• Financial Wellness

  • One of the most well-known causes of stress is money. According to a 2021 American Psychological Association study, 72% of Americans reported feeling stress about money at least some time in the prior month. While we can’t control all aspects of money-related stress, we can help alleviate some of it by simply being proactive in managing our finances. For the next several weeks, we’re going to introduce you to financial advisors who can help us better understand the terminology, ideas, and some financial strategies to consider. Each person’s situation is very unique so the advisors aren’t here to tell you what to do specifically with your finances, but rather help you think of your approach and perhaps give you some ideas you can research or discuss with your own advisor to either launch or enhance your own wellness journey.

    Darren Collins

    Darren Collins is a UK-based financial advisor and avid proponent of financial education. His finance work is complemented by experience as an educator, resulting in a skill for making complex information more digestible — particularly to people who are new to finance. He sent us a message about the importance of financial planning, how to think about it at different stages of a career, the difference between saving and investing and how they can work together to grow your money. If you have any questions, you are welcome to reach out to him at darren@firsttouchfinance.co.uk

    Jim Hiles

    Jim Hiles is a partner at First Capital Advisors Group in New Jersey and has over 30 years of experience working with business owners, executives and medical professionals. He is dedicated to helping his clients enjoy financial liberty and believes in the power of financial planning to help alleviate physical and mental stress. In part one of a three-part series, he addresses those who are early in their ophthalmic career and offers some suggestions for setting up for future financial success.

    Bob Peelman

    Bob Peelman is a financial consultant with OJM Group and is a contributing author of the financial resource Wealth Management Made Simple. He sent us a message about five financial pillars that can help get anyone on the path to financial freedom and wellness and stay on it. With a couple of key takeaways, he believes anyone can contribute to their own general wellness by being proactive with financial planning. Stay tuned until the end for a free wealth planning resource from OJM — customized for the modern physician.

    Paolo Ongarato

    Paolo Ongarato is a financial consultant with Banca Mediolanum in the Veneto region of Italy. Although each country has their own financial regulations and systems, his advice for strong foundations rings true for anyone no matter where in the world you live. He briefly echoes the sentiments of other consultants in this series and puts it against the backdrop of his native Italy. He welcomes any questions at paolo.ongarato@bancamediolanum.it.

    Carole Foos

    Carol Foos is a Certified Public Accountant (CPA) and tax consultant to OJM Group. Her message about how to find the right financial advisor is born out of over 25 years of experience in accounting, tax planning, and financial consulting. She is also the co-author of more than a dozen financial resources including Wealth Planning for the Modern Physician. Understanding what different types of advisors offer and the scope of their accountability can help you decide if you could benefit from working with one. If so, she believes that trust and transparency are crucial, so she offers a few questions you can ask prospective advisors while on your path to financial wellness.

    David B. Mandell, JD, MBA

    David Mandell is a renowned authority in the fields of asset protection and general wealth management. He’s authored articles that have appeared in over 40 national publications and has been interviewed as an expert in national media outlets, including Bloomberg. Having co-authored more than a dozen financial resources, including Wealth Planning for the Modern Physician, he is well-positioned to offer some solid advice on tactics to consider not just in growing, but also protecting, your wealth and assets.

    Jim Hiles - Part 2

    Jim Hiles is back with part two of his series, addressing the mid-career professional. He offers several specific tactics you can consider in order to make sure you are on the right path to financial wellness. He believes that anyone can get themselves on the right track and help alleviate finance-related stress. He refers to a study published by the Huffington Post that speaks to the ill effects of said stress. It contains references to works by Peter Schnall, clinical professor of medicine at the University of California, Irvine, Division of Occupational and Environmental Medicine, publications by the NIH and the United Nations’ declaration of stress as an epidemic.

    Jim Hiles - Part 3

    Jim Hiles is back with the third and final part of his series — this time, addressing the late-career professional. He addresses diversification along with several specific and timely tactics which you may want to research and include in your strategy. With a focus on professionals looking to retire, he covers long-term planning, the power of dividends and compounding, managing emotions, estate taxes, life insurance and more. One last reminder to stay tuned until the end for a free wealth planning resource from OJM — customized for the modern physician.

    Thank you for journeying to financial wellness with us. Any of our guests here will be happy to answer your questions and you can find their contact information in their videos or in their video descriptions. For more articles and videos on financial concepts as they pertain to ophthalmology practitioners and practices, you can visit our AAOE® (American Academy of Ophthalmic Executives®) page.