What should doctor's do with an extra $1,000,000?

Whether it’s a buyout, a bonus, an inheritance or even the gradual piling up of cash in your bank account, many physicians are wondering what to do with a large chunk of money. Should you invest it? Pay down debt? Save for college? Or use it as a cushion for a job change? Even if you haven’t hit the extra million mark, you need a plan  to make the most of it. Listen now for a discussion on emergency funds, paying off student loans and mortgages, and other scenarios for how you can spend or save that extra cash. Whether it’s $25,000, $250,000 or even a million dollars, you’ll learn something in this episode to make a better decision.

ASK A QUESTION 

Send your questions about taxes, investing, extra money, retirement, college and financial parenting to [email protected] or call the Physician Family Answer Line at (503) 308-8733.

IN THIS EPISODE 

• [01:02] Examples of how doctors have accumulated extra funds.  
• [03:10] What to consider when you have extra money, regardless of how much it is.  
• [06:00] What is the “anchoring effect” and how can it affect bank balances?
• [08:35] Ways doctors can spend their extra money.  
• [14:10] What to consider when trying to pay off student loans. 
• [16:28] How to determine whether or not to pay off a mortgage. 
• [21:00] What most people do once they are debt free.  

NOTICE 

Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.