Failing to Plan: The Top Three Reasons Physicians Neglect Financial Planning

Many doctors delay getting a financial planner for a multitude of reasons. This delay can cost you time, money, and heartache in the long run. Here are the top three reasons most physicians neglect financial planning and what you can do now to change it.

  1. No time. Physicians are busy. Many work 60+ hours per week. Then add to that the duties that come along with being a spouse, raising kids, and taking care of aging parents, many physicians find that they don’t have time for much else. And unfortunately, they may neglect to take the time to plan for their financial futures
  2. Thinking they can “do it themselves.” Many physicians have the mentality that they can do their financial planning themselves and that they don’t need any help. However, because physicians are high-income earners, there are tax and financial issues that concern them that they may not be aware of. In situations like this, it is necessary to seek the guidance of a certified financial planner. Just like we don’t encourage our patients to attempt to diagnose and treat themselves, we should not hesitate to seek the help of a financial expert when the need arises.
  3. Not making it a priority. Physicians spend an extraordinary amount of time in training learning to be physicians. College, medical school, residency, fellowships, board certifications, and CME all combine to make sure that physicians are well prepared to practice medicine. However, although physicians have made medical education a priority, many have failed to make financial education a priority as well. And as a result, those physicians may find it hard to hold on to their hard-earned money.

As physicians, we all recognize the importance of financial planning, but it often comes second to everything else we have going on in our lives or we try to do it ourselves. It’s time to prioritize our finances so we can be set up for success regardless of what may come.

If you need a qualified certified financial planner that is well versed in working with physicians, please reach out to the experts at Commonwealth of Atlanta at https://www.cwbfs.com/.

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