Doctor, Are You Meeting Your Financial Goals?


Of course, that question assumes you have set your financial goals.

It is surprising how many physicians have not set any definite goals with associated dates.

Many have a mental wish list.

They say they "hope" to accumulate a certain dollar amount by the time they are 45 or 50 years old.

That is not nearly specific enough.

In addition, most physicians with such general financial "ideas" of their goals rarely if ever reevaluate or reassess where they stand nor what they need to do to get back on track.

Then, they end up in the 25% of physicians who never achieve millionaire status.

If you can't do this on your own, you need to hire a financial advisor. 

You need someone to hold you accountable for your stated goals.

And these days, one million dollars is certainly not enough for you to retire anywhere close to early nor even at a typical retirement age. 

On average most physicians make between $200,000 and $450,000 per year.  Some earn more; others earn less.

But with those numbers, you should be able to reach realistic financial goals. 

What are some of these realistic goals?

 1.   Save a minimum of 20% of your monthly income.

 2.  Maximize your retirement account savings options.

 3.  Pay off debts with a scheduled self-imposed repayment plan.

 4.  Live below your means.

 5.  Start college funds for kids early and contribute regularly.

 6.  Invest your savings wisely in a diversified portfolio.

 7.  Acquire income producing assets. 

 8.  Set a total amount you need for retirement.

 9.  Set a date by which you plan to reach that amount.

 10.  Reevaluate your progress each year.

 11.   Make yearly adjustments as needed.

 12.  Purchase appropriate insurance - malpractice, disability, life, liability, umbrella, etc.

 13.  Be sure you have a will


Those are some realistic financial goals. 

If you set specific goals, you will be able to reach them.

Nonspecific, general "wishes" rather than specific goals get you nowhere.

So, I will ask this again, "Are you on track to reach your financial goals for 2024?"

I hope so, because it's close to time to be reassessing and planning for 2025.

The goal is to reach financial independence. 

Then you can retire or just change your practice to be exactly what you always wanted it to be.

There are three main ways to reach financial independence. 

 1.  Accumulate enough retirement savings and investments to be able to live off of the yields from your investments.

 2.  Acquire and/or create enough income producing assets which consistently provide the monthly income you desire.

 3.  A combination of the two.  


But it all starts with setting definite, specific goals.

If you haven't done so yet, it's still better to start late than not to start at all.

Good luck!


​Ben Holt, M.D.