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This year promises to bring change.  Some good, some bad.  What’s good and bad is simply a matter of one’s perspective.  The Affordable Care Act is one item high on the list of potential changes.  Those changes won’t come without much debate.  What that means to physicians in the form of regulation, requirements, hours, lifestyle, liability, and revenue stream is yet to be seen.  The ever-present threat of change really never goes away in the physician world, it just looks different. Don’t let this detract from the constants of maintaining and executing a successful personal financial plan.  Don’t pursue undue or unnecessary risk.

You can accomplish all your goals by sticking to the basics.  Be sure to maximize your contributions to qualified retirement plan accounts, accelerate debt repayment, and save additional amounts after-tax, as best you can.  Review your life and disability insurance policies with a vetted professional to ensure the correct level and type of coverage is in place.  Make sure that professional is paying close attention to the provisions within those policies and that the fine print aligns with your particular situation.  Update your estate plan if that’s not been done in the last five years, particularly if there have been changes in your family dynamics.  Connect with your CPA and proactively mitigate taxes throughout the year, not just when you see the amount you owe on your return.  Consult with your financial advisor to ensure your entire plan is working in sync toward your financial goals.  If that sounds like a lot of work, it certainly doesn’t have to be.  Appoint your financial advisor as the quarterback and be sure everyone is on the same page.  The better your team communicates, the higher your probability for success.

2017 will bring change.  So will 2018.  Change is constant.  Make sure your good decisions are, as well.  Stay diversified.

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