Hosts Corey Janoff and Rachelle Vanderzanden dive into 12 smart moves doctors should make in today's episode of the Financial Clarity for Doctors podcast. We've worked with many doctors and dentists over the years and have observed our fair share of the good, the bad, and the ugly when it comes to money moves. Keep reading and listening if you want to put your best foot forward.
Money moves we'll cover in this episode?
1. Have a Game Plan for Your Student Loans
2. Keep Your Mortgage Under 2x Income
3. Get Own Occ Disability Insurance!
4. Get Life Insurance If You Have (or plan to have) Dependents
5. Get Umbrella Liability Insurance
6. Get an Estate Plan
7. Save 20% of Income for Retirement
8. Max Out Tax-Advantaged Accounts
10. Don't Chase Returns
11. Earmark Retirement Savings for Retirement
12. Have a Plan to Achieve Your Goals
Most doctors aren't very money savvy. The fact that you are listening to this podcast puts you way ahead of your peer group regarding financial competence. Not all of it is fun. It will take some discipline and dedication to adhere to these principles. However, it is all doable, and you can do it!
This list is by no means complete, but it covers some of the big things to devote attention to on your quest for financial independence.
For further reading:
For more financial planning tips from Corey and Rachelle, find them on LinkedIn @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance
Discussions in this show should not be construed as specific recommendations, legal, or investment advice. Always consult with your investment professional before making important investment decisions. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Securities offered through Cambridge Investment Research, Inc., a registered Broker/Dealer, Member FINRA/SIPC. Finity Group and Cambridge are not affiliated.