Whenever we’re feeling under the weather, doctors come to the rescue. They clear the air of uncertainty in our minds and that’s how we walk out of a Doctor’s cabin with a pleasant smile. There’s a lot they have to leave behind or keep aside to pursue their passion of saving lives and making them worth living. While juggling to have a work-life balance, often the money matters often go down in the list of priorities. A constant flow of income does reflect in their elevated lifestyle and living habits but sometimes this may lead to a situation where there will be no control over the money that is being spent.
As we all know Doctor’s Day is approaching and this time, we at SLA, thought to do something special for them. But before that, let’s take a look at the 5 things that can risk a Doctor’s Financial Health:
Many of us are disregardful of the advice given to us during our youth and pay no heed to them. Then comes a time when we regret our doings and start taking action. This is what most of us do when it comes to finances especially doctors who often realize at a much later stage in their career about the money they should have saved or invested wisely in the early days of their career. Well, we are not just saying it like that; we found this out after we interacted with a lot of doctors over the decade.
The Assumption Bubble
There are times when patients assume a minor stomach ache can be cured by taking a painkiller. Sonography and a few blood tests can explain the cause of the ache more effectively. However, patients choose to live on their own assumptions.
Just like patients, doctors also live on assumptions. Some doctors assume that they or their family members do not need health insurance because they are from the healthcare domain. Another reason is of having doctor friends who can give treatment at a lesser cost. How much of it holds true when the problem arrives? Nobody knows.
Information Vs Knowledge
If you Google about your health problem, you will get a list of medical jargons that you can easily flaunt in front of anyone. If asked about the term, do you have an answer? This is when you understand the difference between information and knowledge. Knowing a term does not mean having knowledge about the term be it medicine or personal finance. Doc, do you often fail to differentiate between information and knowledge of the financial world.
Lack of Time & Interest
A doctor’s daily schedule is packed with responsibilities. They hardly make time to look at their financial matters especially that concerns savings and investments. The lack of time and interest leads to scattered finances, cashflow pressure, wrong planning, and wrong selection of investments, thereby causing loads of complications at a time when you need your money the most.
Right Vs Popular Opinion
The first love of doctors when it comes to investments is Real Estate and second is Fixed Deposit. They think Real Estate gives high returns and Fixed Deposits are a way to play safe. The reality is fixed deposits are tax inefficient and real estate cannot be sold in parts to meet the smaller goals or cannot be sold at a time when you want to sell it at a fair price. Each Financial product has its merits and demerits and has to be used accordingly. But who cares? Isn’t it?. Well, you should because it’s your hard-earned money and should be available to you when you need it.
These financial mistakes are not just common with doctors, it common with almost everyone be it an engineer, Chartered Accountant or businessmen, etc. But since we’re doing something special for Doctors, we thought to talk to them this time.
We have observed June as the Doctor’s Day month wherein we have conducted Free Financial Consultation Session with doctors, heard about their financial goals and current state of affairs and presented them with a FREE Financial Plan that guides them with the next steps.
If you’re a Doc whose reading this then #DocLetsTalk or if you’ve got a doctor friend, tell him/her what we’re doing for them. This Doctors’ Day, let doctors take a sigh of relief so that when they get back to work, they have no financial stress at the back of their mind.
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