How To Manage the Financial Impacts Of COVID-19

Yves SchoofBusiness

As the world is heading into lockdown, many of you might be concerned about the financial implications for you and your family, your practice.

So how should you react to this unprecedented event?

 

  • Do not panic

Do not give in to your fears, because that is when we make irrational decisions. Financial decisions should always be made from logic, not emotions.

Do not start selling investment assets in this type of volatile environment, unless you really have to, and if that is the case, seek professional advice first.

 

  • Prepare yourself

From a financial point of view, start to prepare yourself for a reduction in income. Postpone or reduce unnecessary expenses where possible, preserve your cash flow, seek legal advice on how to manage your staff and the options available to you.

 

  • Seek advice

Speak to your accountant, your financial planner, your peers to have objective discussions around your options. In times like this, it is important to work together.

 

If you have any concerns whatsoever about your practice or your finances, myself and my business partner Mitchell Walmsley are happy to take your call and listen to your concerns.

 Please call our office on 08 9381 2704 if you wanted to have a private conversation.

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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