In this episode of the Sound Financial Bites podcast, Paul Adam’s sits down with co-host Cory Shepherd for part two of “Protecting Your Window.” They provide sound advice for maximizing the window of time around a significant income boost to protect you and your family and design and build a good life.
Paul and Cory’s dialogue focuses on the value of disability insurance, how to effectively plan wills and trusts, and the tried-and-true benefits of saving cash.
What Was Covered
- 4:10 - Leaving your house in order
- 4:37 - A review of disability insurance
- 7:40 - True story about the value of disability insurance
- 10:25 - The importance of sharing all the details with your financial advisor
- 11:03 - Reach out to [email protected] for advice on your disability situation
- 11:45 - The story of a client who maximized their white coat window
- 13:03 - We’re all one doctor’s note away from never getting disability insurance
- 14:14 - Tips for locking in the best disability insurance for life
- 15:38 - Wills and trusts
- 16:50 - Key decisions in estate planning: guardians, trustees, executors
- 17:30 - Life insurance
- 21:00 - How much would the bills change if you passed away?
- 23:25 - The final protective measure: Cash
- 25:20 - Sneak peek at episode 115’s content: why you need to stop saving money and start building wealth
“If what you want to be able to do is design and build a good life... what that’s going to require is that you adopt habits and practices, many of which are easiest to adopt when you go through this window of time when your income rises substantially.”
“We need to make sure in protecting our window that we get everything protecting it from a liability perspective: car, homeowners, umbrella... housekeeping of the wills and the trusts, disability insurance as appropriate... and life insurance.”
If you are a physician who is still in med school or residency, email any of the facts you know about your current disability insurance to [email protected] to get feedback from our team
Need help connecting to an attorney for estate planning? Email [email protected] to get help connecting to a trusted professional
Learn more about disability insurance on Episode 98
Learn more about disability insurance on Episode 99
Learn more about passing on legacy assets
Learn the best practices of estate planning on Episode 12
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