BOCA RATON, Fla.--(EON: Enhanced Online News)--When it comes to avoiding financial trouble, David Katz believes there's a lot of truth to the saying, "Physician, heal thyself." All too often, doctors, dentists and other medical professionals can lose track of their financial objectives, make poor investment decisions or fall victim to a con artist, according to Katz, a nationally recognized wealth manager and financial advisor.
“Many doctors, dentists and other medical professionals make financial mistakes in their practices and their personal lives”
"Many doctors, dentists and other medical professionals make financial mistakes in their practices and their personal lives," said Katz. "They tend to be engrossed in the study of medicine, leaving little time to develop their knowledge and experience in the business and investment world."
Once a medical professional enters private practice, the same pattern continues, added Katz, who is a senior partner at Gitterman & Associates Wealth Management, LLC in Boca Raton, FL. "Seeing patients, starting a family and getting involved with professional and civic organizations leaves little time to learn money management or investment skills," he said.
Katz has several suggestions, based on years of experience, for avoiding serious financial mistakes:
• Develop a personal financial plan. It's important to set financial goals early in your career and develop a long-term game plan for achieving a secure retirement.
• Save on a regular basis. Create a household budget that allows you to live within your means. Remember that a lavish lifestyle can cripple your retirement plans.
• Understand the risks associated with different types of investments. In general, investments with higher potential returns also carry higher risks. Remember that if an investment plan sounds too good to be true, it probably is.
• Protect against the unexpected. Purchase insurance to protect your family and your property. Because medical professionals are also vulnerable to lawsuits, you may also want to work with an asset protection specialist.
• Run your practice like a business. A successful medical practice needs to generate enough revenue to cover salaries and other expenses month after month, year after year. That means implementing effective billing and collection processes and procedures to accelerate the collection of payables.
• Engage an experienced and reputable financial advisor. Physicians can benefit from financial and investment recommendations from a reputable and trustworthy advisor. Check an advisor's credentials and references before making a decision.
"A medical professional doesn't have to go to school to earn an MBA or study the financial markets," Katz said. "But doctors should understand the key concepts of business and finance, and seek out professionals who can provide solid advice. That allows doctors to focus their passion on medicine – without losing sight of the financial facts of life."
For more information: www.gawmllc.com
Securities Offered through Triad Advisors Inc. Member FINRA/SIPC
Investment Advisory Services offered through Gitterman & Associates Wealth Management, LLC., a Registered Investment Advisor which is not affiliated with Triad Advisors Inc.