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  • Naik Wealth

Financial Advice Doctor

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Indian doctors are top notch but sometimes it is this very quality of being knowledgeable and intelligent in medicine and general affairs that makes doctors commit a lot of financial mistakes. It normally takes a personal financial disaster, introspection or peer feedback that makes a doctor realize that he needs help.

Doctors generally take a rudimentary or a product centric approach when it comes to making prudent choices about money. Very rarely does a doctor take a holistic view of his financial situation. Most doctors think of financial planning as investment planning or tax planning. This article is an attempt to help doctors understand the different areas of financial planning and to help doctors make smart and informed choices about money.

Financial Literacy is a very important but most neglected area not just in schools but also in medical colleges. This leads to poor choices of loans, investments, insurance, tax planning instruments and faulty decisions.

A financial advisor aspires to fill in this very gap of financial literacy and makes doctors think. They provide practical inputs that even seasoned and financially savvy doctors can benefit from. A financial advisor can clear the concepts such as Keep a Savings Budget, Invest in your Practice, Create your own Reverse Mortgage, Diversify into other asset classes, take a holistic view of your finances, build a brand & business and several others are explained in detail.

In addition the a financial advisor offers practical and sound advice on setting goals, how best to achieve these goals and on making prudent insurance and investment choices. Financial Planning is necessary not just for busy doctors, but also medical students, and aspiring doctors a handy resource for understanding the personal finance world from a doctor's perspective.

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