9 Financial Mistakes Physicians Make & How to Avoid Them

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It’s always good to learn from those who have trod the path ahead of you. From learning from the mistakes of others to avoiding pitfalls that might be harder to see along the way, staying out of trouble can pay dividends now and later.

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In this post, take a look at nine common mistakes physicians make with their money, and some tips on how to avoid them and stay on the right track. This guest post was submitted by site sponsor Forme Financial.

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9 Financial Mistakes Physicians Make & How to Avoid Them

John Wooden, one of the most beloved college basketball coaches of all time, was known for telling his players, “Failing to prepare is preparing to fail.” His entire coaching philosophy was centered on the concept of preparation, as he knew that no matter how talented or smart a person may be, there must be a framework of thought and action in place for true and lasting success.

This is also true in the world of personal and business finance. There isn’t a one-size-fits-all formula for financial planning for physicians — and the world in which we live is inherently uncertain — which is why we suggest you take a dynamic approach rather than a static approach to building your financial framework.

One of the reasons we love working with physicians is that you tend to be amazing problem solvers. Over time, you collect a huge wealth of knowledge, but it’s quite easy to create “silos” for the problems that arise and not consider how all the moving parts of your life work in concert.

At Forme, we focus on the seven elements of physician wealth. They should be your focus as a physician, no matter what career stage you’re currently in. The elements are: 1. Career 2. Cash management 3. Debt management 4. Investments 5. Proactive tax planning 6. Risk management and insurance 7. Estate planning

We believe greater financial stability comes when you evaluate the many moving parts of your business and personal life and how they work together and impact one another.

SWIPE UP NOW TO READ MORE

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9 Financial Mistakes Physicians Make & How to Avoid Them

It’s always good to learn from those who have trod the path ahead of you. From learning from the mistakes of others to avoiding pitfalls that might be harder to see along the way, staying out of trouble can pay dividends now and later.

In this post, take a look at nine common mistakes physicians make with their money, and some tips on how to avoid them and stay on the right track. This guest post was submitted by site sponsor Forme Financial.

9 Financial Mistakes Physicians Make & How to Avoid Them

#1 – Not Having a Plan or a Clear Destination

One of the reasons we love working with physicians is that you tend to be amazing problem solvers. Over time, you collect a huge wealth of knowledge, but it’s quite easy to create “silos” for the problems that arise and not consider how all the moving parts of your life work in concert.

#2 – Not Coordinating Your Decisions

We believe greater financial stability comes when you evaluate the many moving parts of your business and personal life and how they work together and impact one another.

SWIPE UP NOW TO READ MORE

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