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How Doctors And Dentists Can Balance Cash Flow Pressures

‘How can I make the most of my money? There never seems to be enough. I am not sure where it all goes.’

These are some typical comments I hear on a daily basis when working with medical professionals.

I have said it many times before, earning $300-400,000 p.a. does not mean you are a millionaire and have no money worries!

Quite the opposite, because when you earn that level of income as a doctor or dentist, you will need to be very deliberate about how you manage your cash flow.

You undoubtedly face some or all of the following pressures:

– Mortgage repayments – Student loan repayments – Car loans – Single family income – High income tax – School fees or daycare fees – Living expenses and holidays

So where do you start?

Well, this is how we help you get back in control of your cash flow:

1) Analyse the facts: how much do you spend, how much do you earn after-tax?

2) Through our financial modelling, demonstrate how much you could/should be generating in surplus cash flow based on the above

3) Set goals and financial priorities, and then implement automatic payments to fund those goals – you commit to not spending that money on anything else!

4) You will instantly become more focused on and accountable for what you spend

5) Can we optimise some of the expenses: reduce insurance premiums, negotiate a better loan interest rate, etc?

6) Can we optimise your tax planning and after-tax outcomes?

7) Is their scope to grow your income/business?

8) Monitor your progress and review your cash flow structure as circumstances change

The outcome?

Invariably our clients see an almost immediate increase in their savings rate and reduction in stress levels.

Now, there is no magic pill. Sometimes you may have to accept that for the next couple of years you may not make much progress in terms of repaying the mortgage because you are on one income, or are not yet at your peak-earning capacity for example.

But we can show you the bigger picture, and the light at the end of the tunnel. We can show you what you need to focus on now, in 3-5 years time, in 10 years.

If you want to be more deliberate about your family’s financial future, reduce your stress levels and take control back, then contact me today.

Every month I offer 10 Strategic Cash Flow Sessions (at no cost to you), where we can discuss your personal circumstances in complete confidence.

The next available sessions are for March, as February is already booked out.

Don’t delay another day. My details are below.

0432 885 295 or Yves@affluenceprivate.com.au


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