'If I Knew Then
What I Know Now ...'
BY STEVE BARRETT
DON'T PUT YOURSELF IN A SITUATION WHERE YOU REGRE T E ARLY
FINANCIAL CHOICES. SE A SONED PHYSICIANS OFFER THE BENEFIT
OF THEIR HINDSIGHT.
AMA WIRE SP OK E with several physicians who are over 60
years of age about things they would do diƒ erently if they
were at earlier stages of their careers — and about fi nancial
mistakes they've seen others make.
Here is some of their advice:
+
Load up on disability insurance. Disability is more likely
than premature death. Being underinsured, especially in
the debt-laden early stages of your career, is perilous.
+
Don't think catastrophes happen only to others.
Whether it's an investment that goes sour or a family member
who faces a serious illness, tough times will come. Anticipate
them and plan accordingly.
+ Don't go it alone. Many older physicians regret failing to
seek out a trustworthy fi nancial adviser early on, according
to an AMA Insurance survey. Plan time to sit down with
your adviser to go over investment options thoroughly, and
review your fi nancial situation at least quarterly.
+
Learn, learn, learn. You may never become a fi nancial
expert, but that isn't a reason not to acquire a basic under-
standing of markets and investing.
+
Establish an estate plan. It will lift an enormous burden
oƒ your loved ones' shoulders. At the very least, you should
have a will and end-of-life directives in place. ■
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