A Doctor’s Financial

Advice “No one teaches you how to think about money in medical school or residency. Yet, from the

moment you start practicing, you must think about it.” — Atul Gawande

Here's what to Do Now if you are stepping your practice

Write down your business plan

Protect against financial calamity by insuring you, your asset and practice

Create an Emergency corpus

Chart down your Personal financial consultant for doctors

Have a budget and start squeezing every paisa

Don’t buy House, Car and high end gadget immediately

Settle high interest loan like student loan, Consumer loans before investing

Avoid holding multiple credit cards and unsecured loans

Here's what to Do Now if you have established your practice

Protect your practice by taking huge Professional Indemnity Policy & general liability policy.

If you are part of financial consultant for physicians in other hospital make sure the same.

Insure yourself, your assets and family with appropriate Life, Health and Liability covers

Invest on Customer facilities and care

Make sure your money working for you. Keep general float in liquid funds.

Own the hospital property

Keep sufficient buffer for emergencies

Do not mix personal and business cash flow

Leverage your hospital set up with other doctors

Have a written plan for your personal financial future

Execute the plan at once

Do not keep investing in Real estate. Diversify in different asset classes.

Concentrate on Post-tax yield and Net-worth without compromising your risk profile

Keep sufficient investment in financial assets, which are mostly highly regulated and

transparent.

Tax efficient investments and strategies are highly solicited, not on tax evasion.

Here's what to Do Now if you are nearing retirement

Plan to finish all debts before quit practicing

Make sure you are covered with long term care and health policies in place. You may not

get one, if you are not healthy and fit in later years

Decide on estate planning and have a basic will

You need to decide on exit strategy – it could be selling hospital as such, sell the

property as real estate or capitalizing the practice's goodwill by fronting a mentored junior

doctor. Last option is very lucrative and financially good decision if you are one among

who’s who doctors in your area.

If you wish to practice to your children or mentored junior you need to start the process

3-5 years well in advance. You can be identified as senior consultant.

Start visiting places and indulging on activities which you are planning to do post retirement. This

will make the transition smoother.

Wealth Traits Financial Planners, No. 9, Maven Projects Centre,

Dr. Thirumoorthy Nagar 3rd Sreet, Nungambakkam,

Chennai - 600 034.

info@wealthtraits.com / www.wealthtraits.com