Welcome to this week’s edition of the Doctor’s Eyes Only podcast where Vestia Partner and CEO Lauren Oschman delivers Part 1 of a 2 Part series on Spring Cleaning for your Finances. As Lauren mentions in the podcast, the idea of spring cleaning is a cleansing, de-stressing activity to allow you to move forward confidently with more focus. This is in relation to your home, however it can be a very similar feeling after doing some spring cleaning for your finances. A great example could be if you have multiple brokerage accounts with different companies or advisors. Many times physicians who don’t have a specified advisor will invest extra cash in different accounts because of a special being offered or because they heard good things about a certain company. 

“Well, imagine how hard it is to keep track of four accounts. Number one, you have to remember they all exist. You have to have the credentials to actually get access to all of those accounts. You have to make sure you have four different tax forms to give to your accountant to report the same kind of activity, because again, it's the same type of account…”

The second tip Lauren shares for physicians looking to do some spring cleaning for their finances is to check the interest rates on savings accounts. As everyone knows the interest rates for getting a home loan have risen dramatically and it has impacted the real estate and lending industries. Something that many physicians have not considered is that the rates have also risen on savings accounts.

“Here's what I'm observing when I am meeting with doctors who are not currently working with an advisor or who haven't had time to look into this. They have money sitting in say their bank savings account where they're getting maybe 0 .1% interest.. According to the FDIC the national average on bank savings accounts or on savings accounts is 0.47%. So that's the national average. There are platforms where you can open up a high yield savings account. Often these are online platforms so you can set up an online savings account that is high interest.. Most of those are at like four to 5% interest.”

There are many other great tips regarding spring cleaning for your finances in this episode and even better than that, there is a part 2 that will release later this week, so be sure to follow, and subscribe where ever you find your favorite podcasts and check back soon for part 2. As always, the information in this podcast is a general over head view, and we suggest meeting with your financial advisor and your accountant before making investment or tax decisions based on your specific situation. If you do not have an advisor or would like a second opinion, you can reach out to us at myteam@vestia.com, and an advisor will be in touch soon! 

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