5 Common Mistakes for Doctors As your strategic financial partners, it’s our responsibility to keep you informed on the things you’re doing right as well as the areas that need thoughtful attention. We’ll keep a vigilant eye on your portfolio and proactively educate you on all of its developments. Though each doctor client’s situation is highly unique, there are five common mistakes and misunderstandings that our advisors frequently encounter.Home Owner CrunchFor Young DoctorsYou’ve worked tirelessly to complete your residency and have made many sacrifices along the way. Though you may have considered buying a home, you’re understandably afraid of debt and feel more comfortable continuing to rent. Surprisingly enough, young doctors often wait too long to purchase a home. Despite being saddled with student debt, you may qualify by taking advantage of a physician home loan that may include very little money down. You’ll even receive a tax deduction and can avoid paying mortgage insurance altogether. At Bridge Wealth Advisors, we will help you choose the right plan of action and maximize the total value of one of life’s biggest investments.For Veteran DoctorsAfter years of experience and dedication, you deserve to enjoy the fruits of your labor. Though you may already own a home near your practice, you may be tempted to invest in additional properties. While your income may be on the rise, be mindful not to overextend your wealth with multiple homes that can become a drain on your resources. Even if you decide to buy just one property, ensure that it factors into your budget so your new home doesn’t become a burden. At Bridge Wealth Advisors, we want to help you enjoy your wealth with confidence, while protecting the lifestyle you’ve worked so hard to create.Cash Flow PlanningModeration is key to sustaining a healthy life, and the same principles apply to building a budget. Though procrastination is a part of our nature, doctors in particular lack the time to write out expenses and stay on top of their finances. At Bridge Wealth Advisors, we stress the importance of knowing every outgoing expense in our doctor client’s lives, including planned vacations, your 401k, and more. Additionally, we take a vigilant approach to helping maximize your income after taxes and protecting what you’ve earned. As with being prepared for future one-time costs like repairing a roof or buying a car, anticipating your tax exemptions is also key to growing your wealth. Our professionals strive to help you build a stronger foundation and empower you in your financial life.Procrastination in Financial PlanningOur philosophy of “paying yourself first” is a cornerstone of who we are. Rather than letting your hard-earned money sit idly in the bank, we take an active approach to financial planning and make your money work for you. Whether you’re in residency or are a long-time physician, we believe the discipline of compounding investments and eliminating debt pays long-term dividends. As we live and work longer than previous generations, government benefits will not be able to replace the importance of developing our own financial discipline. That’s why our professionals strive to create custom systems that get your money working for you. Start paying yourself first today and yield the benefits tomorrow.Understanding Insurance MythsDepending on your age, income is usually one of your most important assets. It allows you the freedom and flexibility to invest in what matters and protect the things you value most. Insurance, then, becomes the ultimate guardian of your income. But there’s a catch. When you buy a home or a car, you’re required to buy insurance. Why, then, are the same standards not applied to life insurance, the most important of all?At Bridge Wealth Advisors, we’ll help you defend against the unexpected. The number one misconception about protection planning is that you can find “discounts” from insurance companies. While no provider is technically “better” than another, one may be most naturally suited to your needs. For medical professionals looking to protect their most important assets and their loved ones, buying life, disability, and long-term care insurance from an independent outfit helps provide you with a comprehensive range of options. By comparing one product to another, you will be able to find the ideal product for your individual needs. Value of a Financial TeamWhy are one out of every two doctors unprepared for retirement? Lack of income is rarely the cause. Above all, we find that physicians fall behind in retirement planning due to poor decision making. Bad strategies combined with a lack of time compound financial errors. Though you are making a healthy living, the time spent on the job leaves little room to face real life challenges, to protect you and your family, and to even begin thinking about retirement. This panic can induce rushed decision making that may cost you greatly down the road. You don’t just need a financial plan. You need the right one with experts who have your best interests in mind. At Bridge Wealth Advisors, we will help you avoid key mistakes and support you with the full strength of our strategic partnership, saving you time, money, and worry.