There exist several misconceptions about the role of a financial planner. Financial planning is most definitely, an ongoing process of interaction and active engagement. In this context, you must realize that a doctor and a professional financial planner need to coordinate and work cohesively for securing and improving the financial future of the physician.
If you have just started your medical career, do you actually require professional assistance from a financial consultant? Would a financial expert make any real difference to your financial status and future security and financial stability? It has been proved beyond doubt that financial advice could prove to be fruitful at the inception of a doctor’s career more than ever.
Here are a few valid reasons for hiring a financial planner very early in your medical career.
For Gaining Clarity about Expenditure
It is pretty common for residents to keep grumbling that he has spent way too much while training and is currently not able to enjoy his life with his new salary to the extent he had been hoping to. A qualified financial advisor would be coming up with projections of how excessive spending today would be impacting adversely your net worth about ten years from now. When you are able to visualize your financial future clearly, you would be compelled to think before spending and make better financial decisions while in training. Hire a professional who specializes in financial planning for doctors.
For Assisting You in Adjusting or Setting Objectives
An integral part of financial planning is to discuss and then decide your precise priorities while chalking out your career and financial security goals for future. Planning compels you to consider reflecting and articulating your aspirations and dreams. Planning involves setting your future objectives and mapping out a path for fulfilling them while keeping in mind the roadblocks and probabilities. Assumptions regarding your future are the building blocks of your financial plan. However, when those assumptions seem to change, you need to work together with your financial planner to update your plan of action.
For Keeping You Away from Bad Deals
Numerous doctors have invested in overpriced life insurance policies simply because they seemed to be great deals. The job of qualified financial advisors is chiefly to safeguard you from making wrong decisions. He would be pointing out the bad deals and protect you from stupid unprofitable deals.
For Helping You in Investing Wisely
A financial planner would be helping you with your retirement plan. He would be reviewing all your investment choices and assisting you every step of the way in building an effective portfolio. An appropriate portfolio at the beginning of your career would be boosting your retirement savings to a great extent.
Your financial future would be stable and safe under the guidance of a financial advisor. He would be educating you about intricacies of finances and would prevent you from making irrational or emotionally-charged decisions. He would be acting as your voice of reason and stopping you from taking panicky decisions. Remember that a qualified and proficient financial advisor could heal your financial situation whenever you seek their assistance. However, the sooner you hire one, rest assured to remain fiscally fit during your lifetime.