Broker Check

Financial Planning for Physicians

As a physician you have faced challenging years of low paying preparation to get to where you are today. After completing your residency and any specialty education, you are faced with new challenges of allocating your higher income and pursuing both personal and professional goals. Your financial goals can become a reality with the right planning. Proper financial planning is crucial to physicians, especially if you leave residency with mounting student debt.  

A large majority of physicians find themselves in the top 10% of income earnings. This constitutes a high-income tax bracket and there are many roadblocks in claiming deductions. We also recognize the propensity for a physician to face legal challenges throughout their career, making it more important to start planning now. Here at McDonough Capital Management, we understand the unique features of your life as a physician and will build a plan personalized to you. No matter what stage of your career you are in, we are equipped to advise you. This includes asset protection strategies which we can deploy offering significant tax advantages.

Organize Your Financial Life

McDonough Capital Management offers a unique personal financial website portal to help organize and track your financial life. Whether you have all of your accounts with our team or not, as a client you will be given access to a fantastic aggregator tool to see all of your finances in one place and produce a net worth value. You can even link credit cards and create a personalized budget for yourself.

To learn more about your personal financial website go to the FAQ section and watch our videos.

Pay Your Student Loans

A majority of physicians come out of medical school with up to six figures of student loan debt. Balancing the repayment of debt and saving for other financial goals is tough to navigate alone. Our team is equipped to help you determine the appropriate timeline for paying off your student loans and maximizing all other aspects of your financial life.

If you are unhappy with the interest rate your loan is currently charging, we are happy to provide you with a new quote through our lending partner SoFi. Visiting Resource Center for an instant quote.

Allocate Excess Cash Flow

More than likely you have a significant amount of net disposable income at this point in your career but that doesn’t make it any easier to decide how to allocate appropriately to achieve your financial goals.

Our team will perform a thorough review of your situation to understand your priorities and how to best serve you. Our real strength lies in investment management and we'd be more than happy to show you the portfolio that fits you and your needs.

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