When starting their career, physicians often wonder how to create a life map that sets the stage for a secure financial foundation. As much as we like it or not, finances are a key component in reaching our hopes and dreams. This becomes much more complicated when they are drowning in medical school debt and still have to keep up with their basic day-to-day expenses.
One of the smartest moves a physician can make is to create a life map. And just as no two people are the same, no two life maps will be the same. Your life map is comprised of goals that you hope to achieve, with the purpose beginning to secure a solid financial foundation for the future of you and your family.
Every season of life brings a change in perspective and financial goals. Working with a financial advisor helps map out a practical path to reach your financial goals. It's important to find a financial advisor you can trust and to make sure he or she has the right tools and knowledge to help get you create a life map that complements your goals.
A career in medicine can be very demanding, so time is valuable. A life map gives you the freedom to enjoy leisurely activities while still knowing your financial health is in good shape. Don't think of a life map as a guide to help you reach only long-term goals. Your short-term goals are just as important.
A financial advisor will sit down and listen to the goals you want to achieve as well as evaluate the values you cherish. Knowing all of this helps the advisor develop a plan based on the type of lifestyle you want to enjoy now and the lifestyle you hope to enjoy in retirement.
The goals and ideas in your life map should be reviewed annually to make any necessary adjustments along the way. Life is unpredictable and a financial advisor can provide an objective second opinion to keep you from losing sight. He or she will help ensure you stay in the right direction to achieve your financial goals.
For over 50 years, Spaugh Dameron Tenny has provided comprehensive financial planning for physicians and dentists in Charlotte, NC. In addition to providing personalized advice, we walk our clients through their options to help maximize finances and maintain financial security.
Securities, investment advisory and financial planning services offered through qualified Registered Representatives of MML Investors Services, LLC. Member SIPC. Supervisory office: 4350 Congress Street, Suite 300, Charlotte, NC 28209, (704) 557-9600. Spaugh Dameron Tenny is not a subsidiary or affiliate of MML Investors Services, LLC or its affiliated companies.→ Check the background of your financial professional on FINRA'S Broker check