Walshs’ Post

Therapists, following my recent post on finances in private practice, I want to normalize not knowing what you don’t know! I had no idea what to ask or where to begin, and my own challenges often got in the way of learning. But over time, each quarter, I made an agreement to myself to learn, stay humble and commit to improving. Here are some changes I’ve made over the years to enhance my financial outlook and reduce anxiety… 1️⃣ Open a High-Yield Savings Account (HYSA): I didn’t have an HYSA for my business in the beginning. Opening one can help you grow your reserves and prepare for unexpected expenses while earning interest. 2️⃣ Pay Down Debt: Whether it's personal debt or startup costs, make a plan to tackle your debt. Reducing debt early will help your practice be more profitable in the long run. 3️⃣ Review Profit and Loss Statements (P&L) Quarterly: Sit down with your accountant at least once a quarter to debrief on your P&L. Understanding your financial statements will help you make better decisions for your practice's growth. 4️⃣ Organize Credit Card Expenses: In the early days, I used to manually download credit card transactions and highlight expenses, which was a messy and time-consuming process. If you’re doing this, consider automating with accounting software to save time and reduce errors. 5️⃣ File Quarterly Taxes: I didn’t realize the importance of filing quarterly taxes until I fell behind. This can result in penalties, so prioritize staying on top of tax deadlines. Honestly, facing that huge tax bill at the end of the year was so stressful, I never want to experience that again. 6️⃣ Optimize Retirement Contributions: As a business owner, you have several retirement options that might not be available to employees. Explore contribution options like SEP IRAs or Solo 401(k)s to ensure you’re maximizing your retirement savings. Your choice varies on your business structure as well as your preferences--find a financial advisor who understands therapy practices. Therapists, what would you add? ...I hope that by openly sharing my mistakes, others can feel reassured that you don’t have to have everything figured out right away. #mentalhealth #privatepractice #smallbusinessowner #clinicalsupervision #therapists

Setting realistic financial goals is the first step toward financial success, especially for medical professionals balancing high incomes and equally high expenses. According to a recent Doximity survey, while 53% of physicians have a financial advisor, 47% have yet to prioritize finding one. This highlights just how essential it is for medical professionals to take control of their financial health. Here’s a simple checklist of goals every medical professional should consider as a blueprint: ✔️Build an emergency fund of 3-6 months' worth of living expenses ✔️Save 20% of your income ✔️Max out your retirement accounts ✔️Eliminate debt within 5 years of completing training ✔️Purchase term life insurance ✔️Buy own-occupation disability insurance and adjust as your income grows ✔️Purchase umbrella insurance ✔️Get malpractice insurance if not provided by your employer ✔️Save $150,000 for each child's education before they turn 18 ✔️Save a 20% down payment on a home worth no more than 3x your annual income, with mortgage payments under 30% of your monthly budget ✔️Save enough for retirement to maintain your lifestyle But how do you actually achieve this? How do you know which financial goals fit your unique situation and set you up for a secure, stress-free future? To guide you in setting realistic financial goals and navigating key milestones at any career stage, Prime is hosting a FREE webinar: “Navigating Major Financial Milestones as a Medical Professional” 📅 Date: Wednesday, September 25th ⏰ Time: 12 PM EST 💻 Location: Zoom Webinar (30-minute session + 15-minute Q&A) 🔗 Register Here: https://lnkd.in/eEthZdrx ▶️Join Directly via Zoom: https://lnkd.in/en77ZrEM Meeting ID: 88975059183 #MaureenDecker #PrimeFinancials #Medicalprofessionals #FinancialSecurity #WealthBuilding #Financialplanning #Personalfinance

As you embark upon your medical career as a resident or new attending physician, preparing for financial independence is a top priority. Making the appropriate financial decisions now can set the stage for a professionally and financially confident future.

⚕️ As a medical professional, managing the risks of lawsuits while growing your assets is essential. Whether you're running your own practice or working for a corporation, the complexities of payroll, taxes, retirement plans, and more can feel overwhelming. With a financial advisor experienced in the medical field, you can focus on your career while we help you navigate these challenges and protect your financial future. #FinancialPlanning #MedicalProfessionals #RiskManagement #WealthProtection #Physicians

Are you a medical professional seeking financial stability in today's fast-paced world? Navigating financial complexities while managing a demanding career. In our upcoming episode, we unveil simple step-by-step budgeting designed to help you master your money, reduce debt, and build wealth Join us on Wealth Prescription Weekly on November 7th, Thursday at 1 PM EST to discover how to overcome financial challenges and achieve your goals. Expert tips, strategies, and tools tailored for medical professionals. Click "Attend" and start transforming your financial future. https://lnkd.in/e7qnenTw #financialfreedom #budgetingtips #moneymanagement #wealthprescription #financialgoals #debtfreejourney #smartspending #personalfinance #wealthbuilding #financialsuccess #FIREmovement #financialindependence #earlyretirement #wealthbuilding #passiveincome #moneymanagement #retirementplanning #budgetingtips #investingstrategies #financialliteracy #motivation #inspiration #wealth #money #healthcare #medical #budget

Are you a medical professional seeking financial stability in today's fast-paced world? Navigating financial complexities while managing a demanding career. In our upcoming episode, we unveil simple step-by-step budgeting designed to help you master your money, reduce debt, and build wealth Join us on Wealth Prescription Weekly on November 7th, Thursday at 1 PM EST to discover how to overcome financial challenges and achieve your goals: expert tips, strategies, and tools tailored for medical professionals. Click "Attend" and start transforming your financial future. https://lnkd.in/e7qnenTw #financialfreedom #budgetingtips #moneymanagement #wealthprescription #financialgoals #debtfreejourney #smartspending #personalfinance #wealthbuilding #financialsuccess #FIREmovement #financialindependence #earlyretirement #wealthbuilding #passiveincome #moneymanagement #retirementplanning #budgetingtips #investingstrategies #financialliteracy #motivation #inspiration #wealth #money #healthcare #medical #budget

Physicians starting their careers should prioritize financial planning. Roth IRA conversions can pave the way for financial independence. Making sound financial decisions today ensures a secure and healthy future, laying the groundwork for a professionally and financially confident life.

Are you a medical professional seeking financial stability in today's fast-paced world? Navigating financial complexities while managing a demanding career. In our upcoming episode, we unveil simple step-by-step budgeting designed to help you master your money, reduce debt, and build wealth Join us on Wealth Prescription Weekly on November 7th, Thursday at 1 PM EST to discover how to overcome financial challenges and achieve your goals. Expert tips, strategies, and tools tailored for medical professionals. Click "Attend" and start transforming your financial future. https://lnkd.in/e7qnenTw #financialfreedom #budgetingtips #moneymanagement #wealthprescription #financialgoals #debtfreejourney #smartspending #personalfinance #wealthbuilding #financialsuccess #FIREmovement #financialindependence #earlyretirement #wealthbuilding #passiveincome #moneymanagement #retirementplanning #budgetingtips #investingstrategies #financialliteracy #motivation #inspiration #wealth #money #healthcare #medical #budget

As a physician, your financial needs are unique—balancing high earnings with substantial educational debt and significant career decisions. A recent poll from Doximity highlights that while 53% of physicians are already benefiting from the guidance of a financial advisor, a further 15% are actively considering this crucial partnership. Choosing the right financial advisor is more than just a business decision; it's about finding someone who aligns perfectly with your career in medicine. From understanding the intricacies of private practice to navigating the complexities of hospital budgets, the right advisor can significantly enhance your financial and professional well-being. https://lnkd.in/gktqmZrN #localfinancialadvisors #retirementsavingsstrategies #greatersandiego

Are you a medical professional seeking financial stability in today's fast-paced world? Navigating financial complexities while managing a demanding career. In our upcoming episode, we unveil simple step-by-step budgeting designed to help you master your money, reduce debt, and build wealth Join us on Wealth Prescription Weekly on November 7th, Thursday at 1 PM EST to discover how to overcome financial challenges and achieve your goals. Expert tips, strategies, and tools tailored for medical professionals. Click "Attend" and start transforming your financial future. https://lnkd.in/e7qnenTw #financialfreedom #budgetingtips #moneymanagement #wealthprescription #financialgoals #debtfreejourney #smartspending #personalfinance #wealthbuilding #financialsuccess #FIREmovement #financialindependence #earlyretirement #wealthbuilding #passiveincome #moneymanagement #retirementplanning #budgetingtips #investingstrategies #financialliteracy #motivation #inspiration #wealth #money #healthcare #medical #budget