Medical Specialty Wealth- Stephanie Clay

Physician Compensation

Doctors often have:

• high income

• delayed earnings

• large student debt

• irregular income growth early on

Example path:
Residency → attending physician → practice owner/specialist.

Residency

Post-med-school training period.

Doctors work long hours for relatively low pay before major income increases later.

Important because:
many physicians start wealth planning late.

Student Loan Burden

Doctors commonly carry:

$200k–$500k+ in student debt.

Creates planning complexity despite high future income.

Disability Insurance

VERY important for physicians.

Protects income if unable to practice medicine.

Why huge?
A surgeon’s hands = income source.

High-income professionals rely heavily on specialized DI coverage.

Malpractice Insurance

Insurance protecting physicians against lawsuits.

Can be extremely expensive depending on specialty.

Private Practice

Doctor-owned medical business/practice.

Adds:

• business planning

• succession planning

• payroll

• taxes

• liquidity concerns

Practice Acquisition

Buying into or purchasing a medical practice.

Often financed with loans.

Tax-Efficient Planning

Reducing taxes through planning strategies.

High-income physicians often focus heavily on:

• retirement plans

• entity structure

• charitable giving

• tax-aware investing

401(k) / Profit Sharing Plans

Retirement plans commonly used by physician groups/practices.

Physician Loans

Special mortgages for doctors.

Often allow:

• low down payment

• student debt flexibility

• no PMI

Because physicians are considered strong long-term borrowers.