Paying it Forward

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 ...
Read More

Have you worked in a regional or rural area? Are you planning a career in remote medicine? Many believe all doctors should try out rural medicine at some time during their careers. Some understanding of the conditions and resources available to your rural colleagues will give you a far better ability to coordinate patient care in the future. Why Work ...
Read More

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 ...
Read More

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 ...
Read More

Like many health professionals, you are probably scared and uncertain. Last month, your life was normal, even mundane. Over the last few weeks, horrifying reports of the pandemic overwhelming healthcare systems have been bombarding our senses.Many are finding it difficult to think of anything else. Some are struggling with anxiety and stress insomnia. It’s hard to escape the tsunami of ...
Read More

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 ...
Read More

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) ...
Read More

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 ...
Read More

We've Paid off Our Mortgage - Now What? Congratulations on paying off your mortgage! What an incredible achievement! Most have been so focused on achieving this goal, they are not sure what to do next. With mortgage repayments gone, you will have a significant chunk of cash flow freed up. Most will keep their mortgage open whilst fully offset, for ...
Read More

Do I Regret Investing in Property? The First Six Months Just over 6 months I finally took the scary leap to purchase a property for investment purposes. I say finally, because I have had a vague plan to invest in property for over 15 years, but never felt I was financially ready or knowledgeable enough before last year. I spent ...
Read More