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    Three reasons young physicians need a personal CFO

    If you have a significant income (six figures or more), you are the equivalent of a corporation that is worth potentially millions of dollars.  Can you imagine a corporation like this not having a chief financial officer?  So why are you any different? 

    As physicians, you are part of a large cohort of young people in the U.S. that we like to call the “emerging affluent”— a group of young, high-earners that will eventually have millions of dollars in assets, as their human capital begets investment capital.

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    However, early on in their careers, most physicians are faced with a wide array of complicated financial planning issues — student loan debt, mortgage debt, asset protection, and insurance planning—to name a few.  Dealing with these complex financial factors while starting your career and possibly a family can lead to very large financial mistakes.

    That is why most young physicians, and others in the emerging affluent cohort, could greatly benefit from hiring a personal CFO.

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    So, how do you go about finding this personal CFO? Here are three initial steps.

    Next: Finding a CFP

    Rachel Podnos, JD, CFP
    Rachel Podnos is a fee-only financial planner with Wealth Care LLC. To learn more, visit www.wealthcarellc.com.

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