The Relationship Between Doctors and Financial Professionals
When you’re in the business of saving lives, it can feel like there’s nothing you can’t do. You have studied and honed your craft to the point of perfection (well, as close as one can get, anyway). You know your stuff inside and out, and there is no procedure or diagnosis that you shy away from. You’re a doctor—your patients trust your caring profession day in and day out, and you deliver every time.
If there’s one area you may not deliver on, however, it’s your finances. A long-held belief in the medical community claims that you’re simply not good with cash flow, but truth be told, your money situation is often a complicated one. Reaching the height of your career required tons of schooling and accompanying debt, but you’re making a good buck now and may feel inclined to spend it. Plus, you’re a doctor, which means you call the shots. Question is, what shots are you calling?
If you don’t have an answer to that, you (like many others in your field) could benefit from the services provided by a financial professional. While you were learning how to create real-life medical miracles, they were learning how to help you secure your future, allowing you to reap the benefits of hard work for the long haul. Curious about the hows and whys that may lead you to your best financial match? We’ve got a handy guide that could help you out.
What can a financial professional offer you?
Wealth management – The good news? Your paycheck already affords you a level of wealth that some folks only dream of. The better news? Smart financial moves can not only increase your net worth but help ensure it lasts you and your loved ones a lifetime or more.
Lifestyle continuation – This term refers to that time in your life when you lived off of popcorn (if you ate at all) and spent your weekends pouring over textbooks instead of hitting the town. Feel like revisiting that? No one does, but the fact is, living under your means for a while can put a huge dent in your student loan debt.
Student loan repayment programs – Did you know that there are ways to have your loan debt reduced in exchange for services in areas that need it most? How about the fact that some programs may allow you to completely erase your debt due to your profession? If not, that’s something a financial professional can fill you in on.
Retirement – One day, you’re going to want to trade in the white coat for a life less stressful, and you need to prepare for what happens when the salary stops rolling in. Having a sound retirement plan is important for everyone, but when you’re making significantly more money than the average Joe, maintaining your lifestyle requires some extra work.
Tax assistance – If you dread filing your taxes, you’re certainly not alone, but letting a pro take the lead can make even messy tax situations a little easier to deal with. By utilizing a tax professional, you can generally avoid missing out on deductions, make sure you’re paying only your fair share, and navigate your tax bracket fearlessly.
What should you look for in the right professional?
Experience – While it may not be the most important thing in the world, your money is the foundation of your lifestyle, and you need to know that the person you trust with it is the real deal. Don’t be afraid to ask for credentials, look for information about them online, or consult with a friend who has a pro they know and trust.
A focus on you – While all solid relationships are based on mutual respect, a financial professional works for you. That said, their main goal should be whatever benefits you and your money the most, not what boosts their bottom line. Make sure their vested interest is in the betterment of your financial standing before letting them do their thing.
A tailored approach – Despite doctors facing similar sets of opportunities and setbacks, there is no one-size-fits-all financial plan for everyone. Keep your eyes open for the pro that takes all of your details in, and curates a plan designed for you. Explain where you want to be and ask them to guide you in that direction.
No bogus promises – You know what they say about things that sound too good to be true? They usually are, and the same can be said for financial planning. Avoid smooth talkers that want you to believe they can double your cash—instead, trust the ones that identify your goals and offer you concrete steps to achieving them.
Accessibility – In the event that you didn’t already know, you’re not just going to hand off your data to a financial professional and never talk to them again, hoping they’re doing what they said they would do. You’re going to want to follow up and check in, particularly if you see something that concerns you or you have questions about the process. Choose the pro that’s available to you, and that will seek you out to ensure you stay well-informed.
Tough as it may be to hear, you’re not superhuman, and your vast medical knowledge may not translate to the world of dollars and cents. It’s important to admit when you need some help, and the first step to getting it is reaching out. Contact a financial professional today to find out how a well-executed plan can best benefit your life.