Financial planning in a professional role

Financial planning in a professional role

This article is about investing in the medical profession. who is a newly graduated doctor more than ten years ago who are interested in studying business administration, majoring in finance and bring it to convey to new graduates as a guideline divided by range Contents are as follows:

Phase 1 Beginning of life as a doctor

1. Partial payroll to repay parents as appropriate

2. Understand the equation Income - Savings = Expenses, i.e. monthly savings deducted before spending. The recommended saving percentage for new graduate doctors is 10-20%.

3. Make an income-expense account

4. Making a credit card Sufficient cash is required prior to swiping a credit card.

5. Tax planning is required. Calculate the expected income per year. and plans for tax relief

6. Must have an emergency fund to be able to stay 3-6 months

7. Buying illiquid real estate may be unnecessary because once purchased, only the price will decrease But if there is a need to use It is considered an investment asset.

8. Early investment give cold money and self-study for financial knowledge

Phase 2: Studying for a medical specialist

1. share part of the salary in return for the parents as appropriate

2. Discipline in saving as usual, but maybe 5-10% left

3. Make an income-expense account But it could be a weekly overview instead.

4. Tax Planning Start getting life insurance because it can be tax deductible.

5. Investment should invest in mutual funds. under the supervision of a fund manager and cost-averaged investment

Phase 3: Completion of medical specialists

1. share part of the salary in return for the parents as appropriate

2. Discipline in saving a larger proportion

3. Controlling unnecessary expenses

4. Make a detailed income-expense account

5. Tax Planning Recommended to buy life insurance, SSF funds, retirement funds. Pension insurance, health insurance, etc.

6. Investment: This period is suitable for both domestic and foreign investment.

7. Plan your life, it's when you're about to have a family. Or want to buy a house, a car, financial planning is required in advance. In being in debt, it must be a debt that has benefits. for living Let's study about interest. with refinancing To save the most interest

8. Retirement Planning Early planning is required.

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