Sometimes doctors try to take risks that they are not informed enough to take. We know that it is difficult to hold money, manage it and apply it to your goals.
So here are some scary things doctors do with their money that you should pay attention to.
Neglecting student loan debt
You have spent the last decade of your life preparing for professional practice. Now that you are finally here, the last thing you want to do is deal with student debt. However, DO NOT neglect it
Buying the wrong insurance
Insurance is a difficult industry to navigate, especially for those who are from the outside looking in. Unlike other professions, doctors generally require more coverage than others.
Avoid retirement planning
You are finally a practicing physician. Why bother planning for retirement now that you’re just getting started?
Add a retirement planning consultant to your financial advisory team who is willing to work with you to customize your retirement portfolio. This will allow you to grow your wealth much faster than simply trusting.
Ignore your credit score
You have surely had a patient whose ailment could have been more effectively treated (or even prevented entirely) if he had come earlier.
The same goes for your financial health. Checking your credit score is one way to see where you stand.
Your credit score informs lenders and other stakeholders of your credit risk. It is based on a number of factors, such as the debt-to-income ratio (DTI).
Pursuing risky investments
Consider the following investment opportunities:
- Real estate.
- Medical equipment.
- Angel investment.
They are all perfectly within the realm of possibility given a doctor’s salary. However, before making an important financial decision, you need to make sure that it is not a money trap that can drain your savings. (Or worse, cut back on your retirement planning years.)
Overspending
The life of a medical professional is stressful.
- Long hours.
- Deliver bad news to patients and their families.
- Sometimes your best efforts fall short.
- You have to deal with patients who don’t adhere to your treatment plan and then blame yourself when your health worsens.
- There are endless regulatory changes, continuing education requirements, and conflicts with insurance companies.
- The way you cope with the stress of work can cost you money and keep you in debt.
Of course, all doctors need a way to relax and escape the rigors of the profession. But don’t let the output of your choice add to stress by causing financial burdens.
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