The Most Important Aspect To A Young Doctor’s Financial Plan

In a young physician’s life, financially speaking, the single most important aspect to financial well-being has nothing to do with money; it has nothing to do with investments; it has nothing to do with budgeting and saving. I think financial advisors and financial planners sometimes miss the mark on what’s really important.

What does it take to be a doctor? I started dating my wife exactly one month before she started medical school. The development and transformation of that kind of endeavor takes time and effort, unlike anything I’ve ever seen. There’s a decade-long sacrifice that includes gobs of debt, lack of sleep, and, most importantly: time. Time to read and study cases the day before; time at the hospital seeing patients, learning, and checking out with the attending physician; time to complete the notes and charts and update the H&Ps. During this time, a medical student becomes a doctor, and eventually a resident and a fellow, who goes on to become something more. While all this is happening, while this metamorphosis is occurring, a young doctor’s family is growing. The family is growing while the doctor is sleeping after a 45-hour call shift; the family is growing while the doctor is checking out to the attending; the family is growing while the doctor is finally home, being with the family, and taking part in that growth. What else comes with being a doctor? Guilt. Let me be very clear on this: you are helping your patients overcome the greatest obstacles they will ever face. There is a horrific shortage of physicians, and not everyone can become one. Being a young physician is such a wonderful thing that shouldn’t result in guilt. You are empowering your family and creating an example of dedication and excellence that can create passion in their lives. I think that guilt should melt away.

So what does this have to do with financial planning? The answer is everything. This is financial planning. The most important aspect of financial planning for young doctors isn’t what a financial planner is blabbing on and on about. It’s not stock picks, taxes, investment strategies, or legal documents. The most important aspect of financial planning is this: It’s time with your spouse. An hour for dinner while the kids are with a babysitter. It’s a quick lunch date. It’s a quick hug and conversation in the morning. It’s a planned weekend out of town for two. And don’t feel this is an every day or every week kind of thing. A dinner every two or three weeks usually isn’t out of the question. A weekend away two or three times a year isn’t too much. It’s just a little bit of fertilizer for your family. Treat the roots of your family tree – the marriage.

Let me ask this: What good is money if your home life is broken? Why save money if you don’t know your best friend (spouse) anymore? Why plan for a future that isn’t viable? What happens to the kids if your marriage falls apart? While the chance of divorce isn’t particularly high in doctors, compared to many other occupations, I think there’s a high percentage of unhappy doctor marriages (let me be clear, as my wife reads this – I married my best friend and hit the spouse-lottery). I think there’s such a priority conflict. Patients come first is 100 percent understandable. Oftentimes, physicians are helping their patients through the most difficult time of their lives, and that takes rigid focus. When I go through a health crisis, I want my doctor to be thoroughly engaged. But the statement “patients come first always” isn’t understandable.

The most important aspect of a sound financial plan for a young physician is a date with your spouse. If you’ve read this far, I urge you to send a text message to your spouse and plan a dinner in the coming weeks. Use this dinner to plan a weekend away. Become a closer family, which will ultimately create a better financial plan.

Paul Morton is an investment advisor, Midwest Private Client Group.

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