Considered as undisputed experts in treating physical ills, medical doctors are often looked at as some of the most respected and successful individuals in the professional world.
However successful doctors are, they are still prone to errors. Some doctors sometimes focus solely on their practice that they make mistakes, even “rookie” ones, when dealing with their finances. Challenges like shrinking reimbursements and confusion from newly passed healthcare legislations are some of the main factors that make it tough for doctors to deal with money matters properly.
One major blunder involves doctors not asking often for financial advice, and when they do get one, they usually don’t listen. This may be caused by their reluctance to listen to others’ opinions, or the fact that they’re really just too focused on their work and have no time to deal with other matters.
Another blunder they commit is engaging in risky investments. Such deals are often structured so that the doctors are the ones taking the blow financially, while other investors get all the rewards. To avoid money pits like this, doctors should always have their lawyers review the terms to ensure that they don’t get the short end of the stick.
But the tide has turned. More doctors are now aware of their situation and are seeking professional financial advice. If doctors dread the thought of committing these financial blunders, then they should consult a reputable accounting professional and inquire about a full income protection insurance scheme.