Why Financial Planning for Doctors?

Financial literacy is a very important but often neglected area not just in schools but also in medical colleges. Doctors, being highly intelligent and hardworking professionals, sometimes lag behind in financial literacy.

Doctors' Economic Life Cycle

• Start-up Phase (Age 26-35): Initial career establishment.
• Peak Earnings Phase (Age 36-55): Highest earning period.
• Cooling Off Phase (Age 56-65 or retirement): Planning for retirement.

Common Financial Mistakes Doctors Make

• Too many loans.
• Over-investment in real estate.
• Inadequate insurance (health, disability, professional liability, etc.).
• Unstructured investment planning due to time constraints.
• Lack of financial planning and wealth-building strategies.
• Myopic view on tax planning.

Why Financial Planning is Important for Doctors?

• Doctors have high disposable incomes and need prudent cash flow management.
• Avoids debt mismanagement.
• Ensures future financial security and structured retirement planning.
• Prepares for unforeseen emergencies.
• Helps maintain a balance between surplus cash flow and overall financial goals.