The Budget! You've likely heard about the proposed tax changes in the 2024 federal budget and how they could impact your financial future, especially regarding capital gains within your corporation. Since I was fielding so many questions and clarifying misconceptions about the change, I decided to make this podcast episode and a whiteboard video where I delve deeper into these changes and offer insights on how physicians can adapt their financial strategies. In this episode, I explain the impact these changes could have on physicians and their corporations and what it means for using a corporation as part of a retirement plan. I also share some steps physicians can take to navigate this shifting landscape.

To watch the YouTube video, click here.

Are you concerned about how these changes could impact you?

I specialize in providing fee-based financial planning services tailored to physicians' unique needs, if you’d like to figure out if a fee-based plan could help you achieve your goals and also analyze what steps you can take to be proactive about these changes - ​book a free discovery call​ to get started.

Till next time!

Are you collecting products or do you have a plan?

A lot of physicians I meet have picked up different financial things along the way: investment accounts, insurance products, corporate investment accounts, maybe income properties, and more. There's nothing wrong with this approach, but the two questions I commonly get from physicians after they have gathered a number of these components is:" "does this all fit together?" and "is this all going to get me where I want to go?"

It's kind of like someone dropping a bunch of puzzle pieces on a table but not providing the box to know what the puzzle is supposed to look like.

When doctors at this stage reach out to me, they are concerned that they have either done the wrong thing, not enough of the right thing, or they are unsure as to where they are headed. These are all valid concerns.

What I help them figure out is if a fee-based financial plan would answer these questions. A plan not attached to a product. A plan using data specific to their situation, not based on opinion or hearsay, but hard numbers.

Often times, an unexpected result from this approach is the elimination of FOMO (Fear Of Missing Out). There is no shortage of options when it comes to financial planning in general and there are even more options when someone has a corporation. A solid financial plan not only outlines your goals and what you can be doing to reach them, but also helps let you know what things not to do.

After listening to this episode, if you are left wondering if a fee-based plan would answer your biggest questions, be sure to book a discovery call at this link: https://www.galenhelpsdocs.com/call.

You pick a time that works for you and I'll ask you some questions to help you figure out what your next steps are and if a plan is right for you.

I've recently had some lengthy conversations with physicians about whole life insurance. It dawned on me that for all the information out there about this sometimes polarizing product, many people are poised to make what I consider the most expensive mistake... buying something they don't need.

Now, I'm not saying that no one needs whole life insurance, nor am I saying everyone needs it. What I cover in this episode is how nuanced the decision can be and why it's so polarizing out in the financial education space.

Then I walk through two case studies of people who came to me interested in whole life insurance with two very different results. With one, it totally made sense, with the other it did not.

Listen in to hear me walk through the decision making process I took them through to determine if whole life made sense for them.

I also touch on the second most expensive mistake when it comes to this product: not structuring it properly. A lot of the information out there around this product is about what I call the 'old school' way of designing it. Where it often times has slower growth and minimal flexibility.

If it does end up making sense for you to buy this product, please ask whomever you are working with about the options to enhance the growth and flexibility of this product, which may be better for you.

If you're wondering if whole life insurance makes sense for you and you like the idea of going through a data-driven process that uses evidence to support the best path for you, a fee-based financial plan might be right for you.

To book a free introductory call at a time of your choosing, click here. During this call, I'll help you figure out if a plan is right for you.

Thanks for listening in and see you on one of my upcoming episodes about money mindset, practice management, DIY investing, and much more!