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Physicians who are overwhelmed by “financial stuff” often realize that financial planning is something they’ll never really “get around to” and a few doctors—like you—go in search of help and land here. Welcome!
Financial planning for physicians is a specialized area of practice that requires an understanding of the unique financial challenges facing doctors today as well as a thorough understanding of each physician’s personal financial situation.
Physicians who are overwhelmed by “financial stuff” often realize that financial planning is something they’ll never really “get around to” and a few doctors—like you—go in search of help and land here. Welcome!
Financial planning for physicians is a specialized area of practice that requires an understanding of the unique financial challenges facing doctors today as well as a thorough understanding of each physician’s personal financial situation.
Take a moment to visualize your professional life cycle. Where will you be in terms of your debt, your cash flow, your retirement plan contributions, your family life and obligations, and your lifestyle? Understanding the demands and requirements at each stage will help you to make wiser choices from the very beginning. By planning around your professional life cycle, you can avoid the issues and pitfalls faced by those who simply react to the evolving circumstances.
Starting a career at an age of 26-30 - Typically, life as a physician in an academic setting or in a private practice is marked by high expectations. Physicians in the early stage of their practice are usually in the early stage of their family life as well.
After five to ten years, the physician is steadily rising up the income ladder. After years of endless study and enduring 15-hour shifts, the transition from resident to full-time MD with steady cash flow is phenomenal. Still mired in a long workweek, most mid-stage physicians have neither the time nor inclination to properly study their personal financial situation.
In the later stage of their practices, physicians are generating maximum cash flow and their debt is well under control if not eliminated altogether. They have educated their children and are staying comfortably in a large home in a desirable area. They have been making maximum contributions to their retirement plan for some time, and they have built up other assets, such as investment property and securities portfolios. The issue at this stage is whether they are achieving the maximum tax efficiency in their overall investments and retirement plan.
Plan your Financial GOAL
You may have a mix of government, social, private and academic work. You may want to phase your retirement at a pace that suits you. Your attitude to risk will vary from that of your colleagues. Only a specialised service will ensure your needs are met.
We understand that most doctors will have scarce time for complex financial dealings after a long day in clinic or practice. Keeping up-to-date with the latest government regulations regarding tax and pensions is also unlikely. Trusting iNIVESH Wealth to do the job will give you complete peace of mind that your money is working as hard as you.
What is important to you in life? You will want to maintain your current lifestyle in later life and be able to choose between jetting off or kicking back without financial concern. When the time comes your finances should provide a means to achieve all your dreams like children education, their marriage, a luxurious lifestyle and a comfortable retirement.
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