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+++++++++++++++++ +++ + +++ FINANCIAL+ +++++++++++++++++ Financial Strategies for the Healthcare Provider of the Future By Michael T. Livesay, CPA/PFS TO doctor of the future has to be smarter, more efficient and very flexible. Here are some tips that can help you with your strategies. Advisors. The first step for any doctor is to get a good team of advisors. An attorney, CPA and financial advisor are a must. Make sure these advisors are people you can connect with. If you like and respect them, you will get much more from what they tell you. Student Loans. If you still have student loans, do everything you can to pay them off as quickly as possible. Don't let people convince you it's OK to ignore them because the interest rate is so low. I predict those low rates will change very soon, and many people will regret not attacking this debt. Retirement Accounts. Maximize your retirement contributions every year. If you can't make the maximum, increase your percentage every year until you do hit the maximum. Meet with your financial advisor no less than quarterly. Understand the risk vs. reward you are taking with your portfolio. Read and understand at least the basics of investing. Make it a goal to learn a little more general investment knowledge from your advisor every time you review your investment accounts. Insurance. Buy a very good disability policy for the maximum benefit from a reputable insurance company. Buy a very good term life policy with an adequate death benefit that has a guaranteed term that takes you through your expected retirement age from a reputable insurance company. If you've saved enough that you can afford to be retired, you probably don't need life insurance. If you have extra cash and want to leave a legacy, consider a permanent life policy. In the life insurance world, "term" equals less expensive and "permanent" equals more expensive. Shop diligently to get the most value (cost and coverage) on your malpractice insurance. Discounts can usually be more liberal for auto and homeowners insurance if you use the same company for both. Houses. Don't overspend on a house. We all want a nice place to live, but don't make yourself house poor. Don't buy a second house unless you have already paid off your student SUCCEED FINANCIALLY, THE loans and your primary house. Contrary to what people tell you, houses are not investments. They are a place to live. Don't count on making lots of money when you sell them. Automobiles. See the above on houses. Taxes. Make sure you plan efficiently to pay the lowest legal amount possible, both in life and death. Remember — you don't have to figure this all out on your own. Talk to your advisors and get the most out of your financial strategies. Mike Livesay is a CPA and principal of Weidrick Livesay & Company in Akron, OH. ■ 3520 Longwood, Medina Ohio Exquisite throughout $1,175,000.00 Regran Leedy, Realtor, ABR 330-606-3507 cell 330-835-4900 office regranleedy@aol.com "The Physicians' Realtor" 130 N. Miller Rd, Akron OH 44333 www.RegranLeedy.com 2014 JANUARY/FEBRUARY ■ MDNEWS.COM ■ MD NEWS Cleveland/Akron/Canton | 31