A Simplified Financial Planning Playbook for New Physicians, Dentists, and Attorneys
By Matt Sandberg, Wealth Advisor, Cornerstone Wealth
Why A Simplified Financial Playbook Matters
Starting a high-earning career—whether as a physician, dentist, or attorney—is a milestone you’ve worked years to achieve and an important step towards achieving your financial goals.
Effective debt management becomes crucial.
As a financial advisor working with professionals just out of school, I’ve seen how quickly the excitement of a first “real” paycheck can turn to overwhelm. Complex student loan balances, new expenses, and big life choices converge all at once.
The stakes are real.
According to the American Medical Association, median education debt for new physicians in 2025 has reached $222,000. For dentists, the American Dental Education Association reports the average dental school debt climbed to $317,000 in 2025. Law school graduates are facing a median of $167,000 in debt as of 2025, according to the American Bar Association.
Yet, according to the Fidelity Professionals Pulse survey (2025), almost 64% of new professionals feel underprepared to make smart money choices after graduation.
It doesn’t have to be this way.
The good news is that the right early decisions—made with clarity and a plan—will put you years ahead of many peers.
As you read on, my goal is simple: to give you a clear, actionable foundation for your first five years in practice—so your career starts just as strong on the financial side as on the professional path you’ve chosen.
For further reading tailored to dental professionals, see our Dentist Retirement Planning Page or explore our blog on Financial Wellness for Dentists.
The Reality Check – Unique Financial Complexities Facing New Professionals
After years of delayed income and mounting loans, you’re entering a career defined by both opportunity and complexity.
Here are a few realities unique to early-career physicians, dentists, and attorneys:
Student debt is at historic highs:
Median medical school debt (2025): $200,000 (Forbes)
Median dental school debt (2025): $300,000 (SuperMoney)
Median law school debt (2025): $118,500 (Forbes)
Late start, compressed timeline: Most physicians and dentists don’t begin their high-earning years until their late 20s or 30s. Attorneys often start earlier but can face years of relatively modest pay before hitting partner or high-level associate roles (Bureau of Labor Statistics). You have a shorter window to pay off debt, build wealth, and catch up on big purchases—like a home or a practice buy-in.
First real paychecks bring new pressures: It’s easy to increase your lifestyle rapidly. The risk? High monthly payments (cars, homes, credit cards) before a real financial plan is in place. NerdWallet provides a good overview of lifestyle inflation traps.
Benefit choices are complex: Employers offer a wide array of benefits—retirement plans, health insurance, and disability coverage. Sorting out what matters now and what can wait isn’t always straightforward. For help decoding benefits and understanding plan options, Healthcare.gov and the IRS Retirement Plan FAQ are excellent external guides.
If you’re a young executive entering a high-earning field, consulting with a certified financial planner can help navigate these challenges more effectively. See our Executive Financial Services page for strategies specific to new leaders and professionals.
Prioritizing the Chaos – The First 5 Financial Decisions
There’s no shortage of financial advice targeting new professionals.
I recommend starting with five foundational steps—these will bring order to the chaos and accelerate your peace of mind:
Structure Your Student Loan Repayment
Assess all your loans: federal, private, and any in consolidation.
Review repayment options:
Federal programs (Public Service Loan Forgiveness) for physicians and attorneys.
Refinancing for lower rates—often best for professionals who do not intend to pursue PSLF.
Compare total interest costs and flexibility, not just monthly payments.Stat: The U.S. Department of Education reports that the average monthly payment for 2025 professional school borrowers is over $1,050, a figure expected to rise.
Build an Emergency Fund
Target 3–6 months of essential expenses and keep them in a high-yield savings account.
An emergency fund protects you from surprise costs (job layoff, illness, family needs) and keeps you from relying on credit cards or loans.
Lock in the Right Insurance
Disability insurance is crucial—your ability to earn is your biggest asset.
Consider term life insurance if you have dependents or co-signers on debt, and explore debt management strategies, including estate planning, to ensure financial stability.
Evaluate your need for professional liability coverage, especially if you're a practice owner. Some professionals need supplemental protection beyond what is often employer-provided.
Optimize Employer Benefits -AND- Retirement Plans
Understand your 401(k), 403(b), or similar plan—always secure the employer match if offered (IRS contribution limits 2025).
Learn the difference between Roth and traditional contributions; Roth can make sense when you expect to be in a higher tax bracket later (Investopedia: Roth vs. Traditional).
Don’t worry about maxing out every account—start with consistent, automated contributions.
Manage Cash Flow -AND- Lifestyle Inflation
Design a simple budget based on your real take-home pay (Nerd Wallet’s Budgeting Tips).
Avoid “Golden Handcuffs”—major lifestyle upgrades before you’ve tackled foundational steps.
Small, steady savings habits now will always beat waiting to “catch up” later. CNBC: 7 ways to prevent lifestyle inflation.
Quick Checklist
Clear, written student loan plan
Emergency fund started
Disability (and, as needed, life) insurance in place
Contributing to an employer retirement plan
Budget reviewed—no significant lifestyle increases yet
For a better look at our services addressing these pain points, visit our Wealth Services page.
The Cost of Waiting – Why Early Steps Compound
It’s easy to think, “I’ll just figure this out in a year or two, once I’m settled.”
The problem? Financial inertia is expensive.
Let’s break this down:
Student Loans: Waiting even one extra year to lock in a lower rate or begin PSLF can mean thousands more in interest.
Investments: Consider two professionals. If one starts investing $500/month at age 28, and the other waits until 32, the early starter could have over $66,000 more at retirement (assuming 7% annual return, Fidelity 2025 projection).
Insurance: Premiums are lowest when you’re young and healthy. Waiting until health issues arise can make coverage more costly or less available (National Association of Insurance Commissioners).
For more actionable guides and success stories on navigating inertia, browse our CWG Advisors Blog.
Case Study – From Overwhelmed to Organized
Let me share a real story of a practice owner (name changed for privacy) who embraced practice ownership:
Brian, a 29-year-old dentist, finished training last year. He had $310,000 in student loans, was starting a new associate job, and wanted to buy a home someday, but was paralyzed by the numbers.
We met for an hour-long “First 5 Strategy Session.”
Together, we prioritized his student loan payment plan, set up an emergency fund using his signing bonus, aligned his financial goals, shopped for disability insurance, and initiated retirement contributions just significant enough to take advantage of the company match.
A year later, Brian’s review:
"I went from losing sleep about my loans to feeling clear about my goals. Working with someone who ‘gets’ the dentistry world—not just the finances—made all the difference."
That’s the power of simplifying complexity with someone who’s in your corner.
Your Next Step – Why a Simple Conversation Can Change Everything
If you made it this far, you’re already taking initiative.
But you don’t have to know all the answers or carry the mental load solo.
Here’s what you can expect from your first call with me:
A short, no-pressure conversation focused on your situation—no jargon, no judgment.
Clear action steps for your first financial moves.
Absolutely no obligation or push to buy products.
Ready for real financial confidence?Book your complimentary “First 5 Strategy Session.”or call 704-987-3410.
Your journey is unique.
Let’s make your plan unique too—customized for physicians, dentists, and attorneys, from day one.
Send your trickiest financial question to msandberg@cwgadvisors.com or call 704-987-3410—if I don’t know the answer, I’ll find it. Helping you optimize your financial life is what I do best.
About Matt Sandberg
Matt Sandberg is a fiduciary advisor with a passion for helping physicians, dentists, and attorneys clarify their path to financial confidence by collaborating closely with expert financial advisors.
As a fellow “analytical thinker,” he specializes in financial planning, estate planning, and simplifying complexity with practical, actionable solutions—right from the start of your career.
Closing Thoughts
Smart, early moves beat big, late ones—every time.
If you’re ready to put your financial life on the same upward trajectory as your career, let’s have a conversation.
This is for informational purposes only and does not serve as personal advice. Please speak to a qualified representative regarding your unique circumstances. Links within this blog are not associated to Cornerstone Wealth and are subject to change. Hyperlinks will take you to a third-party website whose content Cornerstone Wealth does not control. Investment advisory services offered through Cornerstone Wealth Group, LLC dba Cornerstone Wealth, an SEC registered investment adviser.
