From Intern to Fellowship: Get Control of Your Money: Financial Freedom on Autopilot

tax returns for doctors

Tax Returns for Doctors: How to Get it Right

As your salary climbs, you will pay a higher and higher effective tax rate (% of gross income paid in tax).  Personal services income (i.e. doctors' income from seeing patients) is the most severely taxed income. Optimizing your tax return is just the start to minimising tax.  Read more tips on reducing tax, and don't forget to get independent tax advise ...
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how to organise bank accounts

Live Like a Resident: Will it Work for You?

Have you heard of the White Coat Investor? He is a US based emergency physician and finance blogger. I have followed his blog for years, inspired by his challenges to physician group think when it comes to managing money. An early article suggested a simple but highly effective tip: Live like a resident (trainee doctor) for the first 2-5 years ...
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Doctors income no longer secure: How to protect yourself

Doctors income no longer secure: How to protect yourself

Did you assume your income as a doctor would always be secure?  People always need health care don’t they? We are all aware of the devastating health and economic effects of COVID-19.  We have read so many horrifying accounts of deaths and healthcare system overwhelm from overseas, and are in a fortunate position to be in Australia (fingers crossed).Doctors are ...
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How to Include Fun Money in Your Budget

How to Include Fun Money in Your Budget

Common and sensible advice, is to save and invest 20% of your net income. This seems, ironically, both too small to make a significant difference, whilst also seeming a massive lifestyle sacrifice. So most put it off and lose out. Front loading savings by investing small amounts from the very start of your career will provide disproportionate results due to ...
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doctor income questions

How Do We Pay off Our Mortgage FAST?

We have just brought our first home!!! Do you have any tips on how to pay off a mortgage fast? Congratulations! Tips before paying extra into your mortgage: - Consider putting extra payments into an offset. This will save you the same amount of interest but you maintain more control (bank can't stop you withdrawing unlike in a redraw account) ...
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The Efficiency (and Unfairness) of Wealth

The Efficiency (and Unfairness) of Wealth

I have lived my adult life so far on a huge variety of incomes, now in my 40s with a small family and 5+ years into specialist practice. As my income has increased, I have noticed a change in the way I am treated by businesses, financial professionals, and the Australian Tax office. As a medical student, I somehow managed ...
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should i make a financial plan?

Reduce Tax Australia: Drs can Make Income Efficient

Tax was my highest expense in 2019/2020 – four times the cost of my next largest expense (housing). If you’re paying tax, you’re earning income. If you’re paying lots of tax, you’re earning plenty of dough, so have no reason to complain! But not all income is equal to the tax office. Tax avoidance is illegal, and will land you ...
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Money Confessions of a 40 Year Old Doctor

Money Confessions of a 40 Year Old Doctor

Financial Confessions of a 40-year old Doctor I started work as a terrified intern saddled with, what seemed at the time, a huge amount of debt. I remember wishing there was some sort of financial guide to help me dig myself out of debt, and use my wage in an efficient manner to create financial stability. In comparison with our ...
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should i make a financial plan?

How to Develop a Financial Plan and When to Do it

How to Develop a Financial Plan and When to Do It Should you employ a professional financial planner for a detailed roadmap of your financial journey? Or can you develop your own plan, keep moving in the right direction and review and adjust along the way? I've included a graph for the science lovers (based on "Observational data"). This one ...
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Money management doctors

No More Keeping Up with Dr Jones: New Year New FInances

No More Keeping Up with Dr Jones: New Year New Finances Most doctors are blessed with having a meaningful and rewarding career they love. The average intern wage is around $70,000, rising well above average Australian income within a few years. Doctors are in a privileged position of earning enough to cover the necessities (food, shelter, transport) fairly easily, providing ...
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