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Tuesday, August 12, 2008

Medical Insurance , Health & Investments

As the age old adage goes "Health is Wealth", I being a Doctor couldnt agree more, in many ways. True. Very true. Also a stitch in time saves nine.

i say " He who treats patients must be careful, lest he becomes a patient himself".

So Doctors have to be their OWN DOCTORS 1st. Here comes into play a few things:

1. Earnings, Savings & Investment:

The medical proffession, especially that of a doctor, is a slow pick up, in monetary terms. The long initial years of studying + the rising costs & expenses of education = a very frustrated, indebted & worried graduating doctor.
Therefore we Doctors must learn 1 formula:

Income - Savings = Expense. rather than what we all invariably do Income - Expense = Saving.

Systematic, conscious, fixed amout of savings per month, which should be invested wisely in various avenues available.

Mutual Funds, Equity, Fixed Deposits, Bonds are some of the best options. Each of them have their own UNIQUE Returns, Risk & Liquidity level. Choose wisely, Invest Timely.

2. Doctors too need Medical Insurance. With a boom of Insurance Companies in India & explosion in number of Hospitals & Health Hazards, one can never be certain when Calamity strikes. Every Doctor should atleats Insure himself & family for Rs. 5 lakhs minimum, because often that is the figure touched in a week's hospital saty even with some minor surgery.

Thus, a rupee saved is a rupee earned. & Gold is not a good investment these days, as the growth rate of Gold is Far below the inflation rate therefore it actually gives negative returns.

& dont be penny wise pound foolish.
Try to cut down your expenses & boost your income.
Differentiate between NEED & WANT.
Prioritize.

All the Best! God bless us all! Be happy, be safe! ENJOY!

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Original Work by Dr. Suraj A. Dhirwani

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