According to the Social Security Administration, a 20-year-old has more than a 25% chance of becoming disabled before reaching retirement age. Not only would a disability happening early in life be devastating, think about it happening during your career. According...
By John Fales The financial demands on your life as a doctor will be unique in every stage of your career. From your education to residency, first years to a seasoned career, and career closure to retirement, a financial plan can guide you through a fulfilling...
By John Fales
The financial demands on your life as a doctor will be unique in every stage of your career. From your education to residency, first years to a seasoned career, and career closure to retirement, a financial plan can guide you through a fulfilling career in medicine and help build your legacy.
Here are some questions we often hear from residents and new physicians:
By Michael J. Searcy
Are there financial decisions you need to be making or actions you need to be taking that you’ve put off because you don’t think you have time to make a decision? Consider this scenario…A man is told that due to his family’s health history, he needs to start having an annual physical earlier than normally suggested. He’s busy and knows his health needs attending to and he’s been feeling some discomfort, but doesn’t make time to speak with his insurance or find a doctor. When his wife asks if he’s scheduled his physical, he says “I haven’t made a decision yet.” However, as a medical professional, you realize he has made a decision. Putting off a decision or action does not mean that you haven’t made one. It just means that you’ve chosen your default option. In this case, the man has made a decision to avoid checking his current health status and possibly lose out on catching an issue early.
By Michael J. Searcy
According to the Medscape Physician Compensation Report for 2017, the top physician earners were orthopedists, plastic surgeons and cardiologists, earning an average of $446,333 per year. The lowest earners were pediatricians, endocrinologists and family physicians, earning an average of $210,333 per year. By many accounts, these salaries are high, but they don’t show the whole financial story of a physician. They don’t show that in 2016, the average salary for a resident was $56,500 and that many are in the resident stage for 6-8 years. They don’t show that 40% of residents have over $200,000 in medical school debt or that 41% of physicians in their early 40s are still trying to pay off their student loans. Physicians are not immune to debt; here are some questions about debt we frequently hear:
By Michael J. Searcy
As you navigate through the financial stages of your life as a physician, careful planning not only prepares you for each stage, but also helps you maximize your time in each and fulfill goals along the way. The work-life balance for a busy physician can become lopsided when your priorities are not defined. We often hear physician clients who enter retirement say, “I wish I would have spent more time focusing on the things I love along the way.” Consider these goals and action items that are important during the 5 typical financial stages of life:
By Michael J. Searcy
The average age of a first-year practicing physician in the U.S. is 31. This puts young physicians nearly 10 years behind their same-age peers when it comes to their number of earning years. Because young physicians can quickly go from very low pay during school and residency to very high amounts of pay, the first 10 years in practice are critical for building a solid financial foundation.
By Michael J. Searcy
As a physician, you spend countless hours working so that others can enjoy a healthy and fulfilling life, leaving you with fewer hours to spend on yourself and your finances. With your focus on your profession, you may fall victim to making financial mistakes that can add up over the long run. Here are four financial mistakes physicians make and ways to avoid them:
By Michael J. Searcy
Not everybody can get into this club. Not everyone I work with is entitled to buy into this product. I’m allowing you entry because of your elite status, but only if you make a quick decision because I can’t hold your spot long…
By Michael J. Searcy
If you are a long-time reader, or client, you probably remember that I started my career some 30+ years ago working with young doctors finishing up their basic medical/dental education or while in specialty training. I remember visiting the medical and dental schools and witnessing the same repetitive activities by what I call the wolves. These are people in the financial services business who hold themselves out to be “financial advisors” or “financial planners” but every solution they present happens to be high priced insurance products. While I agree that disability insurance and life insurance are pretty important for a young (and older for that matter) doctor, there are appropriate and efficient ways to get this accomplished.