If you are a physician, dentist or medical professional, you might have particular interest in our focus on helping you with financial planning and maximizing your net wealth. Practicing medicine requires that you manage your career as a business. However, many medical professionals have little, if any, time and/or business and financial training or expertise. Your financial security depends on your ability to manage income and expenses, make prudent investments and provide for personal financial commitments such as lifestyle expenses, education costs and retirement.
We have found that you face unique challenges such as:
High Levels of Debt: Medical professionals’ school debt levels have quadrupled over the past 20 years, with average student debt surpassing $200,000 in 2014.1
Taxes: The average medical professional’s starting salary exceeds $115,000, placing you in the top 10% of all wage earners. Income at this level means a higher percentage of your earnings are going to taxes.2
Delayed Entry into the Workforce: You spend 8 – 12 years in training, far more than professionals in other occupations. Due to these realities, planning for life events and retirement requires an entirely different strategy to make up the lost dollars and time.
Asset Protection: Asset protection is more than medical malpractice. From a frivolous injury lawsuit, weather disaster, physical or mental disability, bankruptcy, or divorce – there are a number of circumstances that can lead to the loss of your hard earned assets.
Questionable Advice: Advice comes from many sources but it’s often inappropriate for your particular set of circumstances. Salespeople, colleagues and family members all seem to have an opinion as to what you should do with your money.
- Association of American Medical Colleges, Physicians Education Debt and the Cost to attend Medical School, 2014
- Financial Samurai, How Much Money Do The Top Income Earners Make?
From Residency to Retirement, we can help address these challenges, educate you on your options and provide customized financial advice.