Traditionally, a well-conceived financial plan consisted of tax reduction planning, various insurance matters, investing and portfolio management, and retirement and estate planning. For modern physicians, however, these disciplines and many more must be incorporated into the mix in a managerially and psychologically sound manner not counterproductive to individual components of the plan.
Comprehensive financial planning is truly a journey and not a destination.
Physicians are unique from most people because they enter the workforce about a decade later than their non-medical contemporaries, leaving fewer productive years and beginning with enormous medical school debt levels. Building a financial plan is the first key step in organizing your finances and making sure you’re on track to meeting your investment and lifestyle objectives. A properly developed financial plan can help you set your priorities and allocate your funds accordingly. Most physicians will need to decide whether incorporation is the right choice for their practice and those who are already incorporated will need to make sure they are maximizing their corporate strategies.
Helpful Tools For Physicians…