It is not as though the common man does not make financial mistakes, they do..but doctor mistakes are worse. Let me enumerate some of them:
- Investing in direct equities without any professional help.
- Investing in direct equities with professional help!! Well the kind of professionals who helped them were terrible.
- Not naming the firm but a few Brokerage houses have ripped off many doctors – did they give word of mouth reference?
- Signing up for PMS and losing almost 100% of capital
- Pretending that if the PMS boy at the other end of the phone did not listen to the Doctor..or they would have been Rich
- Pretending to understand equity markets even though the evidence is staring them at their face
- Buying ULIPs – with nice big round sums as premium
- Buying ULIP sold to them as single premium, but what turned out to be regular premium
- Not accepting that ULIP is worth surrendering even if it is in a loss – throwing good money after bad
- Not buying medical insurance
- Letting medical insurance lapse
- Buying too much endowment insurance and now arguing..at least it is an investment
- Not understanding term insurance – almost refusing to understand
- Letting money sleep in bank accounts
- Thinking mutual fund means equity investments
- Refusing to allow new thoughts into their minds
- Not buying Disability insurance
- Not buying ENOUGH Malpractice insurance
- Taking a huge home loan to buy an unnecessarily big home
- Not buying a clinic
- Putting all investible surplus in Real Estate – over and above an unaffordable own residential house
- Using a credit card – and of course – not paying off in full every month
- Buying a Time Share Holiday Resort – you know which company, right?
- Trading options (this son of a doc lost Rs. 4 crores – a doc himself)
- Not saving anything for retirement
- Not taking care of OWN health – and finding that very expensive in terms of downtime and medical costs
- Basing life style on salesman’s talk: “Sir you are a doctor and you deserve it”. You can sell him the moon with this statement.
Will do a practice management mistakes…separately!!
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