There is a wealth of evidence indicating that poor financial wellbeing impacts on health in terms of poor psychological wellbeing, higher stress and anxiety levels, and lower levels of good health. Unfortunately, financial stress in on the rise – read more HERE.
When we talk about financial stress though, we generally think about low-income-earners or people on Centrelink pensions, trying to make ends meet.
However, I can confirm that high-income-earners such as doctors also experience financial stress, albeit in a much different way of course, but nonetheless equally affecting.
Even though their disposable income is obviously much higher, many doctors are ‘living from paycheck to paycheck’. Private school fees, million dollar mortgages, expensive cars and holidays, as well as a generous lifestyle are the typical ingredients that lead to doctors experiencing cash flow pressures and financial stress.
Unfortunately, many doctors suffer in silence, as they feel too ashamed to seek help, or are too sceptical to seek advice. Years may go by, which only makes matters worse, as bad money habits become more ingrained and bad financial decisions are compounded by even worse decisions, as you are trying to make up for earlier losses. Frustration levels mount and start to affect your relationships and your work.
Just like a patient who is too proud or stubborn to go and see a doctor might miss out on early intervention and perhaps life-saving treatment, many doctors miss out on professional advice to help them get their affairs back on track.
The steps to a better financial future are simple though:
1) acknowledging the financial position that you are currently in; 2) educating yourself on the options and strategies; 3) determining what action needs to be taken; 4) implementing the required strategies and changes.
We care for doctors, as they care for all of us. For that reason, we have specialised in helping doctors to achieve better financial outcomes.
At Affluence Private Wealth we provide one-on-one advice and guidance in the strictest confidence, which comprises all of the 4 steps.
Via Medico CFO we provide life-changing financial education for doctors as a very affordable investment – it allows you to complete the first 3 steps. You can then choose to implement yourself or seek professional advice.
Whatever option works better for you, there are no more excuses – as a doctor you should not be experiencing financial stress!