In today’s video I will be talking about how you as a medical professional can take control of your cash flow.
This is my first in a series of quick wins that you can implement to make the most of your finances this financial year.
And it is probably the most important video you will ever see on this topic, because almost every doctor or dentist we see struggles with cash flow. Despite your high income, the pressures of living expenses, school fees and mortgage repayment often prove to be too much to handle.
So, how can you save more?
Well, sticking to a particular budget is just too hard for many people, and the mere thought of having to record what you spend sends shivers down our spine.
So let me talk to you about a better way to manage your cash flow.
Step 1: List your goals in order of priority
– Often this will be based on your strongest and deepest values
– this might be to pay off your mortgage in 10 years (security, peace of mind)
– save for your children’s school fees
Step 2: work the amount you need to set aside for this every paycycle or every month
– there are all sorts of calculators online, but if you need some help, please contact me
Step 3: set up automatic payments or direct debits to fund the required amount for your primary goals
– make sure this is the first thing that happens when you receive your income
– whether it be extra mortgage repayments or contributions to a savings plan
Step 4: if those goals really are your primary drivers and there is nothing more important to you, you will find a way to reduce your expenditure and hold yourself accountable.
Let me know your thoughts and make sure you try to implement this. Unless you can take control of your cash flow, you will find it impossible to build wealth and make financial progress. Feel free to email me at Yves@affluenceprivate.com.au
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.
Latest posts by Yves Schoof (see all)
- Happy EOFY - 30/06/2020
- How Doctors And Dentists Can Achieve Financial Freedom In Their 50’s - 22/06/2020
- Are You Prepared for EOFY? - 17/06/2020