Financial Preparedness

Building a healthy financial future: Learn four lessons from successful physicians [Infographic]

November 01, 2013

In a recent presentation to physicians, I discussed some particularly interesting findings gleaned from our 2013 Report on U.S. Physicians' Financial Preparedness.© They provided insights into how established physicians approach a successful path to financial security and retirement.

There are sharp contrasts between physicians over 60 and physicians under 40.

The biggest difference seems to center around depth of personal financial knowledge. Physicians over age 60 tend to work on their personal finances more often (and feel the time they spend is adequate); work with a trusted financial advisor; have the important elements of an estate plan in place; and have $1,000,000 - $3,000,000+ saved for retirement.

After the presentation, I talked with younger physicians who wanted to learn more tips and information from experienced, successful practitioners. And I asked more established physicians to share their knowledge whenever possible.

I thought it would be helpful to start the conversation by sharing the top four lessons to building a healthy financial future:

Download this infographic in PDF format.

Lesson 1: Make the time to spend on your personal finances. Lesson 2: Review and update your estate plan. Lesson 3: Understand and review your disability insurance coverage. Lesson 4: Work with a trusted financial advisor.

Download this infographic in PDF format.

Much of this makes sense in view of a young physicians' unique financial situation – carrying medical school loans and other expenses, and getting a later start in saving than other professions. That makes building a sound financial framework for themselves and their families early in their careers even more important.

I hope this information has been helpful. As always, thanks for reading my blog and don't hesitate to comment or offer suggestions. Also, please follow us on twitter and feel free to share this information with other physicians who might benefit.

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