Residency

Financial mistakes physicians need to avoid

Residency Program Insider, February 12, 2016

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For many residents, planning for their financial future may not be a top priority yet. However once they begin focusing on their financial goals, there are several major pitfalls they need to avoid. The following are some financial planning mistakes physicians make:

  • Not taking a “wellness approach” to personal finances by failing to meet regularly with a financial professional. This can result in making easily preventable errors, such as not diversifying savings.
  • Choosing a financial advisor based on a friend’s recommendation rather than taking the time to interview financial professionals to find one they feel comfortable with and can form a long-term relationship. 
  • Not including their spouses in financial planning and decision-making so that everyone understands shared goals.


Source: AMA Wire
 



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