Why Financial Planning is Important for Doctors?

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Why Financial Planning is Important for Doctors

In today’s time, Financial Planning has become a necessity for every individual. With the help of a trusted Financial Advisor, you can avoid sudden financial burdens and choose the right assets to achieve your goals. But as compared to any other professional, Doctors need Financial Planning the most. Since, unlike most professionals, Doctors start their careers in their late 20s due to a long time in education. Further, education costs are extremely high, resulting in mounting student loans at the start of the career, and then erratic work schedules leave no time to plan one’s own finances.

Therefore, in this article, we will discuss in detail why Financial Planning for Doctors is so essential and by the end, we will also introduce you to a leading and Trusted Financial Advisory Firm having huge experience in Financial Planning for Doctors. 

So, let’s get started!

Why Financial Planning is Important for Doctors more than anyone else?

There are numerous factors that indicate the importance of Financial Planning for Doctors Below we have explained them in detail – 

Huge Education Cost

Nowadays education expenses are sky-soaring and for medical studies, it’s even more. To pay such huge costs medical students usually rely on education loans. Further, due to long education years, doctors start earning quite late. Since pursuing a bachelor’s degree, then master’s and specialization requires almost 8-10 years. Therefore, Doctors must hire a Financial Planner right from the beginning of their career. So that, despite being late in starting their career Doctors can well plan for their Future Financial Goals and Retirement. 

Hectic Work Schedule

The Hectic Work schedule of a medical professional is no secret. Irregular Hospital Shifts, Emergency Cases, and practising in their own clinic leaves a Doctor with no time to take care of their Finances. Despite earning well Doctors don’t have the time to invest it in the right assets. That’s why Financial Planning for Doctors is so important. Doctors need someone to look after their savings and invest them in the right funds and financial assets. 

Expensive Clinic Setups

The cost of clinic set up in tier 1 and 2 cities of India is quite high. And if doctors plan to set up their own clinic after a few years of working with hospitals they would need an appropriate financial plan and goal-based investment to achieve this on time. 

Mismanagement of Assets

Doctors are the most prone to mis-sellers. Without having proper financial guidance Doctors usually invest in policies, assets, and other financial schemes which result in no benefit. Also, if nothing else suits, Doctors start investing in Real Estate either for housing or for the purpose of setting up a practice. However, such arbitrary investments can lead to more damage than good. Therefore, rather than taking the advice of Family and Friends Doctors should look for an experienced and holistic Financial Planner and Investment Advisor. 

Multiple Financial Goals

Just like other professionals Doctors also have a range of Financial Goals, which could either be a vacation abroad or the education and marriage of kids. All these goals when planned in advance along with appropriate investments in the right asset class can help doctors in avoiding all financial stress. 

Husband and Wife Both are Doctors

It’s really common to see a Doctor Couple. In most cases, we see usually Husband and Wife both are doctors. Therefore, none of the individuals can take out time for planning their finances. Both of them earn well but do not have the time and knowledge to properly invest their income. Further, they have no idea about Wealth Creation, Tax Planning, and Investment Planning which results in wrong investments and poor results. 

Choose a Reliable Financial Advisor for Doctors 

After reading the points above it must be very clear to you that Financial Planning for Doctors is very crucial. If as a Doctor you decide to seek a Financial Planner rather than figuring out your finances on your own, how can you identify a reputable one? A great deal of faith and confidence is needed to trust someone with your investments since money is a very serious concern for each individual. 

Therefore we have brought you a reliable, experienced, and recognized Financial Planner for Doctors with a considerable past experience with the Financial Planning for Doctors, i.e, Dr. Good Money.

Dr. Good Money is a platform launched by Manikaran Singhal, a CFP, MBA Finance (Gold Medalist), and SEBI Registered Investment Advisor having more than 17 years of experience in the field of Financial Planning and Wealth Creation. He has worked with multiple national and international clients helping them achieve their Financial Goals through a well-designed process. 

Key Reasons to choose Dr. Good Money as your Financial Planner –

  • Have worked with Multiple Doctors and Medical Professionals and helped them achieve their Financial Goals.
  • A SEBI Registered Investment Advisory Firm
  • Goal-based financial planning based on your investment capacity and risk appetite.
  • No Product Selling or Commission based Investments 
  • Affordable Fees and best investment advice

Conclusion

In this article, you have learned about why Financial Planning is important for Doctors. Also, you have learned about Dr. Good Money, a trusted Financial Advisory Firm. Due to various limitations, Doctors neither could take out time nor have the expertise to manage their own Finances. With a reliable Financial advisor like Dr. Good Money, they can invest in the right assets and can achieve their Financial Goals on time.

Also Read: Effective Wealth Planning Strategies