Don’t let the demands of your medical practice get in the way of building a secure financial future. Tencap Wealth Coaching (801-337-5032) can help you build a long and fulfilling career with its comprehensive financial planning service.
Even with the prospects of a well-paid career in medicine, your chances of ending up buried in debt and without a stable source of retirement income are high, based on many studies of thousands of doctors in the US.
While you're certainly not lacking in intelligence, the absence of planning during your prime years will derail your ability to retire with sufficient savings to fund your lifestyle, let alone your basic needs.
The need for financial knowledge in the medical field is why Tencap Wealth Coaching has introduced its specialized investment and tax planning service in Utah, particularly the greater Salt Lake City area. Find out more at https://www.tencap.com/services/investment-planning/
Is there some truth to the claim that doctors are terrible at financial planning?
A 2024 paper published in the Journal of Risk and Financial Management found that the long-standing belief that healthcare professionals have low financial literacy has merit. It reviewed 38 of 1,668 studies on the topic, and a common theme was established: financial literacy is "suboptimal" in both practicing physicians and medical students alike.
"Most physicians are brilliant, but they are brilliant in their space of specialty. I have never had my team review a physician's financial plan and not find areas that could or should be optimized and structured differently. That is because financial planning and tax planning is our space of expertise. You simply cannot do for yourself what decades of experience exclusively in this space can accomplish,” says Joe Griffin, Tencap’s CEO. “Tencap has been building and securing physicians' wealth for decades."
"Our expertise can help you ensure you are maximizing return and reducing risk where possible. We unabashedly suggest that America's medical community pays way too much in taxes! Let our team help you deploy tax strategies to reduce your tax bill!“
They further stated that poor financial decisions have a direct impact on patient care and outcomes. "A physician experiencing financial difficulties may resort to taking on more hours or extra shifts, leading to burnout, which may also affect their delivery of critical care," Griffin adds.
The issues caused by poor financial literacy--for both yourself and your patients--are what led to the formation of Tencap Wealth Coaching's dedicated advisory service for doctors.
Using principles introduced by Nobel Prize winner Harry Markowitz, the brilliant mind behind Modern Portfolio Theory, Tencap Wealth Coaching can advise you on how to effectively optimize your portfolio to balance risk and return. Your advisor will also recommend carefully considered adjustments to improve your returns without incurring significant risks.
Complementing its investment planning offering is a tax planning service designed to create a highly personalized tax plan that considers your current lifestyle and long-term retirement goals. Moreover, this service also protects you from overpaying federal taxes--an issue Tencap Wealth Coaching has observed to be common among high earners like physicians.
Furthermore, you can also benefit from insurance coaching, which will help you understand how insurance products impact your overall financial plan. The advice given here will be invaluable in creating the succession plan you’ll use once you decide to leave or sell your practice or in the event of a disability.
"Your Tencap Wealth Coaching advisor is your partner toward financial growth and the protection of the practice you've worked so hard to build," Griffin said. "With us, you can rest assured that your financial well-being receives the same level of care that you provide to your patients, for years."
They say that the best time to plan for your future was yesterday; the next best time is today. So, if you're ready, visit https://www.tencap.com/ and request an in-person or Zoom consultation with one of Tencap's investment and tax strategy advisors.
