President of Barbados Association of Medical Practitioners, Dr. Carlos Chase, has advised all professionals to deposit 10 per cent or more of their earnings into a financial institution and do not touch it for any reason.
Chase offered this advice to fellow professionals on Wednesday evening while speaking on financial and wealth management at a promotion sponsored by the Bank of Nova Scotia at the Accra Beach Hotel.
“This is your money, you work hard for it and you deserve it. Next I suggest that you invest in a pension fund of at least $150 a month or more if you can afford it. This is very important for doctors and lawyers because they do not benefit from a pension except a government pension on which you cannot live. You have to start planning for retirement from now,” he said.
The medical practitioner suggested that the professional should invest in a cheque book, because as a doctor or lawyer you do not have the time to stand in line at to pay bills.
Chase said as a professional every day was fishing day, but every day was not catching day “so you should have a comfortable over-draft facility to ensure that you avoid defaulting on any bills”.
He suggested that every professional should become familiar with the new technology being used in business and noted that 45 per cent of his fees were paid by debit or credit cards. †
Chase argued that any professional who did not make use of a website would fall behind his competitors.
Chase recalled that when he returned from Caymans and he wanted to set up his private practice and was looking for investors – family, friends and through the banks.
He claimed that the main reason why businesses fail was because of a poor business plan, under-financing and poor management practices.
He said: “Friends would not invest because they did not like my face, family would not invest because they did not trust me, and with three banks one offering a maximum of $100,000 and another bank offered me 100 per cent financing, an overdraft facility and a credit card. You know which bank that was? Scotia Bank!
Chase recalled that he repaid the loan a year ahead of schedule without missing a payment. (NC)†