Through doctors’ tireless efforts, illnesses are kept at bay and many patients enjoy a good quality of life. At the end of the day, however, doctors prove to be as human as the people in their care. Doctors find comfort in the company of loved ones, get physically drained or sometimes fall ill, and need help with matters beyond their expertise—such as personal finance, for instance.
Davis Liu, MD provides three essential tips on how doctors can stay in top shape in the money game:
Take out health, disability, and personal insurance policies. Doctors need something to fall back on in the unlikely scenario that they are unable to work due to an illness or disability. With adequate insurance coverage in place, doctors need not worry excessively about loss of earnings and medical expenses.
Practise delayed gratification by prioritising past debts before splurging on something. There’s a high chance that immediate money can push doctors to spend in a snap. By observing strict financial discipline early on, a doctor can pay off debts in no time. Thereafter, one may spend sans guilt later on.
Manage money wisely. There’s nothing quite like knowing that there’s more than enough money in one’s bank account to offset emergencies. Along with these tips, doctors can benefit from the expertise of a medical accountant who can help them stay on top of their income flow and tax returns.