Mayo Clinic Ophthalmology Podcast Financial planning for the ophthalmologist: Investments and Wealth Management
May 29, 2024
Tom Knutson, a certified financial planner at Mayo Clinic, shares his expertise on wealth management tailored for ophthalmologists. He discusses how to find the right financial advisor and understand fee structures. Key topics include converting 529 plans to Roth accounts, the importance of strategic spending and saving, and insights into real estate and cryptocurrency investments. Tom also emphasizes navigating financial planning during residency transitions and offers advice on funding education in an era of rising college costs.
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Choosing a Financial Advisor Wisely
- Always interview multiple financial firms and ask hard questions before deciding.
- Check SEC disclosures for fee transparency and client expertise alignment to avoid conflicts of interest.
Manage Early Career Finances
- Pay minimum student loan payments if pursuing Public Student Loan Forgiveness; otherwise, prioritize paying off high-interest debt.
- Maintain an emergency fund of 6-12 months expenses (single income) or 3-6 months (dual income) before spending freely.
Employer Choice Affects Loan Forgiveness
- Choosing a nonprofit employer impacts loan forgiveness eligibility and total financial picture.
- Slightly higher salary at private institutions may not outweigh savings from loan forgiveness benefits.