Money Management for Physicians
Physicians might be experts when it comes to treating patients, but for many, when it comes to money management, they tend to make rookie mistakes. And this is one reason many private practices are driven to the brink of collapse.
Residents have a lot to think about when they transition into their own practice, and compensation for their services is one of them. It should make sense, though, these fine people didn’t spend a decade or more of their lives in the pursuit of medicine just to make the world we live in a better place. When you spend that kind of money on an education, you expect a decent salary.
But unfortunately, too many doctors fail to make sound financial decisions and seek to learn these skills when it’s too late.
Financial literacy for physicians is something we stress. We understand that doctors spend the bulk of their time and energy on the patient side of practice and not on the financial side. And many physicians who do make a comfortable living tend to spend too much money on luxury items like homes, cars and exotic vacations. However, this type of lifestyle is not alway sustainable, especially if there is no financial planning involved.
There are many financial blunders doctors tend to make including dipping into retirement funds too early, ditching disability insurance and not saving enough money.
Money management is difficult, even if you are a physician. At Fisher Financial Group of Northbrook, we offer a clear and concise solution. Don’t let your bad planning erode your wealth, give your financial advisor a call.