The '3' Secrets of Financial Freedom for Doctors & Healthcare Professionals : Part 2/3

Dr.irineu antao pereira

MBBS, DNB(Gen.Surg), MCh(CVTS),DNB(CVTS), MBA(Healthcare Management)


It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.

- Robert Kiyosaki

Welcome back to your journey to financial freedom on this second of three part common-sense understanding of financial management. 

As a practising surgeon at specialist and super-specialist level, it was common for me to literally outsource my financial planning - not just to financial planners, but to my professional seniors, family and friends. 

Let me fathom a wild guess. It's very likely you may have been in the same 'sinking boat' too. And continued to sink until better sense and wisdom prevailed, and I charted a healthier and more successful course. 

I became a disciple of conducting proper 'due-diligences' in my financial decisions under the guidance of professionals in the field.

But truth be told, one of the best financial advices was given to me around 20 years ago, when my mentor Dr.T.M.Joseph said, "Irineu, retirement planning starts on the first day of your earning life."

It's an advice which is the foundation of my personal, professional and financial life. 

Now let's get to the Rule # 02

Golden Rule #2: There are no 'Short-Cuts' to Financial Freedom. Play the Long-Term Game.

You definitely need love and fresh air, but you cannot live on love and fresh air alone. Each and every doctor - good, bad or ugly needs to earn a living and take care of their financial securities. 

And that's precisely the reason, you are in practice, it is because you need to earn a decent living today and put aside money for a comfortable tomorrow.

But you are not in practice only to pay the instalments of your clinic, car, home loans, AMCs, staff salaries and utility bills.

As the age old saying goes, ‘Failing to plan, is planning to fail’. 

Get into the habit of putting aside money for your personal, professional and financial needs first - even before you start paying utility bills.

Save to Invest.

It’s essential you have money to save, and money to grow for your future needs – be it in ULIPs. mutual funds, land, and even pension plans.

But as a specialist and super-specialist, I consider it very, very essential  to invest in "Up-Skilling" and "Cross-Skilling" our "Knowledge", "Skill-Set" and "Mind-Set" , in being better version of ourselves. Everyday.

Investing in your practice  is much more rewarding than spending money on short-term gratifications.

Imagine an endoscopic surgeon using a "One-Chip Camera System" in a "Three-Chip HD Camera Era" while driving Mercedes, a BMW or an Audi ? Does it make you smile, cry or laugh ?

A Mercedes can definitely adorn your garage - but when you have ensured that you have had the joy of establishing it at the top.

It may sound a bit harsh, "All that glitters, is not gold'.

We also need to be 'hands-on' on designing patient treatment packages, and in promoting and positioning your practice appropriately. 

Medicine is no longer an art and a science alone. It's equally important to be adept at the economics of medical practice, to make it a "Win-Win" situation for all three sets of stakeholders : Patients, Providers and Promoters. 


As a specialist and super-specialist, I consider it very, very essential  to invest in "Up-Skilling" and "Cross-Skilling" our "Knowledge", "Skill-Set" and "Mind-Set" , in being better version of ourselves. Everyday.

Emergency Fund

Planning for the future means preparing for the unexpected, and building up an emergency fund is the best way to handle life’s unforeseen expenses. 

Here is my personal favourite: Having an amount equal to your six-month earnings, will be a decent buffer in case of any exigency or emergency. This rule has helped me ‘sail’ through emergency situations in my life and still be able to take up challenging healthcare consultancy projects even in the Covid-19 era.


You also need adequate term insurance coverage of your life, health, house, car, clinic, and costly equipment. Or else an emergency will end up eating a chunk of your savings or liquidating your assets.

Lesson Number : TWO

‘Retirement Planning’, starts the day you start 'Earning'."

We will interact again in the final part of the mini-series tomorrow. 


Originally published October 22, 2021