4 Gruesome Financial Mishaps that Most Physicians Make and How to Avoid Them

Thursday, June 21, 2018, 6:00 PM | Leave Comment

Everybody has their stronghold. As a medic, finances may not be yours. With all the stress that you are going through with your residency or your practice, you may leave the financial aspect of your life to chance. This may be detrimental to you and your future.

It would be nice to be able to enjoy life, and not just live on a hand to mouth basis. It is possible to gain control of your finances and steer them in a way that is healthy for you, and all those around you.

Here are some mistakes that doctors make financially, and how to avoid them:

  1. Wrong banks

    Your choice of a bank could make all the difference, both good and bad. Your bank is the keeper of all your finances. If you choose the wrong bank, you could end up losing all your money.

    When picking a bank, evaluate where you are financially, and whether your bank can support you to rise.

    In some financial institutions, the fact that you are a physician could leave you open to absurd interest rates when it comes to loans. In such cases, it is advisable to look for a company like Physician Banks near you. They will be able to understand your situation and give your friendlier rates.

  2. Being overcharged

    Unfortunately, when most people hear that you are a physician, money bells ring in their minds. They see you as someone that they can exploit for their benefit. You get charged for everything.

    In an article by whitecoatinvestor.com, they listed ways in which doctors are ripped off. Some of them include overpaying for legal advice, not realizing that the goal of brokers is to take your money for themselves; and buying front loaded mutual funds.

    As a doctor, you need to be aware that not everybody is on your side. Evaluate all financial investments seriously.

  3. Lack of savings

    This one is more of a personal error than anything else. There is a certain prestige that comes with being a physician, especially if you are very good at it. The better you are, the more you get paid.

    However, some doctors especially the younger ones, and some of the older ones think it is okay to squander all their money. This is especially true if they have no commitments.

    They leave on the assumption that they could always make more. This is a terrible habit. You never know where you will be tomorrow. Teach yourself the discipline of saving.

  4. Student loans

    Once you are a physician, there is one thing that could make your life a living hell. That is student loans. These loans could follow you well into your adult life if you are not careful.

    If you can manage to pay some of the tuition fee, go ahead and do so. In the event that you cannot, ensure that you come up with a scheme that you can pay off your loans comfortably with. Sometimes, people rack up student loans foolishly. Don’t start a course you don’t plan on finishing.

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