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1. Why Doctors are Bad With Money

why doctors are bad with money

In the debut episode of Financial Clarity for Doctors, hosts Corey Janoff and Rachelle Vanderzanden talk about why doctors are notoriously bad with money.  Scroll down to listen!

Doctor’s make money, but can they keep it?  Are you a prodigious accumulator of wealth or an under accumulator of wealth?   Most people fall into one category or the other, as detailed in Thomas Stanley and Williams Danko’s The Millionaire Next Door.  Let’s work toward the accumulation!

What are the problems that we see?  Between medical school student loans, trying to maintain or build a certain lifestyle, and a lack of financial education for physicians, even a significant income can be spent very quickly.

Tip of the Day:  Pay yourself first!  Before building the lifestyle, save a large enough portion of your income that you’re giving yourself a good chance to be able to retire at a decent age and maintain a similar lifestyle.

Thank you to the Financial Clarity Blog, our amazing clients, and the whole team at The Finity Group for providing support and inspiration.

For more financial planning tips from Corey and Rachelle find them on LinkedIn: @CoreyJanoff and @RachelleVanderzanden or Twitter:  @CoreyJanoffCFP and @RachelleFinance