Raising a child may be an expensive prospect. Having a child with special needs may add to this cost, whether increased medical expenses or special schooling or rehab therapies. If your child has a mental or physical disability, take extra care to plan for your financial future. What financial considerations should you consider as the parent of a child with special needs?
As you go through life, planning for life's unpredictability is essential. If your family has children or adults with special needs, estate planning for their future care becomes vital. Estate planning for them is unique as it needs provisions in the plan to help ensure their independence and ongoing care when you are no longer around. Estate planning isn't just about cash and properties; it's also about ensuring your loved one can maintain the same quality of life in your absence.
About 61 million adults in the U.S. live with a disability. There may be financial benefits available to those whose disabilities leave them unable to hold down a job. However, these benefits may come with strict rules and regulations, such as limits on the assets a disabled person may own. Because of this, financial planning looks different for families with disabilities. Here are some options to consider.
When it comes to financial bad habits, the most common are also well known — don’t spend too much, don’t take on unsustainable debt, and avoid living paycheck to paycheck. But what happens once you’ve implemented this advice and still aren’t getting ahead? Here are five overlooked financial bad habits that could be draining your bank account.
One-size-fits-all financial advice is not right for physicians. To ensure you make decisions that optimize your situation, you need to work with a professional who understands the challenges of your industry. Your financial professional should have experience guiding professionals in the medical industry, and they should be able to customize their advice to meet your objectives.
As a physician, you've devoted a lot of time to educating yourself, building a career, and providing top notch care that enriches your patients lives, and in the midst of all that, it can be easy to overlook your finances. To ensure you're optimizing your financial situation and making your hard work pay off in the long term, you may want to consult with a financial professional. When choosing a financial professional, keep in mind that understanding the numbers and the markets isn't enough. You need a financial professional who understands the medical industry in general and your profession in particular.