Author: Zachary Morris, CFP®

Having traveled to over 35 countries, Zach is a believer in Ralph Waldo Emerson’s statement that Life is about the journey, not the destination. Being a CERTIFIED FINANCIAL PLANNER™ provides Zach the opportunity to help clients define and realize their journey, and co-founding Paces Ferry Wealth Advisors, an independent firm, allows the freedom to define the client experience along the way.

Small Business Employee Compensation Packages: Choosing What’s Right for You

Written by Zachary Morris, CFP® on September 13, 2021.

A Written Compensation Plan is Vital to Your Company’s Success

If you’re a successful small business owner, you likely have a solid business plan in place. However, if you’re like many entrepreneurs, you aren’t as adept when it comes to devising employee compensation packages. It can feel a bit like an afterthought when you’re focused on launching or growing your business, but determining the right compensation package may be critical to your long-term success. After all, the right compensation can assist you in recruiting top talent and in retaining your top performers.

As you consider your options, do so with your company’s overall strategy and values in mind. You want to be able to compete for the best talent, but without overextending your resources. Below we’ll discuss a few ways you can get started.

Emergency Funds: Why Everyone – Even High-Income Earners – Should Have One

Written by Zachary Morris, CFP® on August 23, 2021.

There’s a Reason so Many Experts Recommend this Safety Net

We’ve all heard the prevailing wisdom that everyone should have an emergency fund, but is it necessary for physicians, lawyers, and other high-income earners? This is a bit of a divisive question, with some financial experts continuing to push the dogma of having a cash reserve of at least three months’ salary set aside somewhere, and others making a sophisticated argument that an emergency fund doesn’t truly serve high-income earners.

It’s true that not every person’s financial needs are the same, but it’s still important for everyone to build and maintain an emergency fund regardless of income or assets.

Wherever you are in your career and financial journey, having a cash reserve set aside for a rainy day serves three important purposes.

5 Tips for Physicians: Paying Off Student Loan Debt

Written by Zachary Morris, CFP® on June 28, 2021.

Medical School Comes with a Hefty Price Tag, but Here’s How to Tackle It

Though medical school can be a fantastic investment, it’s no secret that it can be incredibly expensive. Most med school students believe this investment to be worth it due to the estimated income of most healthcare professionals. However, it comes at a high cost. Statistics show that the average student loan debt for college students is $32,731, whereas the average medical school debt is $201,490 – quite a drastic difference.

Having large amounts of debt can seriously impact your finances, as well as your emotional and physical well-being. It can increase stress and tension and contribute to things such as poor judgment, inability to focus, and habitual procrastination. These are obviously not conducive to establishing a thriving medical career.

If you’re a medical student or doctor looking to protect your net worth and quality of life, it’s imperative that you establish a savvy plan for paying off your student loans. Here are five tips to get you started.

Should You Rent or Buy a Home When You’re Retired?

Written by Zachary Morris, CFP® on June 16, 2021.

Why More Retirees Are Enjoying the Perks of Renting

One of the biggest financial questions near-retirees must answer is what their living situation will look like in retirement. Many choose to move closer to friends or family, while others move simply to downsize. In addition to location and square footage, however, it’s also important to make the decision between renting or buying. Though it may come as a surprise, renting in retirement has become a growing trend. In fact, since 2005, the largest growing group of renters has been people in their fifties and sixties.

Renting may be a growing trend, but how do you know if this is the right decision for you? There are several factors, both emotional and financial, that you’ll need to take into consideration. To help you explore your options, we will discuss several of these factors below, including crunching the numbers, creating cash flow, and the freedom of movement.

Cash Balance Pension Plans Can Benefit Doctors, Lawyers and Small Business Owners

Written by Zachary Morris, CFP® on May 24, 2021.

Five Reasons to Consider this Defined-Benefit Plan for Your Business

Many small business owners, including doctors and lawyers in private practice, can benefit from a cash balance pension plan. These plans offer significant tax deductions and accelerated retirement savings, making them especially beneficial for those with retirement looming in the near future. What’s more, this defined-benefit plan with a 401(k) twist can help you meet the needs of your employees, too. Many high-earning professionals are unaware of this option, though it offers benefits from both the retirement planning and tax avoidance standpoints.

How to Use the S.M.A.R.T. Goal-Setting Framework to Set and Achieve Financial Goals

Written by Zachary Morris, CFP® on April 7, 2021.

A Savvy Strategy for Meeting Your Money Objectives

If you want to achieve your life’s goals, you must first envision them and then create expectations for yourself. When you begin to see your goals as reality, it can become easier to see how to reach them, too. However, this can often feel like an uphill battle – especially when it comes to your financial goals.

Planning for success in your financial future is a challenge, but you can help yourself stay focused and on track by setting the right type of goals at the outset. To improve your chances of success, set S.M.A.R.T. financial goals.

5 Ways HSAs Can Bolster Your Retirement Plan

Written by Zachary Morris, CFP® on March 24, 2021.

Health Savings Accounts Offer Several Benefits to Your Retirement Strategy

If you’re maxing out your 401(k) and IRA contributions, you’re likely on the road to a comfortable retirement. If you’re saving in taxable accounts, too, you’re even further ahead of the game. However, you may be missing out on an incredibly tax-efficient savings vehicle. If you truly want to bolster your retirement plan, it’s time to look into a health savings account (HSA).

Health savings accounts are the only option for triple-tax savings, meaning you can contribute pre-tax dollars, pay no taxes on earnings, and withdraw money tax-free now or in retirement as long as it’s used for qualified medical expenses. Simply put, HSAs go to work for you in three ways and provide the ultimate tax-efficiency. Read on for five ways you can fortify your retirement plan by using an HSA.

Understanding the Pros and Cons of High-Risk Investments

Written by Zachary Morris, CFP® on March 10, 2021.

A Look at Seven High-Risk Investment Options for the Investor with High-Risk Tolerance

There is no one right way to invest. Smart investing takes into consideration the individual and their personal preferences, and these preferences include things like risk tolerance and overall comfort as an investor. This is because there is a broad spectrum of investment options available, and some are inherently riskier than others. As the level of risk increases, so too do the possible gains – and the potential losses. While some level of risk is a natural part of investing, high-risk investments aren’t a good fit for most people. Still, if you have tolerance for it, you may be able to reap great rewards by adding them to your investment portfolio.

Below we’ll discuss the pros and cons of seven of the most popular high-risk investments.

Tax-advantaged Savings Accounts for High-Income Earners

Written by Zachary Morris, CFP® on February 10, 2021.

Saving for retirement requires planning and, to some extent, strategizing on a multitude of levels, this is especially so if you’re a high-income earner. If you’re a high-income earner, in particular, one of the most important strategies you’ll need to implement is a tax strategy that maximizes the benefits provided by different types of retirement savings accounts.

These accounts encourage individuals and households to save toward their retirement goals. For more affluent households, however, there are more options available regarding which accounts to allocate savings to. So, the question becomes, how can you maximize the tax benefits of various retirement savings accounts when your high-income status allows you the ability to contribute to several different accounts simultaneously? We’ll discuss your options below.