Statewide Campus Practice Management Seminar. Personal Financial Planning For Informed Physicians

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1 Statewide Campus Practice Management Seminar Personal Financial Planning For Informed Physicians Presented by: Charles L. Nemes, CFP,CPA Senior Vice President, Investments Investment Management Consultant Nemes Rush Private Wealth Management of Raymond James & Associates (888) (248) Raymond James & Associates, Inc. member New York Stock Exchange/SIPC

2 Asset & Financial Management Keys to successful financial planning - Have a plan (Hope is not a plan) - Pay yourself first - Save regularly - Do it pretax - Start early - Never make your total debt load payments more that 35% of your take home pay!

3 What is your risk tolerance? Conservative Investor Moderate Investor Aggressive Investor 30% stocks 70% bonds 50% stocks 50% bonds 80% stocks 20% bonds Asset Allocation Models are shown for illustrative purposes only. They are not intended as specific investment advise or as an official record of your account. The actual funds used and allocation to each fund will be different for each client depending on their suitability and risk tolerance and when the models are created.

4 Investment Concepts What is Dollar Cost Averaging? A very powerful way to invest The same amount invested at regular intervals - Pre-Tax: 401(k) Payroll deduction - After-Tax: savings only when pretax is maxed out Forces a buy low strategy - If price is up, fewer shares bought - If price is down, more shares bought - Avoids small investor emotions ( 1.87% v. 8.77% ) Dollar cost averaging does not assure a profit and does not protect against loss. It involves continuous investment regardless of fluctuating price levels of such securities. Investors should consider their financial ability to continue purchases through periods of low price levels.

5 What is a stock (equity) You are an owner of the company You share in earnings of company through dividends The value of your shares go up if company does well, down if it doesn t Many ways to own stock Shares (such as Apple and Google) Mutual Fund (i.e. Fidelity, Vanguard, etc.) Exchange Traded Funds (ETF s) (i.e. GLD) (unmanaged)

6 What is a bond - Being a creditor - No ownership of entity you loan money to - Earns interest only - Principal paid back by a specified date Being a loaner (bonds) v. being an owner (stock)

7 The Advantage of Tax-Deferred Savings & Investment Increased Rate of Saving s at No Additional Cost Saving Without 401(k) Saving With 401(k) Employee A Employee B $16,700 Monthly Gross Pay $16,700 $0 Monthly Pre-tax Saving ($1,170) ($5,010) Federal Tax at 30% ($4,660) ($670) State Tax at 4% ($620) ($1,170) Monthly Post-tax savings $0 $9,850 Spending Money $10,250 Additional after tax cash per month $400

8 Determine your starting point! All future progress can then be correctly analyzed Net Worth Analysis - Example

9 When analyzing your debt/liabilities always consider: Interest Rate You re Paying Gift? Confiscatory? Term Of Loan Student Loan & Liability Management Short/Intermediate Term? Long Term?

10 Deductible WHEN ANALYZING YOUR DEBT/LIABILITIES ALWAYS CONSIDER Tax Effect Mortgage Home equity loan Subject to Congress & president 6% is 4% after tax, which compares to a 4% non- deductible loan Example: Non-Deductible Car loans Consumer debt (i.e. charge cards) Most student loans 6% stated interest rate 33% tax rate 2% amount paid by government 4% net interest rate effectively paid by you 6% stated interest rate Changes in tax laws may occur at any time and could have a substantial impact upon each person s situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of Raymond James & Associates we are not qualified to render advise on tax or legal matters.

11 CATEGORIZE ALL LOANS AS FOLLOWS: Deductible Type of loan Interest Rate After Tax Interest Rate Loan Amount Payment Mortgage 4.12% 2.76% $125,000 $604 Home Equity 6.00% 4.02% $20,000 $384 Assumes a 33% tax bracket Changes in tax laws may occur at any time and could have a substantial impact upon each person s situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of Raymond James & Associates we are not qualified to render advise on tax or legal matters

12 CATEGORIZE ALL LOANS AS FOLLOWS: Non- Deductible Type of loan Interest Rate After Tax Interest Rate Loan Amount Payment Car loan 4.00% 4.00% $22,000 $132 Student Loan xxx % 6.80% $58,000 $440 Student Loan xxx % 2.30% $72,000 $373 Student Loan xxx % 5.60% $43,000 $296 Charge Cards 15.25% 15.25% $11,500 $185 Changes in tax laws may occur at any time and could have a substantial impact upon each person s situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of Raymond James & Associates we are not qualified to render advise on tax or legal matters.

13 Interest rate Low High Term of loan Short to Intermediate Less than 10 years Long term More than 10 years STUDENT LOAN (1)2.30%, 9 YRS (3) MORTGAGE (1)2.76%, 30 YRS (4) HOME EQUITY LOAN (1)4%, 5 YRS (2) STUDENT LOAN (1)6.80%, 20 YRS Charge Card 15.25% (1) Short to Intermediate Less than 10 years Long term More than 10 years (1) Always use the after-tax rate when comparing loans

14 Pay off highest AFTER TAX interest rate loans first! Do not pay off low interest, long term debt early! See it as a gift. Save after tax money instead! Then work your way to the next loan, and so on.

15 After you have stratified your debt/loans: GO TO THE LOAN CALCULATOR ON LOOK FOR THE LOAN CALCULATOR UNDER THE RESOURCES TAB Fill in applicable information you wish to apply to the high, after tax, interest loans Eliminate them one by one over time REMEMBER: Do not pay off low, after tax, interest loans early, They are a gift!

16 DISABILITY INSURANCE Worst Case Scenario 48% of all foreclosures Know the terms of the contract!!

17 How Long Does The Average Disability Last? Your Age Chances of Suffering a Long-Term Disability before the age of 65 Average Length of Disability 30 51% 4.7 years 35 48% 5.1 years 45 40% 5.8 years 50 34% 6.2 years This chart shows the average duration of disabilities lasting more than 90 days. Duration of disability is measured from the start of disability to (at most) age 65.

18 Terms to know and understand Own Occupation Transitional own occupation Any occupation Residual

19 Terms to know and understand Guaranteed Physical Insurability (GPI) EliminationPeriod Step Up/Update Option Offset Provisions (Social Security, Group Plans) Personal Pay vs. Company Pay

20 Life Insurance 3 Major Categories Whole Life Term Life Universal/Variable

21 Term Insurance Level Term Whole Life Universal/Variable Premium Increases every year Stays the same for fixed number of years Stays the same Changes Coverage Term of the contract (usually year to year) Until the term ends (i.e. 10, 20, 30 yrs) Whole life Can change Cash Surrender Value None None Yes Possibly Investment Vehicle No No Yes (?) Yes Rent vs. Own Rent Rent Own Own

22 LEVEL TERM Advantages Disadvantages Fixes the death benefit for a number of years (say 10, 20, 30,40 years) Premium guaranteed not to increase during fixed period Allows you plenty of time to accomplish your financial objectives/goals If you haven t accomplished your goals by term end, you may not be insurable! No build up of Cash Surrender Value in the policy Premium costs will be substantially higher when the term ends

23 Paid Up Whole Life You have paid so much in premiums that you no longer have to pay in anything else for the life of the policy DL 7 plans allow you to pay in a lifetime of premiums in 7 years. Most are now 10 Pay

24 Universal/ Variable Life Insurance Premium changes depending on performance of the mutual funds you selected Your death benefit can change based on performance of the mutual funds you selected Policy could die before you do!

25 A copy of this presentation and other resources can be viewed by visiting our website at Presentation available by viewing Our Clients tab under subtitle Physicians Presented by: Charles L. Nemes, CFP, CPA Senior Vice President, Investments Investment Management Consultant Nemes Rush Private Wealth Management of Raymond James (888) (248)

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