National Commission on Veterinary Economic Issues - News Feeds

Personal finance advice

• Personal finance Q&A: Should I pay off debt or invest?
  What's the smartest thing to do first: pay down my debt or begin investing?
  
• 4 tips to picking a financial planner
  Veterinarians need to know a potential advisor's methods for investing and payment.
  
• Ferret out your financial advisor's fees
  Before signing on with a financial planner or advisor, ask these questions.
  
• The Four Tier compensation formula at work
  Here's how the three owners of practice are paid.
  
• Making ownership pay
  The Four Tier compensation formula accounts for partners' unique contributions to the practice.
  
• Most small businesses confident in 2010 outlook
  Many businesses continue to struggle, but the majority are still optimistic about the future.
  
• Video: Don't panic! Be aware of money, not afraid of it
  Being concerned about finances is different than worrying about them.
  
• 6 personal finance tips for today's economy
  Improve your financial situation now and in the future.
  
• Managing your new paycheck as an associate veterinarian
  Dr. Andrew Rollo shares personal finance advice for associate veterinarians.
  
• BizQuiz: Are you an underearner?
  Learn how to think about compensation in a way that frees you to do your best work — and get paid for it.
  
• Q&A: Smart ways to save for retirement
  I'm a new associate immersed in my first contract negotiation. What are the benefits of a 401(k) vs. a Roth IRA?
  
• Despite higher starting salaries and student debt, more DVMs are shunning the working world for the classroom
  Student debt and starting salaries are up, but new DVMs are still opting to stay in the classroom longer.
  
• Recession talk: We're not out of the woods yet
  The economy is starting to recover, but challenges linger.
  
• Men are smarter savers, survey says
  Study shows women behind men when it comes to financial know-how.
  
• Veterinarians and veterinary clients are hurting in this economy
  As we all wonder when the recession will end, you and your clients say you're feeling the hit.
  
• Tenets of personal financial success (Proceedings)
  Personal financial planning is the process of organizing your financial goals into a workable plan so that you can live with financial security in the style you desire.
  
• Case study: I'm drowning in debt
  Our expert shows a young veterinarian how to spend smarter and chip away at her debt.
  
• Video: How to invest in a recession
  It's a scary time for veterinary practice owners, but that doesn't mean you should panic. Fritz Wood, CPA, CFP, offers advice for how to invest in a recession.
  
• Video: Economy causes buyers and sellers to struggle
  Tom McFerson, CPA, offers advice to veterinarians looking to buy or sell a practice during tough times.
  
• Analysis: Stimulus plan changes, the 2009 forecast, and what it all means for veterinary practices
  The downturn is still with us, but a solid grasp of how recent changes affect you will help your practice persevere—along with a great reminder system.
  
• Five last-minute tax tips
  Follow these suggestions to save time—and maybe even money.
  
• Past NAVTA president speaks up
  Julie Legred, CVT, talks about the overwhelming need for veterinary technicians.
  
• Today's tenets of personal financial success (Proceedings)
  Personal financial planning is the process of organizing your financial goals into a workable plan so that you can live with financial security in the style you desire.
  
• Stimulus plan brings COBRA changes
  Government is subsidizing premiums, but employers pay up front
  
• Physicians are putting off retirement
  The sluggish economy and increasing work flexibility are keeping more physicians in practice.
  
• Get your 2008 stimulus check in 2009
  Does Uncle Sam owe you a rebate? Read this to find out.
  
• A heaping dose of optimism
  Most news about the economy is negative, but gloomy skies aren't necessarily ahead.
  
• Save for the short term
  You'll put more money in the bank by focusing on immediate goals than by saving for the future, according to a recent consumer study.
  
• How to stay optimistic in 2009
  Here are seven strategies for staying positive in the gloomy economy.
  
• AVMA salary survey shows DVMs earning more
  Schaumburg, Ill. — In most cases, veterinarian's incomes having been increasing by 6 percent a year since 1997.
  
• DVMs earn more, AVMA reports
  Schaumburg, Ill. -- In most cases, veterinary incomes have been increasing at an average annual rate of 6 percent since 1997, according to the AVMA's Report on Veterinary Compensation released in late November.
  
• Student debt: Why it's your problem too
  Face facts: Student debt affects nearly everyone in the veterinary industry.
  
• Home is where the tax relief is
  Property owners and first-time homebuyers can take advantage of tax breaks.
  
• Men overspend to attract sexual partners
  Home foreclosures and rising credit card debt are symptoms of compulsive overspending.
  
• DVM salaries up since 2005, but trend could be slowing
  Veterinary salaries are growing at a higher rate than inflation, according to a new AVMA report.
  
• California considers tax on veterinary care
  California is looking for ways to make ends meet, including a proposed new veterinary service tax.
  
• Monitoring your practice in today's economy
  Paying attention to demographics, finances, diagnostics yields benefits.
  
• Q&A: Rolling over a 401(k)
  Handling investments after a job switch.
  
• How veterinarians are saving for retirement
  Even if you haven't started yet, you can still set your eyes on the prize.
  
• I'm not counting on selling my practice for retirement
  I invest, I earn a lot as an owner, and I plan to retire at a reasonable age.
  
• Financial planner: It's never too late to prepare for retirement
  Don't be afraid to start planning now.
  
• How to lower gas consumption when gas prices are rising
  Here are ways to improve your gas mileage, whether you commute to work or drive all day as a mobile doctor.
  
• The tenets of personal financial success (Proceedings)
  Personal financial planning is the process of organizing your financial goals into a workable plan so that you can live with financial security in the style you desire.
  
• Web Exclusive: Debt burden skyrockets for generation of DVMs
  Veterinary medical students accustomed to living on borrowed money now will forfeit a large percentage of future earnings to pay down their educational loan obligations. Consultant James F. Wilson, DVM, JD explores the long-term implications.
  
• Debt outpaces salaries
  Schaumburg, Ill. — Educational indebtedness for 2007 veterinary medical graduates increased nearly 100 percent since 1997, while starting salaries rose 46.5 percent during the same 10-year period.
  
• Slideshow: A dog's day at the photo studio
  View pictures of Dakota, a German shorthaired pointer who was our October cover dog, during her long-suffering modeling debut.
  
• Considering - or coping with - bankruptcy
  Veterinarians who learn that a client filed for bankruptcy often wrongly assume that the practice has no options.
  
• Retire right
  Q. How do I know whether I have the right retirement plan to meet my objectives?
  
• Battling retirement fees
  Q. How will inflation and taxes affect my cash needs during retirement?
  
• Budgeting for retirement
  Q. I'm looking to retire in a couple of years. How long would $600,000 last me if I withdrew $31,000 annually?
  
• Where's my vacation?
  Q. I'm an associate who's paid on production only. Does this system discourage me from taking unpaid vacation days? Do I really even have any vacation time?
  
• Job search deductions
  If you're on the hunt for a new job, don't forget about the tax deductions you may be eligible for.
  
• Survey: Wage disparity unabated, educational debt continues climb
  Las Vegas — Fresh out of college, Dr. Carlos Vareli earns $72,000 a year and pays on $75,000 in education loans.
  
• Men earn more as salaries, debt rise
  Fresh out of college, Dr. Carlos Vareli earns $72,000 a year and pays on $75,000 in education loans.
  
• Coping with credit cards
  Yes, credit cards make it easier for clients to pay. But the costs add up. Use these tips to balance the fees and turn credit card use to your benefit.
  
• Don't lay a rotten nest egg
  What are my options for saving for retirement?
  
• Sticky salary situation
  I've been with the same clinic for seven years. There's a lot of turnover, and my boss hires new graduates. Depending on my day, I'm stuck playing teacher with up to three new veterinarians. My boss isn't around much and says I'm not pulling my weight given what I'm being paid. How can I explain the situation to him?
  
• The sweet taste of retirement
  Maintaining some semblance of your current lifestyle in retirement doesn't have to be a "pie in the sky" idea—if you plan ahead. (Hey, 30-somethings: We're talking to you!)
  
• Ditch school debt
  Are there programs that offer recent grads loan forgiveness?
  
• Road to retirement. Leveraging investment vehicles requires careful consideration
  A successful financial plan should offer you the choice of allocating profits back to the practice or into a more diversified portfolio.
  
• The devil with debt
  Does a moment with your credit card statement feel like a moment in hell? Quit cowering and put out the flames for good.
  
• Home sales expected to drop
  Projected increases in mortgage rates will likely lead to a drop in home sales in 2006, the Mortgage Bankers Association predicts.
  
• A new 401(k) option
  Starting this month, 401(k) plans can offer a Roth 401(k) provision?which could be a better option for your retirement savings.
  
• Compare your expenses to these benchmarks
  Use these benchmarks set by Well Managed Practices to see how your expenses measure up.
  
• College textbooks breaking the bank
  The U.S. Government Accountability Office (GAO) says that enhanced offerings, such as CD-ROMs and other instructional supplements, are driving up college textbook prices.
  
• Cash for retirement
  How do I know how much I need to save for retirement?
  
• Study: graduates mired in debt
  More than 88 percent of this year's new veterinarians graduated with educational debt averaging $88,077. Now working, they're taking home less than $44,000 a year.
  
• Is future retirement controlled by guilt today?
  Practitioners charge too little because they cannot keep up with the literature.
  
• Shifting money between benefits
  I'm a full-time veterinarian, and my employer pays for my health insurance, which costs about $4,000 a year. I recently got married, and my husband's insurance is better. If I join my husband's policy, should I get that $4,000 benefit somewhere else in my package? Is it fair to ask my boss to add it to my salary or to add more paid vacation days in equivalent to the benefit money?
  
• Revenue negotiations: Talking smart
  A good negotiator earns up to $31,000 more a year. But pay heed; bad negotiations can cost you big. Are you letting too much money trot off?
  
• Team members make strong recommendations
  Use these strategies to harness your team members' power to drive client compliance and revenue—and improve your patients' health.
  
• Retirement angst
  According to Gallup's annual Personal Finance poll, American's top financial worry is retirement.
  
• Quietly rolling over a 401(k)
  I will be receiving a retirement plan distribution when I change jobs. I intend to roll it over to my new employer's plan and have been told that such a rollover will avoid a 20 percent withholding tax.
  
• The perceived monetary gap between spouses
  Think you know where your personal finances stand? If you're married, your spouse likely sees family earnings and expenses differently.
  
• Higher interest on student loans
  Student loan rates are at historic lows, says Veterinary Economics Personal Finance Editor Fritz Wood, CPA, CFP, but not for long. Wood says recent and soon-to-be graduates should act now to consolidate their student loans.
  
• Sweating under the load
  Three-quarters of people still paying off their student loans say the payments are large enough to keep them from buying a car or a house, says the Cambridge Consumer Credit Index.
  
• The essential components of a financial plan
  Financial planning early in your career is perhaps the most important thing you can do to make sure you accomplish your personal and professional goals. In fact, the day you leave school would be a great time to start planning. But regardless of your age or career stage, it's never too late to gain value from a hard look at your financial situation and advice from a financial advisor who can help you identify and implement your financial plan. Here are the essential components of a financial plan:
  
• Ensuring that you're insured
  Small business owners are particularly vulnerable to the risks of a prolonged illness or disability, because they're often the business's main asset. In other words, the business's success often depends on the owner's ability to earn income. As a business owner, you need to protect both your personal and business income. And the right insurance provides that protection.
  
• Making appropriate retirement contributions
  How much am I expected to contribute to my associates' retirement plans? Does this count as part of the compensation my associate earned based on production?
  
• Credit scores trump educational debt load
  Cleveland—Though many veterinarians fret about student loans prohibiting them from buying a practice, the real killer is revolving credit, such as credit cards and car loans.
  
• Securing your Social Security
  My partner recently received information about her Social Security benefits. Should I have received a statement too?
  
• Live prudently now to pay down debt later
  If students begin curbing all unhealthy spending habits while in school, academic leaders say they can trim the size of their pending student loan repayment substantially upon graduation.
  
• Dreams of Retirement Fleeting
  I left the exam room for just a few minutes to get a shot of penicillin for her dog. By the time I got back, Mrs. Quibble was hopping mad.