On average, physicians are the highest paid professionals in the U.S. But even the best paid physicians need to plan carefully for their retirement, and make sure they’re truly putting away enough to be comfortable in their golden years. Here are some ways to assess your own savings, and retire without financial strain: How much should you save? Despite the higher earning Continue Reading
Avoiding Pitfalls for Your Physician Finances
Over the course of your career as a physician, your income will change quite a bit. Compared to your days in residency, your income as a practicing physician can be double, triple or even more of what you used to make. In general, earning potential for physicians is high, but it also comes with some risk. Here are some ways you can protect yourself throughout your career, and Continue Reading
Updating Your Physician Estate Plan
Your estate plan is the comprehensive guide to your wealth and property when you pass away or become incapacitated physically or mentally. Whenever you experience big life changes – marriage, divorce, buying a home, death of a loved one, birth of a child, etc. – it’s important that you update your estate plan to reflect those changes. As a physician, there are a few other areas to pay attention Continue Reading
New Physician Financial Success Tips
After years of medical school, training and a lower salary, it can be jarring to finally get settled into a position (and a higher income.) As a new physician, you’ll have to adjust your mindset and your habits to manage your money effectively. Here are some tips for successful money management when you graduate from a resident or a fellow to a practicing physician: New Physician Financial Continue Reading
The Physician Contract: What Doctors Need to Know
Your physician contract that comes with a new job is critical to your future career, but you might not be as familiar with what to look for as you should be. Lawyer James Dockery has represented physicians and dentists for nearly 20 years and has some insight into what you’ll likely come across on your contract. Physician Contract - What to Review When you’re a brand new doctor just out of Continue Reading
How Physicians Can Choose the Best Financial Planner
Physicians have financial needs that are different from professionals in other fields. Depending on your specialty, you might work mostly on contract, for a hospital or for the government. That, coupled with student loan debt you likely have from medical school, makes for a unique situation that shouldn’t be handled with a one-size-fits-all approach. You’ll know it’s time to think about getting Continue Reading
My Favorite Money Podcasts for 2018
Whether you’re heading to work or walking the dog, listening to podcasts can make that time more exciting and educational. If you’re revamping your financial life or trying to hit big money goals, podcasts can help you stay in the right mindset. Here are some of my favorite money podcasts for 2018: Favorite Money Podcasts: Investing and Financial Planning Stacking Benjamins - The Continue Reading
Is a Physician Mortgage Loan Right for You?
Physicians coming out of medical school and residency are in a unique situation financially. They aren’t making much money yet, they’re usually saddled with a ton of debt, and they have very high earning potential. Normally, it would be challenging for them to secure a mortgage loan because of their current debt-to-income ratio. That’s where the physician mortgage loan comes in. Physician Continue Reading