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Why is Financial Planning important for Doctors in India? Introduction Most Doctors in India are unaware or ignorant of Financial Planning. However, they don’t know the fact that they require Financial Planning the most. Under the name of Financial Planning doctors invest in policies or products suggested by bankers, agents, or by relatives, or friends. Lastly, if not anything else Doctors invest their hard-earned income in Real Estate. But, just like chemists are not Doctors, friends, and bankers are not Financial Advisors. For achieving true financial freedom and to holistically plan the financial requirements, Doctors need Financial Planning from an expert Financial Advisor. An individual with professional qualifications, extensive experience, and knowledge of Financial Planning for Doctors. In this article, we will discuss in detail the need and importance of Financial Planning for Doctors in India. Why do Doctors in India need Financial Planning? There are multiple reasons why Doctors in India need Financial Planning the most. They are mentioned below - Late Start of Career Unlike other professionals, Doctors kickstart their careers somewhat late. Long years of education and training are the prime reason behind it. Moreover, Medical education in India is quite expensive therefore most medical students rely on loans. Hence, right from the beginning a large slice of income goes into repaying debts then comes marriage, family planning, etc. So, Doctors need to begin planning their finances as early as possible. It will help them manage everything well and ensure the timely achievement of goals. Hectic work Life Apart from the late start of their career Doctors also follow a very hectic work schedule. So, they don’t get time for Financial Planning. Hence, to attain peace of mind and to make sure their cash flow is managed properly Doctors must choose a reliable Financial Advisor. Lack of Knowledge Similar to the field of medicine Financial Planning also requires education, experience, and training and could be well-performed by a professional possessing these. Doctors don’t have the necessary knowledge required to carry out Financial Planning on their own. They need expert support. Importance of Financial Planning for Doctors After going through the points above you must have understood that the need for Financial Planning for Doctors in India is very high. Now let's understand the importance of Financial Planning for Doctors. Better Financial Management One of the key importance of Financial Planning for Doctors is improved Cash Flow or Financial management. Financial Planning helps Doctors to better manage their Income, Savings, Debts, etc, along with achieving the targeted Financial Goals. The Financial Planner ensures that the surplus from the income is invested in the right assets to help you generate interest higher than the inflation rate. Also, a professional financial advisor monitors the investments over time and makes necessary changes. Holistic Financial Planning Financial Planning is not just limited to investments it involves overall financial management and wealth creation of an individual. Financial Planning for Doctors in India consists of investment planning, estate planning, Debt Management, Tax Planning, and Retirement Planning. Thus with a reliable Financial Advisor Doctors can achieve true financial freedom. Also, they can be sure that they have adequate funds available whenever required. Better Achievement of Goals The key reason why an individual begins financial planning is to achieve financial goals on time. A doctor may have multiple financial goals, and achieving them all, no matter how short-term or long-term, requires adequate funds. An expert financial planner assists you in effectively managing your income, investments, and debts while keeping in sight your financial goals. Peace of Mind Lastly, Financial Planning can relieve doctors of the stress of effectively managing their finances. An experienced and professional Financial Planner will analyze your financial situation, identify your goals and then draft a Finacial Plan that helps you in reaching your goals. Further, with a reliable financial planner by your side, you don’t need to seek advice from friends and relatives and avoid investing in unnecessary schemes or policies. With a trusted and reliable advisor taking care of the finances Doctors can truly achieve peace of mind. In a Nutshell Financial Planning for Doctors in India has not gained any popularity yet. However, in today's time, it's essential. The earlier you start your Financial Planning, the better your chances of reaching your goals on time and achieving financial freedom. And Doctors who usually start their career in the late 30s must do so from the very beginning.

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