Practicing Physicians | What's On Your Mind?
It’s common for physicians to consult with financial professionals, accountants, insurance agents, tax-planning professionals, attorneys, and practice-management specialists. It’s critical to integrate your financial team into your overall goals so that each professional on your team is aware of what the others are doing. If each professional isn’t communicating well with each other or is unaware of your total financial picture, you may get fragmented, inefficient advice that may negate certain strategies and hamper your wealth-creation efforts. We work with a network of experienced professionals with a wide range of skills and qualifications to assist you in addressing:
Financial Strategy & Budgeting
One of the biggest mistakes many physicians make when starting out is not developing long-term financial strategies and controlling their spending as their income increases. We will assist you in creating a financial strategy which will help to create clarity. Along with building and regularly reviewing your budget. Both of which will help you on the path toward your financial goals.
Paying Off Student Loans / Funding Additional Education.
Typically, you have gotten a late start on serious, proactive financial planning. On average you’re also facing a median debt of more than $190,000. We will assist you putting your own personal Debt Payoff Plan in place. Along with addressing the funding of any future additional education you may wish to pursue.
Buying a house / Saving for a down payment.
One major goal of many starting out on their financial journey is the purchase of their first home. We will guide you through your own personal House Buying Plan. Incorporating saving towards the down payment, protecting and improving your credit score as well as salary negotiation guidance to improve your financial position when purchasing.
Starting Your Dream Practice / Risks of Liability and Asset Protection
If you aspire to have your own dream practice, then preparing financially will help you get ahead. Creating the vision and identifying the overhead you’ll need to get started is key. We will assist you in developing the ongoing financial strategies to help you launch a practice with a sound financial standing.
At the same time medical liability is a pervasive concern as you begin your practice. Not only because of the potential effects of a settlement but also because of the costs associated with fighting a prolonged and costly legal battle. While laws capping tort damages have been effective in some states, physicians are often targeted in medical liability suits, especially in states where hospitals are protected under charitable-immunity provisions.
We will assist you in addressing these concerns of your dream practice as well. With such tools as umbrella insurance policies to expand your liability coverage, trusts and other ownership strategies, advanced risk-management techniques and investment diversification.
Planning for a Sabbatical from Your Career to Travel, Pursue Passion Projects, or to Make a Difference in the World
If a career break is in your future, we will assist you with some advance goalsetting which can help ensure that you have enough money set aside and don’t have to worry about finances while you are out of the rat race.
Saving for Kids’ College
With your own vast education, college for your children may be a focus of yours as well. If so, we will assist you in putting a complete plan in place for funding their college education up until the day they begin. As well as drawing down those funds all the way through the day they graduate.
Disability Insurance Needs
While most physicians take the precaution of purchasing life insurance, many unwittingly leave themselves and their families open to the risk of a disabling illness or injuries. A Council for Disability Awareness report shows that a typical female physician in her mid-30s has a 24% chance of becoming disabled for at least 3 months during her medical career. A typical male physician in his mid-30s has a slightly lower chance – 21%- of becoming disabled for the same amount of time. (1)
You cannot underestimate the effects a disabling illness or injury can have on your income and wealth. In some cases, Worker’s Comp, Social Security disability income, and savings are not enough to cover the gap in income, making adequate disability insurance an important part of your financial plan.
SOURCE
(1) “How to Choose the Best Physician Disability Insurance Policy.” Medical Economics. http://medicaleconomics.modernmedicine.com/medical-economics/news/how-to-choose-best-physician-disability-insurance-policy