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Financial Planning for Physicians - Smart Strategies

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We know that physicians routinely face unique financial challenges, including grappling with significant student debt loads, handling complex compensation negotiations, buying/selling practices or practice-related real estate, etc. Here are some strategies Virgil Wealth recommends:

Build a solid foundation during residency

  • Build and stick to your budget. Income will likely never be lower in your professional career, so build the habits early so they stick with you later

  • Start your saving now! Create an emergency fund that can last 4-6 months if needed

  • Establish a Roth IRA while income is low to start the long-term compounding effect

Tackle Med School Debt Wisely

We can help you weigh the pros and cons of different repayment options.

  • Understand your rate and amortization. Let us help you explore refinancing options if and when they make sense

  • Will you be earning a low salary during and after residency? Look into income-driven repayment plans

  • If you plan to work in an academic hospital or a non-profit, explore Public Service Loan Forgiveness; this can save you thousands and thousands of dollars if you qualify

Protect your assets from Day 1

Your ability to earn is your most valuable asset. At Virgil Wealth, we suggest three different types of insurance:

  • Disability insurance: Choose a policy tailored to your specialty.

  • Umbrella liability insurance: Adds an extra layer of protection above home/auto coverage.

  • Malpractice coverage: Review regularly to ensure limits match your risk profile.

Conclusion

From residency to retirement, physicians face financial decisions unlike any other profession. By addressing debt, protecting income, and planning proactively, you can achieve lasting financial independence — without sacrificing your quality of life.

At Virgil Wealth, we help physicians navigate every step of that journey with personalized, fiduciary advice. Schedule a free 15 minute consultation with us today to go deeper on these issues

Free 15 Min Consult

Virgil Wealth Advisory, LLC (“Virgil Wealth”) is a registered investment advisor offering advisory services in the States of New York and Ohio and in other jurisdictions where exempted.  Registration does not imply a certain level of skill or training. The presence of this website on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by Virgil Wealth in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or pursuant an applicable state exemption.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of Virgil Wealth, unless otherwise specifically cited.  Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness.  All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.