financial planning for doctors

Doctors have high income potential, but wealth building starts late. Student debt and opportunity costs create headwinds. Doctors who treat wealth building like a medical procedure tend to succeed. They follow protocols, track progress, and adjust when needed.

Medical-legal consulting involves physicians who provide expert opinions in legal cases. Hourly rates range from $300 to $800, with specialists earning even more. Most work happens during regular business hours.

Physicians have the potential to achieve financial independence early, despite challenges such as a relatively late career start and high student loans. With the right plan, MD FIRE or Doctor FIRE goals become achievable without compromising patient care or personal well-being.

The Two Funds Investment strategy involves investing your assets into just 2 mutual funds – but these funds provide all the diversification needed while also helping with asset growth.

Depending on the stage of your medical career, buy an affordable and reliable car that helps you get to where you need to go. Buying a high status doctor’s car has significant opportunity costs and can burden you with more loans and stand in the way of achieving other financial goals.

The benefits of physician side gigs include paying off student loans, financial independence and tapping into one's creativity.

It is important for doctors to get disability insurance to pay for living expenses in the event of a disability event. Disability insurance provides an income or a portion of income for you to live on if you become disabled.

Whole life insurance is good mostly for insurance agents and not their customers. We will evaluate the common claims about whole life insurance and evaluate whether these are in fact, the benefits they are marketed to be.    

Whole life insurance is not the best insurance policy for most people due to high premiums and low rates of return. Most people will be served better with term life insurance.

Financial planning for doctors requires a mix of strategies such as making the decision to pay down debt vs investing, maxing out all retirement options, buying insurance and investing.