Doctors need financial planning more than anyone.
As a medical professional, you’re an expert in your field. That doesn’t mean you’re an expert in finance, accounting or investment, though.
Add that to the fact that you’re earning more than most, which usually brings more challenges. Not only that, you’re extremely time poor.
These things can be a recipe for financial disaster.
So here’s why financial planning should be your top focus as a doctor.
Financial planning prevents overspending
You’ve likely experienced some kind of pressure to live beyond to your means as a high-earning doctor. Friends, family and colleagues may encourage you to buy bigger, newer and nicer things to show off your success and that kind of pressure can be hard to resist.
You can wind up overspending and sinking in debt despite your large salary, if you don’t keep track of your spending with a financial plan.
Financial planning keeps you on track
A financial plan will help you focus on your wealth goals. When you have a plan that keeps you accountable, then you will grow your wealth instead of just spending it as it comes in.
A financial plan can help you to successfully:
– Live on a budget
– Fund your kids’ education
– Pay off your loans
– Invest wisely
– Eliminate debt
– Make smart business decisions
– Enjoy your ideal lifestyle in retirement
– Whatever your financial goals may be, financial planning is the best way to achieve them.
Financial planning removes the complexity
The more you earn, the more complex your financial world can become with income streams, investments, tax, repayments and more. And when you’re a time poor doctor, your finances can get away from you quickly. Financial planning ensures that, no matter how complex your life becomes, there is a plan and support to ensure you’re still on the road to achieving your goals.
Financial planning can protect you
More specifically, good financial planning can help protect you, your business and your family.
Having a solid financial plan includes getting adequate insurance cover to protect you and your family in the event you’re not able to work for a time, as well as life insurance, if you were to suddenly pass away.
A financial plan should also include provisions for superannuation, estate planning, succession plans, investments and other retirement plans. All of these elements will ensure that your wealth is protected in the future.
Get advice
It pays to work with experts who understand the unique needs of medical professionals.
Contact Nitschke Nancarrow, specialists in accounting, financial planning, loans and finance, investment and business for medical professionals. We operate in Adelaide, Sydney, Melbourne and throughout Australia. Managing partner Kym Nitschke is available for a free initial discussion about your situation. Call us on (08) 8379 9950 or send me an email.
– Kym Nitschke
The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.
Taxation, legal and other matters referred to on this website are of a general nature only and are based on Nitschke Nancarrow’s interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.
Nitschke Nancarrow specialises in accounting, tax and financial advice for superannuation. Contact us now for a no obligations discussion about your needs.
