Meeting many doctors helps. More than the class it is the post lecture lunch where more truth is spoken. Like they say more truth is spoken at the hotel bar than ever at the court bar! So here is a summary of what I have heard over the years….funnily some are contradictory – showing that there are no correct answers in your personal finance life!

1. Choosing a wrong specialization: Many doctors feel that their specialization was wrong, and if they had chosen a different line, they would have been better off. I honestly do not have a view.
2. Thinking I do not need an adviser: Many professionals (not just doctors) feel that hiring a professional in another field is a waste of time. Wrong. Completely wrong. I tell IFA (independent financial advisers) that they too need a new perspective for their investing. Doctors should go to an adviser and make sure that they are doing the right things.
3. Too much real estate: no comments needed I presume?
4. Too much of Life Insurance: without having a clue on how much life insurance they have, they pay a lot of premium -with poor investing results.
5. Too little medical insurance: doctors who feel that they do not need medical insurance (or Rs. 1.5L is enough) have not seen hospital bills of late. Please hire a professional – medical insurance is far too complicated – and buy adequate insurance. Buy it as a group – it makes more sense.
6. Buying too big a house – believing in the phrase “you are a doctor” – it is a sales trap!
7. Not buying a place of work before buying a house
8. Borrowing too much for real estate investing
9. Not learning the basics of Investing / Personal finance
10. Giving my children a credit card BEFORE TEACHING them responsible financial behavior
11. Replacing cars every 3 years
12. Marrying a financially irresponsible person – IT ENDED in a divorce
13. Spend too much on lavish functions – not just marriage and blowing the savings
14. Asking my dad to look after the investments – clearly competencies were lacking
15. Thinking that Wealth Managers have wealth targets! ONLY YOU told me that they have Sales targets!!
16. Giving my money in PMS -without knowing how to evaluate
17. Keeping all my money in bank fixed deposits
18. Doing FnO – I stopped when I had lost Rs.30L – this was 2 years Gross income before taxes

Almost all of them thanked me for the lecture – it is a 150 minute lecture on what they should not do, what they should do, and how it is simple to be done by themselves…I have spoken/met / addressed more than 5000 doctors over the years. Last year it was about 700 doctors (I mean 2018)!