Healthy Financial Advice for Doctors - Loan Trivia

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Thursday, 12 July 2018

Healthy Financial Advice for Doctors

Are you a doctor or do you know any doctor? It is considered to be the most ‘noble’ profession due to the service, compassion, altruism, and trustworthiness. A doctor contributes to the welfare of the people, but they should also take care of themselves.

Starting career of a doctor is hard, so they are unable to do proper finance for doctors. Even the financial planning of healthcare professionals will be different from other professionals, as doctors start earning a steady income after the age of 28-32.


Thus, doctors must follow some leading finance mantras to manage their finances. Those are:

Have health insurance and an indemnity cover -  As a doctor, your first step after beginning of the practice should be to buy an indemnity cover. You are prone to risks involved with negligence claims, malpractices, and other mistakes, so an indemnity cover is important. A doctor is exposed to many germs and microorganisms, which may lead to diseases, so he/she needs to protect his/her own health with a health insurance policy.

Be aware of the investment channels -  If you want to choose a simple and effective process of investment and you do not have much knowledge about investment, you can opt for life insurance. One more smart investment plus insurance coverage is Unit Linked Insurance Plans (ULIP). Investing the money in the right investment channels is essential to multiply the amount manifold.

To know about the other factors essential for doctor’s financial planning, you can read: 
4 Top Finance Mantras That Doctors Should Follow


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