Doctors' job is to ensure that their patients are in the pink of health. But it is equally important that they focus on their practice of being 100 per cent financially healthy. To ensure this, it is an imperative they focus on their fiscal health consistently and competently.
In this way, they can ensure that they make the most of their working years and have a successful practice, as well as a rewarding personal life and retirement. To this effect, take a look at three important pointers that you should pay heed to.
Understand the importance of savings and investments
Saving is a vital part of leveraging your finances. So put a set sum aside each month. In fact, build different caches that will help you finance varied situations with ease such as financing your child's education, buying a home, taking an international trip, expanding your clinic, getting your house renovation done, and buying a new car.
Once you list your goals and desires, saving becomes easier and more focused. Further, your investing potential is affected by your savings. Incubating sufficient savings will help you allocate a bigger corpus of funds towards investments thereby increasing your returns significantly. Hire a financial planner and/or investor to create a diversified portfolio that considers your age, obligations, existing debt, and future goals.
Work towards creating a long-lasting business
The doctor may have outdone themselves in setting up the ideal clinic and may even have a large number of patients who count on them. However, maintaining what they have built is as important as the efforts they have taken to build it. Do this by ensuring that each of their patients is served on time and the quality of their practice does not drop with time. For this purpose, hire the right staff, get professional indemnity insurance, and get the technical aid you need from modern equipment. See if you need to invest in a patient record system that also notifies the patients via SMS to keep them in the loop and maintains digital health records too.
Ask for doctor loan to finance all your needs to benefit from ease and convenience. Lenders like Bajaj Finserv offer Doctor Loans for personal and business use of up to Rs 30 lakh at nominal interest rates. These loans are tailor-made for medical professionals and come with added benefits flexi loan facilities. This allows you to address frequent or unexpected needs for finance by allowing you to borrow as you need, multiple times and pay interest only on the used sum. You can also opt for interest-only EMIs and repay the principal sum at the end of your tenor to manage your cash flow better. Check your pre-approved offer now to view your customised deal and enjoy a 1-click, instant approval.
Build a robust retirement corpus
Last but not the least, ensure that you rid yourself of all outstanding debt as soon as possible. In order to start building your net worth, you need to first tend to the holes in the basket that are draining your finances. Once you do this, focus on retirement planning with the help of a certified accountant, so that you can reduce your tax liabilities while opting for investments that reap lucrative returns.
Plan your retirement methodically and give your finances the right push so that wealth creation is not just a possibility but a given.