Doctors and Investing part 1 was summarizing the state of affairs of the doctors. Now let us see what they can do about it:
1. Understand that EARNING money is easy.
2. Managing, protecting and growing it is the REAL challenge.
3. Managing means keeping proper accounts, filing returns accurately and on time.
4. Protecting your earnings (taking life insurance), not entering into transactions that you do not understand (entering into a partnership with a builder for example), being adequately insured about equipment, against mal practice, etc.
5. Growing by investing it well by creating an investment portfolio, planning for retirement (you may work till 90, but that has to be voluntary, NOT to earn money).
6. Keeping spouse’s assets out of the reach of a mal practice suit (your CA or financial planner may not how to do it, ask a lawyer)
7. Investing heavily in YOURSELF – learning, practice, etc.
8. Assets management: why you need to OWN your clinic / dispensary / hospital premises BUT can afford to stay in a rented premise.
9. Handing over the practice to juniors smoothly – even to a sibling or a child can be done smoothly and well.
10. Putting all of this together in a book, and making a will TODAY.
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