Don't forget about you

Whatever stage of your career you are in, from residency to retirement, financial planning needs to be part and parcel of what you do for yourself and your loved ones.  You will or have spent most of your adult life caring for others.  You must make sure you allow time and energy to take care of yourself and your family.  No one else will.  It doesn't have to be hard or time consuming but too many physicians fall into the trap of not planning or planning poorly.  I have seen it, experienced it and understand how to avoid it.   Use a trusted financial advisor who understands your own unique needs and it may surprise you how satisfying the process can be.

One thing is for sure, times have changed.  Pensions are all but gone.  Your parents and grandparents used a "three legged stool" of pension, savings and social security as a retirement plan.  This is no longer applicable.  Replace that with a well defined and dynamic personal plan with three key advisors: An accountant, attorney and maybe most importantly a financial planner.

It's easy to get caught up in the intensity and demands of  being a medical provider these days.  Still, try never to forget that you are part of an incredible endeavor - helping others.  It has become second nature, but only because you worked so hard at learning how to do it so well.  Only because you refused to take any shortcuts and that is no doubt still true today.  Refuse to take shortcuts with your financial future as well.  Financial shortcuts are the quickest way to a shortfall, not to success.