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The core of financial planning
is building a strategy for living the quality
of life that you truly desire. That can mean
having the freedom to help a son or daughter
in a new venture, support a parent in need,
or give back to your community. And there
are additional benefits you might not be considering.
Stress reduction. For many professionals
such as yourself, the primary benefit of
financial planning seems to be the reduced
level of stress that comes from having their
total financial situation clarified and
organized. Having a relationship with a
financial professional also imparts the
confidence that they’re prepared for
events that are to come with their ever-evolving
financial future.
Confidence for family members. The spouses
of many medical and dental practitioners
relay to us that they gain a new sense of
confidence in having a single go-to professional
who can manage their finances should tragedy
strike. |
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While it clearly makes sense
to plan one’s financial future, the
risks of not doing so aren’t always
as apparent. Let us hypothetically illustrate
the severity of an all-too-common scenario.
Joe Emdy is a 65-year-old doctor. He
would need roughly $3 million to achieve
financial independence beginning today
in order to sustain a net income of $10,000
per month in today’s dollars during
retirement. Assuming Joe had achieved
an average annual return of 10%, and had
started investing 30 years ago, he would
have needed to invest approximately $1,300
per month to accumulate the money. However,
had he started investing 10 years ago,
the amount he would have needed to invest
rises to approximately $14,600 per month!
As you can see, the longer one waits to
invest, the more difficult it becomes. We
have repeatedly seen this lack of understanding
leave professionals mistakenly believing
that they can delay saving until late in
their careers, with the expectation that
they can accumulate the required amount
then. This problem is often compounded by
their belief that money received from the
sale of their practice will provide sufficient
funds for retirement; unfortunately, this
is seldom the case.
To learn more about why doctors in private
practice are having a challenging time achieving
financial success and our specialized approach
for helping these professionals reach their
financial goals, we encourage you to contact us to schedule a no cost, no obligation consultation. |
