Returning to the workforce after a period of leave is a big adjustment for anyone, but long hours, fast-paced environments and keeping up with specialised knowledge makes returning to the medical industry a particularly challenging one. Add in the additional pressure of balancing work and family, it is no surprise at Boutique Advisers we see an increasing number of medical professionals when returning to work, are opting to seek the help of a financial adviser. This way they can make sure that while they are working hard, their money is also working hard for them.
New Financial Position
Clarity of your financial position is an essential step to developing a plan that articulates the years to follow and what’s important to you. Identifying new expenses such as childcare costs and specialised medical insurance enables you to have confidence around your core expenses and establishes your surplus cash to direct towards goals and building wealth.
Future Career Plans
Having a clear career path will enable you to plan for the future so that you are taking advantage of relevant strategies available to maximise financial progress. If that’s combining public and private practice or establishing a consultancy, the financial implications of these decisions can be made easier. This can be done with the clarity of financial modelling to help make confident life decisions about your financial future at every stage of your career.
Making financial progress
Notwithstanding all the unique financial challenges that come along with a career in the medical field, the potential to earn large sums of money is viable. Therefore, it is important to utilise specialist advice to grow wealth and make the financial progress that a medical professional income allows. Time is a huge factor as to why medicos do not direct attention towards their finances. Passion is what drives you in your work to look after people, therefore it is beneficial to also devote some time so your money can look after you.
Retiring Comfortably
Having options around when and how you retire ought to be a long-term goal for any medical professionals, whether you have built a private practice, consultancy or worked in the public sector. Getting on the right track early on and building retirement wealth through the appropriate tax structures will ensure the retirement you desire will be achievable when it comes time to stop work.
Generational Wealth
With higher income comes the opportunities to use wealth in a variety of ways, one of those may be to build generation wealth for your family. Later in life we naturally turn our thoughts to our legacy and what that may stand for. Building wealth that can be passed down to children and grandchildren is a possibility with higher income earners such as medical professionals. The purpose of your income now and where you direct that can have a tangible effect on the financial lives of younger generations of your family, By utilising your resources and available strategies now will put you on a path to achieve that goal.
To further discuss these considerations and how they may impact you and your financial future please contact Jodi Escudier and the team at Boutique.