You are in the early stages of your journey as a medical professional, and planning for life after work is probably the last thing on your mind. But consider this: Over the coming years, your income will likely increase significantly, and you’ll become accustomed to a certain lifestyle. At some point, you will decide to stop work, and we want to ensure that stopping work doesn’t mean stopping your preferred… Read More »Your Journey Begins
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
Compound interest is the eighth wonder of the world. “He who understands it, earns it… he who doesn’t… pays it.” ― Albert Einstein. Warren Buffett has said that compound interest is an investor’s best friend and compared building wealth through interest to rolling a snowball down a hill. A simple way to see the effect of compound interest is ‘The Rule of 72’. It’s a simple yet effective tool that… Read More »The 8th Wonder of the World
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
In the labyrinth of financial complexities, finding the path to wealth creation can seem like an overwhelming expedition. Amidst a sea of options, strategies, and uncertainties, doctors tell us they want to partner with a firm that can work with them to guide their way forward. At its core, the Wealthmed Integrated Advice Model creates clarity amidst the financial fog. It serves as a comprehensive guide for advisers, empowering them… Read More »Wealthmed’s Blueprint for Financial Success for Medical Professionals – Part 2
In the field of tailored advice specifically for medical professionals, Wealthmed’s focus is on comprehensive support and strategic planning. At its core lies the Integrated Advice Model, a meticulously crafted approach designed to seamlessly intertwine various facets of financial practice into each client’s unique trajectory toward financial freedom. This model is at the heart of advice at Wealthmed. This approach is crucial in understanding the intricate interplay of different financial… Read More »Wealthmed’s Blueprint for Financial Success for Medical Professionals – Part 1
Just as the Grinch stole Christmas, excess spending can rob us of all of the yuletide happiness. Seasonal credit card splurges can create ballooning long-term debt, while unnecessary consumption inevitably leads to a blow-out in rubbish bin waste. The Commonwealth Bank of Australia estimates $11 billion is spent on presents each year, including some 20 million unwanted gifts. At the same time, seasonal celebrations boost landfill rubbish by a massive… Read More »6 steps to a sustainable Christmas
Currently, only one in 20 Australian fathers choose to take primary leave, but with many organisations updating their parental leave policies to remove gender biases, an increasing number of families are reaping the benefits of shared parental leave. From financial benefits to the household, strengthened relationships between parents and their children, greater career growth opportunities for primary caregivers, and flow-on benefits to businesses, shared parental leave brings value to both… Read More »Why shared parental leave benefits the whole household
It is commonly assumed that seeking financial advice is for the wealthy, and it only helps the rich become richer, yet financial advice can prove useful to anyone who wishes to better their financial future. Financial advice is like getting a health check-up for your financial situation. Your financial adviser is like your personal trainer, assisting you in achieving your best possible financial health. Seeking professional financial advice provides you… Read More »Why financial advice may be your best investment
If you were paid the average annual wage of $89,003[1], you could potentially earn over $10,751,000 over a 40-year working life[2]. You would use this money for daily living, for holidays, to accumulate assets like a house and car, and to save for your retirement. Being injured or taken ill, for only a short period, could severely affect or even cancel some of these plans. What would you do? Your… Read More »What would happen if you couldn’t work due to illness or injury?
A study conducted by the Australian Stock Exchange reported that nearly 25% of investors over the past two years were aged 18 to 24. These young Australians were found to be knowledge seekers, keen to take on life and begin their journey towards financial security. If this describes you, congratulations! You get it, you really do. You’re Next Generation Investors who know that building financial independence starts early. However, according… Read More »Foundations of a wealthy lifestyle
Australia has a progressive income tax system. This simply means that higher income earners pay a greater proportion of their income in tax than low-income earners. It is achieved by applying a different rate of tax to each income band or “bracket”. The tax brackets and relevant tax rates applicable from 1 July 2020 are as follows: Tax bracket Tax rate (excl Medicare) $0 – $18,200 0% $18,201 – $45,000… Read More »Don’t let tax creep up on you
When it comes to getting the most (money) from your annual tax return, there is usually a lot to think about, so we’ve identified a few options that could open the door to some opportunities to save on tax. The key here is to plan ahead Deductions — lower your tax liability Pay now for some of next year’s expenses If you have some spare cash available, paying for certain… Read More »Get your Tax ready for June 30 – NOW!
One of the keys to financial success is to adopt the right strategy at the right time. As you move through the stages of life here are some tried and tested ‘secrets’ that will help you build and protect your wealth. Teens and young adults Time is on your side so get saving. Through the magic of compound interest, a little bit invested now can grow into a big amount… Read More »Unlocking financial secrets for different phases of life
When most people think of salary sacrifice they think of superannuation. It’s pretty easy to see why. If someone earning $100,000 a year takes the last $10,000 of that amount as cash salary, they will pay $3,900 in tax and the Medicare levy. Salary sacrifice that same amount as a concessional contribution to super and only $1,500 will be lost to tax. The reduction in the annual concessional contribution cap… Read More »Salary sacrificing is not just about super!
As we move towards the end of yet another year and ponder how fast the last 12 months have come and gone, many of us find ourselves thinking about the coming year and our aspirations for the future. Let’s face it, we’ve worked hard throughout the year, and now is the time to reflect on what we have achieved; where we want to go; and what we need to get… Read More »New Year Financial Checklist
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
Investing in different asset classes such as equities, commodities, and fixed-income assets is a great way to accumulate wealth, but it is important to have a sound investment strategy in place. This article covers five warning signs that you may be gambling instead of investing. The potential financial results of investing can feel limitless, and it can be tempting to think that just one stock pick could make you an… Read More »Are you investing or gambling?
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
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
We want the best for you and your tenants during these difficult times. Therefore, we suggest you follow the below checklist for Landlords with Tenants requesting lower rent: Has the tenant provided proof of termination, stand down or reduced work hours? Has the tenant applied and able to provide proof of either the Jobseeker payment or has their employer applied for the Jobkeeper payment. Has the property manager explained to… Read More »What to do when tenants request lower rent during COVID-19
We have been talking to a few IT businesses and been noticing a massive increase of cybercrime activity trying to take advantage of the current COVID-19 situation. There are a number of phishing schemes already out there, and Microsoft has just announced there are a number of known exploits in Windows that are being taken advantage of at the moment. We will never ask you to authorise withdrawals without you knowing… Read More »Cyber activity – Don’t get scammed!
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)
You might be wondering what insurance cover you have if you contract 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. We have had some questions and thought we should send you this brief summary to help you understand where you stand. Your insurance policies will cover you if you contract COVID-19 for; Death… Read More »COVID-19 and your insurance cover
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
A health crisis can occur at any time of life, but the risks obviously increase as we age. Unfortunately, due to this increased risk of illness or injury the cost of insurance for those over 50 can be high. As a result, people in this age group are tempted to drop their insurance cover altogether just when the need is at its greatest. If age 50 is on the horizon,… Read More »Prepare for the unexpected
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
Most of us have the desire to be in control of our finances, but taking the first step towards getting financial advice can sometimes be hard. Depending on which life stage you are in, your financial goals will differ. Therefore, it is important to be aware of these different life stages when it comes to financial planning. Additionally, having the right financial adviser to guide you through each stage will… Read More »Financially planning for life stages
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.
At Wealthmed, we create services that are simple to use while being detailed enough to meet compliance obligations with the ATO. In this blog post, we will discuss three key areas we can assist you if you are planning on locum sole trading. Tax Perspective Becoming a locum sole trader is a big change – you need to manage your own future tax liabilities, as tax is no longer deducted… Read More »The Wealthmed Journey of Locum Sole trading
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