I do not think it is ever to early for veterinarians and veterinary specialists to start thinking about creating long term wealth. Even if you are just finishing veterinary school or a residency program and you are so excited to have a steady income, I think it is wise to consider your future, your financial future that is. Specifically, this can come into play when you are considering job offers. I am seeing tremendous job offers in the veterinary industry now. Signing bonuses have come down, generally speaking, over the past year. I do still see big numbers however. And in many cases, the fine print is tricky. So make sure to understand all the ramifications of a large signing bonus.
But this is actually not what I am referring to. Many hospitals can offer interesting and individual avenues to create long term wealth. These avenues include equity, whether gifted or earned or bought, this is a great way to build wealth. The ROI that I have seen with some of my clients is very significant and certainly out performs the stock market and many other traditional investing opportunities. Some of my clients have programs in place that offer the doctors help when purchasing a new home, such as no downpayment or no mortgage insurance. Many hosptials offer student loan assistance, which increases over time. Retirement plans and retention bonuses are also avenues to consider. In the beginning of your career, it might be hard to imagine how smaller financial options can affect your long term wealth, but they can. Many of my clients prioritize this for their doctors and help them start on continue on this path.