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Financial-planning help for young physicians

Medical school debt is a serious burden for many young doctors. But the challenge of paying back massive student loans can be a little less terrifying with a financial plan in place, says Kimberly Palmer, author of the financial advice guide Generation Earn.

In a seven-part series published in U.S. News & World Report, Palmer offers money tips to help physicians get on top of their financial lives immediately after graduation. Beyond recommendations to develop a budget and begin investing in retirement early, Palmer urges young doctors to consider consulting with a financial adviser:

Doctors facing specific insurance and legal issues should talk with a professional to make sure their assets are protected from potential lawsuits or malpractice claims. They might also want to take out extra disability insurance to protect them from income loss if they are unable to work one day. Anyone responsible for dependents, such as children, will also want to consider taking out significant life insurance policies. If you decide to work with a professional, be sure to look for a fee-only advisor to protect yourself from any conflicts of interest.

Via Health Blog

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