Personal Financial Planning Oversight

You also should take stock of your risk-management policies, which could include policies for disability, life, long-term care, and health insurance, among other policies. How much does your current employer provide? If you were to leave your current employer, what would it cost to replace your benefits?

Next step is to set priorities and goals. Finding the right answers has to start with an introspective process as well as the establishment of priorities. What is important to you? What falls into the must-have category, and what are the nice-to-haves? This process applies to current expenses as well as future big-ticket items.

Typical financial goals might include saving or paying for college, graduate school, weddings, and retirement. The critical aspect of determining the goals, however, is assigning not only a dollar amount but also a specific target date to each one. Whether the goal is to be achieved in one year or 40 years, a specific date must be set (for instance, December 20, 2020). Said another way, a goal without a date is just a dream.

Finally, create a written plan of action. This step is where it all comes together. You have to take the data you collected about your goals and current situation and create a plan of action.

It might be tough to imagine a future or time when you won’t be running your practice. But the truth is, if you are a physician, your ticket to financial independence is smart retirement planning now, not in 10 years. Work with Reed Tinsley, CPA to create a plan for your life beyond the practice!

My personal finance services for physicians and their families include the following:

• Facilitate goal setting
• Assist with Practice Transition
• Cash Management and Budgeting
• Asset Management and Performance Review
• Risk Management and Insurance Analysis
• Education Planning
• Retirement and Financial Independence Planning
• Estate Planning
• Investment Review
• Wealth Management
• Integrating Tax and Financial Planning
• Develop Asset Protection Strategies
• If applicable, work directly with your personal financial planner

The first step is to make a personal financial assessment of where you are today. When you work with me, this can include analyzing your total financial position, including all assets, investments, retirement plan accounts, liabilities, income, and expenses. Assessing your financial situation also involves identifying your current and future financial goals and evaluating whether you need to make changes to reach those goals.

As a physician, you should take stock of your risk-management policies, which could include policies for disability, life, long-term care, and health insurance, among others. It’s important to understand how much coverage your current employer provides and what it would cost to replace those benefits if you were to leave your current employer. 

I offer a variety of financial planning oversight services. We can decide which makes the most sense for your financial goals and where you are financially. My services include goal setting, practice transition assistance, cash management and budgeting, asset management and performance review, risk management and insurance analysis, education planning, retirement and financial independence planning, estate planning, investment review, wealth management, integrating tax and financial planning, and developing asset protection strategies.