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A Doctor’s Financial Advice

Compared to other professionals, doctors invest a lot many years in their education. Initial earning years come with huge education loan repayment and practice set-up cost. They start earning properly only from early to mid-30s.This deprives them early mover advantage in terms of investments for their future goals. Power of compounding does magic only on long run.

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A Doctor’s Financial Advice

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  1. A Doctor’s Financial Advisor “Financial fitness is not pipe dream or a state of mind it's a reality if you are willing to pursue it and embrace it.” – Will Robinson You can easily divide doctors into 2 sects. Doctors from modest middle class family and rich family. In India politicians, business owners, bureaucrats, well established doctor couples prefer their children to do specialization either by merit or management quota in India or abroad. Not much of debt pressure. It’s a matter of prestige. They get placed in a big hospital chain for some time and helped to set up own practice. Other set of people pass out with huge medical education debt and facing the music of mid-age life financial pressures. Self-reliant young physicians are in the greatest need of competent advice from the advisor who understands their distinctive needs. Many of them become victim of social pressure to increase life style and take all sort of doctors’ loan available. Their progressive income makes them confident of facing any financial requirement in future at ease. One financial emergency may throttle them completely. What if you get disabled or incapacitated to practice. Your latest car purchase may jeopardize your child’s education cost and second home purchase may hit your retirement corpus badly. All financial decisions are inter- related. Many people exploit the term financial adviser though they are prohibited to give comprehensive financial consultant for physicians. Getting advice from nonprofessionals, family, friends and colleagues will be detrimental to your wealth. Fiduciary advisor, who does comprehensive financial planning, best fit to be a financial advice for dentists. Customized financial plan is the roadmap to achieve financial freedom. Financial advisor can help you with customized cash flow planning, risk management and insurance planning, loan evaluation, tax planning, investment planning, retirement planning, debt management, wealth management, and Estate planning. Monitoring and periodic review are essential to stay the course. Wealth Traits Financial Planners, No. 9, Maven Projects Centre, Dr. Thirumoorthy Nagar 3rd Sreet, Nungambakkam, Chennai - 600 034. info@wealthtraits.com / www.wealthtraits.com

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