Years of education and training for your career can take a toll on your finances. Student loans accumulate while you’re in school and residency; then long hours and stressful days make it difficult to gain traction in your finances once you begin your career. Simply put, striking a balance between your lifestyle and financial freedom requires time and attention you may not have to spare. At SharpEdge Financial, we can help you build and monitor a sound financial plan at any stage of your life, so your focus can be on the things that are most important to you.
Still in Training
Although you are still technically in training during medical school, residency, and fellowship, you may be at a much different stage of life than a typical college student. At this stage, you may be wondering:
- Which career path makes most sense for me financially?
- Should I start repaying my student loans now or when I graduate?
- Should I pursue loan forgiveness?
- How can I make ends meet on my current income?
- How do I build up my credit?
Recent Graduate
Graduating from residency or fellowship is a massive accomplishment, but it comes with added responsibilities at work, at home (you may have a family by now), and with your finances. At this stage, you may be wondering:
- What is my compensation structure?
- Should I start saving for retirement or pay back my student loans quicker?
- How do I start saving to buy a house?
- What’s the best way to save for college education?
- Would my family be okay financially if something happened to me?
Mid-Career
You are now established in your profession. You may have gone the private group route or stayed within a hospital system. Either way, even if you have a good handle on your workload, you may still have gaps in your financial plan. At this stage, you may be wondering:
- How do I make sure I can retire one day?
- How can I minimize my tax burden?
- Is transitioning to a different career financially viable?
- What’s the best way to save for college education?
- Would my family be okay financially if something happened to me?
Retirement in Sight
Lastly, you are close to retirement. Maybe the next step is to pass down your wealth of knowledge to the next generation via teaching, or simply kick back and enjoy the nest egg you’ve created through your hard work. At this stage, you may be wondering:
- How much annual income will I need in retirement?
- Have I accumulated enough assets to support my income needs?
- When should I take Social Security benefits?
- How do I plan for the succession of my practice?
- How do I plan for long-term care needs?