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
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
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
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
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
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