Doctors are known to be working in one of the busiest and most taxing professions and it often becomes extremely challenging to devote some time to personal finances and to do appropriate financial planning. Are you financially well-planned and fully prepared or are you lagging behind?
In one prominent study relating to the financial readiness of women physicians in the U.S.A., it was revealed that you could identify some distinctive traits of financially well-prepared women physicians who are on the right track and well ahead of the schedule in terms of retirement preparedness.
She Regards a Retirement Portfolio for Her as Ahead Of Schedule or On Track for Her Career and Age
Women physicians who have done proper financial planning already would be having over $1 million ideally in their respective retirement portfolio. If you have still not started the planning, you must start reading all about retirement savings plan and strategies for doctors who start late and also effective tips for physicians who are smart enough to get started as early as during residency.
She Always Has a Liquid Emergency Fund Ready to Meet Her Present Lifestyle
Almost 80% of financially ready lady doctors have a completely separate fund for emergency only. In this context, you must know that over half of them would be keeping a minimum of $50,000 readily available in this particular fund. About 60 percent of the women physicians confidently said that for covering an emergency expense they could easily write a check of $25,000 without any issues. Roughly two-thirds of lady doctors would require moving funds or even liquidating assets when they encounter a crisis situation necessitating a huge emergency expense. About almost 7% of the women physicians admitted that they just could not think of doing it.
She Is Well-Protected In the Case of a Disability
Most financially ready women physicians actually feel well-prepared and adequately equipped to manage their finances properly even if they have become disabled and were unable physically to practice medicine. Financially prepared women physicians always keep track of their disability insurance policy. They feel confident and happy that they are carrying adequate disability insurance via their employer for covering their present lifestyle. If you still haven’t, you must opt for effective physician financial planning by hiring the experts.
In this context, you must know that approximately 70 percent of the qualified and employed women physicians are known to be receiving disability insurance via their employer. These modern women physicians are definitely more likely to find out whether the employer would be paying the premium and also to see and acknowledge if their benefit is actually taxable.
She Would Hire the Services of a Proficient Financial Advisor
Statistics reveal that two out of every three financially ready women physicians actually seek professional assistance from competent financial planners. Most of them admitted that they had identified their planner via referrals and all of them seemed to be highly satisfied or just-satisfied with their top choices.
A physician who has a proper financial plan in place would be brimming with confidence and would feel more knowledgeable regarding personal finance issues. Most financially-ready women doctors are either somewhat confident or extremely confident in their adeptness at making financial planning decisions.
Author Bio: Erica Simons is a qualified physician specializing in pediatrics. She is an avid blogger who posts regularly on her blog. She writes about effective tips, tricks, and resources such as Beamalife.com/.