White & McGowan Financial has carefully reviewed and researched the various financial methods over the years and has created a specific set of strategies designed to help you achieve success. Whether you’re a physician in a private practice or at a teaching hospital, your planning requires a unique knowledge around how compensation formulas work, what retirement packages are available through your employer and the state, how contract arrangements can affect your income taxes, and what arrangements or structures other physicians are taking advantage of in order to lower taxation on income and investments. These are all just examples of the many nuances to navigate when organizing your financial situation. White & McGowan Financial provides the unique perspective of a team comprised of financial professionals as well as an experienced physician, so we are adequately equipped with the knowledge needed to guide you through these topics.
We initially meet with a full-time physician to discuss and teach the various strategies we normally implement in most situations. We feel that education is power, and it is the key to working together in a professional relationship with mutual respect. It is vital to the ongoing work we do with physicians to begin with a foundation of education. We counsel to this end without charging a fee because we feel it is essential for each physician to have a general framework of knowledge that gives them language to describe their future goals and objectives. We strive to provide the peace of mind that comes with a decision based out of confident education. This includes teaching about investments, taxes, insurance, estate planning, contracts, risks, opportunities, organization, real estate investments, student loans, mortgages, retirement benefits, distribution methods, education funding, and business planning if needed.
Once the strategies are understood, we gather personal information and put together a specific outline of recommendations based on the framework we discussed, covering the details of how such recommendations would be implemented in a separate meeting. We believe structuring the environment is critical for financial success. In our years of experience, we find most physicians are operating out of financial excess everyday and making financial decisions each month based on what they see in their accounts. We help physicians predetermine the use of every dollar prior to decisions needing to be made, and do so in an environment that is not emotionally charged in the moment to invoke discipline. We can help you create an environment that is automated to succeed rather than one that is hopeful to succeed.
The life of a resident in training can be very stressful and time consuming. During these years, residents will take on responsibilities almost equivalent to that of an attending, but without the compensation or recognition. In addition to this daily stress is the daily acknowledgement of interest compounding on a resident's student loans. The psychological burden of this liability can be significant. Most of this stress is caused by a lack of answers to unspoken questions. What are my options with debt repayment? How can I be a good steward of what discretionary income I do have, and what obstacle should I address with these funds now? What would happen if I have an injury or an illness that prevents me from finishing my training? How will I then pay my debts, support my family, etc... Should I invest now with what I have, or should I make an effort to reduce debts? Do I have enough in an emergency fund? Will my age and health be an issue for me when I try to qualify for different forms of coverage? The list goes on and on, which is why we help residents with strategies that can prepare them for the future as soon as they enter training.
Most of the questions can be answered mathematically and with financial structure or organization. Every resident addresses these questions during residency, be it deciding to be prepared or postponing these decisions until the moment arrives. Planning with us around these questions can save you a tremendous amount of stress, wasteful spending, unnecessary interest, and will ultimately allow for a smoother transition out of residency. Dr. Blake McGowan has asked these same questions in his lifetime, and can now speak to the practical solutions with hindsight knowledge of a medical professional's situation. White & McGowan Financial provides an acute knowledge of the financial industry and is specifically equipped to help residents with these persistent questions. If you would like to find a time to meet with Matthew White and Blake McGowan, M.D., please click the contact now button below and someone will be in touch with you shortly.
We recommend that each household have a central account for receiving and distributing funds. Automatic drafts and wire transfers will be directed to various places in an effort to meet the financial needs and goals of the client’s specific situation. This account will receive direct deposits and hold all Emergency Funds.
We discuss a very detailed budget for each client. Firstly to judge the relevance of certain expenses going forward, and secondly, so we can transfer a very specific amount of money to the client's personal checking for spending. Transferring an agreed upon amount is an integral part of disciplined spending.
It is critical that a physician have all forms of insurance paid in a timely manner. We have all insurance premiums automatically drafted from your personal account to guarantee payments are easy to manage and always on time. In the event a family emergency does occur, coverage will not lapse due to missing a bill.
Most of our clients will begin their careers with significant debt. We provide a clear strategy for each physician after considering their cash flow and various holdings. The focus will be to reduce unproductive high interest debt. We discuss the various federal loan forgiveness options and the possibility of refinancing the debt and whether or not such a change would be helpful. Debt payments are typically drafted each month from the central account as a way of incorporating more discipline, which also helps with accomplishing a desired timeline.
Disciplined savings is the key to building wealth effectively. Our analysis of your situation will accurately help you determine how much should be saved on a monthly basis and to what type of account each dollar should be directed. This ensures that the goals and objectives of the client are being accomplished without requiring one to consciously thing through how much to save or where to save every month.