Why Doctors And Dentists Need To Keep It Simple

Yves SchoofBusiness

One of our key rules when it comes to organising our clients’ financial affairs is: KEEP IT SIMPLE.

There is no need to create even more complexity, as doctors and dentists typically already have complex lives.

More complexity means extra costs and extra time commitments. More reliance on external advisers.

Self managed super funds are the perfect example of extra complexity that is often not required. I have written about this topic many times before.

But what does ‘keeping it simple’  mean for doctors and dentists?

Well, the fact that you earn a high income and typically have a long career, will get you very far in terms of wealth creation, if you can adhere to the following guidelines:

  • have a structure to capture surplus income and manage living expenses
  • have various diversified wealth creation strategies working for you
  • have the discipline to maintain these strategies and think long-term

So, before you make any changes to your financial position, just ask yourself: is it worth the extra complexity, or should you just keep things simple?

You may also be interested in this blog.

 

If you feel your life is too complex and you need someone to give you clarity about what strategies will work for you, please feel free to contact me via 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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