan
There are multiple ways to save for your child or grandchild’s future and it’s always a great idea to start as soon as possible. Many parents choose to save by opening a savings account for them at their local bank or to simply put aside money when they can. Unfortunately with these types of savings, you’re limited to how much interest you can earn, if any.
How To Manage The Top Financial Priorities for Physicians & Medical Specialists in 2022
As a medical specialist, you’re in a unique financial position. Through your years of schooling, you’ve accumulated an extraordinary amount of student loan debt, but your earning potential is equally significant. Doctors and other healthcare professionals pay between $365,000 and $440,000 on average in student loan debt and interest.1 That’s almost 10 times the amount an average non-medical student borrows! 2 But with a high earning potential, determining the right…
Protect Yourself from Phishing
According to the FBI, more than 114,000 people fell victim to phishing schemes in 2019, collectively losing around $57 million. With the holiday season quickly approaching, phishing schemes will inevitably increase. Phishing is a method of identity theft that provokes individuals into giving up personal information. These types of schemes typically come in the form of a text, email, or website. It’s important to understand what phishing is, what it looks like, how you can be prepared for it, and what to do if you fall victim to one of these tricks.
Traditional vs. Roth IRA
market. The two most popular IRA’s are the Traditional and Roth IRA. The Traditional IRA originated in 1974, but the Roth IRA didn’t come along until 1998. Below are the key differences between the two accounts as well as how they can help you plan for retirement.
What is a Health Savings Account (HSA)?
Costs continue to rise, these accounts are becoming increasingly popular because of their tax benefits and growth potential. Let’s look at what makes an HSA unique and how you can qualify for one.
Well done is better than well said.
-Benjamin Franklin