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How Doctors And Dentists Can Achieve Financial Freedom In Their 50’s

The healthcare professionals that seek our advice share one principal lifestyle goal: to not feel any financial pressures by their mid-50’s and to be able to make lifestyle-professional choices.

They see their older peers having to continue to work because of financial necessity, and do not wish to find themselves in the same position 20 years down the track.

So what are some of the key ingredients you need to focus on, to achieve that goal?

  1. Control Debt

The number one financial pressure you might feel is having to repay debt…most people don’t like it. As such, one of your primary goals in pursuit of financial freedom should be to ensure that you are debt-free by your mid-50’s.

How to achieve this? Well, put simply:

Don’t borrow too much for your house, cars, etc.

Before you take on any loans, work out what your repayment timeframe and strategy is. There are plenty of online calculators to help you with this.

It is easy to establish what your repayments need to be to extinguish a loan in a certain timeframe – if this doesn’t suit your budget, then think again and borrow less.

  1. Manage cash flow

You need to get hands-on with your cash flow.

I don’t mean that you should count every dollar, but you need to have a good understanding of what your savings capacity is, and what it should be, if you are to achieve your debt repayment (see above) and wealth creation (see below) targets.

I find that the number one thing you need for effective cash flow management, is a solid structure. You need to create a system whereby you automate savings and naturally restrict your expenditure.

Without good cash flow management, you have already lost the battle.

  1. Create wealth

In order to achieve financial freedom or security, you will need access to investment capital and/or passive/investment income.

Compounding is your friend, so the earlier you start investing, the more your capital will work for you.

You need to make smart investment decisions, buy quality assets and remain disciplined, and to do this you will need to educate yourself.

  1. Educate yourself

You don’t need to become a financial guru or investment expert, but you do need to understand basic financial concepts and investment principles, to avoid costly mistakes.

You can find free education on my website, blogs, podcasts and videos, and there are so many other resources out there.

While these four ingredients are a good starting point, I find that many doctors and dentists want expert advice, to help them distil that information in a personalised plan.

I would love to help you with your journey towards financial independence, so feel free to contact me via Yves@affluenceprivate.com.au or 0432 885 295.


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