Regional Anesthesia Services LLC.
Fundamental delivery of anesthesia that is sound in practice and based on widely accepted care.
Provide care as a locum anesthetist in order to allow for an income stream that is higher than average W2 and allow for better than average tax savings.
Utilize a portion of the company to inform & educate CRNAs regarding locum anesthesia and allow them to support the site by referrals, site support tab for T-shirts or someday have enough traffic to the site for advertising revenue.
I want to mention this as many of us are well paid but debt being what it is, it is easy to stay in-debt. I have a spreadsheet that shows all debts and a planned pay-off date for getting out of debt. Strategic use of debt for assets can be good but long-term high interest debt can be a real struggle. Set a system in place that will keep the overall monthly debt decreasing and either increase income or decrease spending in order to decrease the overall debt burden monthly.
Retirement: despite debt and the fact that it's there many are more interested in retirement savings and depending on the rates of interest on debt ... retirement planning is very important and may be more beneficial than the quick pay-down of debt. You really need a good financial planner and CPA to discuss this with. This year will be my first year venturing into the dilemma of solo 401k v sep IRA. My net taxable income was pretty low compared with gross income and therefor it appears that the solo401k may be a better option. I also now have to think of our child and my husband. Tax, financial, & retirement planning are a family ordeal and now they have to be taken into account. Being able to save with the least post tax income, in most instances, is the goal.
Usually a necessary evil in the world. How much is enough? How do you protect yourself without being taken advantage of and what is too much protection?
Health insurance... most agree you have to have this. Some plan for if something catastrophic happens at the minimum.
But what else? This depends on where in life you are? Are you fresh out of school and can't afford a week without a paycheck? Do you have a cushion of expenses socked away in a semi liquid investment?
Short term and long term disability? Do you need it? Do you have to work to pay the bills? If so, at least long term disability might be beneficial for you. Can you take 3 months off and be ok? If not, short term disability might be important. Why am I not definitively stating?? I don't know your position. I have other investments in real estate that are acting as my disability insurance and retirement savings. They are not liquid and for a couple years it's been a big risk not having extra insurance. But the funds that would have been paid to insurance went into property that now keep me from the stress of what if someday. It's still not even at bill paying level so I should technically have insurance for disability but if I had to cut back and sell things... I could live off the rentals. Sooo, it's a start. Things to think about concerning disability insurance. Is it an "own profession" policy if not the insurance will say you can work as a Walmart greeter and you are not disabled. This is a clause though that means the insurance will be more costly. Also, please look at the overall payment amount should you have to use it. Ask your CPA, but I think this amount is taxed as income.... sooo, is it really enough? Many say it 30-40% of income but enough to pay the bills if I get injured (speaking about short term recoverable injury), what happens with permanent disability? How long will it cover you and at what rate? Does it change for inflation?
So when I advise financial, tax and estate planning, I tend to tell people to be very acutely aware of those that try to place them in a whole life policy or an annuity. These are insurance products that are high commission for the agent and have a lot of loopholes for the insurance company and some questionable benefit for the average individual. Most advisors, planners, CPA and tax individuals that are not insurance sales people have recommended term life insurance. Term allows lower premiums during the period of life where you are least likely to pass away. This allows you to invest more for retirement, put dollars to work so that you may have your own estate plan that covers your final expenses when you die at 150 years of age and life insurance isn't needed.
First know your carrier and type. Claims made V occurrence. Do you have your own insurance? Do you have a policy covered by your employer and have no idea? If you have no idea... did you know that you could have been named in a malpractice suit and it settled without your knowledge or consent? This is one expense I don't go without. This is very state specific and hospital/credentialing requirement specific. Independent, 1099, county, state, and length/type of practice are generally taken into account when setting up a policy. Any move or change requires a call to your insurance provider.
This is a part of the plan but it's getting long