Mark J. McGaunn, CPA/PFS, CFP® was recently featured on dvm360.com and in the Veterinary Economics February article “An Ailing Profession: Money Matters”.
The article touches on the financial health of veterinarians and emphasizes how some veterinarians may be hurting because they don’t properly take care of their personal finances. 44% of associates say they are interested in owning a practice, but only 34% say they have the financial means to do so.
Mark notes in the article: “I hear people say they can’t open a practice because they have so much debt. But I tell them not to count themselves out. That’s one way to pay off your debt. We have vets maxed out [in salary] at $80,000 a year. We have people with modest practices who bring in $130,000 a year. That makes a big difference.”
Mark further explains: “A lot of people don’t keep track of their financing-as long as they have a cash balance to their iPhone, it’s OK to spend. The budget is a starting point for framing a discussion about your spending, your income, what’s left to invest, what’s left to spend.”
Interested in learning more on how to successfully turn around your personal financial health? Click here to read the full article.
Mark J. McGaunn, CPA/PFS, CFP® leads the veterinary/dental/financial planning divisions at McGaunn & Schwadron, CPA’s, LLC and can be reached via email@example.com or (781) 489-6651.