Preparation for Financial Planning by the Medical SOAP Note Method
August 27, 2014
In the Physicians Practice article published 6/16/2014, Steven Podnos details how the medicalSOAP note (subjective, objective, assessment and plan) is analogous to the steps important to properly preparing for financial planning. His first article, “The Subjective”, in a series inspects the subjective questions that a physician should ask in preparation for financial planning including:
- Are you saving enough money for retirement?
- How much should you save for children’s education?
- What is a good investment strategy?
Additional questions that may need to be answered relate more to your current situation and how it may affect your goals: - How much do you earn and spend?
- What are your goals for retirement?
- Who manages the money in your family?
- How do/did you react to the stock market results?
In the follow up article “The Objective Phase”, Steven focuses on the Objective questions that are more specific including:
- Income and Expenses History
- Insurance Claims History
- Medical History
Additionally, you should begin to review all financial related documents to help pinpoint risks to your planning and asset protection: - Tax returns (personal and business)
- Financial Investment statements
- Property or other investments
- Estate Planning (if applicable)
In his next article “The Assessment”, Steven summarizes the evaluation of a family’s financial life to best identify and prioritize what is most important to the family. Typically this process will include a detailed review of the family’s cash flow in order to best plan for the future. Additionally, the assessment will not only identify priorities, but it will also identify concerns.
In his article on July 28, 2014, “Five Retirement Planning Tips for Physicians”, Steven Podnos summarizes five tips to ensuring financial stability in retirement:
- Pay off debts
- View Social Security Payments as equivalent to Bond Payments
- Re-evaluate Cash Flows
- Do not make big investments
- Think of distributions from savings as a “paycheck”
The information contained in this article is general in nature and not a comprehensive account of everything that is required for financial planning. Please seek the advice of your financial, accounting and legal team for financial planning.
View the all of the article at Physicians Practice:
“The Objective”
http://www.physicianspractice.com/blog/what-physicians-must-know-about-financial-planning-the-objective-phase
“The Assessment”
http://www.physicianspractice.com/blog/what-physicians-must-know-about-financial-planning-assessment
Planning
http://www.physicianspractice.com/blog/five-retirement-planning-tips-physicians