Doctors' Economic Life Cycle
Start-up Phase [26 to 35 years]Earning phase [Age 36 to 55 years]Cooling-off Period [56 to 65 years]
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Doctor, The Savior
Doctors, a savior, whether they are General physicians or surgeons or gynecologists, an anesthetist, or from any stream of the profession, are the most respectable and admired community in the world, not only because they are second to the God but because they give their own quality time to serve society. In response, if they are paid for it, they deserve it. They deserve it because they spare their own time that they can spend with their family. During the tough times of the Covid Pandemic, we have seen how they were able to save the world.
Doctor, The Savior
Doctors, a savior, whether they are General physicians or surgeons or gynecologists, an anesthetist, or from any stream of the profession, are the most respectable and admired community in the world, not only because they are second to the God but because they give their own quality time to serve society. In response, if they are paid for it, they deserve it. They deserve it because they spare their own time ⌚ that they can spend with their family. During the tough times of the Covid Pandemic, we have seen how they were able to save the world.
Doctor, The outcome of Hard Work
We know, that many years of hard effort, extensive study, and significant financial investment are required to get a doctor’s degree. A bachelor’s degree in medicine typically takes five years to complete. That may not be enough in today’s world, and many people choose to pursue a Master’s degree, such as an M.D., which typically requires an additional three years of study.
Then there are the many sub-specializations. Some people may desire to take additional courses, which may be time-consuming and costly. Some may decide to continue their education outside of the country, which would need a larger outlay of funds. Doctors, too, need to stay up with the latest developments in their field. In comparison to other careers, doctors put a lot of time and effort into their work and only begin to see financial rewards later in their lives.
Doctor’s Financial Health
Dear Doctor, please close your eyes for a moment and think for a while, “are you giving enough time to yourself to improve your financial health that you deserve the most?”, the answer will surely be “NO” like most of the doctors.
Doctor, you always suggest everyone go through an annual health check-up, why not your wealth deserve the same treatment. There is a specified process recommended for the treatment of ailment, the same way your wealth also needs a recommended treatment, that is Financial Planning. Financial Planning is not all about Investment but organizing your money to fulfill your dreams of your family’s financial security, your children’s Higher Education, and your own space for dispensary or hospital and/or your retirement.
Why you approached this special page on our website is because we have vast experience working with doctors ‘fraternities for their financial well-being. We now know how, when and why doctors need the personal support of a Financial Advisor. Most of our Doctor clients consider us family members and try to discuss every occasion that may affect them financially.
The Doctor's Challenge: Working vs. Practicing
Doctors must choose between opening their practice and working at a hospital, or they may combine the two. For others, starting their hospital means entering the business world, which is a whole new ballgame. They must weigh the advantages and disadvantages of each choice before making a final decision. Those who don’t think he’s financially astute but who believe in his medical abilities may hire him as a consultant doctor at hospitals or start a modest private practice for him. Setting up a practice isn’t as simple as it seems at first. There are a lot of physicians in major cities, and they’re all fighting for the same customers. Doctors confront a cutthroat market where they drop their prices or form alliances to attack newer practitioners that enter the field.
Starting a new practice as a doctor requires time and effort, therefore if your present employer permits, it should get underway before you end any prior work so that you have a consistent stream of revenue. You might work with a financial professional to have a better understanding of the company’s finances. Calculate how much money you’ll need to start a practice and take into account factors such as how much space you’ll need, where you’ll set up shop, the cost of renting that space, and the services you’ll provide. Cash flow status may be determined by listing all income and costs. Providing creative and honest services to consumers is the best way to ensure that they are happy with the service they are getting.
The wife is a doctor and her husband is a doctor (assuming practice)
Husband and wife are often both physicians. Self-employed professionals who make a good living but haven’t done any financial preparation are in this group of people. Keeping track of both personal and professional costs might be difficult if they don’t know how much money they make every month (which is likely the case). As a result, they make poor investment decisions or hide their income, since they lack a basic understanding of financial planning and taxation. As a result of their inconsistent schedules, many people are unable or unwilling to manage their own money. The following steps are necessary for doctor couples:
Finances of The Physician
Doctors are the finest brains. As a result, a few of them believe that they, too, can make wise financial judgments. However, many of them end up losing money as a result of their missteps. Many physicians, for example, do not acquire adequate insurance to protect themselves and their families at the correct moment. As they become older, they come to terms with the fact that their funds aren’t being properly handled. It’s more costly to get insurance as you become older. Life insurance is purchased by some physicians, but they do not purchase disability insurance. The family’s finances will be harmed as a result of this.
Some of them have educational loans or loans taken out to start a practice that has left them with a lot of debt. They don’t know how to handle the debts they’ve taken out. Doctors’ services remain in high demand regardless of the state of the economy. Because of this, they may take more risks in their investments. As a result, they over-invest in items with little risk and high returns. Some of these goods could have been mis-sold to them by agents who know their inexperience about such topics – such as kid plans & pension plans. A qualified financial planner may help a doctor who doesn’t have the time or enthusiasm for financial planning for physicians.