At Medic Financials we take our commitment to you seriously. We want to make it easier for you to make financial decisions, grow your wealth and achieve your goals.
Our approach is therefore:
The many life and career stages of a medical professional
If one thing is true in life, it’s that nothing remains the same! During your life as a medical practitioner your life and career will no doubt change considerably.
At Medic Financials we understand that our clients will all be at different stages of their lives, and that their needs will also change over time. This means we make sure to adapt and fit our services to the needs of the individual at the stage they are currently at. This also enables them to plan for their next stage and to create long-term strategies for the future.
While each case is unique, the life stages of a medical professional are likely to follow a pattern a bit like the one outlined below.
Stage 1: Student clinical training
You have advanced in your studies and you are training at a hospital or other clinical environment. At this point your income may be limited and you need budgeting advice to ensure your money lasts the distance.
Stage 2: Qualified
All that hard work has paid off and you’ve finally graduated and are working – congratulations! At this point your income will be increasing and you need to consider taxation and superannuation strategies, insurance to protect your assets, and investments to start growing your wealth.
Stage 3: Family
Once you reach the family stage your income can become more stretched due to commitments – such as mortgage costs, bills, school fees, family holidays and so on. This is a time when you need to be thinking seriously about life insurance, estate planning, and restructuring your superannuation and investments.
Stage 4: Your practice
Your career as a medical practitioner could go in many directions. For example:
A) You buy into a practice. In this case you really need good strategies to protect yourself financially. This could be done through insurance, tax structures, loan finance, legal protection, and financial planning.B) You set up your own practice. This is a big step and you need to think about business structures, employment matters, health and safety, software, medical billing, equipment, self-managed superannuation, bookkeeping and accounting, tax strategies, rooms rental, employment contracts, wealth management and more.
C) You advance your qualifications. For example, you want to qualify as a specialist, or to undertake research in a specific field. Depending on your situation your income could change at this point, and it’s important to get sound advice for protecting your wealth.
Stage 5: Approaching retirement
You’ve worked hard and are now thinking about retirement. At this stage you may be considering changing your life insurance, updating your estate plan, downsizing your home or going on a world adventure. This is the point where you need expert advice on superannuation planning and your investment strategies, so you can have a comfortable and enjoyable life all through your retirement years.