9 Financial Mistakes Physicians Make & How to Avoid Them

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.

9 Financial Mistakes Physicians Make & How to Avoid Them

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It is important for you to be very clear about your destination and “why” it’s meaningful to you. After all, it’s a journey of decades.

1 – Not Having a Plan or a Clear Destination

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.

2 – Not Coordinating Your Decisions

Without a thorough understanding and coordination a financial decision made in isolation could lead to less than desirable results for your overall financial picture.

As a physician, a lengthy training period, accumulated debt, and a lack of forward progress on many of your other goals can contribute to a very understandable feeling that you are behind both personally and financially.

3 – Not Managing Delayed Gratification

Then, “suddenly,” as if we can discount the years invested in training as spontaneous, your income begins to rise – rapidly. It would be tempting, and in many ways justifiably so, to take all of that pent-up demand and delayed gratification.

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