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
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… Read More »3 Secrets for Doctors to Supercharge Wealth Growth
Before making any investment, it is crucial to understand the impact of taxes on interest from investments. Taxes can significantly alter the true value gained from investing or borrowing money. For example, when calculating compound interest over time, taxes can erode potential gains if not carefully considered. To truly grasp the real cost of interest in after-tax dollars, we must take into account your specific tax rate. By understanding how… Read More »The Real Cost of Interest
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
Wealth protection through the ages Insurance plays an important role in any wealth creation and management strategy. There is little point in accumulating wealth if you don’t protect it, or yourself, from unforeseen risks that can undermine the best-made plans. Just as your wealth creation strategy needs to be reviewed on a regular basis, so too does your wealth protection plan. Every stage of life brings exciting challenges along with… Read More »Wealth protection through the ages
Below information is a summary of events and our house view from one of our investment committee members Andrea Ciaccio, Portfolio Manager AZ Sestante: The US has changed its narrative and is taking the risk of opening its economy on a set date. This has settled the market somewhat and provided certainty. However, time will tell if this strategy works. The US has already discounted a recession in its market valuations… Read More »Investment Summary
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
In light of a crazy weekend, the majority of the banks have advised effectively immediately, assistance will be put in place to help both home loan and business customers manage their respective loans over the coming 6 month period. Wealthmed is still waiting a full response from a couple of the smaller lenders. Most lenders will offer ‘deferred’ payments of up to 6 months for those who are in financial… Read More »Banks initial assistance response to COVID-19
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
The dawn of a new year sees many people setting new year’s resolutions such as losing some weight or giving up smoking. Similarly, the beginning of a new year is the ideal time for setting financial goals, and here are four practical ways you can kick your year off to a great start. Decide what you want to achieve January is perfect for taking stock of where you’re at financially,… Read More »Four financial resolutions to kick start the new year
Christmas….. the time seems to fly from one year to the next! While it’s a joyful time for children and a wonderful time for family to be together, it can also be a difficult time. Organising and preparing meals, gift purchasing Christmas parties and functions can make it a busy time and sometimes it can also be stressful when credit card bills arrive in the new year. We have put… Read More »Making Christmas a time of joy, not a time of stress
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