Wouldn’t it be nice if money grew on trees? No one would have to worry about student debt, retirement funds, a mortgage or car payments. But the reality is, money doesn’t grow on trees and as a busy medical professional, you’ll need to find ways to strategically manage your finances and keep your earnings intact. Fortunately for you, there are some things you can do to ensure that your financial future is well protected.
Like many people, you have a home and a family to take care of. You can’t imagine what life would be like if one day you lost your medical practice and you could no longer provide for your family. One good piece of advice that never gets old is to prepare for the unthinkable early in your career. There are a number of scenarios that could cripple your financial health such as: making bad investments, illness, skimping on disability insurance, not saving enough for retirement and malpractice suits.
Whether you’re a resident or a veteran family doc, these are potential threats to your financial well-being that you should be considering. Perhaps the best piece of advice you’ll hear in this video regarding financial protection planning is, “the earlier you do it, the better.”
Be sure to check back next month for our final installment of Family Docs Speak: For the Love of Medicine
