Putting Your Financial Priorities in the Right Order

Randy Fine, LUTCF, president of Robert Fine Associates, discusses how dentists should take a look at their financial priorities, including insurance, estate planning, and investment opportunities, and put them in a specific order.

Interview Transcript (slightly modified for readability)

“The strategy that we want to talk about in this segment is, in what order does a person put certain financial priorities, whether it’s their life and disability insurance, their estate planning, their wills, their trusts, their healthcare proxies, their opportunities to invest, their opportunities to save, different factors that are going to come through their life — maybe business opportunities to invest in real estate or another business. Sometimes, people ask, what do you do first? For some, it’s overwhelming and it’s confusing.

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We have a process that we put together for our clients that’s a financial engineering model that focuses on getting those core protection components in place first to make sure that one bad day doesn’t wipe out everything that you’re trying to create and do. The model ensures that all of your limits on your property and casualty insurance; your life, health, and disability insurance; are maxed out to the areas of maximum protection.

Once maximum protection is in order, which also includes making sure your legal documents, your wills, your trusts, your partnership agreements, are all locked and loaded, now, you can get a little more creative with your finances toward savings. Now, once you’re more comfortable in savings, now we go more into the growth area.

It’s really a combination of understanding the philosophy and the foundations to a good, strong financial plan, and then building upon that.”

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