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Financial Planning for Medical Professionals

Hamada Wealth Management Group, LLC was founded to assist our clients in every aspect of their financial lives. We’ve provided the most personal service available, thus earning a reputation for excellence in our industry. We strive to help our clients reach financial stability while guiding them towards financial independence.

Being in the medical profession presents unique financial challenges.

We have years of experience helping medical professionals with their financial planning & asset protection. Let us help navigate your options. Call today! We work with physicians through every stage of their career to maximize after-tax income while building wealth and providing guidance on every aspect of your financial life.

What is Financial Planning for Medical Professionals?

Financial planning for medical professionals requires specific knowledge and a skill for navigating student loans, insurance matters, practice partnerships, and more. We are dedicated to delivering the highest level of financial planning for the medical professionals we serve. We offer a high-touch, custom-tailored approach to solving financial and tax planning issues while collaborating with you toward achieving financial stability and peace of mind.

Expert Financial Advice for Medical Professionals at All Career Stages

Early and Mid-Career

Medical professionals face a unique situation in meeting their financial goals because of delayed entry into the workforce. Additional years of school can present a challenge in managing finances and preparing for the future. Medical professionals often need to pay down large student loan debts while simultaneously making up for the earning-time gap. 

As a medical professional, you need expert financial advice to guide you toward your goals. We work with early and mid-career medical professionals to develop detailed cash-flow plans, create risk management plans, and develop investment strategies for each stage of your life while continually monitoring their continued progress toward your financial goals.

Late Career

Medical professionals nearing retirement need a deep understanding of the financial and tax implications of exiting their careers. Estate planning and leaving a legacy for your family and community is also a concern. Making realistic assumptions about the future is a vital attribute of a quality long-term retirement plan. We are here to help guide you toward your goals and desires.

The Financial Life Cycle of a Medical Professional

From the time you enter a medicine program to the time you retire from your career, you will go through multiple financial stages. These stages are different, to no small extent, from those of non-medical professionals. Below are the six stages of a medical professional’s financial life and the financial needs you may have in each stage. As you will see, the needs and focus on your finances will shift and change. Regardless of the financial life stage you are in; we can help you; from budgeting to retirement planning to retirement income planning, Hamada Wealth Management is here for you.

Stage 1 - Financial Literacy

  • For those in medical school
  • Set a budget
  • Manage student loan debt
  • Education on financial matters

Stage 2 - Financial Planning 

  • For interns and residents
  • Plan for debt repayment
  • Purchase disability insurance
  • Begin an emergency fund
  • Begin investing for retirement

Stage 3 - Financial Planning

  • For first-year attending
  • Purchase life insurance
  • Update disability insurance coverage as needed
  • Create and implement an investment strategy

Stage 4 - Financial Planning

  • For mid-career
  • Plan for retirement
  • Consider estate planning
  • Build assets

Stage 5 - Physician

  • Retirement planning
  • Set a budget for retirement
  • Set up an estate plan
  • Consider long term care insurance

Stage 6 - Post-Retirement

  • Financial planning
  • Succession Planning
  • Estate Planning
  • Charitable giving

Financial Planning Priorities for Medical Professionals

Overcoming Debt and Building Long-Term Financial Security

Most medical professionals face towering student loan debt. At the same time, they are just starting in their profession and are beginning to save for long-term goals, including retirement. In fact, most medical professionals have student debt of over $200,000. Medical professionals are further hindered in their financial plans by a lack of time to focus on financial planning goals, learning how to meet them, or the ability to stick to a plan. 

At Hamada Wealth Management Group, we take the burden of financial planning and debt reduction off your plate. We will work with you to develop a customized financial plan that considers student debt while balancing that with goal achievement and retirement needs.

Investing Strategy

Medical professionals have unique characteristics when it comes to financial planning. A Northwestern Mutual study on medical professionals’ priorities discovered that medical professionals display patience and resolve when markets are volatile and rarely make changes to their portfolios. The study also found that asset appreciation was more important to medical professionals than capital preservation. 

At Hamada Wealth Management Group, we can build on your strengths and design a personalized investment strategy that works for you while you provide for others' medical needs.

Attitudes Towards Career Risk

Managing personal and professional risk is a significant concern for medical professionals. Personal risks such as suffering from a disability and the inability to work and professional risks like malpractice issues are often top concerns. Insuring against these risks is an essential component in financial planning for medical professionals. This combination of risk protection can help provide long-term financial security and be part of a complete financial plan that includes investment that can help diversify risk while opening the opportunity for growth. 

At Hamada Wealth Management Group, we offer risk management solutions that can relieve medical professionals from additional stress. Disability and life insurance can provide a safety net, and we can help by finding the right policies to serve the unique needs of medical professionals. 

Source: What Are Medical Professionals' Top Financial Planning Priorities? - ADVISOR Magazine 

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