Julianne Andrews Archives - Atlanta Financial Associates, LLC

Five New Year’s Resolutions to Keep in 2020

January 21, 2020

At the start of a new year, many of us sit back and make resolutions about a number of different things. It may be spending more time with your family, losing weight, traveling more, any number of things that are important to you. These are probably things that you have resolved to do previously but many times as the year goes on, you find that your resolve has dissipated.

However, resolutions around financial goals can be different. Many of these are things to consider and decide on. At the end of the process, you can feel confident that you have considered what is important for your financial health and move forward to the end of the year resolving to do the same the next year.

3 Tips for Physicians to Find the Best Financial Advisor

December 15, 2019

Believe it or not, some financial advisors do not have to abide by their own version of a Hippocratic Oath. As a physician, you are a fiduciary, a professional who is obligated to put your patients’ best interest first. But, did you know that not all financial advisors are required to abide by a fiduciary standard? As a physician, you have a Hippocratic oath. It’s a smart idea to find a financial advisor that is bound to the same set of standards to serve your interests first. Here are three things you should ask in your search for a financial advisor.

Baby Steps: Financial Moves for Every Decade of Life

December 11, 2019

Recently, my husband and I took care of our 12-month old granddaughter while our daughter and son-in-law took a much-needed vacation together. When they dropped her off, their parting words were, “She is almost ready to walk, but make sure she waits until we get home!”

Famous last words… Of course, as soon as they left the house, she was trying to walk – literally everywhere. And after about 24 hours she was taking her first baby steps. By the time they arrived back three days later, she was walking (a little unsteadily but walking none-the-less) and was very proud of herself. Great strides in just a few days but predicated on all of the trial and error and lessons learned in the months before.

Financial planning is a little like this. You’ll make mistakes along the way – everyone does. But you will do a lot of things right as well and the important thing to remember is that your financial health is based on doing the little things right, all along the way.

So, what should you be doing when you are 22, 52 or 72? Here are three important tips for each decade.

How to Maximize the Deductibility of Charitable Contributions

November 20, 2019

The tax law changes in 2018 dramatically reduced the deductibility of many expenses and increased the standard deduction dramatically. However, these same tax reforms cleared the way for individuals and families to continue to support the causes they believe in while still potentially minimizing their taxes. However, this new approach requires planning ahead and an understanding of how “bunching” deductions work.

5 Critical Tax Planning Strategies for Physicians

October 8, 2019

Whether you are a physician who is still in residency or have enjoyed a mature career and are nearing retirement, strategic tax planning is critical at any stage of a high-income earner’s journey. Smart planning throughout your career not only helps to alleviate tax burdens on a year to year basis, but works to maximize your income in retirement, as well.

Unfortunately, even though the average physician spends roughly a decade in graduate school and training, there is little to no education provided on personal finance or tax planning. With this in mind, we’ve compiled a list of the top 5 tax planning strategies that can specifically benefit hard-working physicians looking to reduce their taxable income and improve their lifetime income stream.

What Is My Number?

September 13, 2019

As a financial advisor, this is a frequently asked question. How much money do I need to save to retire comfortably? In other words, what is my number?

Much has been written about this topic. Schwab recently released a survey of 1,000 401(k) participants across the country indicating that on average, Americans believe they need $1.7 million to retire. That may seem like a reasonable number, but is it? A recent CNBC poll showed that two-thirds of U.S. workers are either very or somewhat confident that they will be able to live comfortably throughout retirement. However, a study by the Employee Benefit Research Institute showed that only 42% of Americans have done any retirement calculations. And on top of that, according to Fidelity, the average 401(k) balance in the U.S. is $297,700 which is a far cry from $1.7 million.

So, where is the disconnect and how can you actually determine what your own “number” is?

Although every person’s situation is completely different, there are really five things to consider when determining how much you need to save for retirement. The impact of underestimating any of these factors could be catastrophic, so this is not the time for optimism. This is the time to be very clear-eyed about setting your goals and expectations. Let’s get started.

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