Why Every Physician Needs a Financial Plan
Doctors spend their lives caring for others but who takes care of their financial health? Between long hours, practice overhead, and student loans, many physicians overlook proactive wealth planning. Yet, just like your patients need annual exams, your finances need regular checkups too.
That’s why Dr. Kalpana Sundar and Marysol Uribe, RN, Financial Professional created the C.O.D.E. Framework, a step-by-step system designed to help healthcare professionals protect their income, minimize taxes, and build long-term financial freedom.
The Financial Checkup: From Income to Strategy
Many physicians assume that higher income equals financial success but that’s not always true. True financial wellness comes from strategy, not salary.
The duo introduced the Money Clarity Spreadsheet, a diagnostic tool that helps you see where your money is flowing and how to redirect it toward purposeful growth. This approach shifts your focus from earning more to optimizing what you already have a vital mindset shift for busy healthcare professionals.
The C.O.D.E. Framework for Financial Freedom
The foundation of sustainable wealth starts with four pillars—Coverage, Optimization, Diversification, and Exit Strategy.
C — Coverage
Ensure your financial safety net is strong. Review your life, disability, and business-overhead insurance policies, and understand your accelerated death-benefit options to protect income during critical illness.
O — Optimization
Streamline your tax strategy and investment allocations. By aligning assets with goals, you free up cash flow and maximize compounding over time.
D — Diversification
Balance your portfolio across taxable, tax-deferred, and tax-free buckets. Diversification isn’t just about risk it’s also about tax efficiency.
E — Exit Strategy
Plan your exit before you need it whether that’s retirement, selling your practice, or transitioning careers. A clear exit strategy lets your wealth work for you, not the other way around.
Trusts, Taxes, and Total Protection
A trust isn’t only for the ultra-wealthy. It’s one of the most powerful estate-planning tools available to doctors and business owners.
Dr. Sundar and Marysol Uribe explained how trusts can:
- Avoid probate and protect family privacy
- Appoint guardians for minors
- Ensure business continuity
- Simplify estate settlement
They also reviewed the three tax categories every doctor should understand:
- Taxable – brokerage accounts, CDs
- Tax-Deferred – 401(k), IRA, 403(b)
- Tax-Free – Roth IRA, permanent life insurance, certain trusts
Allocating assets strategically across all three can significantly reduce future tax burdens.
Calculating Your Financial Independence Number
How much do you really need to retire?
Dr. Sundar and Marysol Uribe recommend calculating your Financial Independence Number the amount of capital required to sustain your desired lifestyle indefinitely.
Using the 4 Percent Rule, divide your annual expenses by 0.04.
For example, if you spend $200,000 per year, you’ll need $5 million invested to generate that income sustainably.
This exercise gives doctors a tangible roadmap to plan confidently for their “work-optional” years.
Business Continuity for Medical Professionals
For practice owners, the conversation extends beyond personal finance. What happens to your patients, staff, and family if something unexpected occurs?
The right buy-sell agreements, key-person insurance, and trust structures ensure your business and legacy continue smoothly, no matter what.
Taking the Next Step Toward Financial Wellness
Marysol Uribe, RN and Dr. Kalpana Sundar are inviting medical professionals to take immediate action:
- Download the free Money Clarity Spreadsheet to assess your financial health
- Access the Financial Checklist for step-by-step guidance
- Book your Wealth Foundation Call to design your personalized C.O.D.E. Plan and gain clarity on your next best financial moves
Final Thoughts
“We’re taught how to diagnose and treat disease, but never how to diagnose our finances,” says Dr. Sundar. “Financial literacy is self-care.”
With the right tools, doctors can heal not just their patients but their financial future, too.
