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.
Income Protection
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.
The Physician’s Team of Experts and Financial Concierge
Have you ever wondered about all the experts who help Bill Gates, Jeff Bezos and even Donald Trump manage their money? They have an insurance guru to oversee the risk management, an investment team to make sure their assets are working as hard as possible, an attorney to keep them on the straight and narrow, along with a savvy accountant to help them reduce their taxes and a financial advisor to coordinate all these folks and prepare for their future. It probably costs the very wealthy thousands of dollars per hour to get this kind of experienced, coordinated advice!
Retirement Planning
All of doctors dream of the day they will be financially independent—the day where practicing medicine is optional, not required. To plan for this day, we do extensive retirement planning for all of our clients and review it at every meeting.
Our plan for building wealth for our physicians follows this proven process:
