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July 15th, 2007 |

Author: Gavin

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The Doctor’s Wealth Advisor: Tips on Accumulating and Preserving Personal Wealth

It can be hard for doctors to concentrate on their own wealth. That’s why it’s a good idea to seek out a wealth advisor rather than trying to reinvent the wealth accumulation wheel on your own. The good news is that there is a lot of good advice out there.

But this is also a lot of bad advice available, so you have to be careful when you’re sifting through the myriad of suggestions, “must-do’s,” and “mustn’t-do’s” you’re going to find.

I’m fortunate to have found a system that let me leave my job as a medical sales rep and stay home with my daughter, while still being able to manage and accumulate wealth for myself and my family. Frankly, I was concerned that learning wealth management might be more challenging than it was. But given that it was relatively easy for me, it’s going to be a true piece of cake for anyone with a medical degree.

The first bit of advice I have for you in terms of managing your wealth is to learn everything you can about the available investment vehicles. Every investment carries potential benefits; every single one has risks. If anyone tells you they have a foolproof, guaranteed wealth accumulation system, don’t believe them. On the other hand, once you know what you’re doing, you can spread out the risks and the benefits in ways that are most likely to give you a healthy bottom line.

The next thing I advise people to do is to find an expert tax consultant who can help you protect your wealth. Our government is in a huge amount of debt, and you know what that means: higher taxes, higher inflation, or both. Your tax advisor can help you steer your investing so you can accumulate more wealth without paying too much of it to the taxman.

Finally, I believe you should do the research to find a few good mentors to advise you on wealth accumulation and management. Don’t depend on the mainstream media for advice; Jim Cramer isn’t the only famous financial talking head who gets it wrong more often than right. Before you let someone advise you on your wealth, make sure she or he has used the same advice—and consistently profited from it.

As I said before, I know that focusing on wealth management can be difficult for doctors. Your entire career is built around caring for others, and, particularly if you’re a primary care physician, you didn’t get into the field for money but because you love treating patients. And that’s another reason you need a good <a href=http://www.physicianwealthstrategies.net>wealth advisor</a>; someone who cares about your wealth as much as they do theirs.

You still need to take control of your wealth if you want to preserve the lifestyle you’ve earned. But a good wealth advisor will help you do that while still concentrating on the thing you enjoy the most—taking care of patients. And that’s a win-win for everyone.

About the Author

Jen Gilbert is a physician wealth management consultant and Internet entrepreneur. She helps primary care physicians achieve their financial goals through education, information, and motivation. Previously a highly successful medical sales representative, Jen founded her consulting business to help busy physicians position themselves for a secure financial future. For more information, visit her website at www.physicianwealthstrategies.net.