4 Reasons Doctors Should Hire a Financial Planner

Financial Planner for Doctors

Is working with a financial planner right for you?

The way you manage your finances can determine whether you achieve financial success or end up missing your goals. As a Doctor, managing your earnings and developing a financial management plan is crucial. You will generally have a large tuition debt to settle and employment contracts to negotiate. Sifting through the variety of insurance and investment options can be time consuming and overwhelming. Having a financial planner on your team can help you save more money overall and realize the most gains from your hard work.

Ultimately, having a financial plan can lead to better financial management and understanding the six money decisions. Here are four Reasons medical professionals should hire a Financial Planner:

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(1) Student Debt Dilemma

Physicians have some unique challenges when it comes to planning for retirement. Because of the amount of time you spend in medical school, physicians’ careers start a few years later than their peers, and often the priority is repaying education-related debt. A financial planner can guide you through the complicated process of repaying your medical student loans and help you pick the best repayment option for your financial situation.

(2) Finding the best investment options for your personal scenario

Whether physicians are early or late in their careers, it’s important to start saving, whether you are setting aside for retirement or a college fund. You have a demanding profession and your income generation gives you the opportunity for many investment options. Knowing which saving and investing options are right for you to manage your wealth is a job in itself. A financial planner that specializes in physicians’ personal finances can help you leverage your wealth, so you can put your focus on your patients, instead of your money. 

(3) Protect Your Biggest Asset

You may have different goals depending on your family or relationship status. Adequate insurance coverage is vital at any stage of your life. Most people think their biggest asset is their house, 401k plan, or automobile. Truth is, your biggest asset is YOU, especially after the worthwhile training you have braved through. Your ability to get up every morning and use your skills to help your patients is what makes you much more valuable than your house or other possessions. How will you protect yourself and your family?

(4) Confidence

No matter what your financial scenario, everyone wants to know their money is secure. A sense of financial well-being is key to a person’s overall sense of well-being, according to a study published in the Journal of Consumer Research. This sentiment is experienced at every level of income.

The Value of a Financial Plan

It has been shown that financial managers achieve a better financial return for clients than individuals attain on their own. For the cost of a .5 to 1 percent of your portfolio, they seek to provide strong results.

By working with a financial planner, you will have assurance of knowing your hard-earned money is being personally managed, and is in turn working for you to help with achieving your financial goals. Life is always changing and it is important to have a professional help you and your assets through both good and bad times.

Medical professionals have a unique set of financial opportunities and challenge. When it comes to your financial planning and investment needs, Spaugh Dameron Tenny can provide the perspective and experience your profession demands at any stage of your career, to make the most of your hard work. Whether you are creating a plan to settle education loans quickly, transitioning into practice, or setting yourself up for retirement, we understand your financial needs. Contact us today to learn how we can assist you in developing a plan for financial management.

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Molly Holbert

Molly Holbert | Spaugh Dameron Tenny