Financial Planning for Physicians

“All my time, effort, and energy has been focused on becoming a physician. Now that I’m a physician, how am I going to make decisions about my finances? I studied biology and chemistry — not investing and accounting.”

As a physician, you’re faced with many important questions that come with self-employment and your new high level of income. Here are some of the common challenges I see with my physician clients:

Physicians get a late start.

Do you feel like you have been left behind by your non-physician professional friends and peers? Physicians get a late start to their earning careers and may also have the burden of student loans. This leads to questions like:

  • How much should I already have saved for my retirement goals?
  • What if I make mistakes with investing, insurance, and managing taxes?
  • Will I need to work until I’m 70? Long hours and burnout are real. Can I physically last that long?
  • How many years will I be able to deal with the politics and business of hospitals and medicine? 

Physicians are prone to lifestyle creep.

You’ve worked hard and sacrificed to get where you are. Now you’re ready to enjoy your new higher level of income. It’s tempting to splurge and live a luxurious lifestyle. You’re probably asking yourself questions like:

  • We explored options all over the country of where to practice medicine and the place our family will call home. We’ve settled on the right destination for our family that offers an amazing quality of life. Can we afford that $2M house in our dream city?
  • How about the new Mercedes-Benz S-class I’ve wanted since medical school?
  • And the new country club just started accepting member applications…
  • Can’t we wait a few more years to start saving for retirement?

Physicians are extremely busy.

As a doctor, you don’t have much time outside of work. The time you do have is dedicated to sleeping, exercising, and spending time with your family. That doesn’t leave much time for figuring out what to do with your money. You’re probably struggling with questions like:

  • I already spend too many hours on paperwork, regulations, and EHRs. Do I really want to spend more time on administrative work in my personal life?
  • What’s the best investment approach for my family and my future?
  • With a high income, how can I minimize taxes?
  • I need to figure out life insurance, disability insurance, etc. How do I do that?
  • I’ve put all of my income into a savings account but I know I should be doing more.
  • I’ve tried doing this myself (DIY investing or robo-advisor) but I feel unsure about my decisions.

As a financial advisor specializing in physicians, you can outsource your worries to me.

I have extensive experience working with physicians and medical professionals who have found success. Most of my clients are in their 30s and 40s and are experiencing financial success after surviving without much income during residency or fellowship.

Let’s get you to a place where you feel confident in your financial decisions and know how to take advantage of your opportunities.

Working together, you’ll receive:

  • Personalized and ongoing financial planning
  • Investment management
  • Risk management and insurance planning so your assets are protected
  • Guidance on tax planning and selecting a business entity
  • Behavioral coaching so you can avoid lifestyle creep while making key lifestyle upgrades
  • A “captain” to coordinate with the other professionals on your team (CPA, attorneys, insurance agents, etc.) so you can take strategic action
  • Clarity on where you are today relative to your retirement goals, and whether those goals are realistic.

Having these issues taken care of will let you take care of yourself, spend more time with your family, and feel confident that you’re on a solid financial path.

Schedule Your Free Call With Nick Today!

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