Financial Planning for Doctors & how it’s different...

The medical profession is held in awe and respect across the globe. It is a noble profession as doctors try to heal sickness, diseases, treat physical and mental trauma. Acquiring doctor’s degree is result of years of hard work in academics, many years of training and spending huge sums of money. Usually a Bachelor’s degree in medicine takes about 5 years. But in today’s world that might not be enough to have a successful career and many opt for a Master’s degree like an M.D. which usually takes another 3 years. And then specialisations in various fields. Some might want to do specialized courses which again take time and are expensive. Some might pursue studies abroad which means higherinvestment. Doctors also need to keep updating their skills and educating themselves. So compared to other professions, a doctor invests a lot in his career and starts earning properly a little late in life. Doctor’s economic cycle He might start earning properly after the age of 28-30 years which is late compared to other professions. A doctor can either begin his career by assisting another doctor or working in a hospital. This means he begins on a regular salary late and hence his social life and events also gets delayed. A late marriage, a late kid and long erratic working hours do influence his financial life. He does not have much time to concentrate on planning his finances. Earnings peak between 40-50 years. Doctors have the advantage of continuing their practice for as long as possible. But this depends a lot on their reputation and health. Business does go slow for some doctors or starts cooling down once they finish some years in the business. Younger doctor get more popular, they are more in tune with...