Financial planning may not be what you think
Financial planning means different things to different people. To some, it may simply mean investments; to others, insurance; to others, a Swiss bank account, and a private jet. We believe that, at its roots, financial planning is simply making smart decisions about your money with your goals in mind. We’ve broken it down into six decisions you need to make about your finances that apply to you now and in the future.
1. You need to make a decision about how you earn money.
As a resident or fellow, this is an easy decision – one that’s already been made for you. You are an employee of the hospital and as such you earn a paycheck and receive a W-2 at the end of the year. Later on, you might earn income outside of your primary job or practice by speaking, endorsing, moonlighting, or consulting. How will you accept this additional income? As a sole proprietor? As an individual? As a corporation?
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