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SUCCESS STORY OF THE MONTH! (Note: The details of these stories have been changed to maintain confidentiality, and some compilations are used to accomplish anonymity.) “The distance a person goes is not as important as the direction.” ~Anonymous~
A Medical Doctor Needs A Financial Doctor… (a true story) Dr. Kelly (name has been changed) is probably one of the best known surgeons in her field. So well known, that no one would believe how messed up she was, financially speaking. Dr. Kelly's ex-husband is a highly paid executive, and because of her high income, didn't get forced to pay any alimony when they got divorced three and a half years ago. They split up their assets pretty much right down the middle (Although she originally wanted to nail him when she found out about his lack of faithfulness, she later realized that revenge is an ugly emotion, and maintained a cooler perspective.) and went his own way. Now, at age 44, she has found herself still alone, and a walking financial disaster! For example, she earns a very high six figure income, which she expected to continue however, the last year has convinced her that health care reform and managed care will take away some portion of that high income. Because in the past, she thought that exceptional income would always be there, she spent money without thinking about anything. If she wanted something, she bought it. Also, she thought nothing of borrowing to buy things, because when you think your income is unlimited, what's the big deal about some more monthly payments? Right? Well, as it turns out, it's a real big deal! When Dr. Kelly was referred in to see us by another doctor on staff at the hospital, she seemed sort of confused. See, she decided to come to us because she couldn't figure out why she was running out of money all the time, when she made so much. Dr. Kelly started to get nervous when she actually had to not buy some furniture for the office because she wasn't sure if she could afford it. That's when she asked her doctor friend if he used anyone to help him with his money, and he recommended she talk to us. Well, when we went through her finances, she became very upset. Just the very act of asking her to gather all of her financial information, like money in the bank, investments, insurance policies, loans, tax returns, wills, trusts, etc...got her to realize her financial situation was totally out of hand! Plus, when we went over her monthly cash flow with her, she seemed to be in a state of disbelief. Anyway, when we reviewed all her information, and designed a plan for her, she saw that she had been making many big mistakes with her finances...and that the financial "diseases" she had were readily "curable"!
| Find what you are looking for! For example, we showed her how to: ü Refinance all of her personal and business debts by using some little known techniques to save her about $1,450 per month in cash flow! ü Convert illiquid equity into cash right now! ü Restructure her practice to create legal tax deductions she never took advantage of before. This new set up will save her over $9,200 in income taxes this year alone! ü Refile her 2004 taxes to get a refund of $3,987 because of a commonly missed tax savings item that almost no one ever takes advantage of! (Hint- If you bought a home last year, you might be eligible for this type of a refund!) ü Reduce her insurance premiums by $866 per quarter! ü Properly set up an estate plan that will accomplish her wishes, and that will save hundreds of thousands of dollars in estate and gift taxes! ü Correctly diversify her assets, so that she wouldn't be caught with all of her eggs in one basket! ü Plan for her future under the new health care environment that is surely upon us! The bottom line is that Dr. Kelly is an expert at curing sick people, not at curing her sick money. She admitted that her main method of taking care of her money was to talk to other doctors during surgery or in the locker room, and to read "Money Magazine" that sits in her office. She now understands the fact that just like she wouldn't recommend that we take care of our surgery needs by talking to some co-workers who also know nothing about surgery, and from reading "Surgery Today" magazine! We all need to do what we do, and get help from professionals in the other areas of our life. Dr. Kelly now spends more time concentrating on surgery, with the new found peace of mind she has about her financial situation. I think I'm glad to hear that. Especially if I were needing to go under her knife! - this story was submitted by Jackson Fields of J.F. Capital Management So, what about you? How certain are you that your finances are as solid as they can be? If you are interested in learning more about how you can save money in taxes, or other expenses you might be overpaying for...or want to sit down and develop or update a financial plan so you will be prepared if your financial life changes, fill out our quick contact form below and we will refer you to your area's most successful financial planner in our exclusive private network. We're here to help you, and to help you keep on track with your planning. Don't be a stranger. We'll assist you in having the best shot possible of reaching your goals, and having peace of mind! Don't wait until it's too late! To read another success story by our network, please click here
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