Physicians today need information on managing personal finances, such as how to handle student loan debt, plan for retirement, and make informed investment decisions. To help members learn how to navigate those challenges and more with practical and tangible advice, the Texas Medical Association hosted the panel “Ask the Expert: The Business of Personal Finance” on Oct. 12 at its Business of Medicine Conference in San Antonio.
Moderated by Houston neurologist Kimberly Monday, MD, the session was a direct response to member requests from the 2024 TMA Listening Tour, where the association met with physicians in or near their hometowns to discuss how TMA can meet members’ needs.
The two-part panel provided answers to member questions on debt management, educational planning, and investments at both the early and mid-and-established career levels.
As the health care industry experiences unpredictable economic changes, Dr. Monday says financial preparation allows physicians to take care of themselves, which in turn enables them to better take care of their patients.
“To function well as physicians, we have to put our oxygen masks on first and take care of ourselves,” the TMA Board of Trustees member said during the event.
The panel’s lineup of guest speakers included:
- Mortgage banker Abe Huerta;
- Wealth manager Monte Byrd;
- Medical investment specialist Ryan McCullough;
- Private banker Umar Iqbal;
- Financial officer Ed Nolan; and
- TMA Insurance Trust Executive Director Guy Patterson.
For physicians early in their careers, these panelists gave practical advice on how to manage student loan debt, how to invest wisely, and how to select the right lender or financial adviser to help manage their finances.
For example, Mr. Huerta recommended choosing an income-based repayment plan for student loan debt while Mr. Iqbal shared how early-career professionals could build wealth by making early contributions to an individual retirement account.
Mid-level and established physicians, including those nearing retirement, were given recommendations about lending options when starting their own practice, what other business ventures they should consider investing in, and how to properly plan for their retirement, including the amount of money they should save by ages 50 and 60.
Above all each panelist agreed that physicians should start financial planning as early as possible.
“Time is absolutely your greatest ally,” Mr. McCullough shared with the crowd.
Odessa allergist Vivek Rao, MD, who attended both parts of the session, praised TMA for responding to members’ requests from the listening tours. He says having financial experts available at a TMA conference made it easy to both advocate on behalf of medicine and to plan for his financial future.
“It is great that TMA offered this opportunity for folks to hear from experts,” said Dr. Rao, a TMA alternate delegate to the Texas Delegation to American Medical Association. “I hear from colleagues all the time that they are so busy with their profession that they don’t have time to invest or even consider investing, especially at a time when we’re seeing declining income. If we can avoid making poor [financial] decisions, it means we need less money saved up for retirement.”
For more information about TMA’s Business of Medicine Conference or for other TMA events, visit the event’s webpage or contact the TMA events team. For insights, advice, and coaching through every stage of your career, visit TMA’s Career Center.
Alisa Pierce
Reporter, Division of Communications and Marketing
(512) 370-1469