Reasons Why Financial Planners Are Important to Physicians
Physicians follow a hectic schedule on a daily basis and they find it really difficult to manage time to devote to financial planning. Financial planning for physicians would include repaying overwhelming debts, managing own practice, retirement savings, and even keeping track of tax liabilities. All these aspects of financial planning would mean a lot of stress for already overworked physicians. Let us examine a few reasons why it is mandatory for physicians to hire the professional services of experienced financial planners for a safe and secure financial future.
Debts Dating Back from Medical School
Even if we do not take into account the debts that arose from business or personal finances and simply stick to student loans taken while graduating from a medical school, we understand as per statistics that medical school graduates have huge education loans to repay. Physicians who have just completed residency need to focus on financial planning so that they are able to repay their educational debts in a timely fashion and establish future financial security. The need for effective financial planning becomes even more pronounced because a qualified doctor would start his career much later as compared to other careers because of the long duration of courses at medical school. Hire specialists who tackle financial planning for doctors.
Doctors Are Not Supposed to Be Business Managers
You must understand that realistically speaking, physicians would be great at treating illnesses than handling financial issues. They have been trained to treat patients and they are highly-skilled to fulfill the responsibilities associated with the world of medicine but that does not imply that they are great at managing their finances. We must not assume that they would be proficient business managers. They are actually best at what they are supposed to do best that is treating patients. However, thanks to the overwhelming debt from medical school and the heavy expenses involving private practice, physicians are required to do a lot of financial planning that is better left to the finance experts. You need to hire a professional financial planner to sort out all your financial issues and ensure a stable and secure financial future ahead.
Moreover, even though some physicians are competent and adept at financial planning, the entire business of managing a private practice or even working in a hospital could be really demanding and necessitate their complete attention. They just do not have the luxury of time to manage both practice and financial planning.
Handling Medical Practice, Retirement & Taxes Could Prove to Be Highly Taxing
Doctors attached to medical establishments and hospitals are expected to work very hard. They have a tough time in managing their finances for maximum benefit. You are aware that medical practices involve rent, building maintenance, employee benefits and the like. The owner of a medical practice is supposed to be the lead physician or the boss. He simply cannot get engrossed in serious financial planning as that would be taking him away from his core job. A physician might have a number of people helping them with their finances, but this macro-management might stray their attention from important medical duties that they are required to perform.
Conclusion: The Perfect Solution
Physicians are under extreme stress juggling a busy career and financial planning for a successful retirement and highly profitable career. Even though doctors draw good salaries it is essential to get expert financial planning for them to attain success.
Author Bio: Daniel Stewart is a financial and tax planner who heads a private firm based in San Jose California. She is also a passionate blogger who loves to share her expertise with her fans and readers through her helpful blog posts. She also recommends valuable resources such as Beam a life.com.
Thank you,
Glenda, Charlie and David Cates
