Time to Tighten the Belt a Notch?
As 2017 draws to a close, unprecedented anxieties and uncertainties grip our nation. The divided and unpredictable state of the Union makes it difficult for Americans to be able to predict their incomes, their tax burdens, and the cost of their healthcare premiums, as well as other major expenses.
Physicians aren't immune to such concerns. I know of several doctors who have faced skyrocketing levels of practice overhead in the past couple of years. Some have gone months without a paycheck in hopes of keeping their practices afloat. Others have gone to work for someone else or left the practice of medicine altogether. Several recent reports of physicians not having their contracts renewed with their medical groups/employers underscore the Grinchy landscape of physician employment today.
Although employment, reimbursement, taxation, and healthcare are prime examples of unpredictability in finances, achieving financial security despite these threats is a crucial milestone that all of us should strive for.
By virtue of their late start in the work world, physicians not only commonly face mortgage and student loan debt, but also these balances are typically quite high. Given their devotion to education, it's also unsurprising that doctors often help their kids pay for their educations.
