John makes a good living as an anesthesiologist, earning more than $300,000 a year. His wages are the main source of income for his family of five.
John has made strides in his career so far as an anesthesiologist. To date, he has only worked as an employee of a group practice affiliated with a hospital system. Now he has enough experience and financial flexibility to consider pursuing his own independent practice.
John is an anesthesiologist. He has worked long and sometimes stressful hours for many years and has reaped the rewards of his profession, often earning more than $300,000 in a year during his career.
As a LGBTQ financial advisor, my clients tell me they hear this baffling question often, “You’re gay, you must be loaded right?!” There is a misconception that marriage and kids are traditionally that of a heterosexual relationship, and that as LGBTQ individuals we must have more money because we don’t spend it on kids and that we can keep our money independent of our partner’s so there is no need for this “family money” nonsense.
Marriage equality helped to level the playing field for same-sex marriages. Even with this huge leap forward, there remains many legal inconsistencies from state to state for those who are lesbian, gay, bisexual, transgender, or queer (LGBTQ).
Most clients do not expect to have an in-depth discussion about disability insurance with their wealth management advisor.
Do you have an exit strategy for your business or career? Whether you are a corporate executive or a business owner, there will come a time when you want, or need, to transition to the next phase of life. Done in advance, this can be an optimistic process, it should define how YOU want to exit. As the plan develops, there will be reality checks and alternative paths to consider, but at this point it should be a framework of how you want the future to look. If not done in advance, it will be reactive and prone to unnecessary doubt and anxiety at an already stressful time.
Do you work for an employer that granted you restricted stock units (RSUs)?
If you are considering a divorce, you are not alone. Statistics show that almost 50% of all marriages in the United States will end in divorce or separation.1 While divorce is becoming less common for younger adults, rates for those adults age 50 and older has roughly doubled in the past 25 years.2
Many business owners transitioning into retirement know it can be beneficial when their younger partners choose to buy them out. However, finding a way to finance the buyout can post a significant obstacle for younger partners.
