In today’s gig economy all of those things are possible, and doctors are in a great position to take advantage of these opportunities. However, most doctors are unaware of the power of the gig economy. Never has there been a time like this with so many ways for doctors to make extra income.
Contracts, Services Offered
By far a doctor’s largest asset is their income. However, often this asset is neglected. Your income is what allows you to realize wealth over time.
Let’s assume a doctor goes into practice at age 35 and retires at age 65. That provides them 30 years of earnings. To keep things simple, I’m showing numbers before adjusting for inflation, earnings growth, and taxes.
Taxes
As a financial advisory firm, we talk to hundreds of doctor households each year and see their tax returns. On occasion, we spot issues with their taxes. As you prepare for filing your taxes, we thought you’d want to know the common tax missteps we see with doctors.
Debt, Student Loans
We thought we’d give a quick update on the state of Public Service Loan Forgiveness (PSLF). So much has changed over the last few years; it’s worth going through a quick timeline.
