What you need to do now to secure a firm financial future

When it comes to financial planning, one-half of young physicians go it alone. But such independence may cost you dearly in the long run. Establishing a strong financial foundation A recent study by AMA Insurance found that 71 percent of young physicians feel somewhat or not very knowledgeable about financial planning. At a time when your income climbs from modest to six figures, your biggest mistake could be counting only on yourself to get your arms around your financial future. That future likely includes higher income, increasing taxes and a set of pressing financial priorities, including retirement, your children’s education, and the long-term health of you and your spouse. “Finances are a primary concern among new residents,” said Adam Cantor, who starts his residency in June at Indiana University School of Medicine. “Many of us have not had an income since starting medical school and will have difficulties establishing a budget.” “My key concern is to be able to save enough money to support a family eventually,” said Cantor, who is part of the Young Physicians Financial Advisory Committee, a think tank that helps AMA Insurance address the financial needs of students, residents, fellows and young physicians. AMA Insurance, in collaboration with Jerry Moran, a senior wealth strategist with Millennium Brokerage Group, examined the finances of young physicians in its report, “2015 report on young physicians’ financial preparedness: Young physi...
Source: AMA Wire - Category: Journals (General) Authors: Source Type: news