Doctors and financial stress

Yves SchoofFinance

Do doctors experience financial stress as well, despite their higher than average incomes? Yes, in fact I believe that many doctors do experience financial stress, whether it is as a result of a lack of time or knowledge to manage your financial affairs, or whether it is because your lifestyle is putting pressure on your cash flow.

Doctors are like many other people when it comes to financial stress, but with the added pressures of managing higher mortgage repayments and more expensive school fees and lifestyles, and often the complexities of running your own practice.

Given that doctors already experience higher professional stress levels than most people, you really cannot afford to add financial stress onto your plate.

Indeed, there is a clear correlation between financial stress and increased mental stress and even suicide. A recent Australian survey of more than 1000 people found that 70% of respondents have experienced depression and anxiety due to money worries, with 73% of respondents saying they felt stressed about their current financial situation.

What can doctors do to reduce financial stress?

There are some simple steps doctors can take to reduce financial stress:

I believe it is all about obtaining Clarity:

– You need to get clear about your current financial position;

– You also need to get clear about what really matters to you and how this affects the financial decisions you make; and finally

– You need to get clear about what steps you need to take to improve your financial position

Going through this process, alone or with the help of a professional, will give you the Confidence and Control to manage your finances with reduced levels of stress – this is the number one benefit our clients are so vocal about once they have gone through our planning process.

If you want to achieve that same level of confidence and peace of mind, then contact us today on 08 6160 5918 or yves@affluenceprivate.com.au.

Yves Schoof
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Yves Schoof

Author | Specialist Adviser for Medical Specialists and Surgeons at Affluence Private Wealth
I specialise in managing and coordinating the financial affairs of medical professionals and have been recognised as one of the best financial planners in Australia. I am a Certified Financial Planner and member of the Financial Planning Association of Australia.

As I understand your time is extremely valuable and scarce, I am able to offer flexible meetings times, including outside business hours and during the weekend. I can even come and meet you somewhere convenient, or talk via videoconference on Skype.

My first consultation is free. I allocate up to 90 minutes to discuss your personal circumstances and to establish how I may best assist you. Where you already have an existing adviser, I would be happy to offer a second opinion. I always quote a fixed dollar fee before we start working together.

Please contact me on yves@affluenceprivate.com.au or call me direct on 0432 885 295. You can follow me on Twitter @YvesSchoof or connect with me on LinkedIn to receive new articles.

DISCLAIMER
Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313. 

The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs.
Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.
Yves Schoof
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