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5 Common Financial Mistakes Physicians Make

Having a solid financial plan is essential for everyone, but financial planning for physicians comes with unique challenges. 

In this short video, we discuss five common mistakes that derail physicians’ financial plans (and what to do instead). 

Watch now to learn what to avoid when crafting your financial road map.

Transcript:

Why High Income Isn’t Enough for Physicians

Most physicians are high-income earners, but high income alone is not enough to keep you from having financial problems. Hi, I’m Ben Martinek with Bona Fide Finance. My firm and I focus exclusively on physicians and assist them in making the most out of the money they make. We’ve come across some common mistakes clients have made before working with us, and I want to walk you through what those mistakes might be.

Mistake #1: Not Having a Student Loan Strategy

One of the biggest concerns we see is not having a good student loan plan. You’ve gone through school, you’re now making good money, and you have quite a bit of student loan debt. What’s your plan? Are you pursuing Public Service Loan Forgiveness? Are you planning to repay the debt in full? Are you seeking long-term forgiveness? And if both spouses have student loans, do you each have a plan? If you don’t have a plan, time is money. The longer we wait, the more expensive those student loans become.

Mistake #2: Not Saving Enough for Retirement

Another common issue is not saving enough for retirement. As you move from residency to attending and your income increases, it’s easy to enjoy the money and buy the good things life offers. But what often gets overlooked is maxing out retirement contributions or even making enough to get the employer match. The biggest factor in retirement account growth is time. The longer you delay, the more opportunity you lose.

Mistake #3: Overlooking Tax Planning for Side Income

Most physicians have some source of self-employment income on the side, which is taxed differently than W-2 wages. Have you considered:

  • Eligible business deductions?
  • A solo 401(k)?
  • A cash balance plan?
  • Creating a business entity and electing S-Corp status?

These strategies can significantly reduce taxable income.

Mistake #4: Not Protecting Growing Assets

Asset protection planning is another key area. As high-income earners, your assets can grow quickly, but they can also be lost to lawsuits, liability, or insufficient protection. This includes protecting your human capital with disability insurance. There are specific strategies to ensure what you’ve built stays protected for your family, even if the worst happens.

Mistake #5: Delaying Financial Planning Until “Someday”

The most common mistake is assuming you’ll get to your finances someday. You’re busy. Many physicians are raising families, have young kids, and sometimes a working spouse. You didn’t go to school to be a financial professional; you went to school to be a medical professional. It’s hard to find time to learn everything you need to know. Meanwhile, opportunities slip away. The best thing you can do is hire someone now—like myself or my firm—to step in, take this off your plate, and start making progress immediately. Delegating allows you to get skilled care, guidance, and professional oversight on your finances. Getting someone who can take quick action can be worth a lot of money, especially in a high-income situation.

Work With Bonafide Finance

I hope you find these five considerations helpful. If you’re interested in working with someone (especially with us and our firm), we’d love to hear from you. You can schedule an introductory call at bonafidefinance.com. You can also reach our intake specialist at hello@bonafidefinance.com to set up a call and see if we’re a good fit for your needs. Thanks so much.

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Jared Schumacher

PhD, Paraplanner

Jared Schumacher holds numerous degrees in engineering/business and the humanities, including a PhD in Political Theology, and is a published researcher in the fields of politics, economics, social theory, and theology. He recently left a career as an associate professor to join the team at Bona Fide Finance, where he hopes to put his moral and political focus to good use offering financial services and advice for navigating our complex political and economic climate with integrity and thoughtfulness. He joins the team as a paraplanner, while studying to obtain the CERTIFIED FINANCIAL PLANNER® certification in the coming years. 

Jared grew up in Alaska and Texas, and spent over a decade studying and teaching abroad with his wife, Carrie, living in Lithuania and Belgium, but also spending considerable time in Germany and Uganda. Their family has grown to include eight kids; and when not contemplating the mysteries of the financial universe, their days are full with homeschooling, soccer and baseball practice, and piano recitals.

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Dorian Antešić

Associate Advisor

Rooted in Europe and serving clients worldwide, Dorian advances Bona Fide Finance’s global, research-driven investment process. He is an Investment Advisor Representative and an associate advisor who leads the firm’s investment research and portfolio construction, giving each plan a consistent, evidence-based foundation so clients can stay disciplined through any market cycle. Working at the intersection of American and European finance and business culture, he helps families align portfolios with what truly matters to them. He is also working toward the Chartered Financial Analyst® (CFA®) designation.

His path into finance has been global from the start—and personal from a young age. Introduced to the world of finance and economics by his grandfather, an accountant and entrepreneur, Dorian grew up curious about how money moves and how families build durable wealth. He holds a bachelor’s degree in finance and accounting and a master’s degree in finance and banking, with studies across three countries: University of Rijeka (Croatia), Charles University (Prague, Czech Republic), and University of Coimbra (Portugal). He has lived in Croatia, the Czech Republic, Portugal, and Spain, and traveled to 22 countries across three continents. An explorer at heart, he continues to work remotely while traveling, building a wide network and a practical, cross-border perspective on how families can grow and preserve wealth.

Before joining Bona Fide Finance, Dorian worked with Sovereign Man (now Schiff Sovereign), exploring international real estate, offshore banking, and second residencies and citizenships to help families enhance their financial sovereignty. He also partnered with economist Saifedean Ammous, author of the bestselling The Bitcoin Standard, contributing research on the printing industry and helping establish a global fulfillment network for his books—work acknowledged in The Fiat Standard and Principles of Economics. Raised on the Adriatic island of Rab, he now lives in Croatia with his wife, Kim, and they are eagerly awaiting the arrival of their first child, Gabriel.

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Bonnie Martinek

Administrative Assistant
Bonnie (Ben’s mom!) is a mother of 9 and a grandmother of 17. She has lived in rural Indiana her whole life and has a master’s degree in Special Education. In her own words, she’s done a little bit of everything but is a master of none (teaching, construction, manager of a corn maze, CNA, farm work, cashier, auto bodywork, and the list goes on!). Widowed in 2019, she is reinventing herself through her work in the day-to-day operations of Bona Fide Finance and client relations. Bonnie loves getting to know our clients and is happy to serve them well!
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Deb Martinek

Relationships Specialist

Deb has been with Bona Fide Finance since its inception in 2015 and long before that with her support of Ben studying for the CFP designation and the dream of starting the business of helping individuals and families meet their financial goals.

She fills the Relationships Specialist role – Deb is typically the first encounter our new clients have as she walks them through our service offerings and introduces them to the map of financial literacy.

She has a bachelor’s degree from Ball State University and a master’s degree from the Franciscan University of Steubenville. Deb lives in Bismarck with Ben and their two young daughters, is a card-carrying member of the CDL club (read more about those adventures here) and is happiest reading an epic novel, solving a 1000-piece jigsaw puzzle, or working in her kitchen where she can serve love to the people in her life through quality food (clients enjoy her holiday shipment of homemade goodies each December!).

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Ben Martinek

CFP®, EA, CSLP®, RICP®, Founder and Advisor

Ben Martinek, CFP®, EA, CSLP®, RICP®, is the founder and lead advisor at Bona Fide Finance, an independent, fee-only firm dedicated to helping doctors, young professionals, and growing families take control of their financial future. With a deep understanding of student loan debt—having tackled his own—Ben specializes in guiding clients through debt repayment strategies, smart investing, and comprehensive financial planning so they can build wealth with confidence. Ben’s passion for financial planning comes from his desire to provide honest, objective advice tailored to each client’s unique situation. He loves seeing the impact of his work, whether it’s helping a family pay off student loans years ahead of schedule, setting up an early retiree for financial freedom, or giving clients the peace that comes from knowing their finances are in order. His clients appreciate his thoughtful, high-touch approach, often saying that working with him has changed their lives.

Before launching Bona Fide Finance in 2015, Ben’s career path was anything but conventional. The fourth of nine children, he grew up in rural Indiana and initially pursued a path in academia, earning a B.A. in philosophy and classical languages, followed by a master’s degree in philosophy. Along the way, he explored careers in construction and truck driving—logging over 600,000 miles across the U.S. with his wife, Deb—before finding his true calling in financial planning.

Now based in Bismarck, North Dakota, Ben and Deb stay busy raising their two daughters, Edith and Virginia. Since their truck-driving days, Ben is happiest on a long road trip—preferably behind the wheel of his TDI Volkswagen Jetta. He enjoys sailing on Lake Sakakawea, camping in their vintage ’90s pop-up camper, and smoking a pipe by the grill. A lover of strategy board games, he favors Clans of Caledonia (mostly because Deb refuses to play Risk with him). When he’s not working with clients, he can be found smoking meat, gardening, hiking, or diving into The Lord of the Rings or Dune. Ben also serves on the school board for his daughters’ Montessori school and is actively involved in pre-marriage ministry in the Bismarck Diocese.

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