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Financial Planning
for Physicians
Most physician financial advisor are real wreck. Recently a surgeon died of a massive heart attack at the age of 40. His triple bedroom apartment and recently upgraded car are bought by loan. EMIs need to be honored. He left his wife and a child with nothing with no financial assets.
Taking separate actions as it comes is surest route for financial fiasco. Times are changing. Mushrooming nuclear families, increasing life style needs, extended longevity, reduced social security system, ever increasing inflation and complex financial products are making life tougher. Many physicians can’t retire as they wish, No retirement planning in place. They may have to slog few more years to maintain their lifestyle.
Your finances need same commitment as you’ve made a commitment to help others as a physician. Financial planning is a process which helps you identify and prioritize financial goals, understand where you stand financially now and evaluate ways and means to assist in reach you where you want to be. Your goals could be providing for your children education, setting up a hospital, peaceful retirement, creating estate to next generation. There are lot of things to be taken care like; monitoring and reviewing to take course correction, tax optimization, protection from financial uncertainties, effective utilization of resources, passing on estate the way you want and more.
Physician financial planning is not different from others, if they get employed. They need to
be extra cautious on managing sudden cash flow and prioritizing competing goals. If they
practice alone or set up clinic/hospital it’s significantly different from employed physicians.
Practicing physicians turns kind of small business owner and gets into all sort of
opportunities and challenges. They can leverage their practice for retirement in many ways
like well-established Chartered Accountants and lawyers. Hire professional financial
planners like medical and dental financial planner who are registered to practice as
fiduciary. Fiduciary needs to put your interest first.
Wealth Traits Financial Planners, No. 9, Maven Projects Centre, Dr. Thirumoorthy Nagar 3rd Sreet, Nungambakkam,
Chennai - 600 034
[email protected] / www.wealthtraits.com
