You might not realise it, but if you’re a doctor, you have special powers to make your wealth journey truly successful…
You have the potential to earn as much income as the hours you’re able to work. This is due to the high demand for medical professionals in regional and rural locations, as well as your ability to do locum work at high daily rates across the country. You can even work on your days off to double your income!
Your profession is recession-proof because we don’t have enough doctors. It is likely you will always have more work than you actually want to do.
Because of points 1 and 2 above, you are an attractive client for banks. The default rate for medical professionals over 50 years is so low it is virtually negligible. When you add super deals and discounted rates for property purchases, this makes borrowing to invest an important strategy for doctors. Beware though!
Using borrowing means your investment is compounding at a greater rate, helping you to achieve your goals sooner. See our article on ‘The 8th Wonder of the World’ for more information on the importance of compound interest.
Before you assume every bank has deals, note that some are better than others. It’s crucial to have a strategy and reason to pursue any gearing – start with the end in mind and ensure it aligns with your financial plan.
Always seek personal advice before borrowing to invest.
