5 financial thoughts for mid-career physicians
What should physicians hitting the mid-point in their careers focus on, financially? Physician's Money Digest offers some considerations.
Here are five things to note:
1. By the time you hit your forties, you may want to remedy any financial faux-pas you made in your younger years. Whether it was making an investment mistake or purchasing a bad life insurance policy, now is the time to right the wrong. Meet with a financial advisor to correct the issue — the money it takes now will likely save an immense amount in the long run.
2. Pay off your mortgage. At this point in your career, you have a grasp of your earnings and you've likely been in your house for at least a few years. Figure out how to pay your mortgage off early, as it will enhance your retirement savings.
3. Take another look at the college fund, and analyze the current standing of tuition. Figure out whether state schools are more in your range, or if you can help with private school tuition. Paying for your child's college will arrive before you retire, and it is a good financial test-run of your ability to establish a financial plan and follow it.
4. Consider your past advisory decisions, and decide if it's time for a new advisor or new negotiation on advisory fees. Make sure you are receiving solid advice at a fair price.
5. Check your spending and whether you are saving enough. Shoot for allotting 20 percent of your gross income to your retirement fund.
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