When I first started financial planning, we all had one basic assumption - push taxes into the future. The general thought was our clients would be in a much lower tax bracket for taking distributions from their retirement plans. About 13 years ago, I had an "aha moment". What if that assumption was false?
Every physician needs a debt plan whether they are a younger physician with a lot of student loan debt or an attending physician with mortgages. Managing debt is often a neglected area of physicians’ finances, but fortunately there are many options to address this critical need.
One of the most common questions we get from final-year residents and fellows is how big of a home can they purchase when they start making attending income. The answer commonly surprises them—usually it is less than you think.
As a physician, your largest, most valuable asset is your ability to work and earn a good living. Out of all the risks you face as a physician that could derail your financial future, the one most likely to happen is being too sick or injured to practice medicine. That is why getting cost effective, income protection or disability insurance, while a doctor is young and healthy, is imperative.