Celebrate Women in Medicine Month



Celebrate Women in Medicine Month

 


During the month of September the AMA celebrates its Women in Medicine. This year's theme is "embracing the future" by increasing the influence of women physicians and advocating for women’s health issues. At Fuoco Group, we celebrate our Women Physicians all year long - and because they work hard, we work even harder to be sure their health and wellness includes financial preparedness for whatever the future holds.

Financial security must be a top priority for female doctors and healthcare providers. One of the foundations of that security is protecting your most valuable asset – your ability to earn a living. One of the best ways to make sure your financial plans aren’t derailed in the event of a long-term accident or illness is by making sure you have enough disability insurance to offset lost income.

Here is the rest of the road map:

1.    Know your goals: You may have a huge paycheck and earning potential today but that needs to translate into tomorrow’s vacation home, retirement plan, college for your kids, etc.
2.    Make “savings” one of your expenses: A mistake most people make is to build their budget around essential expenses like rent/mortgage, debt, food, transportation, insurance and utilities, and then variable expenses like clothing, dining out, miscellaneous household items, etc. If anything is leftover, then they apply it to savings.
3.    Be prepared for contingencies: Make a budget and stick to it, but have a backup plan in case of emergencies like market fluctuations, illness, disability, unexpected expenses, and income disruption.
4.    Look beyond debt repayment: This should be only one facet of your money management plan.
5.    Don’t get discouraged: Everyone falls behind in their savings plan from time to time no matter how disciplined they are – there are strategies that can help you get back on track.
6.    Put an estate plan in place: Not having a will/trust or medical directive in place could be devastating. Address this the minute you have assets or a family.
7.    Empower yourself with a financial advisor: You tell your patients not to self-diagnose or self-treat, you too should take that advice and consult a financial professional to educate yourself about the best options. Not happy with the one you have or the results? Shop around and get a second opinion just like your patients do!
8.    Make time for yourself: Lack of time is the number one challenge for all physicians, but your health and wellness is just as important as that of your patients, and that includes your FINANCIAL health and wellness.


Unfortunately financial planning is not something they teach in medical school – it can be complex to protect your assets and find financial security in the constantly changing medical industry. A comprehensive financial plan for a physician would include financial statements, insurance, debt management and funding solutions, employee benefits, investment planning, tax planning, retirement and estate planning, etc., depending on the stage of your career.

Contact Us: As the premier healthcare CPAs and medical accountants on the East Coast, we understand the unique challenges healthcare practitioners face. Female doctors in particular face additional hurdles managing their finances and planning for retirement due to 3 factors: the demands of motherhood, a longer life expectancy, and the financial impact should there be a divorce. From residency to retirement, we can help you get your financial life in order. Contact us for a complimentary financial consultation at 855-534-2727.


 

In The News


We are proud to announce that Lou Fuoco CPA, CEPA, joins a distinguished panel of experts at the April 8th Opportunity Zone Conference hosted by Madison Street Strategies and Carras Community Investment, Inc.
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Press and Events

TFG Financial Advisors Announces New Michigan Office and Financial Professionals
North Palm Beach, FL, (May 8, 2019) - TFG Financial Advisors and The Fuoco Group are proud to announce they have opened a satellite office in Plymouth, Michigan, in order to expand the TFGFA geographic footprint.
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The New York Real Estate Journal recently featured a "Ones To Watch" Spotlight, focusing on both up and coming professionals as well as industry veterans across all areas of real estate. Congratulations to Lou Fuoco CPA, CEPA, for being included in this prestigious group of “OTW” for 2019!

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