Reliable Income Protection for Doctors and Other Simple Financial Tips

May 29th, 2014

Have you sought financial advice yet? Finances were probably the last thing on your mind as you buried your nose in your medical textbooks. If your answer to the question was no, you’re not alone. According to a report from Money Management, too many people regret not seeking financial advice earlier:

“Less than 1 per cent of Australians received financial advice when they were younger, but more wish they had, new research from REST Industry Super reveals.

REST CEO Damian Hill said young Australians were setting themselves financial goals but did not receive sound financial advice early enough to reach them.

Half of those surveyed said they received most of their financial advice from their parents while one in six admitted they did not get any financial advice at all.

Of those who did get financial advice, 60 per cent said they found it useful.

Almost one in three respondents said they would have achieved more financial goals such as owning a house if they had received financial advice, Hill said.”

Managing your finances can be difficult, especially if you haven’t sought sound advice. That in mind, here are a few tips from experienced financial planners to help you achieve your financial goals:

Get Income Protection

The physical and mental demands of being a doctor can take their toll on your health. Unfortunately, being a medical practitioner is the ultimate “no work, no pay” profession. You never know what will happen in the future, so it pays to be prepared. Look for reliable policies for income protection for doctors.

Hire a Medical Accountant

You may not realize it immediately, but your practice doubles as your own small business. Sadly, your years in medical school probably haven’t trained you how to navigate the nuances of running one.

Medical accountants, like the ones from MEDIQ Financial, can help keep your financial records neat, allowing you to clearly see how well your practice is doing. These professionals can also help you find special tax deductions for doctors, increasing the amount of money you bring home.

Save for Retirement NOW

It may seem like retirement is still a long way off, but it’s best that you save up for it right now. True financial security can be difficult to come by, even when you earn six-figure wages. At the same time, saving up early also allows you to do what many people only dream of: retire early and comfortably. Get a head start by saving at least a quarter of your pre-tax income.

(Source: Aussies regret lack of advice when younger; Money Management; July 15, 2013)