Robert Burton once said about – and probably to – doctors: “Restore a man to his health, his purse lies open to thee.” The problem, however, is that not all physicians know what to do with the money in their purses. At the end of every day, finances may reside outside the margins of a doctor’s priority.
The number of physicians is on the rise in medically advanced cities like Melbourne. Sadly, Thomas Stanley, the author of Millionaire Next Door, finds that they are least likely to accumulate substantial wealth. Michael Zhuang of KevinMD.com proposes five reasons behind this prediction:
1. Good money only comes years after medical school and residency debts have been paid.
2. The pressure to live a luxurious lifestyle befitting a doctor.
3. Financial matters are least prioritised.
4. Confidence in the self’s ability to perform all the tasks s/he needs to do.
5. Inability to sell their practices for money.
Every doctor is just as likely to get caught in a string of financial issues due to any of these reasons. Zhuang knows it best: “Not every doctor has the inclination to do personal finance.”
Personal finance, however, need not be complicated. This is where an expert accountant for doctors can step in. With the expertise these accountants have to offer, doctors can focus on providing quality patient care and rest easy in the knowledge that their books are up to date and accurate.