Why Financial Planning is Important For Doctors

Manikaran Singal

CFP, SEBI RIA

Financial Planning Puts your Money in Process and thus keeps your behavior in check so you focus and give your time to the other important areas in your life. 

Are Doctors Different?

Doctors in general start earning in the late 20s. Unlike other professions such as engineering, or CAs, doctors start earning late. Acquiring doctor’s degree is the result of years of hard work in academics, many years of training and spending huge sum of money.


MBBS, post graduation, specialization etc. all this takes quite a time of their youth, and initial money-compounding years.


This is not all, in this ever changing scenario they need to stay relevant and updated by attending conferences, participating and reading the researchers and all these further demands their time and money.


After basic studies, the next decision comes in front of them is to join a job or start own practice. In the initial years, most doctors prefer to work in some hospital, as starting own practice has its own demands in terms of money and time unless they have the running practice of their parents and some of the infrastructures are already in place.

Late Start

You are late entrant in your Financial Life, and sometimes enter with a baggage of Education Loan. You Start making Real Money in Mid 30s, when the Major goals are staring at you like Childcare, Buying House, Old age etc. You may like to start your Practice which also demands a good amount of time, money and Planning 

Stable Profession

With the stable profession and Recession proof Income, you are exposed to many sellers and less advisors. You are sold with Credit Cards, Different Types of easy Loans with less documentation. You become the preferred choice of Real Estate Brokers. Slowly you find  that with money going into all the debts, your Financial Wellness is getting Compromised

Time Constraint

Due to time constraints, You are exposed to many MIS sellers. You have a lot of insurance policies but still, are under insured. You may have a lot of mutual funds with no targeted goals. You may also have invested in PMS with no understanding of how it actually works. You oblige everyone from bankers, friends, to relatives, and end up with a skewed portfolio with no clear cut structure and direction.

Focus on What is More Important

Doing your Own Research is time consuming, especially for those who are not from Finance field. Its wise to delegate that work to the professionals, so you get more time to Focus on the Other Important areas of life - Family, Health and Profession.

Why Do Doctors need

Financial Planners?

Doctors and Financial Planners

01 Medical Schools don't teach Managing Personal Finances

You learn it the hard way, sometimes after burning your fingers. A good financial planner, particularly one who likes to educate their clients, can tell you everything you need to know exactly when you need to know it, which saves you time and headaches.

02 You Behave like your Patients when comes to Money Management

Just like your patients coming to you after the problem has got serious and needs immediate medical attention, Due to time constraints and Comfortable income flow you also tend to keep ignoring your Financial Problem and consult a professional only when things are about to go out of hand. Timely and Regular consultation with a good financial planner will keep your Financial Health in Check. 

03 You Value a Process Oriented Approach

You understand the Importance of Procedure, Process, Protocols. You follow the same diligently while treating your Patients. A Registered and Certified Financial Planner follow the strict process and don't prescribe without diagnosis. Monitors as per checklist and Do Timely Review of Vitals

04 You need a Doctor to Treat You

A Chemist is not a Doctor, who knows this better than you. Still patients go to Chemists to avoid Doctors Fees and also to get easy solutions. But ultimately it is the doctor who cures them fully. You also have to understand this and talk to financial doctors (Planners) for your financial health 

05 You are different  

Yes You are different from your colleagues. your needs and requirements are different than your Friends, your story is different. You just can't copy them. One size does not fit all in Financial planning. A good financial Planner will Understand your requirements, your risk profile, your goals, your family profile and needs,  Short medium and long term goals and then only advice you on the action steps. 

You’re so busy taking care of others, you don’t always take care of yourself. Think of us as your primary care physician for your finances.