The secret to having a lot of money in your retirement accounts is simple: put a lot of money in your retirement accounts. Perhaps the most important number in a physician’s financial life is their savings rate, i.e. what percentage of their gross income goes toward retirement each year. This is well worth calculating each year and comparing to past years. I generally recommend you save about 20 percent of your gross income for retirement. That can be very challenging for many physicians because they don’t have any sort of written plan ensuring their money goes toward what they care about most. However, a budget should not feel constraining, it should feel empowering. Saving enough for the future, while still allowing you to have a wonderful life requires a careful balance and reasonable dose of discipline.

There is more to a financial plan than just a list of investments. Whether you use a low-cost, fiduciary advisor or do your own financial planning, make sure you don’t leave any gaping holes in your plan.

Dr. Dahle blogs at www.whitecoatinvestor.com and is a best-selling author and podcaster. He is not a licensed financial adviser, accountant, or attorney and recommends you consult with your own advisers prior to acting on any information you read here.