So far, we have talked about the need for medical professionals to work around the logistics of the profession and jot down their finances in order to secure a financial cushion for the future. Here are a few tips on how they can achieve this:
- Invest in long term schemes: As doctors receive a higher cash flow from their profession, it becomes imperative for them to think about investing these funds into such market schemes which promise higher returns. For instance, you can invest through the Finserv MARKETS platform across numerous options available, like digital gold investment, Unit Linked insurance plan, Retirement plans, Fixed deposits with guaranteed returns, National pension scheme, depending on what effectively and efficiently serves your needs. You can also choose tax-free investments for that added benefit. Other products where doctors can invest their hard-earned money include mutual funds investments which offer high returns as compared to fixed deposits or PPF accounts. So, it is better to research for all such long-term and short-term investment schemes before finalizing any one of them.
- Plan your taxes: It is a great financial move to invest in tax-free investments. You can invest in debt mutual funds, bonds, shares, property to get better tax-adjusted returns. You may even think about investing into National Pension scheme on Finserv MARKETS digital platform. You can also buy mutual funds online in a few minutes and claim tax deductions under Section 80C of the Income Tax Act. The right investment can grow your wealth while simultaneously helping you reduce your overall tax liability.
- Manage your debt: Student loans, credit card debt and other financial obligations possess the ability to impede your future goals. You can manage debts effectively by keeping track of your expenses and monitoring the repayment schedule. It would be advisable to pay high-interest loans first and try to cut down the unnecessary costs. Remember, the money you will save now will help you in the future to meet your daily living expenses or can be set aside for use in an emergency.
- Seek help from a finance professional: Being a medical professional, you are not expected to be aware of financial jargons and concepts. Financial planning can, thus, be a daunting affair. This is where it would be practical to get a financial advisor on board. A financial advisor may help you advise which loans you can apply for if you are planning to get a doctor’s loan for the clinic and can guide you on the best investment avenues for wealth creation.
The Bottom Line
Due to lack of time and adequate knowledge, doctors find it difficult to go into the nitty-gritty of financial planning. In such cases, seeking help from financial experts (like Finserv MARKETS), to get financial tips related to loans like doctor loans to help expand their medical business and investment schemes like fixed deposits or mutual funds to grow their wealth, is a practical step.