Commonalities Among Doctors who are Successful with their Finances and Time

ALL DOCTORS, whether specializing or in general practice, who experience financial success and are enabled thereby to choose where and how to spend their time over life, have several things in common. None of which are based on luck!

Among the many surgeons, medical specialists and general practitioners we've advised over the years, there's some striking correlations for financially driven success. And financial success is important - your lifestyle, having the time to make a difference and leave your mark, being able to pass on your knowledge to others, charitable giving, your health and that of your family, and so on - are all enabled to a certain extent by having financial resources and growth in personal wealth. So what is it they're doing?

  1. They focus on the future - it's where we'll be spending the rest of our lives! A backward look can help, but it's the clear path ahead being succinctly tabulated that lets you take control - and taking control is where it all starts; it's a precursor to being able to adjust direction and speed. This control comes from tools such as our proprietary one-page cashflow forecast, updated quarterly so it's always fresh - you should be able to tell at a glance what your bank balance will be in three months time. It's taking care of your financial lifeblood - if that stops, you're dead. Forensic analysis rather than post-mortem pathology!

  2. Building on the above, they also have an overall life plan - it's actually mapped out - of where they'd like to go in the long term. The steps to take are identified. Like your career plan, but based around financial security and control. We call this our 'Personalized Lifetime Wealth Management Plan' service. There's no 111 service or morphine in finance.

  3. As well as practicing medicine, there's been an understanding on the Doctors part of the practice of finance - how money works. This knowledge comes from not only having advisers who are proficient, but who also will spend the time with you to explain what's happening: where this trajectory will travel, and options for altering its velocity and direction.

  4. And the corollary to the above: they get good advice, in time. A good accountant is what keeps your financial advisers honest.

  5. Finally, they've identified and eliminated their practice and/or earning weak-points. Using a professionally-produced peer comparison - called 'benchmarking' - alongside your figures to enlighten them so you can see at a glance where there's opportunities for improvement and exactly what has to be done (Doctor Financials produce these benchmarking figures and plans of action for every set of financials we do). Doctor Financials are a growing accounting firm, specializing exclusively in the medical profession. No matter what stage of your career you're at, if you'd like to discuss your situation and see if we're a fit for you, give us a call!

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