10 considerations for physicians entering practice

Friday, June 10th, 2016

Michael D. Paulus, a financial advisor, provides 10 key considerations for physicians before entering a practice.

Here are 10 considerations:

1. Put 20 percent of paycheck into savings or debt reduction.

2. Update your Disability Insurance coverage so it is indicative of your income.

3. Insure your "Human Life Value"

4. Buy umbrella liability coverage.

5. Consolidate you student loans.

6. Ensure your credentialing is complete.

7. Make sure you are ready to enroll in a retirement plan.

8. Finish group benefits enrollment paperwork.

9. Employ an attorney to draft appropriate legal documents.

10. Carefully review your state's asset protection laws.