As a physician, it’s likely you’ve accumulated student loans from paying for medical school. Then, you take on more loans as you start your career. Before you know it, you’re swamped with debt and don’t have a solid plan to get out of it or to save for your future.

That’s why a certified financial planner who specializes in working with medical professionals is your best bet. They can help you with budgeting, loan repayment strategies, disability income insurance, retirement, investment planning and many other strategies to hit the ground running as you start your career.

Here are 5 things you need to know to avoid financial regret in the future:

Create a plan for student loans

You most likely have debt from undergraduate and medical school. Once you’ve completed medical school and are entering residency, you’ll need to have a plan to pay off your loans.

It’s important to pick a repayment plan that’s right for you. Physicians starting residency can take advantage of several different repayment plans. To learn more about repayment options, visit the American Association of Medical Colleges.

Protect your paycheck

If you fall ill or suffer an injury, it can limit your ability to practice. To ensure you still have money coming in to pay your expenses under these circumstances, check your employer’s group disability insurance coverage and what it does and doesn’t cover.

It may only cover a portion of what you earn. There may be supplemental insurance options that can help you in the case you get sick or hurt.

Be sure you understand how the policy defines total and partial disability.

Stick to a budget

This is financial planning 101. You can start practicing good financial habits while you’re in training. Track and control your spending using the following guidelines:

• 20 percent for savings and investing

• 60 percent on essential expenses

• 20 percent on discretionary expenses

As your income grows, monitor things and adjust. Sticking to a budget now will benefit you in the future.

Build an emergency fund

Everyone should have money to fall back on in case of an emergency, and physicians are no exception.  Unexpected expenses that can’t be budgeted for monthly happen all the time and there needs to be cash on hand to pay for things that come up.

Make it a top priority to accumulate a minimum of 3 to 6 months of expenses in an account that’s safe and quickly accessible.

Save and invest for retirement

There are a few ways you can prepare for retirement, even while you’re in training.

You can benefit from contributing now to different accounts that have tax advantages that you can down the road.

• 401(k) or 403(b)

• 457(f) or 457(b)

• Traditional or Roth IRA

If your employer offers to match a percentage of your retirement contributions, set aside enough to obtain the full employer match at a bare minimum.

Diagnose Your Financial Health with A Professional

Dave Czarnecki is a certified financial planner (CFP) located in Milwaukee, WI that works with clients all over the country leveraging technology.

As the husband of a health care professional and father of three, his approach not only stems from his extensive training but also personal experience building financial safety nets for himself and his family.

Czarnecki specializes in providing financial expertise and services to physicians, business owners and those aspiring to retirement.

At Northwestern Mutual, expert financial planners are dedicated to diagnosing their clients’ financial health and finding a sustainable cure.

The company provides access to a network of advisors and specialists across the country. Advisors work with clients to find complementary and flexible solutions that align with client needs and goals.

It’s never too late to get in good financial health. If you’re a physician in need of a financial planner, contact Dave Czarnecki at Northwestern Mutual for a free consultation and grab your free Residency Financial Planning Checklist. 

There comes a time in a person’s life when they must step in to take charge. To become better leaders, individuals need to improve several skills. And while there are people who can learn these skills on their own, it is often better to work with a coach who can help them step into their roles as solid and reliable leaders. This is where a person like Nick Jiles comes in. This certified transformational life coach has over a decade of experience and has helped thousands of people achieve their goals.

Nick Jiles is the founder of 180 Leadership Coaching, which provides coaching for people who want to improve their leadership capabilities, management skills, career or life. With over thirteen years of experience as a facilitator, coach, and speaker, Nick Jiles is an expert at helping people find their strengths and maximizing them.

Before pursuing a career in the coaching space, Nick Jiles served in the Air Force for 21 years. During his time there, he served as a Military Training Instructor.

“I helped over 15,000 military personnel learn leadership skills, effective communication, team dynamics, how to work efficiently even under stress, establish a healthy work-life balance, and how to lead organizations effectively,” Nick recalled. 

Additionally, he also served as an Inspector General Superintendent. Nick said, “In that position, I was tasked with advising top military leaders on organizational impact, positive influence, and leadership development.”

Over the years, Nick Jiles worked to improve performance and operations in the military through assessments, surveys, and organizational restructuring. Even before he was in the coaching space, Nick was slowly accumulating skills that would help him guide people to become better leaders.

After retiring from the Air Force, Nick Jiles set to begin the next phase of his life. But it was not as easy as he hoped. “I applied to a lot of jobs,” he shared, “But I experienced rejection after rejection.” But rejection did not deter Nick from pursuing his next passion. “Closed doors only served to inspire me to keep going. I knew I would find the path meant for me,” he said.

Nick Jiles was indeed successful in his pursuit. Today, he is a successful and highly sought-after leadership coach who helps people overcome barriers to success. The skills and practices Nick learned from his time with the Air Force came in handy for this next endeavor. He proudly shared, “I have 13 years of face-to-face experience. I have trained over 15,000 personnel, worked with hundreds of teams, and advised leaders and managers through complex situations. My considerable experience means that I have trained diverse groups of people from all ages and walks of life.”

At 180 Leadership Coaching, Nick Jiles offers individual and group coaching to enhance a variety of skills. These include managerial skills, effective communication, and team dynamics, among others. Nick can also customize programs to better suit an individual or an organization’s needs. Aside from training, Nick can also administer DISC assessments to help companies, business owners and individuals identify their blind spots, current communication style, and stress response.

“I know what it’s like to feel stuck, to feel as if you can’t find your next step. And I am here to help others succeed when they find themselves between a rock and a hard place,” Nick Jiles said. He spent years of his life in service, and he continues to serve people, albeit in a different way. “Being a good leader takes a lot of dedication and commitment. It’s not as simple as being the head honcho. I can help people learn the skills they need to be the best leaders they can be and take them to the next level.”Nick Jiles is an experienced leadership coach and founder of 180 Leadership Coaching. To learn more about his work, you may visit this website.