The Significance of High Income and Human Capital in Physicians’ Financial Planning
At Custom Wealth Strategies, we recognize that physicians are often known for their high level of income, which is a direct result of their extensive education and the valuable services they provide. However, this high income also means that physicians need to take a proactive approach to protecting their wealth and ensuring the financial future of their families. One essential aspect of this protection is selecting the appropriate disability and life insurance policies, tailored to meet the specific needs of medical professionals. This includes policies that cover not only their occupation but also their particular specialty, as well as multiple types of life insurance to cater to various financial objectives.
Overcoming the Challenges of Delayed Investment Strategies
Unlike other professionals who typically begin investing in their retirement in their early twenties, physicians often do not start until they are 30-35 years old. This delay can lead to missed opportunities for compounded investment returns and may force physicians to invest more capital later in their careers, work longer hours, or take on higher-risk investments. At Custom Wealth Strategies, we help physicians prioritize saving and investing early on, even if it means making sacrifices in other areas of their financial lives.