Are you your own Doctor?
– Madhura Deshpande, Para Planner, Plan Ahead Wealth Advisors.

A few days ago, I had this terrible headache. My first reaction was to take a pain relieving pill thinking it must be a normal headache but my friend gently castigated me saying ,”Don’t take selfprescribed medicine. From the outside, it can look like a mere headache but you don’t know what’s within. There are myriad ailments with common symptoms. Your job is to go to the doctor and let him decide on the cause and remedy, so that you can go back to your job at the earliest.”

Let’s relate this example to our finances. We often think we know everything about finances. We have chosen star rated mutual funds, fundamentally good large company stocks, we are well informed traders, etc. Of course, we know that the medicine is good, but the key question is – are we taking the right medicine?

Of course, we know that the medicine is good, but the key question is – are we taking the right medicine?.

When it comes to our savings, we are saving in a disciplined manner. But do we know, what’s the optimum level of saving for ourselves and our family -are we saving less or more than we require? We are often under an impression that if we save a certain portion of our earnings, thats good enough. However, we still aren’t sure about the level of saving and types of investments that suit our age, goals, expenses, etc. As far as investment products are concerned we may be excited by some product which is apparently very attractive but, are we sure it’s really good? Or even if its good, is it suitable for our requirement?

If we admit that we need a specialist to handle our health, we need a specialist to manage the health of our finances as well. The specialist who will guide us through all our important transitions and be with us as a ‘FPG’ (Friend, Philosopher and Guide) for all our financial decisions.

Like a doctor who will first focus on your problem and not on the medicine to be sold, your planner will always be interested in you, your financial goals, needs, abilities, etc. and not on a product. Is it not time you stopped being your own doctor?