Financial planning for doctors and healthcare providers is a specialized area of practice. It requires in-depth information and understanding of the unique financial challenges going through the healthcare industry.
Why financial planning for physicians and healthcare services is different
Physicians and individuals in the medical field face specific financial challenges regarding their plans. Because of the earnings time gap due to delayed entry into work, and the challenge of paying back hefty student loan debt, you need expert economic advice that covers mid-life household and family expenses, while supporting to ensure you keep away from a shortfall at retirement. Having clients that work in the company, financial companies have got direct experience with the often complicated gain and compensation packages. Plus, they apprehend and work around how busy your schedule may be.
You may also need business planning for your practice, or you may need an aggregate of both personal and commercial company planning. Financial companies work with physicians, veterinarians, dentists, nurses, executives, and different healthcare companies by using helping them simplify the financial complexities in their lives, something their goals and career degree. As your CFO, we associate with you to create a customized plan that adapts with you as your life and career advancement, or as your practice grows.
Financial Planning Possibilities
A comprehensive financial plan that addresses your specific situation can also consist of:
- Business practice planning and analysis
- Employee group benefits planning
- Income tax planning
- Financial statements
- Financial assessment
- Insurance planning
- Risk management
- Investment management
- Wealth management
- Asset protection making plans
- Retirement planning
- Estate planning
- College plans for your loved ones
- Philanthropy and legacy planning
- Debt management and student loan planning
Assisting Doctors and Healthcare Providers Live more and Worry Less
As we apply our proprietary 3P Approach© to economic planning, we deal with all ranges of a healthcare provider’s profession, from its beginning, thru mid-career demanding situations, retirement, and even exiting a practice. As your life unfolds, our 7 pillars of financial success address every stage to help you secure the assets you needs to leave a legacy and enjoy a relaxed retirement. With our experience in this area of interest marketplace, we assist doctors to put their financial life collectively, so you can spend a while specializing in what matters most to them.
Best investment alternatives for doctors in India:
After you agreed on what your funding portfolio needs to seem like, let’s have a look at what sort of investment products are there in India and may fit doctors the best. Widely all investments are based on the four asset classes only. Equity and Real assets are considered growth-oriented ones and gold and debt are the defensive ones.
Equity investments can go into Direct Shares, Mutual Funds, Unit Linked Insurance Plans, Portfolio Management Services (PMS), AIF (Alternative Investment Fund) category III, and New pension Scheme.
Real Estate can be bought as Residential or Commercial Assets. You can also go to with the land. So, it’s a sort of real estate funding in financial form.
Debt investments are fixed-income products. Some give fixed interest and some are tradable within the markets and help you generate capital profits too. Fixed deposits, Public Provident Fund, Corporate bonds, debt mutual fund, etc. All come under debt allocation.
Gold can also be sold in physical form as jewelry, coins, biscuits, etc., or in financial form as Sova reign gold bond, Gold ETF, or index fund. Best Investment alternatives for doctors can’t be generalized, as it relies upon goals, Risk profile, and Asset Allocation of the person. Plus, the rules of funding portfolio as noted above needs to be carried out properly, and accordingly, the product portfolio should be Comprehensible, Manageable, and Tax efficient.
Safety, Liquidity, and Returns are the 3 important functions based totally on what products are chosen. You may like to compromise with the liquidity if over an extended period you expect to get higher returns.
Marketers know a way to pitch the product and touch your emotional cords. However, the choice of your best investment alternatives is most effective when you are clear on what you anticipate from your investments. If the insurance policy you are being sold with has high safety, then you need to understand the fact that you aren’t going to get high returns. If the product is promising high returns, and then be geared up for the turbulence because it isn’t going to offer you safety.
How ANS Financial Services Can Help You
Physicians have precise financial demanding situations. Find out how economic planners at ANS can help you control debt, make investments & protect wealth more successfully.
- Save time & make informed financial choices
- Asset protection and lowering risks
- Clarifying and simplifying your complex finances
- Advice on lowering taxes
- Making smart investment decisions
- Planning for retirement and succession
Mantras to select the best investment option for doctors:
- Never mix Insurance with investment. Have well enough insurance cover, and maintain your investment flexible.
- Always spend money on a liquid investment, so, re-balancing of asset allocation may be done effortlessly.
- If you have no idea about equity shares, never go with direct shares investment. Ignore the stories you listen about, the growth people got around you. Don’t forget, you hear only success stories.
- Mutual funds can be an excellent investment tool if used wisely as they can cope with diversification and you may get exposure to all investment training through this only.
- Financial assets (equity, debt) are always better in management than Real Assets (Real Estate, Gold).
- Follow the Financial Planning route to have discipline toward your investment and goals.
The Bottom Line:
Due to lesser time and expertise in budget and monetary making plans, doctors avoid financial planning, which in turn affects bad finances in old age or in the time of need. Therefore, it’s much advised to follow the above guidelines and start investing in some of the appropriate funding options so you don’t have to think two times about your future needs. Fixed deposits, mutual funds, etc some of the top investment options. Moreover, you may take the help of a very good financial guide who can allow you to find the most appropriate alternatives and construct an amazing corpus for the future.
ANS offers financial management for physicians at every expert stage. Our guidance is proactive care of your long-time period financial well-being.
