--- title: Financial Planning Tips for Physicians | Chandler & Knowles description: View some helpful financial planning tips for physicians in this article by Chandler & Knowles CPA firm. Contact us to learn more. image: https://blog.chandlerknowlescpa.com/hubfs/Imported_Blog_Media/financial-planning-doctors-300x200.jpg --- [![Chandler & Knowles, CPA](https://blog.chandlerknowlescpa.com/hubfs/Chandlerknowlescpa_January2018%20Theme/Images/chandler-knowles-logo-updated.png)](https://www.chandlerknowlescpa.com) - [Home](https://www.chandlerknowlescpa.com/) - [About](https://www.chandlerknowlescpa.com/about/) - [Case Studies](https://www.chandlerknowlescpa.com/case-studies/) - [Testimonials](https://www.chandlerknowlescpa.com/client-testimonials/) - [Services](https://www.chandlerknowlescpa.com/services/) - [Individual Tax Preparation](https://www.chandlerknowlescpa.com/services/tax-preparation/) - [Advanced Tax Planning](https://www.chandlerknowlescpa.com/services/advanced-tax-planning/) - [Financial Planning](https://www.chandlerknowlescpa.com/services/financial-planning/) - [Risk Assessment](https://www.chandlerknowlescpa.com/services/insurance-risk-assessment/) - [Business Structure & Entity Selection](https://www.chandlerknowlescpa.com/services/business-structure-and-entity-selection/) - [Business Accounting](https://www.chandlerknowlescpa.com/services/business-accounting/) - [Business Consulting](https://www.chandlerknowlescpa.com/services/business-consulting/) - [Business Tax Planning](https://www.chandlerknowlescpa.com/services/business-tax-planning/) - [Payroll Administration](https://www.chandlerknowlescpa.com/services/payroll-administration/) - [Tax Return Review](https://www.chandlerknowlescpa.com/services/tax-return-review-services/) - [Industries](https://www.chandlerknowlescpa.com/industries/) - [Physicians](https://www.chandlerknowlescpa.com/industries/physicians/) - [Dentists](https://www.chandlerknowlescpa.com/industries/dentists/) - [Small Business](https://www.chandlerknowlescpa.com/industries/small-business/) - [Real Estate](https://www.chandlerknowlescpa.com/industries/real-estate/) - [Veterinarians](https://www.chandlerknowlescpa.com/industries/veterinarians/) - [Attorneys](https://www.chandlerknowlescpa.com/industries/attorney-and-law-firms/) - [High Net Worth Individuals](https://www.chandlerknowlescpa.com/industries/high-net-worth-individuals/) - [Clients](https://www.chandlerknowlescpa.com/clients/) - [Make a Payment](https://www.chandlerknowlescpa.com/clients/payments/) - [Recommend Us](https://www.chandlerknowlescpa.com/clients/client-recommendation-program/) - [Submit Review](https://www.chandlerknowlescpa.com/clients/submit-a-review/) - [View Our Newsletter](https://www.chandlerknowlescpa.com/clients/view-our-newsletter/) - [Send Us Your Documents](https://www.chandlerknowlescpa.com/clients/client-secure-document-portal-2/) - [Resources](https://www.chandlerknowlescpa.com/resources/) - [Client Resources](https://www.chandlerknowlescpa.com/resources/client-resources/) - [Retirement Resources](https://www.chandlerknowlescpa.com/resources/retirement-resources/) - [Video Library](https://www.chandlerknowlescpa.com/video-library/) - [Blog](https://www.blog.chandlerknowlescpa.com) - [Locations](https://www.chandlerknowlescpa.com/locations/) - [Flower Mound, TX](https://www.chandlerknowlescpa.com/locations/flower-mound-tx-cpa/) - [Areas Served](https://www.chandlerknowlescpa.com/areas-served/) - [Dallas, TX](https://www.chandlerknowlescpa.com/areas-served/dallas-tx/) - [Plano, TX](https://www.chandlerknowlescpa.com/areas-served/plano-tx/) - [Nationwide](https://www.chandlerknowlescpa.com/areas-served/nationwide-cpa-services/) - [Contact](https://www.chandlerknowlescpa.com/contact-us/) [![Chandler & Knowles, CPA](https://blog.chandlerknowlescpa.com/hubfs/Chandlerknowlescpa_January2018%20Theme/Images/chandler-knowles-logo-updated.png)](https://www.chandlerknowlescpa.com) [![Client Portal Login](https://blog.chandlerknowlescpa.com/hubfs/Chandlerknowlescpa_January2018%20Theme/Images/client-portal-login-2.png)](https://chandlerknowlescpa.smartvault.com) Knowledge, Experience, Commitment **Give Us a Call Today: (817) 369-3681** - [Home](https://www.chandlerknowlescpa.com/) - [About](https://www.chandlerknowlescpa.com/about/) - [Case Studies](https://www.chandlerknowlescpa.com/case-studies/) - [Testimonials](https://www.chandlerknowlescpa.com/client-testimonials/) - [Services](https://www.chandlerknowlescpa.com/services/) - [Individual Tax Preparation](https://www.chandlerknowlescpa.com/services/tax-preparation/) - [Advanced Tax Planning](https://www.chandlerknowlescpa.com/services/advanced-tax-planning/) - [Financial Planning](https://www.chandlerknowlescpa.com/services/financial-planning/) - [Risk Assessment](https://www.chandlerknowlescpa.com/services/insurance-risk-assessment/) - [Business Structure & Entity Selection](https://www.chandlerknowlescpa.com/services/business-structure-and-entity-selection/) - [Business Accounting](https://www.chandlerknowlescpa.com/services/business-accounting/) - [Business Consulting](https://www.chandlerknowlescpa.com/services/business-consulting/) - [Business Tax Planning](https://www.chandlerknowlescpa.com/services/business-tax-planning/) - [Payroll Administration](https://www.chandlerknowlescpa.com/services/payroll-administration/) - [Tax Return Review](https://www.chandlerknowlescpa.com/services/tax-return-review-services/) - [Industries](https://www.chandlerknowlescpa.com/industries/) - [Physicians](https://www.chandlerknowlescpa.com/industries/physicians/) - [Dentists](https://www.chandlerknowlescpa.com/industries/dentists/) - [Small Business](https://www.chandlerknowlescpa.com/industries/small-business/) - [Real Estate](https://www.chandlerknowlescpa.com/industries/real-estate/) - [Veterinarians](https://www.chandlerknowlescpa.com/industries/veterinarians/) - [Attorneys](https://www.chandlerknowlescpa.com/industries/attorney-and-law-firms/) - [High Net Worth Individuals](https://www.chandlerknowlescpa.com/industries/high-net-worth-individuals/) - [Clients](https://www.chandlerknowlescpa.com/clients/) - [Make a Payment](https://www.chandlerknowlescpa.com/clients/payments/) - [Recommend Us](https://www.chandlerknowlescpa.com/clients/client-recommendation-program/) - [Submit Review](https://www.chandlerknowlescpa.com/clients/submit-a-review/) - [View Our Newsletter](https://www.chandlerknowlescpa.com/clients/view-our-newsletter/) - [Send Us Your Documents](https://www.chandlerknowlescpa.com/clients/client-secure-document-portal-2/) - [Resources](https://www.chandlerknowlescpa.com/resources/) - [Client Resources](https://www.chandlerknowlescpa.com/resources/client-resources/) - [Retirement Resources](https://www.chandlerknowlescpa.com/resources/retirement-resources/) - [Video Library](https://www.chandlerknowlescpa.com/video-library/) - [Blog](https://www.blog.chandlerknowlescpa.com) - [Locations](https://www.chandlerknowlescpa.com/locations/) - [Flower Mound, TX](https://www.chandlerknowlescpa.com/locations/flower-mound-tx-cpa/) - [Areas Served](https://www.chandlerknowlescpa.com/areas-served/) - [Dallas, TX](https://www.chandlerknowlescpa.com/areas-served/dallas-tx/) - [Plano, TX](https://www.chandlerknowlescpa.com/areas-served/plano-tx/) - [Nationwide](https://www.chandlerknowlescpa.com/areas-served/nationwide-cpa-services/) - [Contact](https://www.chandlerknowlescpa.com/contact-us/) # Financial Planning Tips for Physicians By [Chandler and Knowles](https://blog.chandlerknowlescpa.com/author/chandler-and-knowles) | May 05, 2021 | [0](https://blog.chandlerknowlescpa.com/financial-planning-tips-for-physicians#comments-listing) As a physician, you’ve dedicated your life to taking care of other people. It's time to start taking care of yourself and building a strong [financial plan](https://www.chandlerknowlescpa.com/services/financial-planning/) for your future. For physicians, balancing paying back school debts, saving for retirement, and managing a practice can take away from what's important—providing great service to your patients. Our advisors are here to explain some financial planning tips for physicians with a high net-worth. ## Why Hire A CPA For Financial Planning? Physicians aren’t business managers, nor are they financial planners. But between settling med school debt and the expenses a practice incurs, they’re basically required to know all the financial ins and outs. Medical practices are businesses that require extra financial considerations. While physicians are putting together a mixture of in-house and outsourced financial help, organizing the entire process can become a laborious task. Medical practices must consider things like: - Insurance - Billing - Payment processors - [Tax preparation](https://www.chandlerknowlescpa.com/services/tax-preparation/) - Regulations - Compliance issues - Payroll - Building maintenance - Rent - Employee benefits, and more. Even with the good salaries earned by physicians, expert financial planning is essential for them to really succeed. The best solution is to find a professional [CPA firm](https://lp.chandlerknowlescpa.com/tax-accountants-near-me) that you trust in order to manage your more difficult financial matters. Some CPA firms like ours even specialize in [finance and tax services for physicians](https://www.chandlerknowlescpa.com/industries/physicians/). ## How Physicians Can Set Up A Financial Plan? ![Financial Planning for Physicians](https://blog.chandlerknowlescpa.com/hs-fs/hubfs/business-care-clinic-1282308-1.jpg?width=300&name=business-care-clinic-1282308-1.jpg) However, there are many steps you can take before bringing on a professional that might help lighten the load. Here are a few: - **Focus on paying off your debts.** Make it a goal to pay off extra on your student loans every month, even if you can only afford an extra five to ten dollars. Each extra dollar counts! - **Once you are out of debt, make sure that you stay that way!** Be careful with your money—don’t reach for your credit card every time you want something that you can’t afford. The same mentality applies to loans; don’t take out a loan to buy something you can’t afford right now. Think before spending money that you don’t have! - **Put money into your savings account.** You want to make sure that you are able to put money away for emergencies (and fun things like vacations). You don’t want to have to go into debt just because your car breaks down or something in your home needs to be fixed. - **Treat Your Finances Like You Treat Your Health.** If you treat your finances and your retirement plan like you treat your health and fitness plans, you would probably make much better decisions. Every year, you should complete a review of your financial plan so you will know where you stand. If changes need to be made, you should make those changes as needed. - **Don't Manage All Of Your Finances Alone.** Many physicians make several mistakes when it comes to their finances. One of the main mistakes is managing their own money and investing money without any help. As a physician, you may have several people managing your finances, but are all of these people handling everything? If you have financial professionals managing different accounts, no one will be connected. This means it will be difficult for everyone to keep up with what is going on in with your finances. - **Expect The Unexpected.** As a young physician who may want to start a family in the future, you should make sure you will have your own financial cushion. If you want to start a family, things will not always go as you planned or hoped. You should always expect the unexpected. - **Do Not Forget About Yourself.** It can be easy to put your funds into other things, but you should not forget to pay yourself. The first day you promise to start saving, you should put part of your monthly income into your savings account. An accident or any other crisis can take place at any given moment. ## Consult Our Financial Planning Services For Physicians Today ![Financial Planning for Physicians](https://blog.chandlerknowlescpa.com/hs-fs/hubfs/physicians.png?width=195&name=physicians.png)We understand that physicians care for everyone first, and themselves last. However, in order to continue doing what you love, you have to take the time to outline and execute a solid monetary plan to ensure that you’ll be running a successful practice for as long as you can.   Financial planning is a challenge for many people, you aren’t an outlier. Thankfully you do not have to build this plan alone, our team is knowledgeable about the various needs of physicians and skilled in building the best strategy for success—including medical practice counseling, [payroll administration](https://www.chandlerknowlescpa.com/services/payroll-administration/), tax preparation, [retirement planning](https://www.chandlerknowlescpa.com/services/advanced-tax-planning/tax-free-retirement/), and more. We aim to make sure you feel confident that you’re making the best decision for yourself and your future.  [Contact us](https://www.chandlerknowlescpa.com/contact-us/) for more great financial planning tips for physicians.   Related Posts [5 Ways Physicians Can Maximize Their Tax Return](https://blog.chandlerknowlescpa.com/5-ways-high-earning-physicians-maximize-their-tax-refunds) [Tips for Finding the Right Financial Planner](https://blog.chandlerknowlescpa.com/finding-the-right-financial-planner) Spread the Word: - Share on LinkedIn Share - Share on Google Plus Share - Share on Facebook Share - Share on TwitterTweet Posted in [Financial Planning](https://blog.chandlerknowlescpa.com/tag/financial-planning), [Industries](https://blog.chandlerknowlescpa.com/tag/industries), [Physicians](https://blog.chandlerknowlescpa.com/tag/physicians), [Services](https://blog.chandlerknowlescpa.com/tag/services) ### Recent Posts ### Subscribe to Our Blog #### About Chandler & Knowles CPAs: Chandler & Knowles CPAs is dedicated to serving our clients with an integrated approach to financial success for businesses, families and individuals. Our knowledgable team is committed to providing you with the most detailed information to answer your biggest financial questions and to help make your life less taxing. Learn more about achieving financial success by reading our blog! ### Recent Posts Chandler & Knowles CPAs 7370 Hawk Rd Flower Mound, TX 75022 (817) 369-3681 Hours of Operation: Monday - Friday 8:30 a.m. – 4:00 p.m. Saturday & Sunday: Closed Other times Available by Appointment ![](https://px.ads.linkedin.com/collect/?pid=3265964&fmt=gif) ![](https://px.ads.linkedin.com/collect/?pid=3265964&fmt=gif) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Organization", "name" : "Chandler & Knowles" }, "dateModified" : "2021-05-05", "datePublished" : "2017-12-12", "description" : "View some helpful financial planning tips for physicians in this article by Chandler & Knowles CPA firm. Contact us to learn more.", "headline" : "Financial Planning Tips for Physicians", "image" : [ "https://blog.chandlerknowlescpa.com/hs-fs/hubfs/Imported_Blog_Media/financial-planning-doctors-300x200.jpg?width=450&height=300&name=financial-planning-doctors-300x200.jpg", "https://blog.chandlerknowlescpa.com/hs-fs/hubfs/business-care-clinic-1282308-1.jpg?width=386&name=business-care-clinic-1282308-1.jpg", "https://blog.chandlerknowlescpa.com/hs-fs/hubfs/physicians.png?width=450&name=physicians.png" ], "mainEntityOfPage" : { "@id" : "https://blog.chandlerknowlescpa.com/financial-planning-tips-for-physicians", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "height" : 46, "url" : "https://blog.chandlerknowlescpa.com/hubfs/Chandlerknowlescpa_January2018%20Theme/Images/chandler-knowles-logo-updated.png", "width" : 206 }, "name" : "Hubspot" } } ```