And Baby Makes Three

Whenever our clients are expecting their first child, they often come to me wondering what impact this will have on their taxes.  As with most things in the tax world, the answer is, “It depends.”  There are a few tax items that this little bundle of joy will impact, but much of that has to do with your income level and other aspects of your specific situation. Continue reading

Moving on up! Should We Become Landlords?

A recent, true-life client situation is the inspiration for this month’s post. Dr. Tony* and his wife, Sam*, had just made a bid on their “forever” home in California. We had prepared a plan scenario to determine the amount of home they could reasonably afford given their long-term goals and projected income and savings. After some expected haggling, they emailed to tell me their bid had been Continue reading

How to Get to Financial Independence (FI)

A client and I were meeting recently and were going over her plans for a radical change in her work habits. She’s a fairly new attending (less than 5 years out) and plans to cut back by 50% in 10 years and then retire when her youngest starts college. And she wants the same for her husband, who is not a physician and makes about 1/3 of her salary. As we put together a plan to make this happen, she made a comment that struck me: Continue reading