Financial planning advice reaches across career continuum

Timothy M. Smith
Senior Staff Writer
AMA Wire
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Whether aimed at younger physicians or those looking ahead to retirement, these articles proved popular with readers seeking wise counsel.

5 financial planning tips every young physician should know. It’s never too early to start saving for your long-term needs, financial planners say. But if you’re still early in your career and training, how can you build a savings habit in the face of med school debt, day-to-day expenses and the complexity of financial planning?

“Bear proof” your retirement: Physicians take preventive measures. Saving for retirement? At some point—or points—stocks and bonds will have down turns as you withdraw funds during your golden years. Learn how you can “bear proof” your investments so those dips don’t zap your savings.  

3 ways to get ahead financially even if you’re not an expert. Younger physicians can struggle to adequately prioritize saving for retirement, as starting a family and servicing student loans may seem more urgent. But simple strategies like “paying” one’s retirement first can provide budgeting clarity and reduce much of the stress of juggling life goals. A new report notes the complex financial needs of physicians and provides concrete advice to help you get ahead of schedule in preparing for life after practice.

Take these 7 tips to avoid financial stress. Over his 40-plus years as a physician, Timothy Harrington, MD, has seen countless changes come to his profession, from how it’s taught to how it’s practiced to how it’s financed. And while he has also witnessed dramatic medical advances, he’s concerned by what is happening to aspiring and practicing physicians confronting the lifestyle challenges that accompany a career in medicine. But he has a seven-point prescription for the fiscal woes that ail too many medical students, residents and young physicians.

6 top financial planning mistakes physicians make. Planning for your financial future is a personal priority for most physicians, but ensuring the security of the lifestyle you wish to maintain is a complex process fraught with risk. An expert in physician finances shared the top mistakes physicians make—and ways to ensure they don’t derail you from your financial goals.

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Mar 22, 2017
Physicians experiencing burnout are often told it’s up to them individually to implement solutions, but research shows it’s better done higher up.