Physicians often face many challenges when it comes to their financial lives. In most cases, they have a delayed entry into the workforce which begins in their 30’s. This is vastly different than the general population, where people usually begin careers in their early to mid 20’s. When physicians finish their residency or fellowship training, many are often faced with large student loan debts that need to be kept under control.
In addition, physicians need to have a strict approach to retirement planning in order to make up for lost time. Maintaining adequate insurance coverage can often go overlooked, which creates unnecessary financial risk. All of this represents a unique situation that requires careful consideration and planning.