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A Doctor’s Financial Advisor

Compared to other professionals, doctors invest a lot many years in their education. Initial earning years come with huge education loan repayment and practice set-up cost. They start earning properly only from early to mid-30s.This deprives them early mover advantage in terms of investments for their future goals. Power of compounding does magic only on long run.<br>Monthly

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A Doctor’s Financial Advisor

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  1. A Doctor’s Financial Advice Be Frugal and Save Early Compared to other professionals, doctors invest a lot many years in their education. Initial earning years come with huge education loan repayment and practice set-up cost. They start earning properly only from early to mid-30s.This deprives them early mover advantage in terms of investments for their future goals. Power of compounding does magic only on long run. Monthly Contribution 12% 20,27,590 56,00,897 1,18,98,285 2,29,96,434 4,25,55,164 7,70,24,330 25,000.00 18% 23,50,234 77,27,001 2,00,27,742 4,81,68,857 11,25,48,910 25,98,34,876 Years/Int 5 10 15 20 25 30 6% 17,45,600 40,81,607 72,07,712 1,13,91,144 1,69,89,521 2,44,81,412 10% 19,29,294 50,36,44, 1,00,40,530 1,80,99,668 3,10,78,990 5,19,82,318 15% 21,83,552 65,75,455 1,54,09,140 3,31,76,836 6,89,14,019 14,07,94,260 Financial advice for Doctorsis quite different from others as doctors’ financial profiles are different. Most of the Doctors work part-time or set-up practice while perusing Post Graduation and more. This is the time you should be frugal. Spend for what is necessary. Millionaires are far more frugal than what you or society thinks. You could hear frugality in the words like Cost control or cost cutting in corporate world. First things First It’s imperative to start with protection. Take optimal Life & Health Insurance. As an independent practicing Doctor you should take maximum Professional liability insurance along with other standard liability covers for your assets and loans. Chart down your future needs & goals with clear priorities. Hire fee only financial planner for doctors to make a plan. Understand your risk-profile and be focused and disciplined towards your goal. Periodically review your progress. Concentrate on High Net-Worth Doctors are, in general, very poor at converting a high income into a high Net Worth. When it comes to personal finance, some things matter more than others. A firm foundation for your finances with a steady and increasing stream of income could be converted into solid Net worth by proven strategies like buying more appreciating assets, investing in tax optimized instruments, going for positive leveraging, avoid trading/gambling, minimizing debts etc. Wealth Traits Financial Planners, No. 9, Maven Projects Centre, Dr. Thirumoorthy Nagar 3rd Sreet, Nungambakkam, Chennai - 600 034. info@wealthtraits.com www.wealthtraits.com

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