1. Live on Less Than You Earn – Aim to Save a Minimum of 10% of Gross Income Use a reliable app to track your monthly income and categorise expenses. Understanding your cash flow helps identify areas for saving or reallocation. Pay yourself first – save before spending what’s left. This is key to financial planning for doctors. 2. Use Debt Sensibly to Build Wealth Minimise bad debt by prioritising… Read More »10-Point Money Checklist for Doctors
We see a common story among medical professionals – brilliant minds dedicated to healing others but struggling with their own financial well-being because it’s hard to carve out time and maintain continuity to execute strategies and review finances regularly. On top of that, there’s so much confusion in the general finance world, and most of the information doesn’t apply to doctors. Along the way, we see many financial mistakes because,… Read More »Why Doctors Struggle with Finances and How Wealthmed Can Help
When we get to the end of another year, we often feel the stress and events of the last 12 months weigh on us. As we head into the holiday season, the overwhelming pressure and stress of spending can take a toll. You don’t need to keep up with the Jones’ at Christmas, or any other time of the year We live in a world driven by consumerism. New smartphones… Read More »The overwhelming cost of Christmas
Have a good money stream coming in, yet you still don’t have any savings? The world is constantly dangling temptations before our eyes, and it’s never been easier to buy stuff, even if we don’t have the money. The upshot is that we are all susceptible to making some basic financial errors. Individually, these mistakes can be small. Added together, they can really hold us back from financial success. Take… Read More »The most common financial mistakes that prevent you from saving
Well, we are in the first stage of a lockdown. Hopefully, this will be enough to flatten the upward trajectory of infections, take the pressure off the health system and keep us all safe. If not, a second stage will likely see most people confined to their homes. This stage was effective in China in stopping the spread (assuming the accuracy of reports) in 2 months or so. As previously… Read More »The first stage of COVID-19 lockdown
It’s a tricky time for everyone and we really appreciate the wonderful dedicated people who put themselves on the line to care for others. Do you have questions about your insurance benefits and Covid-19? Generally insurance policies will cover you if you contract Covid-19 for; Death from the virus A traumatic illness as a result of the virus Total and Permanent Disability as a result of the virus Income replacement… Read More »Insurance & Income protection if you contract COVID-19
The government is temporarily expanding eligibly to income support payments and establishing a time-limited Corona-virus supplement to be paid at a rate of $550/fortnight. Paid to both existing and new recipients of the JobSeeker Payment, Youth Allowance jobseeker, Parenting Payment, Farm Household Allowance and Special Benefit. It will be paid for the next 6 months. The instant asset write off has increased from $30,000 to $150,000 for businesses with aggregated… Read More »New Tax Incentives and Other Assistance
The measures in this package are designed to assist Australian businesses and economic growth in the short term, and encourage a stronger economic recovery following the Corona-virus outbreak. The government will establish the Corona-virus SME Guarantee Scheme, which will support small and medium enterprises (SME’s) to get access to working capital to help them get through the impacts of the virus. The government will guarantee 50% of new loans issued.… Read More »Cash Support for Small Business (employers)
This is a significant opportunity as value has returned to the market Massimo Guiati Global CEO of Azimut International It is becoming increasingly apparent that the Corona-virus is far more serious than previous incidents of viral outbreaks, such as SARS in 2003 and H1N1 (swine flu) in 2009. Italy has effectively gone into lock-down / self-isolation and the US has just announced a ban on travel from Europe. The impact… Read More »COVID-19 and the global market volatility
Teaching your child good money habits and the value of money should start early. Parents can influence how their children view money in different ways. Teaching your children to manage their money allows them to not only create good financial habits, but also helps them to grow into financially savvy adults. You might even learn something about your own money habits along the way. Money is exposed to children almost every day, as they grow older, they will start recognising the currency… Read More »Kids + Money – never too early to start.
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