‘If you don’t Respect your Money, it may say you a Bye very soon’
In schools children are often asked what they would become when they grow up. These tender aged kids don’t have any clue about life, or the struggle which they have to go through to earn money once they grow up as adults. But what do they answer to the asked question? Top answers are: first is Doctor, and second is Scientist.
So what makes the word doctor come on top of the mind? It is one of the most respected professions in the world, respected since you doctors save lives of people. After god, if there is a set of people whom individuals trust most then that’s the doctor fraternity. Children are born in the hands of doctors and then they see you people very frequently for at least next 3 years in the name of immunization. Thus the relation starts very early in life.
Few of the reasons apart from the above are:
1. People perceive the doctor profession as High Income Generator.
2. Doctors have No Retirement Age, hence long term Earnings!
3. Easy employability.
Now let’s come to few hard facts. Like there are good and bad one’s in every profession, there are good and bad doctors as well. People perceive that doctors have become businessmen, and with emergence of corporate hospitals, they too run the show with targets. And every test the doctor writes, even if it’s with most genuine concern, people start calculating the commissions the doctor would get from the laboratory or the diagnostic centre.
Why do people think this way? We all know the system. The upfront money which needs to be paid for a medical seat is enormous. Not your fault, but people assume most doctors are busy recovering the capitation fee money along with interest.
These feelings can’t be changed overnight. As Certified Financial Planners we trust that doctors can earn back the money with Sensible Investing of their hard earned money. We believe that doctors are the most respectful people in the society. Though not a doctor myself, let me, for the benefit of all those who may be reading this article, describe what a doctor goes through before becoming a respected Medical Professional.
A doctor after spending first few years in the college, start their basic career as a junior doctor in a hospital reporting to a senior. Many years of hard work is put in as a junior doctor, and during this phase how much do the junior doctors earn? Peanuts! To be blunt many a times the salary is not even equal to a bonded labourer. But the sacrifices are immense. The personal life is almost negligible, an emergency can happen any time and you always, just like army and police personnel be ready to report for the benefit of your patients.
Most of the initial years are spent like this, the process of acquiring knowledge goes side by side and hence most of the time is spent either working under a senior, or studying or just being around the patients caring for their well being. Hence, in the process of Patients Fitness most of you forget the Financial Fitness of your own. We at VRIDHI can help you in your Financial Fitness.
You may ask us, why write an article and target doctors? The first reason is that we at VRIDHI are dedicated to help all those people doing good to the society and you doctors do come in the list, secondly it’s due to the respect of ours towards the doctor fraternity, as mentioned above, further due to the mistakes doctors have been making when it comes to Money Management and after experience of over 15 years, we do know how many of you have been taken for a ride by unscrupulous advisors.
Thus we believe in you and you can believe in us. VRIDHI is here for your good, it is finally up to you to trust in what we are saying. If you trust us we can be of great use to you and if you don’t, well nothing changes. Carry on the way you are right now.
For those who think we are making sense, let me point out certain things with doctors which I have seen. If you are on right track then fine, else you can do a course correction with our assistance. Simply put we can be your Financial Doctor!
Diagnosis of your own problem first:
With each level of seniority, we have noticed that the confidence level towards investments increases with the doctor. Doctors have high level of competence and hence they also think they know how to invest their hard earned money. We term this as over-confidence. Agreed you are best in your domain but when it comes to investing money, you require experts in the field of advisory. Will ever a Cardiologist do a job of Pathologist?
Not an issue actually, problem is of blind trust. Since you are a go-getter, hard working and competent, many doctors end up believing that whoever comes to them with a service also carries similar credentials. It’s high time you start scrutinizing.
Due to busy schedules, you can devote least possible time to your own investments. You need advisors with solid foundation. You cannot be looking at your investments and various options yourself. Unless your advisor is multi faceted, don’t deal with them. Haven’t you come across people trying to sell you Only Property or Only Mutual Funds or Only Insurance or Only FD? Just imagine if you start prescribing Only Crocin to all patients, what will be your value?
There is huge problem of knowhow on various investment options available among doctors. We have come across many doctors invested highly or fully only in one selected product. This way even getting a return beating inflation becomes impossible. When you go to a restaurant, do you eat just one item? You may choose few of them as per your tastes and preferences. Similarly when it comes to investing, you need to choose the services which suit your life style well.
Start Early, Create a Habit:
The day you start earning your stipend you should start investing in a proper manner. Approach your advisor or just call us, we will help you out on it. A good earning doctor can retire himself/herself very early in life by creating all surplus money required for rest of his/her life. Imagine you have all the money to live rest of your life but continue to work as a passion to serve people. Believe us, there will be no shortage of money when you do this.
Do approach an advisor for you investment needs. We don’t say that you need to call us, but we surely wish you call up someone good who will work in your interest. In case you decide to approach us, you are free to do so. If you want just a seminar in your hospital, we can do that too. Your Geographical Location just doesn’t matter for getting the right advice.
Your Financial Doctors,
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