Great income and a job I love but no balance - What should I do?

Physician Family Financial Advisors Podcast; Personal Finance for Doctors with Children

In this enlightening episode, we delve into the world of estate planning and work-life balance specifically tailored for physicians. We cover essential strategies to secure your financial future while maintaining a fulfilling personal life. Learn about the crucial differences between wills and trusts, the importance of durable power of attorney, health care directives, and the simple yet effective measure of freezing your credit to safeguard against identity theft. Additionally, discover practical tips on outsourcing tasks and setting priorities to reclaim your time and enhance your overall well-being.

Key Takeaways:

1. Book Recommendation - "How to Improve Your Marriage Without Talking About It":

- Ben Utley shares how this book has significantly improved his personal and professional relationships by understanding core psychological needs.

2. Wills vs. Trusts:

- A will takes effect upon death, whereas a trust is effective once created and funded.

- Trusts can offer more control and privacy, avoiding the public probate process.

- A "pour-over" will can ensure any assets not included in the trust are transferred into it upon death.

3. Essential Legal Documents:

- Durable power of attorney allows a trusted person to manage your financial affairs if you're incapacitated.

- Health care directives are crucial for making medical decisions when you cannot.

4. Freezing Your Credit:

- Freezing your credit is a simple, effective way to protect against identity theft.

-Easily done through the websites of the three major credit bureaus: Experian, TransUnion, and Equifax.

5. Work-Life Balance for Physicians:

- High-income professionals like cardiologists face unique challenges in balancing work and personal life.

ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE?

To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/go

GOT A QUESTION?

Write to us at [e-mail].

NOTICE

Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.