As a physician, your career path has been a hard-earned journey of personal sacrifice, challenge, and ongoing change. All of your efforts have finally been recognized, and now your income and opportunities to achieve your personal goals are coming into focus.
Despite putting in your dues and your tireless efforts, many physicians find themselves among the top wage earners seemingly overnight. Now, physicians must also face the challenges of paying higher taxes, managing their practice, and making complex decisions about their unique protection needs. This statement is true particularly for those who own or partner in a practice, the integration of your personal and professional assets can present long-lasting effects for your future.
So how do you overcome the unique challenges faced by physicians when it comes to managing your finances? As with any problem, having a plan in place is key to strong decision making. At My Financial Coach, we can help provide peace-of-mind when it comes to your money and planning for tomorrow’s future.
We can help you create a comprehensive financial plan that integrates your personal financial accounts and documents into one easy to view hub. This hub provides you a centralized story of your financial progress. You will have access to a dedicated Financial Coach, CERTIFIED FINANCIAL PLANNER™ (CFP®) who will not only create your initial financial plan, but will act as an ongoing resource for you as your financial needs change. When it comes to the unique needs of physicians, you will see that My Financial Coach can help physicians at all stages of their careers:
If you are early in your career, or even completing your training, financial planning may be the furthest thought from your mind. However, establishing good financial habits now, and having a financial coach to lay the foundation for the rest of your future today can be powerful in setting you up for success.
These early years can be stressful with long hours, lower pay, and large student loans potentially hovering in the background. Working with a financial coach can help save time, energy, and money down the road. Some of the biggest ways that we help Resident and Fellows put their best foot forward are:
Attending physicians often find themselves relieved of past obligations such as student loans, but now may find themselves making progress towards their dream goals. All of the hard work established to lay down a financial foundation such as reviewing your cash-flow, paying off debts, and establishing retirement savings are now turning into substantial wealth.
With the basics in place, your financial planning shifts into new complexities. With the help of a financial coach that is knowledgeable in the unique needs of established physicians, you can work together to uncover opportunities to close any inefficiencies in your planning. At My Financial Coach, some of the ways that we can help established physicians:
Physicians must navigate the complexities of their own financial needs, and physicians who own or partner with a practice are responsible for planning around their businesses and partially for the wellbeing of their employees. Often this means that owners are given the task of determining the appropriate employee benefits package. As a business owner you will also need to consider the tax structure of your business as well as the industry-specific liabilities that come with operating a physician’s practice.
At My Financial Coach, we understand how to map out the financial needs of business owners. We work with you in coordinating the right types of benefits that will protect and build retirement for you as an individual and also help attract new talent through competitive benefits that serve you and your employees and leads them to achieve financial goals. Just some examples of how we may serve a practice owner’s financial needs are:
Physicians have many options available for financial planning. My Financial Coach works with clients that come from all walks of life, including a large population of physicians. This makes us uniquely positioned to connect working professionals with a member of our My Financial Coach Team who will be a non salesman CFP®, who will always act with the utmost care and fiduciary standard.