Money checkup: A financial planning quiz for physicians
Physicians are some of the most highly educated people around. Ask any physician a question about their field of specialty, and they’ll quickly come up with an answer. However, if you ask them about how confident they feel about their financial planning, they may be left scratching their heads. If you are a practicing physician, when was the last time you gave your financial future a checkup?
CERTIFIED FINANCIAL PLANNER™ professionals understand that physicians have unique needs to consider when financial planning. That’s why they came up with this short quiz for physicians like you to determine whether there may be something missing in your financial plan.
Is my financial future in good health?
As a practicing physician, here are a few of the most important questions that you need to answer. These are important steps toward building a secure financial future. If you answered “false” on one or more of your answers, then it’s time to turn to experienced CERTIFIED FINANCIAL PLANNER™ professionals for help.
- Am I managing my debt? — In the United States, physicians can expect to owe as much as $400,000 in student loans after they graduate. These large debts have the potential to become a problem in the future. You may need to borrow money to open your own practice or to buy a home. But these things might not be possible if you are drowning in your student debt. Careful debt management is crucial for physicians to create a solid foundation for their financial future, and there could be debt-planning strategies depending on the type of loans and where you work.
- Is my insurance coverage up to date? — It is vital to check up on your life insurance, liability insurance and practice overhead insurance at least once every six months. Your insurance needs will change as your practice grows and you accumulate more wealth. This is especially important for practice owners who want to look out for their employees.
- Are my assets protected? — Without an asset protection plan in place, your assets could be at risk in the event of a medical malpractice lawsuit. Don’t think it could happen to you? According to the American Medical Association, over 30% of practicing physicians end up at the receiving end of a medical malpractice lawsuit at least once. There are many ways that your financial planning partner can legally protect your assets and keep them out of the hands of the courts.
- Am I on the right track for financial independence? — Even if you’ve only recently graduated, you should start saving for retirement as soon as you finish your residency and begin earning a salary. It’s important to set goals early and plan your financial future around meeting those goals. A financial advisor can help you to determine how much you will need for retirement and the best ways to meet your goals.
Talk to a ProVise CFP® professional about financial planning for physicians
At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.
Are you ready to talk to a professional about your financial future? Contact ProVise today to schedule a complimentary consultation.