By Ben Martinek, CFP®, EA, CSLP®, RICP
After years of intensive education, residency, and long nights on call, you’ve finally made it: a six-figure salary. It’s a milestone that reflects not just your dedication to public health, but the sheer effort and sacrifice you’ve put into your career. Now comes a new challenge: making your money work as hard as you have.
At Bona Fide Finance, we specialize in financial planning for physicians like you, especially those in their early high-earning years. If you’re wondering how to manage debt, set meaningful goals, and establish a stable financial future, you’re not alone. And you’re in the right place.
Tackling Student Loan Debt
Most physicians exit medical school with substantial student loan debt, often in the six-figure range. That can feel overwhelming, even with a strong income. The key is balance: paying off debt while still maintaining progress toward savings and financial goals.
If you qualify for Public Service Loan Forgiveness (PSLF), be sure you’re on an income-driven repayment plan. This can minimize your monthly payments while still keeping you on track for eventual loan forgiveness.
If PSLF isn’t an option, refinancing your loans may be worth exploring. It could lead to significant savings in the long run; but make sure it aligns with your overall financial strategy.
Regardless of which path you pursue, avoid the temptation to throw every spare dollar at your debt. That strategy may backfire if you ignore building an emergency fund or contributing to retirement accounts. And be mindful of lifestyle inflation: just because you can spend more doesn’t mean you should.
Setting Financial Goals That Work for You
With a reliable income in place, it’s time to turn your attention to the life you want to build. Financial goals give your dollars direction and purpose, and reduce the anxiety that often comes with newfound wealth.
We recommend organizing your goals into three categories:
- Short-term: Build a safety net by saving 3-6 months of living expenses in a high-yield savings account. This emergency fund is a crucial buffer for unexpected events.
- Medium-term: These might include buying a home, starting a family, or transitioning to private practice.
- Long-term: Retirement savings and saving for your children’s education are key long-range goals that benefit from early planning.
Whatever your priorities, write them down. Then revisit your goals regularly to stay on track and adjust as life changes.
Why Work With a Financial Advisor?
The great news is that you don’t have to figure all this out on your own.
Working with a financial advisor who specializes in physicians can make an enormous difference. A qualified advisor can help you clarify your goals, create a debt repayment plan, optimize your investments, manage tax liabilities, and help you put the right insurance coverage in place.
Think of it like getting a second opinion but for your finances. At Bona Fide Finance, we offer objective, personalized guidance for physicians who want to delegate financial decision-making to a trusted expert. We’re here to organize the moving parts of your financial life so you can focus on what matters most: your career, your family, and your future.
You’ve Earned This, Now Let’s Make it Work for You
You’ve already taken the hard road to get where you are today. Now it’s time to put a smart financial plan in place so your money supports your goals, instead of adding to your stress.
At Bona Fide Finance, we’re proud to help physicians like you move forward with clarity and confidence. Whether you’re ready to fine-tune your debt strategy, set up investment accounts, or create a road map for long-term success, we’re here to help.
Are you ready to see if we’d be a good collaborative fit? We invite you to schedule an introductory meeting by calling (701) 203-3219 or emailing hello@bonafidefinance.com.
About Ben
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 Mandan, 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. To learn more about Ben, connect with him on LinkedIn.