Financial Planning Guide for Doctors

Milestone

Education finished practice started

Tablet

Last priority to money management first priority to earning

Finally hard work paid off,

I am a Doctor

Financial Education

School may teach us how to earn money ,but it is useless unless we understand how to manage

money!!!!!!

Milestone

• Two sources of Income.• Many sources of spending.• Money management is on the back burner.

Tablet• Personal Loan• Loan taken from friends.• Increasing the sources of Income.

Happily Married

Milestone

• House is an Asset• Practice property is my need• Car is status

Tablet

• Home Loan• Business Loan• Car Loan

HOME , CAR , CLINIC

Milestone

• Child brings happiness• Child added new dreams

Tablet

• Child policy from agent• Investment agents proposes hot investments

CHILD BRINGS HAPPYNESS

RISK• Cash flow problem –Income is coming on way and going from other side EMI, Taxes, Expenses.

•What if something happens to you???

•Have you created specific plans so that your family doesn’t suffer?

•Are you creating more assets or liabilities?

Tablet

• CA for Financial Planning• Insurance Agent Managing Insurance Portfolio• Referring Friends, Newspaper & Media

Milestone

• Planning retirement• Transferring wealth to next generation

Planning Retirement

When your health is not in order would you like to go to

Doctor or Chemist???

What is missing in the treatment?

• Lack of time given to PFM

• Too many Loans

• Thinking that CA as their Financial Planners

• Inadequate Insurance against the risk of Death,Disability,Criticall

Illness

• Majority Investment in Real Estate

• Investment done in ad hoc manner

• Not keeping proper accounts

Prescription for Financial Health

1. Select a Qualified Financial Advisor.(Preferably a CFP,CWM)

2. Identify your Financial goals

3. Take a holistic View

4. Simplify your financial life!!!!

5. Manage your Emotions

6. Have a written Financial Plan

Do you really need Financial Health Check-up done?