Welcome to our informative blog on financial arrangements that can help you reduce your taxes annually and maximize your wealth growth potential. In this article, we will explore the basics of taxes and taxation, discuss different tax brackets, and delve into various financial tools, investment options, and cost-reduction strategies that can optimize your long-term financial success. Additionally, we will share real-life client stories and testimonials to illustrate how we have helped individuals like you reduce their tax burden and achieve their wealth-building goals.  Understanding Taxes and Taxation Basics  Before we dive into specific strategies, let's establish a solid [...]

As a doctor or medical practice owner, it's easy to become consumed by your work.  After all, you've built your business from the ground up and put in countless hours of hard work to get where you are today.  However, it's important to remember that your practice is not just an extension of yourself – it's a separate entity that should be able to operate independently of you.  One way to achieve this is by avoiding the hub and spoke model. The hub and spoke model is a common approach to running a practice, where the owning physician [...]

Paying down student loans efficiently is a common concern for many physicians, given the high cost of medical education. Here are some strategies that can help physicians tackle their student loans more effectively: Create a budget: Start by assessing your income, expenses, and financial goals. Develop a realistic budget that allows you to allocate a certain portion of your income specifically towards student loan payments. Explore loan repayment options: Physicians may qualify for various loan repayment programs such as Public Service Loan Forgiveness (PSLF) or income-driven repayment plans (e.g., REPAYE, PAYE, or IBR). These programs can potentially lower [...]

As with any profession, physicians need to plan for retirement. However, those who enter the medical field later in life may face unique challenges when it comes to preparing for their golden years. Here are some tips for physicians with a late start in the medical industry who are planning for retirement. 1. Maximize retirement contributions One of the easiest ways for physicians to prepare for retirement is to maximize their retirement contributions. This can include contributing the maximum amount allowed to their employer-sponsored retirement plan, such as a 401(k) or 403(b), as well as making additional contributions [...]

Happy National Physicians Week to all the members of Charleston County Medical Society! We celebrate you every week, yet during the week of March 25-31, we really want to thank you for all you do! As a physician, it’s important to prioritize your time wisely. You are extremely busy with the ever-present demand for your attention: spending time with family, to-do lists, patient care, research, and staying current in your field. When does one have the time to prioritize their future and investing in a portfolio? Since the folks at Huskey Financial are driven to provide education to [...]

Over the next several months I will be sharing insights from conversations I’ve had with many clients in the medical space (if there are things you’d like me to address, specifically, please leave them as comments below). In reflection, though, it strikes me that the place to start is perhaps not the most obvious—where many medical professionals fail in their financial goals is caught, in my experience, in the nuances of understanding of their own advisors—the advisors get in the way of strong retirements and strong businesses with cliché information—often from people who do not fully understand the [...]