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People in certain professions tend to approach financial planning the same way as their peers. On today\u2019s How Money Works podcast, we look at teachers, doctors, engineers and more.

In our experience, people in certain jobs tend to approach financial planning the same way. On today\u2019s episode of How Money Works, we explain some of the positives and challenges of advising people in different professions.

Teachers

Teachers have pensions that are pretty reliable, and they tend to be interested in having rental properties for extra income. They like investments they can have more control over, but they don\u2019t try to dig in and micromanage everything when it comes to financial planning.

\u201cMost of those folks are pretty risk-averse. They don\u2019t want to be in a big volatile investment portfolio type strategy,\u201d said Craig.

Doctors

\u201cHow nice can I be here?\u201d said Craig. \u201cDoctors sometimes suffer from what I call competency extrapolation.\u201d

In other words, just because you\u2019re a brilliant doctor doesn\u2019t mean you can translate that knowledge to everything else, including financial planning. Doctors also tend to be busy people who don\u2019t always make appointments.

\u201cWorking with them is a beautiful thing once they get the fact that we\u2019re there to help them,\u201d said Craig.

Engineers

\u201cMost of the guys in my industry do not like you guys, engineers,\u201d said Craig. \u201cThey\u2019re afraid of you.\u201d

We work with a lot of engineers, and they love to analyze financial data. They want to know how the clock is made, not just what time it is.

\u201cIt\u2019s fun to sit down with someone who will ask a lot of questions,\u201d said Craig. \u201cIt\u2019s fun to say, \u2018Here is the why behind the what.\u2019\u201d

Realtors

Realtors end up with a lot of their net worth in real estate, because it\u2019s a subject they know. But they have to be careful not to get segmented so heavily in real estate that they sacrifice liquidity and growth in other areas. Real estate isn\u2019t always going to go up.

Entrepreneur/small business owners

Business owners tend to put everything they have into the business and don\u2019t always think of an exit strategy. They need to sock money into different places, such as retirement accounts and insurance.

Government employees

Government employees have wonderful pensions, but they still need to have a full-fledged plan for their financial future. As a group, they tend to be pretty conservative.

Listen to the full episode or use the timestamps below to jump to a specific segment. Thanks for listening!

What we discuss on this show:\xa0

0:54 \u2013 Teachers

2:17 \u2013 Doctors

5:17 \u2013 Engineers

6:51 \u2013 Realtors

7:53 \u2013 Entrepreneur/small business owners

9:33 \u2013 Government employees

10:41 \u2013 Contact Maestro Wealth