Doctors and money – it is not always a successful combination, but there is no reason why it shouldn’t be. I know I must sound somewhat like a broken record…but successful wealth creation for doctors always begins with effective cash flow management. I thought that the most powerful way to illustrate this would be by way of a case study. … Read More
Secret Money Tips For Doctors.. By Doctors
Throughout my career I have worked with some very financially successful medical professionals. Based on their comments and personal experiences, I have compiled a list of top money tips for doctors. Start investing early…and have patience The most financially successful doctors started investing early, typically in property, as even young doctors can use the leverage of tax-effective borrowings to their … Read More
How the post-election super changes affect Doctors
The Government has announced some changes to its 2016 Budget proposals in relation to superannuation. Please find below a summary of the proposed superannuation changes and how they affect Doctors in particular. Non-concessional Contributions The $500,000 lifetime Non Concessional (i.e. after-tax) Contributions (NCC) Cap has been dropped. Instead, the Government has announced a reduction of the current annual limit of … Read More
How Young Doctors Can Manage Lifestyle Creep
As you progress through your medical career your income earning capacity will continue to increase and will probably accelerate the fastest in your 30’s and 40’s. This is also the time when the demand on your income will be the highest due to mortgage repayments, school fees, holidays, etc. The biggest mistake Young Doctors make during this time is a … Read More
Financial Advice For Doctors: 5 Key Areas For A Valuable Second Opinion
When I engage new clients, there are often a range of financial issues that need to be rectified or optimised. In this article I would like to highlight the 5 main ‘problem areas’ Doctors typically have not properly organised, and demonstrate how financial advice for Doctors is of tremendous value. 1) Tax planning Unfortunately too many Doctors still work with … Read More
The Sandwich Generation’s struggle to retire
The ‘Sandwich Generation’ is the term typically used for the Baby Boomers who are being ‘squeezed financially’ by both their children (who are living at home longer) and their elderly parents, who also may require care and financial support. These pressures are making it very difficult for this so-called ‘Sandwich Generation’ to retire comfortably. I was recently interviewed by various … Read More
Disruptive trends in healthcare
In a previous article (click HERE) I commented on how doctors can turn disruption into opportunity. In this week’s article I wanted to share some other interesting insights I found on current disruptive trends in healthcare. Below is a summary of the information that is available on the PWC Healthcare Website. I would encourage you to watch the 5 minute … Read More
How can doctors save tax and pay off their mortgage faster?
In a previous article, we have already established that the main frustration for many doctors is paying too much tax. We also highlighted 3 strategies to build wealth and save tax. You can read this article by clicking HERE. However, there is one additional strategy that can help doctors save tax and also pay off their mortgage faster. It involves … Read More
Is Super still so super?
Many people have a love-hate relationship with superannuation. So it is worth considering whether super should still be a major focus of your wealth accumulation strategies. Let’s explore some of the advantages and disadvantages of superannuation. Advantages – Superannuation forces you to take a long-term investment view, as the funds cannot be accessed until you reach preservation age. This helps … Read More
Superannuation and art – end of the love affair?
Many of my clients (in particular medical professionals) are keen art collectors. Until a few years ago, self managed super funds were the investment vehicle of choice to invest in art. However, with the July 2016 deadline looming, many SMSF investors have started to dispose of their art and collectibles. The new rules apply to all new SMSF investments purchased … Read More