The intricacies of finance — especially for physicians — are manifold and not easy to master.
However, the creator of the Doctor Money Matters podcast — acclaimed as one of the best physician personal finance podcasts by digital lending and insurance platform LeverageRx — recommends physicians take some less complicated steps to begin shoring up their financial state as soon as possible.
Tarang Patel, MD, a hospital-employed radiologist and former Air Force physician, notes on doctormoneymatters.com that physicians should:
- Fund a health savings account if they have one
- Fund their 403(b) and/or 401(k) — particularly if their employer offers matching funds
- Fund a Roth or regular individual retirement account
- Pay off credit cards as well as other high-interest sources of debt. (For physicians who carry credit card debt, this imperative “may move up a few notches,” Dr. Patel writes.)
- Broaden their investment horizons. Core holdings should include real estate and equities, according to Dr. Patel, but physicians should keep an eye out for other opportunities to diversify their portfolios as well.
- Invest some time and effort in themselves, whether that involves continuing education, improved health or something else they consider worthwhile