Physicians and health professionals are particularly vulnerable to financial mistakes for several reasons. First, as a higher income group on the natural, healthcare professionals often have a greater amount of financial assets at risk with investing. Second, the amount of work, irregular shifts and stress people deal with contributes to overall exhaustion, and that means less than the best decision-making particularly with unfamiliar topics and material, which personal finance can be for many. Third, it’s far easier now to get caught up in a financial scam than ever before. As a result of the above, financial planning for physicians and healthcare professionals matters more than ever.
Here are some practical, easy to apply tips from financial experts that every healthcare professional should follow regularly:
- Never, ever make a financial commitment on the fly or in a moment. Folks who are tired and stressed are great targets for phone and Internet scams that appeal to momentary, emotional response which is heightened when a person is tired.
- Plan for an emergency fund, financial needs in a few years, and put your retirement savings in a third category. Don’t just save for one reason. Investing smart involves a multi-layer approach to address your entire life, not just a certain part and the rest happens by accident.
- Family are great advisers but most don’t know what the are talking about. Get your advice from professional sources that are objective and have no interest in your outcome. Then compare it to your plans and where you are today for a full picture on how to strategize.
- Don’t put off saving. Make it part of your regular life activities. Most successful savers take advantage of time and investing tools, compounding the effects of both for greater gains in the long run.
- Don’t ignore taxes. The tax implications on how you invest can wipe out your profits or be minor. How you invest makes a big difference, so it’s important to keep an eye on the tax risk as well as the investment exposure.
SDT Planning can help you with all the above and far more. Their professional training has been honed with years of experience and focus on helping healthcare professionals in Charlotte NC succeed financially. Give them a call today to find out how to invest smart and avoid bad, preventable money mistakes.