scorecardresearchNational Doctors' Day: Medical professionals too need someone to take care

National Doctors' Day: Medical professionals too need someone to take care of their financial health

Updated: 01 Jul 2022, 12:19 PM IST
TL;DR.

A financial doctor is just as necessary for your financial health as a regular doctor is for your physical or emotional health.

Just as a doctor takes care of our physical health, we need someone to take care of our financial health

Just as a doctor takes care of our physical health, we need someone to take care of our financial health

Financial advisors are frequently referred to as financial doctors under the credence that they handle their clients' financial concerns in the same way that medical doctors handle their patients' health-related concerns. A financial doctor is just as necessary for your financial health as a regular doctor is for your physical or emotional health.

In addition to improving human health, doctors assist patients in reducing pain and setting goals for better physical and emotional well-being, which enhances their total quality of life. Just like that, financial advisors help us establish our financial goals and provide guidance on a variety of financial matters, enabling us to live a more secure, stress-free life and enhancing the quality of our future savings, even going to the extent of forecasting the future without the family bread earner.

Life Insurance is no more a luxury, it is a necessity. Given the scenario we live in today; it has become as important to insure our life. As much as we look at a full-body check-up being done at regular intervals, we must consider having a life insurance cover. Life insurance offers not just protection but a sense of security and mental peace. Life is full of uncertainties, among this if there is something which can be made certain is your family’s financial future and that comes with life insurance.

A solid financial tool, life insurance is relatively easier to use, more affordable, and most significantly, it may be used at different phases of a person's lifecycle. Undoubtedly, a life insurance policy has a significant opportunity to offer you alternatives for a future that is financially secure by mitigating financial shocks and building resilience.

A financial advisor or a financial doctor, as we know them, works with you to assess your current financial health, help you consider any expected future obligations and sources of income, and help you get a complete sense of where you stand on financial security. They are instrumental in helping you build a sustainable financial plan as well as running regular reviews and adjustments.

In order to get the best from your financial doctor, you must-

Identify your financial goals - Clarity in terms of what you want to achieve helps you derive a direction for a well-defined financial plan that will minimize the gap between your goals

List down your assets and liabilities - Listing down assets and liabilities gives a detailed picture of your current financial value.

Manage your Cash Flow - Paying close attention to your cash flow is a key element of financial planning. Consider the ratio- 5:3:2 which implies that 50% of your income should go towards catering to your needs, 30% should go towards your wants and the remaining 20% of it should go into savings.

Insurance Planning - Plan your financial liabilities and discuss your future plans transparently with your financial doctor i.e., advisor openly to help them suggest to you the various options available for not only securing your financial future but also to build your wealth.

So, this Doctor’s Day, let us pledge to not just take care of our physical but financial health too cause ‘Health is wealth’. Having strong financial health is essential to having overall good physical health since the stress that comes from having unplanned, poor financial health might easily develop into critical, physical illness. So call our financial advisor today and book an appointment to get a complete financial health check-up which includes figuring our savings, and net worth, setting financial goals, retirement planning, and above all, buying a trusted, life insurance plan.

Ashish Tiwari is the Chief Marketing Officer of Future Generali India Life Insurance

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First Published: 01 Jul 2022, 12:19 PM IST