Story at-a-glance Physician pay varies wildly by city – Doctors in smaller cities and rural areas earn more than peers in major metros like NYC or SF.Cost of living makes a huge impact – Even high salaries in big cities often don’t go far after housing, taxes, and expenses.Highest-paid cities

Story at-a-glance Doctors know medicine—but not money – A major study shows residents score just 52% on basic financial knowledge.High income, low preparedness – 48% carry $200K+ in student debt, yet 38% haven’t saved for retirement.They struggle with basics – Most don’t understand Roth IRAs,

Story at-a-glance Losing a key partner can cripple your practice – Their absence impacts patient care, revenue, and team morale.Recruitment takes time and money – Replacing a high-performing physician isn't fast or cheap.You may be on the hook financially – Without planning, you could be

Story at-a-glance Your most valuable asset is you – protect your income and career with disability and health insurance.Own your policy – Individual disability coverage is portable, can’t be canceled, and lets you go private later.Pick "own occupation" coverage – It pays if you can't do your

Story at-a-glance 40% of small businesses never reopen after a disaster—and medical practices are just as vulnerable.Flood damage isn't covered by standard commercial policies—doctors need separate flood insurance with proper equipment coverage.Business interruption insurance helps pay rent,

Story at-a-glance Most residents are financially behind—2 out of 3 say they’re unprepared for retirement, and 1 in 3 haven’t even started saving.Debt is a major issue, with high student loans, credit card balances, and car loans putting pressure on future earning potential.Discipline matters

Story at-a-glance Young physicians are in the lowest tax brackets they’ll ever see, making this the perfect time to fund a Roth IRA or Roth 401(k).Roth accounts offer tax-free growth and tax-free withdrawals, making them ideal for long-term wealth building.Withdrawals from a Roth IRA (after 5

Story at-a-glance Highest-earning specialties in 2023 include Plastic Surgery ($619K), Orthopedics ($573K), and Cardiology ($507K).Lowest-earning fields include Public Health ($249K), Pediatrics ($251K), and Family Medicine ($255K)—often in non-profits or public sectors.Location matters: