Page 3 - SFHN0617finalSP.qxp_SFHN 0608 Friday 5.0

Financial Health

for Healthcare Professionals

Key Cornerstones of Planning

A financial plan is a snapshot of your • Developing a strategy proportion equal to (2) Formulate specific strategies for
current financial situation. It’s a compila- to manage and mitigate reward. Wealthy doctors achieving them.
tion of what information you give your that risk. tend to expect the best and (3) Arrange or create the means
advisor, what information your advisor • Implementing solu- prepare for the worst. required.
decides to put in the plan, and how his tions to manage and miti- Wealthy doctors tend to (4) Implement, direct, and monitor all
specific software generates the informa- gate that risk. make fewer mistakes than steps in the proper order.
tion you will review together. • Monitoring results less prosperous doctors. In our next article, we’ll discuss risk
Planning can be difficult and time-con- and breakdowns and tak- Wealthy doctors tend to management - when bad things happen
suming. It requires you to gather infor- ing actions to correct understand the difference to good people.
mation, learn new concepts, place your those breakdowns. between immediate and
trust in third parties, and weigh options Planning is not about delayed gratification. Why For more information contact Howard
you may not feel qualified to consider. the destination but about is it that some doctors can Wolkowitz, Financial Advisor, at
But with your financial health at stake, the journey. The journey BY HOWARD make ten million dollars HWolkowitz@FinancialGuide.com or
engagement with the planning process is requires a collaborative WOLKOWITZ over the course of their (954) 625-1517.
critical. Good advisors will make your planning process between professional careers and
planning journey easier and even pleas- you and your trusted still not be able to retire The opinions above belong to Howard
ant. advisors. Without a plan, you won’t comfortably, while other doctors make Wolkowitz and the information contained
The foundation of a great plan starts know what your problems are and how much less and retire in comfort? herein does not necessarily represent the
with, “How would I live my life if money to solve them. Without a meaningful A younger doctor once asked an older opinions of MassMutual or its affiliated bro-
was not a concern?” plan, you may work on the wrong proj- doctor, “How do I become a millionaire?” ker-dealer MSI Financial Services, Inc.
The major components of planning ects or move in the wrong direction, los- The older doctor said immediately, MassMutual Financial Group is a market-
are: discovery of your current financial ing precious time and resources. Take “That’s easy. Make two million dollars ing name for Massachusetts Mutual Life
situation and concerns, gathering finan- responsibility for understanding and and only lose a million.” Insurance Company (MassMutual) and its
cial and non-financial information and approving the plan so it becomes your In medicine, physicians use SOAP affiliated companies and sales representatives.
establishing priorities, and creating a plan and not your advisors. (Subjective, Objective, Assessment, and Securities, investment advisory services, and
strategy and action plan. Your advisors The question to ask your team is, “how Plan) notes to document and communi- financial planning services offered through
will suggest goals and assist you with will this planning process solve my prob- cate information with peers and patients. MML Investors Services, LLC. Members
managing those goals. lems?” Use this same process to manage your SIPC. Branch address: 2400 E Commercial
The key cornerstones of planning are: Smart planning is about mitigating financial and family life. Blvd., 11th Floor, Fort Lauderdale, FL 33308.
• Identifying risk. risk. Smart planning addresses risk in (1) Create inspiring goals or objectives.

Join us for an
Join us for an

information sesssion!

L earn how FIU’ s fully online
or hybrid Master of Health

Services Administration can
help you prepare for leadership
positions in healthcare
organizations.

Salvatore Barbera, director and chair of the
MHS A program, will be available to answer your
questions and discuss program options.

ONLINE SESSION
JUNE 21, 2017
12- 1 PM

RSVP at fiuonline . fiu. edu/ s r v p

South Florida Hospital News southfloridahospitalnews.com June 2017 3