Financial Planning for Medical Doctors
By Dale Maley
4.5/5
()
About this ebook
American medical doctors face some unique financial planning challenges. They often have to incur student loans in the hundreds of thousands of dollars. Unlike regular college graduates who start working at age 22, they often can not start working until about age 30. Their relatively high income can also drive the need for huge retirement savings. Because of their high income, doctors are major targets for people selling bad investments. This short story explores these unique challenges. Read this short story if you are a medical doctor who wants to learn how to meet your long-term financial goals.
Dale Maley
Dale C. Maley is the author of the 19999 book Index Mutual Funds: How to Simplify Your Financial Life and Beat the Pros.He is also a contributing author to Chapter 18 Seeking Help from Professionals in the 2009 book The Bogleheads Guide to Retirement Planning.He is a very successful private investor who has been a student of Financial Planning and Investing for over 30 years. He was trained as an engineer at the University of Illinois and has been a practicing engineer for 32 years. His accomplishments as an engineer include the granting of 16 U.S. Patents and authorship of over 500 professional technical papers. He is also a member of the International Society of Automotive Engineers and the Society of Manufacturing Engineers.He also has earned an MBA (Masters Degree in Business Administration) degree from Illinois State University. His background in mathematics, engineering, and business provides him with the excellent basis for understanding and teaching investments and financial planning.He is also a very successful investor who has been investing in common stocks and mutual funds since 1980. He has also personally invested in both 401(K) and IRA plans, so he is familiar with participation and management of these types of investments. He has been investing in indexed common stock mutual funds since 1990.Dale became a Registered Financial Advisor in the State of Illinois in 2006 and is currently launching his business as a fee-only financial planner. He is President of Maley Financial Planning LLC.
Read more from Dale Maley
What Is The Optimum Method to Convert a Retirement Portfolio Into Income? Rating: 0 out of 5 stars0 ratingsHow Asset Allocation Can Help You Achieve Your Financial Goals Rating: 5 out of 5 stars5/5What are the Requirements for Becoming a Financial Planner? Rating: 0 out of 5 stars0 ratingsHow to Build a Fascinating Ratcheting Wood Model Rating: 0 out of 5 stars0 ratingsWho Are The Bogleheads And Should You Become One? Rating: 0 out of 5 stars0 ratingsHow to Use Psychology to Achieve Your Financial Goals Rating: 0 out of 5 stars0 ratingsShould Immediate Annuities Be a Tool in Your Retirement Planning Toolbox? Rating: 0 out of 5 stars0 ratingsHow to Cut the Cost of Your Auto and Homeowner's Insurance Rating: 0 out of 5 stars0 ratingsHow Would Have a Low-Cost Index Fund Approach Worked During the Great Depression? Rating: 0 out of 5 stars0 ratingsHow Do I Maximize Retirement Income From My Portfolio? Rating: 0 out of 5 stars0 ratingsHow Do I Estimate Retirement Living Expenses? Rating: 0 out of 5 stars0 ratingsHow Much Income Do I Really Need in Retirement? Rating: 0 out of 5 stars0 ratingsAre 529 Plans Really the Best Way to Save for College? Rating: 0 out of 5 stars0 ratingsShould I Pay Off My Mortgage Early? Rating: 0 out of 5 stars0 ratingsHow to Save and Invest for Retirement Rating: 0 out of 5 stars0 ratingsIndex Mutual Funds: How to Simplify Your Financial Life and Beat the Pros Rating: 0 out of 5 stars0 ratingsRules of Thumb or Retirement Planning Software? Rating: 0 out of 5 stars0 ratingsHow Do I Design My Own Financial Plan? Rating: 0 out of 5 stars0 ratingsBe Very Wary of Equity Indexed Annuities Rating: 0 out of 5 stars0 ratingsHow Do You Know When We Are In A Financial Bubble? Rating: 0 out of 5 stars0 ratingsDo I Need Long-Term Care Insurance? Rating: 0 out of 5 stars0 ratingsHistory of Murders Committed in Fairbury, Illinois Rating: 0 out of 5 stars0 ratingsShould Municipal Bonds be a Tool in Your Retirement Planning Toolbox? Rating: 0 out of 5 stars0 ratingsHow Can I Retire If I Am 62 and Broke? Rating: 0 out of 5 stars0 ratingsFire Your Over-Priced Financial Advisor and Retire Sooner Rating: 5 out of 5 stars5/5Do I Need an Investment Policy Statement? Rating: 4 out of 5 stars4/5Are Black Swans Really Harmful to Ordinary Investors? Rating: 0 out of 5 stars0 ratingsHow to Find a Good Financial Planner Rating: 0 out of 5 stars0 ratingsWho Wins the Variable Annuity Versus Mutual Fund Battle? Rating: 0 out of 5 stars0 ratings
Related to Financial Planning for Medical Doctors
Related ebooks
Summary of Dr. James M. Dahle's The White Coat Investor Rating: 0 out of 5 stars0 ratingsHow to Find a Good Financial Planner Rating: 0 out of 5 stars0 ratingsSummary of David Alan Carter's THE 12% SOLUTION Rating: 0 out of 5 stars0 ratingsBeginners Guide to Dividend Investing: How to Retire with Dividends: Dividend Investing Beginners Guide Rating: 0 out of 5 stars0 ratingsHow Do I Maximize Retirement Income From My Portfolio? Rating: 0 out of 5 stars0 ratingsThe Everything Guide to Investing in Your 20s & 30s: Your Step-by-Step Guide to: * Understanding Stocks, Bonds, and Mutual Funds * Maximizing Your 401(k) * Setting Realistic Goals * Recognizing the Risks and Rewards of Cryptocurrencies * Minimizing Your Investment Tax Liability Rating: 0 out of 5 stars0 ratingsBasic Understanding of Financial Investment: Book 6 For Teens and Young Adults Rating: 0 out of 5 stars0 ratingsThe Modern Guide to Stock Market Investing for Teens: How to Ensure a Life of Financial Freedom Through the Power of Investing. Rating: 0 out of 5 stars0 ratingsHow to Read Your Way to Financial Wealth Rating: 0 out of 5 stars0 ratingsShort and Simple Guide to Smart Investing Rating: 0 out of 5 stars0 ratingsStock Market Investing For Beginners - Fundamentals On How To Successfully Invest In Stocks Rating: 0 out of 5 stars0 ratingsWho Wins the Variable Annuity Versus Mutual Fund Battle? Rating: 0 out of 5 stars0 ratingsHow Do I Design My Own Financial Plan? Rating: 0 out of 5 stars0 ratingsShould Immediate Annuities Be a Tool in Your Retirement Planning Toolbox? Rating: 0 out of 5 stars0 ratingsFire Your Over-Priced Financial Advisor and Retire Sooner Rating: 5 out of 5 stars5/5Financial Planning Made Easy: A Beginner's Handbook to Financial Security Rating: 0 out of 5 stars0 ratingsSound Retirement Planning: Revised & Updated: A Retirement Planning Journey Designed to Achieve: Clarity, Confidence & Fr Rating: 0 out of 5 stars0 ratingsThe Type B Financial Plan: A More Relaxed Approach to Personal Finance for the Average American Rating: 0 out of 5 stars0 ratingsAdvisor's Guide to Annuities, 5th Edition Rating: 0 out of 5 stars0 ratingsPlan Smart, Retire Right Rating: 0 out of 5 stars0 ratingsWhy We Don't Save Enough for Retirement and How You Can Save More Rating: 5 out of 5 stars5/5ASSET DEDICATION: How to Grow Wealthy with the Next Generation of Asset Allocation Rating: 4 out of 5 stars4/5Retire Early? Make the SMART Choices: Take it Now or Later? Rating: 4 out of 5 stars4/5The Young Physician's Guide to Money and Life: The Financial Blueprint for the Medical Trainee Rating: 0 out of 5 stars0 ratingsHow to Open & Operate a Financially Successful Personal Financial Planning Business Rating: 4 out of 5 stars4/5The Ultimate Financial Plan: Balancing Your Money and Life Rating: 4 out of 5 stars4/5Summary of Rob Berger's Retire Before Mom and Dad Rating: 0 out of 5 stars0 ratingsFinancial Planning Basics for Doctors: The Personal Finance Course Not Taught in Medical School Rating: 0 out of 5 stars0 ratingsWinning the Loser's Game, Fifth Edition: Timeless Strategies for Successful Investing Rating: 0 out of 5 stars0 ratingsThe Bucket Plan®: Protecting and Growing Your Assets for a Worry-Free Retirement Rating: 3 out of 5 stars3/5
Personal Finance For You
We Should All Be Millionaires: A Woman’s Guide to Earning More, Building Wealth, and Gaining Economic Power Rating: 4 out of 5 stars4/5The Psychology of Money: Timeless lessons on wealth, greed, and happiness Rating: 5 out of 5 stars5/5Summary of The 48 Laws of Power by Robert Greene Rating: 4 out of 5 stars4/5The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness Rating: 4 out of 5 stars4/5Set for Life: An All-Out Approach to Early Financial Freedom Rating: 4 out of 5 stars4/5Same as Ever: Timeless Lessons on Risk, Opportunity and Living a Good Life Rating: 4 out of 5 stars4/5Rich Dad Poor Dad Rating: 5 out of 5 stars5/5The Millionaire Next Door Rating: 4 out of 5 stars4/5Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple Rating: 5 out of 5 stars5/5Investing For Dummies Rating: 4 out of 5 stars4/5The Black Girl's Guide to Financial Freedom: Build Wealth, Retire Early, and Live the Life of Your Dreams Rating: 5 out of 5 stars5/5Suddenly Frugal: How to Live Happier and Healthier for Less Rating: 3 out of 5 stars3/5Summary of I Will Teach You To Be Rich: by Ramit Sethi | Includes Analysis Rating: 4 out of 5 stars4/5Rich Dad's Cashflow Quadrant Rating: 4 out of 5 stars4/5The Intelligent Investor, Rev. Ed: The Definitive Book on Value Investing Rating: 4 out of 5 stars4/5Summary of R. Nelson Nash's Becoming Your Own Banker Rating: 0 out of 5 stars0 ratingsFinancial Feminist: Overcome the Patriarchy's Bullsh*t to Master Your Money and Build a Life You Love Rating: 5 out of 5 stars5/5The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns Rating: 4 out of 5 stars4/5Principles: Life and Work Rating: 4 out of 5 stars4/5Legal Loopholes: Credit Repair Tactics Exposed Rating: 4 out of 5 stars4/5Money. Wealth. Life Insurance. Rating: 5 out of 5 stars5/5Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! Rating: 5 out of 5 stars5/5Bad with Money: The Imperfect Art of Getting Your Financial Sh*t Together Rating: 4 out of 5 stars4/5
Reviews for Financial Planning for Medical Doctors
2 ratings1 review
- Rating: 5 out of 5 stars5/5Provides sound pertinent advice for physicians to reference in assisting with retirement planning.
Book preview
Financial Planning for Medical Doctors - Dale Maley
Financial Planning for Medical Doctors
by
Dale C. Maley
SMASHWORDS EDITION
* * * * *
PUBLISHED BY:
Artephius Publishing on Smashwords
Financial Planning for Medical Doctors
Copyright © 2012 by Dale C. Maley
All rights reserved. Without limiting the rights under copyright reserved above, no part of this publication may be reproduced, stored in or introduced into a retrieval system. No part may be transmitted, in any form, or by any means (electronic, mechanical, photocopying, recording, or otherwise). Exceptions to this must be with the prior written permission of both the copyright owner and the above publisher of this book.
*****
Table of Contents
Chapter 1
The Guiding Principles of Financial Planning
Chapter 2
Typical Life Cycle of Investing for Non-Medical Doctors
Chapter 3
Required Savings Rates for Non-Medical Doctors
Chapter 4
Typical Life Cycle of Investing for Medical Doctors
Chapter 5
Required Savings Rates for Medical Doctors
Chapter 6
Short Term Recommendations for Medical Doctors
Chapter 7
Long Term Recommendations for Medical Doctors
Chapter 8
Natural Targets for Bad Investments
Chapter 9
How to Learn More about Investing
Chapter 10
Seeking Help from Professionals
Chapter 11
Summary
References
Recommended Reading
Web Sites
* * * * *
Warning-Disclaimer
This book is designed to provide information in regard to the subject matter covered. It is sold with the understanding that the publisher and author are not engaged in rendering legal, accounting, insurance, or other professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.
It is not the purpose of this manual to reprint all the information that is otherwise available to the author and/or publisher. The purpose is to complement, amplify, and supplement other texts. You are urged to read all the available material, learn as much