Physicians new to practice need to make sure they have a solid financial foundation, and an afternoon session that’s part of the daylong Junior Fellow Monday will give them the basics to start planning properly.
James Breeden, MD, FACOG, will present “Financial Planning for Young Physicians — Your Financial APGAR” as part of Monday afternoon’s Hayworth Junior Fellow Course “Life After Residency… Transitioning from Training to Practice.” The session is one of three in the afternoon covering issues that many junior fellows might not consider when just starting their careers.
Dr. Breeden, who served as the 63rd president of ACOG and is president of the Carson Medical Group in Carson City, NV, earned a certified financial planning degree in 1986 and a master’s of finance in 1995 and has talked about financial planning with physicians for years. His session will cover the basic financial planning concepts and what situations will require professional advice.
Certified financial planners have a fiduciary responsibility to do what’s best for their clients. Many others who call themselves financial planners don’t have that responsibility. Many young physicians don’t pick the right adviser, Dr. Breeden said.
“Those attending will have enough knowledge after this session that when they talk to someone who is giving them financial advice, they’ll know very quickly whether that person is working in their best interest or trying to sell them an investment that is in their advisor’s best interests,” Dr. Breeden said.
But young physicians will need to turn to outside help for at least some financial needs. Dr. Breeden will go over what areas physicians can handle themselves and what areas, such as trusts, require expert advice.
The session also will examine risk management and how young physicians can make sure they have the right amount and right kind of insurance. Other topics include how to reduce the tax burden, finance children’s education, and start estate planning. Dr. Breeden will finish with an overview of basic investment principles and a primer on how to invest wisely.
The goal is to understand what brings value to your life and understand what your priorities are, Dr. Breeden said, and whether some of those priorities are in conflict.
“If you tell me that you want to spend two months traveling in Europe every year and you also want to retire when you’re 45, unless Bill Gates is your dad, you may have trouble achieving that,” he said. “So you have to be realistic — which of these priorities really matter?”