Page 4 - April 2017 Newspaper
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Financial Health
for Healthcare Professionals
In today’s uncertain advisor? Preparing yourself too conservatively and not earning planning for the future of your family
healthcare environ- to find a level of support will enough to achieve your goals; and not 9) Banker addresses cash flow, lending
ment, healthcare pro- require you to educate your- having appropriate or sufficient insur- and debt planning
fessionals must also be self about the criteria used to ance in place when you and your family 10) Business or Real Estate Attorney
business managers for evaluate these choices. need it are typical symptoms of not work- addresses non-medical contracts and real
their practices, their A trustworthy advisor with ing with a team of trustworthy advisors. estate purchases
employees and their vision (and you, yourself), A recent survey reveals that a minority
families. This task can should ask and help answer Your Family’s of medical professionals are in control of
be frustrating, daunt- the following: Financial Advocates: their financial lives. Only a few engage
ing and overwhelming. • What do you want to Who’s on Your Team? trustworthy advisors. Healthcare
With the right team accomplish in your financial A football team needs a quarterback, a Professionals are working too hard and
in place, financial secu- life? center, linebackers and other players saving too little. Many are married to
rity and work/life bal- BY HOWARD • Why are these accom- working in harmony. No one player can other Healthcare Professionals who are
ance is possible. The WOLKOWITZ plishments important to you? win the game. All must be strong, fast, equally unprepared to manage their fam-
road to quality of life • When would you like to capable and coordinated. Your financial ily’s security and prosperity. Many doc-
and financial freedom accomplish these goals? team needs at least some of the following tors are unprepared for retirement and
starts with trust, the foundation of all • How should you manage this process players: unsure about how to manage savings and
meaningful relationships. It is crucial to to ensure your goals get achieved on 1) Healthcare Attorney addresses pro- debt. Family wealth is greatly impacted
establish trust with the right advisors. time? fessional contracts, legal and compliance by internal and external factors. Some of
Behind every successful professional, • How much money are you squander- issues those factors you can control and some
you’ll find trustworthy advisors. These ing or “leaving on the table?” 2) CPA addresses your tax, cash flow you can’t. The survey also suggests that
professionals are there as your counselors • Where will you gather the informa- and debt/credit needs doctors have needs that correlate loosely
and confidential sounding boards. A true tion you need to have your dream life? 3) Financial Planner fee, free or com- with age, but these are affected by a vari-
advisor helps you navigate through your • Who are the essential people you missioned based ety of factors ranging from type of prac-
financial fears, blind spots and concerns. require to accomplish your goals? 4) Insurance Specialist addresses both tice to lifestyle choices. Financial plan-
College and medical school does not As with your health, the secret of business and personal insurance and risk ning must be tailored to the unique
prepare you to manage the money you financial success is found in determining management planning needs, goals and circumstances of each
will make, nor how to identify competent how and whom to trust. If you have trou- 5) Wealth Manager addresses risk, person.
and capable advisors. By understanding ble trusting yourself, your lack of self- reward and tax efficiencies of your invest-
what professional financial advisors do, confidence may condemn you to leaning ments Coming next month: Addressing
and by learning about the skills and tools on other people, crossing your fingers 6) Pension Specialist addresses retire- the different types of advisors
they use, you will do a better job at and hoping you made the right decisions. ment issues and tax planning
selecting professionals who can success- Not having a concrete plan in place; not 7) Property, Casualty, Malpractice For more information, contact Howard
fully fulfill the role of trustworthy advi- balancing your short-term, intermediate Specialist addresses your business insur- Wolkowitz, Financial Advisor, at
sor. and long-term goals; investing too ance needs HWolkowitz@FinancialGuide.com
How can you identify a trustworthy aggressively and losing money; investing 8) Estate Planning Attorney addresses or (954) 625-1517.
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4 April 2017 southfloridahospitalnews.com South Florida Hospital News
