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    Financial Well-Being: A Rx for Physicians
    Financial Well-Being: A Rx for Physicians
    Financial Well-Being: A Rx for Physicians
    Ebook82 pages52 minutes

    Financial Well-Being: A Rx for Physicians

    By Mike O'Donnell and Ryan O'Donnell

    ()

    Read preview

    About this ebook

    This short book is designed to help physicians successfully navigate the major life cycle transitions faced by all physicians and their families, especially in uncertain times.
    LanguageEnglish
    PublisherBookBaby
    Release dateJan 1, 2018
    ISBN9781543919820
    Financial Well-Being: A Rx for Physicians
    Author

    Mike O'Donnell

    Mike was a slow starter at the writing game. For the first two years of his life he seemed intent on eating and sleeping. Once these skills were mastered he did begin to make his mark, mostly with dirty fingers, lumps of mud and soft crayon. His father was in the RAF (as was his Sergeant Mum during the war) which meant that every so often the family moved on. He was therefore very nearly educated at a lot of schools; two weeks and three days at one lucky establishment. He did eventually learn to wield a pen, but mostly for activities other than writing. As all his forebears, he entered the Armed Forces. Three grandparents in the Army, both parents in the RAF, so he joined the RN. (Historical note: Great uncle George Rowe survived the Titanic and surprisingly he wasn't to blame. He was ex-RN.) The RN was extremely educational. Mike learned how to get blisters on his feet from marching and tabbing across Dartmoor, the Brecon Beacons, and a variety of parade grounds; and on his hands from sawing, chipping and filing cast iron and lumps of steel. He was professionally sick in the Atlantic, the North Sea, and up in the ice during the contretemps with Icelandic fishermen. And, because he was young he wasn't too well in a couple of ports like Hamburg and Amsterdam - water wasn't involved. He left the Navy, tried as many jobs as possible to see what made the world work, and sold a few pathetic stories. After four years servicing the Sultan of Oman's Navy and ten years trying to keep some of the Royal Army of Oman's radio equipment going he had a BA(Hons) and an MBA and sold about fifty stories.

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      Book preview

      Financial Well-Being - Mike O'Donnell

      The Obvious Solution for Successful Physicians:

      Custom-Designed Financial Peace of Mind

      Mike O’Donnell, CFP® and Ryan O’Donnell, CFP®

      © 2017. All Rights Reserved.

      All rights reserved. This book or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the publisher except for the use of brief quotations in a book review.

      Print ISBN: 978-1-54391-981-3

      eBook ISBN: 978-1-54391-982-0

      Table of Contents

      I. An Introduction to Wealth Management for Successful Physicians

      A. Whom This Book Is for and What It Can Help You Accomplish

      B. The True Wealth Management Formula

      C. A Comprehensive, Consultative, Proactive Process

      II. Life Cycle Challenges Faced by Successful Physicians in Uncertain Times

      A. Your Unique Situation as Framed by Persistent and Pervasive Challenges

      B. Life Cycle Challenges: From the Early Years Through Retirement and Beyond

      The Early Years: A Financially Challenging Start

      Throughout Their Careers: Ongoing Stresses and Challenges

      During Retirement

      Estate Planning and Beyond

      C. Historical Trends and Uncertainty in Times of Great Change

      D. Trusting Neither Too Much nor Too Little

      III. Evidence-Based Investing

      A. Bottom-Line Takeaways From Evidence-Based Investing

      B. Controlling Controllables: Constructing a Globally Diversified Low-Fee Portfolio

      C. Behaving and Misbehaving: Expectations and Keeping the Discipline

      D. Follow the Money: Benefits of Working With a Fiduciary RIA

      IV. Advanced Planning: Wealth Enhancement, Transfer, Protection, and Gifting

      A. Wealth Enhancement: Keeping More of What You Make by Minimizing Taxes

      B. Wealth Transfer: Taking Care of Family and Heirs for the Long Run

      C. Wealth Protection: Making Sure Your Assets Aren’t Unjustly Taken

      D. Optimizing Your Charitable Intentions and Legacy

      V. Next Steps for Successful Physicians Seeking Financial Peace of Mind

      A. What You Will Learn From Our Valuable, Free Second-Opinion Service

      B. A Little Time for a Lot of Peace of Mind

      C. Finding the Right Wealth Manager

      VI. About the Firm and the Authors

      Notes

      A. Whom This Book Is for

      and What It Can Help You Accomplish

      If custom-designed financial peace of mind is the obvious solution to a problem that successful physicians face, then you might rightly ask:

      What exactly is the problem that is being solved?

      As a successful physician, how will my family and I benefit from the suggested solution?

      What exactly is the solution, why does it work, and how do we know it works?

      And finally, if the solution is so obvious, why isn’t it more widely applied?

      Before we dive in and answer these questions, please consider the following:

      Sometimes in life, the simplest things can make the biggest difference.

      Unfortunately, regardless of how unhappy or dissatisfied we might be, we are unlikely to notice or become aware of those simple things—even if they are right in front of us—if we are saddled with years of history, inertia, and suboptimal ways of doing things. Chapter II of this book, Life Cycle Challenges Faced by Successful Physicians in Uncertain Times, sums up many of the challenges you may personally be feeling, as well as the less-than-ideal solutions that are often proposed or put in place.

      Like it or not, none of us can know what we don’t know, and if we don’t know that different and better options exist, we are likely to just stop looking for them. The solution being presented in this book is not always easy to execute well. But it is in many respects a simple and obvious solution—one that really works—and can be summed up like this:

      We have two main hopes for you. First, that by the time you have finished perusing this book, this simple and obvious solution will be quite clear and make a great deal of sense to you. And second, if the solution applies to your situation—and you don’t already have it or something like it in place—you will take immediate action and move forward in implementing it. (One way to move forward, as we’ll discuss later, is to receive a free, no-obligation second opinion on your situation from our firm.)

      Of course, notwithstanding our deep expertise in working with physicians, our firm may not be the right match for you. Still, there is

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