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Financial Aspects for Physicians
Though physicians start earning little late, their high income flow turns them splurging into
life style goods and services. Financial institutions very generously extend loan at
competitive rates (!) to doctors and dump every possible schemes to make a killing. Your
gross income is not same as earning and earning not same as your wealth. If you are just living
high and spend all your good income, you are not going to wealthier. Wealth can only be
measured in terms of Net-worth (Assets-Liabilities).
Wealth Traits Financial Planners, No. 9, Maven Projects Centre, Dr. Thirumoorthy Nagar
3rd Sreet, Nungambakkam, Chennai - 600 034.
+91 90030 55599, +91 94455 18009
[email protected] / www.wealthtraits.com
Good News is that you can get hold of your finances by financial planning for medical
professionals. Identifying right planner is the first and foremost task. There are number of sales
people out, to deceive you with the generic name called financial planner/ financial
consultant/Investment advisor and similar meaning words. In India only SEBI registered investment
Advisor (RiA) only can give holistic advisory. Ask for the credential and verify before proceeding
further.
Comprehensive Physician financial advisor with; Cash Flow, Investments, Insurance, Assets &
Liabilities, Needs & Goals, Tax optimization and Estate Planning. You can choose to opt of limited
planning/advisory as per your need. Sharing personal and confidential data to planner is big
concern. Plan output purely depends on given data. RiAs are Fiduciary (legally liable to act on your
interest).
Financial Planning for Physician are little different than most. Self-practitioner is like a business
owner. Physicians are exposed to unique liability. Doctors are bombarded with allied business
opportunities and loan offers. Cash Flow has to be channelized well to take care of future financial
needs. Physicians are quick to create goodwill. They can realize the long nurtured customer base
into a financially acceptable retirement options. It’s best to deal with fee-only , fiduciary financial
planner.