b'FOR YOUR PRACTICEWhole life A valuable tool, but not for everyoneContributed by The road to practicing dentistry orclients are always looking for other ways outside Shawn M Johnson,medicine is indeed a long one, filledof the conventional vehicles (which they may have ChFC, CLU, CLTC with challengesboth academic andmaxed out) to satisfy their savings needs. financial. However, once you reach the Vice President, Business Developmentpoint you envisioned, you will most likelyBegin at the beginning: Once you leave Treloar & Heisel, Inc.be well rewarded for your hard work andresidencyCA Insurance Lic. # 0M88197investment. Not only is it rewarding toBefore we get ahead of ourselves, lets go back sjohnson@treloaronline.net be able to make a difference in peoplesto the beginning. Lets go back to when you health and wellbeing; the successfullycompleted your training. For many people, the practicing professional is rewarded with aduration of their training is financed at least positive financial picture. partly with loans. Once you are out of training, Having a solid revenue stream bringsyou finally start building your financial foundation. with it the question of how best to spendIn the beginning, people typically secure their today and where to save for the future.necessary insurances and start figuring out their We thought we would focus this topicstudent debt repayment plan. On the professional on the established dental and medicalfront, they start practicing, either as an associate, It is much morepractitioner: someone who has a solidowner, partner, or as an employee within a larger career path, a healthy cashflow, hasorganization. Then, they set up an emergency appropriate to comparefully funded emergency funds and theirfund (say 3-6 months of living expenses in retirement accounts, and they havecash). Perhaps they save up a down payment to the qualities andtapped out tax-advantaged savingsbuy a home or to stage themselves for practice options. Perhaps that is you.ownership.returns of whole life toEven if you are not quite there yet,The question of how much to save often comes upand where or in what savings vehicles? Over perhaps this is your dream. In which case, other safer assetsthis article may be useful as you thinktime, income increases and so does the capacity of your future savings opportunities. Ifto save. Upon fully funding qualified plans (a like municipal bonds,you already make a good living or are onqualified plan is a tax-advantaged savings plan, your way to making a good income, thenlike a SEP or a 401(k)), there is often still a CDs, money markets,you will need to have a financial plan todeficit in the amount of savings needed to create best get to your destination. That is ourfinancial independence. This is where other and savings accounts. recommendation to all our clients. Andfinancial tools are needed. Whole life insurance within that financial plan, our hope is thatcould be one potential piecewhich provides you will have the opportunity to fully fundboth the protection afforded by life insurance your retirement accounts. In situationsas well as the opportunity to save money in a where there is plenty of cash flow, ournon-correlated asset class. A non-correlated asset class is one that performs counter to equity AAP Periospectives| 20'