Why Most Australian Doctors Fail Financially

Yves SchoofBusiness, Finance

I have written about this topic before, i.e. the myth that all Doctors must be incredibly wealthy and financially successful. Alas, often that is not the case. I wanted to raise this issue again, as it is the main reason why I focus on working with Medical Professionals – you dedicate your entire life to helping people remain or become … Read More

Doctors And Money – A Case Study About Financial Success

Yves SchoofBusiness

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

Yves SchoofBusiness

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

Yves SchoofBusiness, Investments, Tax

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

Yves SchoofBusiness, Finance

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

Doctors and money: 3 symptoms of poor financial management

Yves SchoofFinance

As we have already explored in previous articles, many doctors don’t make the most of their money. A lack of time and planning are often the biggest culprits for this. But how do you recognize poor management skills? What are some of the symptoms you need to look out for? Not knowing how much you spend Doctors and money…it is … Read More

Novated Leases For Doctors

Yves SchoofFinance

Salary packaging a car through a novated lease is very popular with doctors in the public healthcare system. Whether this is a good way to buy a car, compared to some other options depends on a number of factors. Let’s have a look at 3 things you should consider. Amount of work-related or business-related use of the car Some doctors … Read More

Business Planning For Doctors

Yves SchoofFinance

In previous podcasts and articles I have touched on the importance of business planning for Doctors in Private Practice. In this article I will highlight 3 reasons why you should not overlook business planning for your practice. To Establish Your Finance Needs Whether you are starting or growing your practice, funding will play a vital role in your success. The … Read More

Why Doctors In Private Practice Should Not Overlook Super

Yves SchoofFinance

The temptation may exist for Doctors in Private Practice to not make super contributions. After all, the tax benefits have greatly reduced over the last couple of years, and there are always other areas where the money can be used. However, in this article I would like to make a case for you to consider making super contributions. 1) Tax-effective … Read More

Financial Advice For Doctors: 5 Key Areas For A Valuable Second Opinion

Yves SchoofBusiness, Investments

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