We often get asked by our young medical and dental clients what they should be doing to work towards their financial security.
Typically, the following 4 simple strategies form an integral part of their plan:
1) Ensure you can pay off your home mortgage in approximately 10 years. Having too much non-deductible debt presents a tremendous opportunity cost.
2) Focus on cash flow management and put in place structures and mechanisms that will help you to create a surplus. Without this kind of structure you will spend more than is good for you.
3) Set up a regular investment plan, which could be superannuation and/or non-super based. Don’t leave it too late to benefit from compounding returns. Keep your costs low, minimise taxes and diversify.
4) Have a number of different strategies and investments working for you, as some will work better than others at different times, but combined they will provide you with a solid foundation.
As a doctor or dentists there is no need to over-complicate your finances.
Keep it simple, consistent and effective.
P.S. Whenever you are ready, here are 4 ways I can help you optimise your finances:
- Grab a free ebook HERE or let me know if you wanted a copy of Your Financial Health Matters posted out to you.
- Subscribe to our newsletter or follow me on LinkedIn to receive regular relevant content.
- Take the 2-minute Health Check and find out what areas of your finances you need to tackle.
- Work with me and my team privately – book a free Discovery session to find out how we can help you.
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 email@example.com 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.
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.
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