The Advisor
An Online Newsletter for Medical Professionals
June, 2011
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We are pleased to announce
MD Preferred 2.0!
www.mdpreferredservices.com
Below is a brief breakdown on some of the new exciting additions:
- Completely redone homepage - quickly access both our professional services or our career services.
- Integrated blog - stay up to date on MDP news, submit your own articles or read some of our thoughts.
- Innovative directory pages - use our advanced search functions to narrow your search by zip code. Build a network based around exactly where you want to be.
- Company or contact profile pages - we now give providers the ability to create a company profile or a contact profile. Let people know what you have to offer. Talk about yourself. Be as informative as you want to be.
- Industry Links - we are in the beginning stages of putting together an "Industry Links" page. This will list our healthcare partners and national partners who support the MDP program. Keep checking back as this will begin to grow exponentially into the summer.
- Members Only - stay tuned for a MDP member's only section of the site. We're keeping things under wraps but needless to say, there's a lot of exciting things in the pipeline.
We continue to make constant improvements to the site and have more plans in store for this summer. Keep checking back to see what we cook up.
As always, we welcome any feedback. If you find a bug or need to make a correction to your directory listing, drop us an email and we'll make sure you're taken care of immediately. Contact Us
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6 Investing Mistakes to Avoid
By Roger Wohlner , CFP®
While no investment approach is successful all of the time, here are six common investing mistakes to avoid:
Inability to take a loss and move on.
Psychologically, it's difficult for investors to sell an investment with a loss. Often they prefer to wait until the investment at least gets back to a break-even level. However, that may never happen or may take a long time to do so. The best approach is to forget about the past and ask yourself: "Would I make this investment today?" If the answer is no, it's time to sell and invest the proceeds elsewhere.
Not selling winners.
When an investment has increased dramatically, you may be reluctant to sell it, even if you feel its price has gone too high too fast. There is always the risk that you'll sell and the price will keep going up. But sometimes it's best to protect your gains and sell while you're ahead or at least consider selling a portion of the holding and reinvesting the proceeds elsewhere. Same question as above applies here.
Not setting price targets.
One way to take the emotion out of selling is to set price/return targets both on the upside and the downside. You don't have to sell when the investment reaches those targets, but at least review that option. Sticking with rigid rules for selling when an investment declines by a certain percentage can help prevent substantial losses. Stop orders can help with exchange-traded investments like stocks and ETFs.
Trying to time the market.
It's difficult to predict when the market will rise and fall. Even if the stock market is following a general trend, there will be up and down trading days. Trying to buy and sell stocks based on those daily fluctuations is difficult.
Read More!
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MD Preferred
Medical Directories
Knowing how to reach industry decision makers is a critical part of any job search. MD Preferred healthcare directories help physicians and nursing candidates identify hospital and private practice in-house recruiters as well as the nation's leading search firms. The MD Preferred Hotel Directory helps healthcare executives plan conferences and meetings, business and personal travel.
Hospital & Private Practice In-house Recruiters Top 100 Medical Recruiting Firms Medical Associations & Societies State Licensing Boards |
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Dow drops again. Should I get out?
By Robert R. Korljan, CPA/PFS
I don't know when the next 20% move in the market, up or down is going to occur, but, I do believe that over time the market will move up.
If great companies can make a profit, then I will make a return in my investment in those great companies. In a recent Blog I mentioned that when the market trends down, as it has been now for seven weeks, some investors get very nervous. Their first reaction is to pull out of the market and sit on the sidelines. Yet, we must be willing to experience volatility in the market if we want the size of gains that the market can give us.
If fixed income returns meet you financial goals, then get into fixed income and stay put. But, if you need to make more than what fixed income gives, then you must be willing to live with the fluctuation in the market.
Read More!
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The Most Important Step to Get Your Financial Life in Order
By Setu Mazumdar, MD
I'm often asked "How do I begin to get my financial affairs in order?"
That's a great question. The task can be daunting. Do you begin with gathering documents, or do you start reviewing your investment portfolio, or do you start reading Money magazine and hope that you'll be able to solve this seemingly complex problem?
I suggest to forget about all of that stuff...for now. Honestly, that stuff just isn't as important as the more meaningful discussions you should have about your finances. Let me explain.
The problem I see with most physicians-and most financial advisors--is that they focus on the products too much and not on the purpose those products are serving. It's like focusing on the proverbial trees and missing the forest.
So before you pick the next stock or buy the next annuity or hire a financial advisor, you need to define exactly what your goals are. Your goals dictate the financial products you buy and the investments you make. In other words financial products are simply tools to get you to your goals. They are means to an end.
Read more!
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MD Preferred
Career Services
With a growing physician shortage, with healthcare reform swelling the ranks of patients, with rising malpractice premiums, shrinking revenues and growing government regulation, it has never been more important that a physician or nursing professional make the right choice when considering a career change.
MD Preferred offers the only medical job board with top tier job listings and access to  award winning, doctor friendly professionals in: Real Estate/Relocation, Mortgage Services, Private Banking Services, Legal Services, Accounting Services and Financial Planning.
Medical professionals requiring discrete professional representation during their job search can call 800-260-8366 to speak with a personal search associate.
MD Preferred/Medical Match Job Board
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What About the Number?
By Anthony J. Ogorek, Ed.D., CFP®
A major impediment to financial success, as well as to personal happiness, is loss aversion. In a nutshell, loss aversion is the strong preference we have to avoid losses, even at the expense of gains. Another way of putting it is that we feel the pain of a loss much more intensely than we do the joy of a gain.
There are many decisions that we make in life, often to our detriment, due to a subconscious aversion to risk. For example, some people will gravitate to public sector jobs because of the perception that they offer more security than a position in private industry. When examined more closely, the potential pain of a job loss, reduced pay and possible relocation may outweigh the benefits of employment in the private sector.
Another example of the power of loss aversion is that professional golfers will play more conservatively in order to avoid shooting a score above par. They are more interested in not giving up a shot than they are in taking more risk to score below par. This isn't just anecdotal, either. Researchers from Wharton Business School have found that the joy of scoring a birdie is outweighed by the fear of scoring a bogey.
Read More!
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Home Health Care: Ensuring Comfort for Your Loved One
If your parent or loved one needs home health care, you may choose to hire a home health aide to assist with routine tasks, such as bathing, preparing meals, getting dressed, shopping, and housekeeping. However, once your loved one has agreed to receiving this care, a number of potential problems may arise. Anticipating the issues that seniors may have with new home health aides and other caregivers coming into their home can prevent problems before they arise. First and foremost, seniors have to feel completely comfortable with the people who are entering into their home. Many seniors are settled into familiar mindsets and routines, and trying to change those ways of thinking can be difficult. But, there are steps you can take to help ease the process for all involved. Read More! |
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We love contributions!
Have an article you'd like to contribute to a future Advisor? We'd love to run it! Drop us a line and let us know how we can help you get into the next issue. Contact Us |
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