DETERMINING E ARLY IN your ca reer to ma ke
f ina ncia l decisions that w i l l benef it your fa m-
i ly long-term is a noble impu lse. But the ra nge
of options ava i lable to physicia ns — rega rding
every thing from rea l estate investments to student
loa n repayment — ca n be staggering.
W hile it may not be possible to eliminate that
c omple x it y, B el l i n g h a m , Wa s h i n g t on-ba s e d
Peoples Ba nk says physicia ns ca n f irm up their
f i n a nc i a l f ut u r e s b y t a k i n g s ome c om mon-
sense steps.
+
Have a pla n — Strateg ize for t he long ter m
about how you w i l l keep spending in check,
a nticipate major expenses a nd boost your
w e a lt h . C h e c k up on y ou r pl a n
routinely, though, so you ca n
twea k it as cha ng ing circum-
sta nces wa rra nt.
+ Get your advisers communicating — It's no
secret that physicians can benefi t enormously
from sound advice from vetted experts, includ-
ing insurance agents, tax attorneys, brokers and
accountants. However, collaboration among those
professionals will ensure they are on the same page
in terms of growing and protecting your wealth.
+
Train Up a Child — The Indiana-based Family
Trust Institute notes that more than two-thirds
of fa m i lies do not susta in t heir wea lt h over
multiple generations. If you wa nt your children
to enjoy the fr uits of your labor wel l into the
f ut u re, Peoples Ba n k a dv ises, st a r t t a l k i n g
with them about money ea rly on, a nd help them
understa nd the principles behind investing,
a s well a s how your adv isers help shape your
f ina ncia l strateg y. ■
Building and Preserving Wealth
BY STEVE BARRETT
2 6 2 6❱❱❱❱❱ F I N A N C E
