Nine insurance policies? Nine? My first experience talking to a veterinarian about finances is when I found out they had been sold nine cash value life insurance policies. Excessive? Absolutely! He had been taken advantage of by a financial salesperson. I was appalled and decided to dedicate my time, energy, and professional skills to bring quality financial planning to veterinary medicine.
Talking about finances and money is typically low on the list of the topics anyone wants to talk about and even less so for those within veterinary medicine. The passion and drive you have for providing high-quality care are what drives you. Yet, according to The American Psychological Association found 64% of Americans see money as a significant stressor. I can tell you that’s accurate for what I’ve seen talking with your peers in the industry as well. Money is stressful, yet it’s avoided and pushed aside as it can sometimes be hard to talk about. Your financial future is worth the time and energy to address the challenges you face head-on.
“Neural evidence suggest that money produces the same sort of dopaminergic rewards as other primary reinforcers such as a beautiful face, a funny cartoon, sports cars, and drugs. It would seem that we like money at a primal level independent what It can do for us.”– Dr. Daniel Crosby, PhD – The Behavioral Investor.
- The average hourly rate of a full-time associate veterinarian is between $200-$225 per hour according to AAHA’s recent Compensation and Benefits Study.
- Starting Salaries for new veterinarians is $90,722 according to a 2020 AVMA study.
- The average student loan debt according to the AVMA from the class of 2020 was $181,444.
- According to research that was done and published in dvm360 total compensation from an associate to an owner can be upwards of $100,000 per year.
When you look at the rate of corporate consolidation, the fact 40% of private owners will transition their businesses in the next ten years, and the growth of pet care in the US, there are many reasons to be excited about veterinary medicine and the opportunity in front of you. There are many options and decisions to be made regardless of where you are in your professional care.
“We are in the first 10 years of an industry that will keep growing for the next 50 years.”Olivier Goudet CEO of JAB Holdings
Compassion-First Pet Hospitals & National Veterinary Associates, Inc.
I want to see veterinary medicine flourish, and I’m dedicating my time, energy, and resources to see that happen. This network is only one part of that, but I hope it can support you somehow. The Veterinarian Financial Advisor Network (VFAN) will grow, and our mission is to build financial confidence for veterinarians across the country. We want to offer the highest level of financial planning for veterinarians.