Physicians Financial Checkup: Financial Advice and Education for Medical Professionals

By Brent T. Boden

This book offers a quick and easy reference guide for busy healthcare professionals in getting a grasp on their personal finances. It outlines how financial security is a complementary part of the education a medical student should be receiving from the early stages of their career training through retirement and leaving a legacy. You will learn about financial planning strategies, how to ascertain simple, actionable goals, and what steps you can take to make your financial dreams a reality.

Beginning with simple budgeting techniques, managing, and paying off student debt more effectively, and building your wealth strategically, you will learn the building blocks to successfully navigate to reach your goals. This book guides you through many of the financial topics you need to know for the busy medical professional to achieve financial freedom!

• Language: English
• Publisher: Fulton Books, Inc.
• Release date: Jul 26, 2023
• ISBN: 9798887317618

Book preview

Table of Contents

Title

Copyright

Preface

Acknowledgments

Chapter 1: Introduction

Chapter 2: Beginning with a Plan

Chapter 3: The Elephant in the Room

Chapter 4: Always Keep Saving

Chapter 5: Investment Management

Chapter 6: Protecting You, Your Family, and Your Livelihood

Chapter 7: Tax Planning Considerations

Chapter 8: Estate Planning Basics and More

Chapter 9: Additional Business Owner Planning Concerns

Chapter 10: Putting It into Action

About the Author

cover.jpg

Physicians Financial Checkup

Financial Advice and Education for Medical Professionals

Brent T. Boden

Copyright © 2023 Brent T. Boden

All rights reserved

First Edition

Fulton Books

Meadville, PA

Published by Fulton Books 2023

ISBN 979-8-88731-760-1 (paperback)

ISBN 979-8-88731-761-8 (digital)

Printed in the United States of America

To my best friend and lovely wife

and our three beautiful children

Preface

The journey to writing this book has been as much a function of personal life circumstances as it has been born of a desire to help people lead more financially savvy and fulfilling lives. In some ways, the profession of a financial adviser and I were a perfect match for my personality and sense of purpose. While others focused on short-term gains and immediate gratification, I sought out long-term benefits through deliberate sacrifice and investment. From early on, I learned that patience and determination could allow my dreams to become a reality. By learning to make my assets work for me, I discovered that much larger gains could be secured. I, too, wanted growth in my financial freedom but was more strategic in how I approached my goals.

Initially, I pursued engineering, but my path changed from family circumstances during college, including the loss of a loved one at far too young an age. It was then that I focused on what I truly felt could make the largest impact on my family, friends, and future clients by focusing on financial education. My early knack for dabbling in long-term growth and strategy formation made me realize that working as a financial adviser would allow me to share that passion with the community. Just as my family suffered from poor financial planning, others were also plagued with a myriad of monetary questions and dilemmas. Money is such an important part of our lives, yet rarely do we ever learn how to manage this most valuable asset.

Through my experience, I have seen people earning six-figure salaries fall into financial trouble. While such a prospect may seem impossible, one merely has to look at lottery winners and how they often end up worse off than before their windfall. I made it my mission to help people better manage their money without sacrificing their financial goals. The game is long and requires learning and astute decision-making. The results are, however, worth the effort.

The book came from my attempts to reach a wider audience. As a means to broadcast the message that you can improve your financial life through simple ongoing steps of improvement, I wanted to help others realize their dreams and enjoy the same satisfaction that I have through continued improvement and learning about your finances. Learning these skills does not require a higher degree in mathematics as much as it does prudent thinking and action.

Acknowledgments

This book has been a cumulative effort of my experience as a personal investor since the mid-'90s and my career as a financial adviser starting in the industry just before the Great Recession. Over the years, my passion for helping clients, friends, and family to understand more about their financial capabilities, strategies, contingencies, and successes has continued to be a driving force for why I wake up each morning ready to greet the day!

The initial idea for writing this book came about almost ten years ago as I found myself helping a number of medical professionals and business owners navigate their financial debts and successes and wanting to help spread the word even further than my metropolitan area. While life has a way of adding amazing blessings in the form of our three children and throwing curveballs, I have continued to grow in my knowledge and ability as a financial adviser. The recent COVID-19 pandemic allowed me to take a breath and realize how short life can be. It also remotivated me to finally publish something I started many years ago.

By no means is this a book meant to deal with all the situational changes and life events that get thrown at a person or family; it's simply meant to be a guideline or handbook for a starting point—a nudge to give you the motivation to know you can make your financial goals come true. But it starts with starting somewhere! Wherever you are in your journey to financial success, whether you are going alone or trying to figure out where to start, a professional financial adviser is a good place to start your journey. Use this as a reference to ask questions, educate yourself, and learn along the way.

The quotes in each chapter are meant to be lighthearted, a way of breaking up the monotony of financial education. I hope you soak up as you read.

I would be remiss if I didn't thank my wife, Nikki, who indulged me in my endeavor to publish this book, giving me positive support and feedback. She is my best friend, and I love her dearly. To my children, my hope is to relay some of the lessons of this book to them early and often, as the small anecdotes or lessons I discuss with them will help their future financial dreams come true. I have always hoped that more of our nation's children would learn financial literacy at an early age, and I believe the reduced stress and freedom that comes with financial literacy can only help future generations. To my friends and family, who have helped shape the man I have become and taught me lessons that have stuck with me all my life—you are too numerous to name—thank you!

I hope you enjoy the pages you are about to encounter. Keep an open mind, and remember, there is no one path to achieving financial success. We must pave our own way along the journey of life.

Chapter 1

Introduction

To accomplish great things, we must not only act but also dream, not only plan but also believe.

—Anatole France

Everyone has their own idea of what constitutes a happy, prosperous, and fulfilling life, but how do we achieve that ideal vision? Having a plan to reach your goals is just a starting point, but not taking the necessary steps to reach your destination and still hoping to attain it is an absurd expectation. Planning and action go hand in hand; you can never achieve anything by just thinking, dreaming, or praying for it. You must also take appropriate actions on your way to reaching those goals. One of the major areas of life that require planning is your finances. This book is focused on medical professionals; however, regardless of what field of business or the type of work you do, if you do not manage your finances well, no force in the world can help you evade or at least combat losses. You can make as many cash flows and budgets as you want, but unless you start thinking about your money more objectively, your future may still be at stake.

That being said, you must prepare a plan with strategies to work toward your goals while also being flexible to navigate the uncertainties of life. Sometimes life throws curveballs at us, and if we don't have contingency plans or adapt to changes, we will be left without proper protection for ourselves and our loved ones.

Think of your financial plan as a long-range map helping you navigate to your financial destination. Once you have determined your destination, you will have the prospects of the adventure with all its turns, points of interest, and stops along the way. You can enjoy the ride knowing that even a detour will not change your destination.

It is inevitable that there will be hurdles and unforeseen bumps along the way. Still, with the proper preparation, you will be prepared for those alternate routes. You will be confidently ready to make the necessary adjustments and navigate around those challenges ahead. You may have to steer the vehicle in another direction, but your destination is most likely to remain unchanged.

Similarly, for your financial future, you will run into roadblocks and find that you need to redirect. A good foundation and a strong belief that Yes, I can do it! while accurately implementing your plan will pave the way to success. Having a copilot is also an effective strategy to help navigate those changes using the advice and guidance of a trusted financial professional. This helps to make better, more timely decisions to implement while keeping you on track for your destination.

My name is Brent T. Boden. I am a Certified Financial Planner™ with over a decade of experience as a financial adviser to high-net-worth clients.

Initially, I was pursuing a career in civil engineering but soon realized that was not the calling and direction for me. After years of personally investing and protecting assets and a strong interest in helping others, I joined the financial services industry in early 2008, just before the Great Recession, setting out with a goal to help clients effectively and efficiently reach their financial aspirations. In 2012, I completed my Certified Financial Planner™ (CFP®) certification and Chartered Financial Consultant (ChFC®) designations from the American College to expand my knowledge in the financial services industry.

The Certified Financial Planner™ designation focuses on expertise in seven major categories (cash management, risk management, retirement planning, education planning, investing, estate planning, and tax planning) along with the process of continually revisiting the client's needs. Knowledge of these categories and the financial planning process are requirements of the CFP®, along with a minimum level of education, including a bachelor's degree, comprehensive exam, six thousand hours of professional planning-related experience, and personal fiduciary ethics. The Chartered Financial Consultant designation adds some coursework with small business planning