The physician, as a combination professional and small business man, is in a unique position. Without forced savings plans, such as Social Security, pension plans, and group insurance, and without any of the other fringe benefits enjoyed by most skilled workers and many professional people the physician is usually obliged to protect his own financial future. He has to not only meet the day-to-day expenses but also carry his own life insurance, provide for the education of his children, set up his personal retirement plan, and, at the same time, maintain cash reserves adequate for periods of lowered earnings and maintenance of his office, its equipment, and the necessary medical and business supplies.
As a result, most physicians sooner or later must acquire a working knowledge of investments. Even if they choose to turn management of their investments over to a professional—through bank, broker, investment advisory service, or investment trust—