July 7, 2022 // Why Planning Finances is Important for Doctors:
The importance of financial planning for doctors
Being a doctor is deemed a position of esteem and high responsibility as it involves saving lives and maintaining the health of a community, a timelessly invaluable role. But because a doctor starts earning quite a bit later than teachers or engineers due to the required years of schooling and subsequent training, financial planning is a necessity when in the position of a doctor. Doctors often spend a substantial amount of money on school and make little during training, and it takes away from valuable years where their peers are earning money. In fact, after building a pristine reputation and practice, peak earning years for some doctors are sometimes between the ages of 40 to 50, leaving a wide net of years where money hasn’t been earned. Because of this, financial planning for doctors is imperative and, fortunately, less complex than performing a high-stakes surgery.
Find out why financial planning is needed for doctors, and it’s especially crucial to plan in the medical field.
Doctor expenses
A doctor can shoulder the weight of many expenses, including malpractice insurance, among other costs, and it’s important to gauge how to balance these expenses while affording an adequate and comfortable lifestyle. With the help of a financial planner, a doctor can organize their annual costs without interfering with their busy schedule. A financial planner can alleviate any stress and worry that tends to occur when trying to work out your finances whilst working within such a stress-inducing environment by navigating you through the essential financial decisions.
Schedule
It’s no secret that a doctor has a busy schedule as they work incredibly hard to perform life-saving procedures and check-ups and can contribute to bringing new life into the world. According to medical organizations, most medical professionals work staggering long hours ranging from 40 to 60 hours per week. When doctors begin training after medical school, weekly hours are on the higher end, leaving little time for much else. Because their schedules are so extensive, doctors might not have much time to delve into financial planning and acquiring the assistance of a financial planner can be conducive to a week of more than 40 hours of work.
Asset protection
More so than most professions, doctors may encounter disgruntled patients who are liable to sue, showcasing how important it is to protect assets as soon as possible. Although a patient might sue a doctor, doctors are not immune to everyday occurrences that could rupture their acquired assets like a vehicle accident, malpractice accusations, divorce and something going awry in the home that can prove to be costly. Because of potential circumstances that can result in a doctor losing their assets, acquiring the most suitable type of protection with the assistance of a financial planner will prove to be very beneficial in the long run.
Student debt
The academic requirements to become a doctor are longer than in most professional fields, where schooling can take nearly a decade to complete. Many medical students are saddled with massive amounts of student debt that can amount to well over $100k, which can be a major stressor to shoulder alone. A financial advisor specializing in financial planning for doctors will be equipped with the knowledge to lessen this debt over an allotted time frame through realistic methods, like establishing a tight budget, in various ways that aren’t stressful.
Playcheques is Alberta’s solution to astute and efficient financial planning. With our team of professionals who are eager to advise our clients with educated and helpful advice, we strive to be the best financial planners in Calgary! For more information about our financial planner’s services at PlayCheques Financial Solutions, visit our website at https://www.playcheques.com, or call us at 403 837 9344!
