Do doctors experience financial stress as well, despite their higher than average incomes? Yes, in fact I believe that many doctors do experience financial stress, whether it is as a result of a lack of time or knowledge to manage your financial affairs, or whether it is because your lifestyle is putting pressure on your cash flow.
Doctors are like many other people when it comes to financial stress, but with the added pressures of managing higher mortgage repayments and more expensive school fees and lifestyles, and often the complexities of running your own practice.
Given that doctors already experience higher professional stress levels than most people, you really cannot afford to add financial stress onto your plate.
Indeed, there is a clear correlation between financial stress and increased mental stress and even suicide. A recent Australian survey of more than 1000 people found that 70% of respondents have experienced depression and anxiety due to money worries, with 73% of respondents saying they felt stressed about their current financial situation.
What can doctors do to reduce financial stress?
There are some simple steps doctors can take to reduce financial stress:
I believe it is all about obtaining Clarity:
– You need to get clear about your current financial position;
– You also need to get clear about what really matters to you and how this affects the financial decisions you make; and finally
– You need to get clear about what steps you need to take to improve your financial position
Going through this process, alone or with the help of a professional, will give you the Confidence and Control to manage your finances with reduced levels of stress – this is the number one benefit our clients are so vocal about once they have gone through our planning process.
If you want to achieve that same level of confidence and peace of mind, then contact us today on 08 6160 5918 or email@example.com.
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