What is your number?
It is the amount you need to save by the time you would like to retire or to slow down your practice. A certified financial planner (CFP) can derive this number for you by calculating, in today’s dollars, how much income you would like to have in retirement and incorporate assumptions for the likely investment rate of return and the cost of living, based on your lifestyle goals. With this information, you will know how much money you need to save each month to reach your goal when you are ready to retire.
“Process” can sound mundane, but a sound financial plan is a process. It puts other kinds of decisions involving spending in context and steers us away from bad spending choices. Markets will have corrections, which can be painful. The world economy can shift. That should not drive a physician or anyone else from saving and following a well-crafted plan.