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.
It ’s well known that physicians have unique personal finance needs. They start their careers eight to 10 years later than many other professionals, carry $150,000 – 200,000 more in student loan debt and often have little time to dedicate to financial planning.
Still, there are many physicians who feel they are on track or even ahead of schedule when it comes to saving for retirement.Attitude and behavior determine success
A new study by AMA Insurance,2016 Report on U.S. Physicians ’ Financial Preparedness®, looked at practicing physicians who are ahead of schedule and contrasted their responses with those of physicians who say they are behind in retirement planning to demonstrate that the major differences are not demographic but rather attitudinal and behavioral in nature.
The most dramatic difference is that physicians who are ahead in saving for retirement are eight times more likely to say they are very knowledgeable about personal finance. But what if you don ’t know much about retirement planning, inves...

Source: AMA Wire - October 13, 2016 Category: Journals (General) Authors: Timothy Smith Source Type: news