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Key financial issues for Fellows and Medical Specialists

Doctors face different financial issues at different stages throughout their career. In this series of articles, I would like to explore these issues in more detail. In this article I will outline the key financial issues affecting Fellows and Medical Specialists in Private Practice.

Repaying your mortgage

In previous articles (click HERE) I have highlighted the advantage of paying off your mortgage in 10 years or less. This should be one of your primary wealth accumulation strategies if you have a significant mortgage.

Tax planning and structures

You need to seek advice before starting your private practice, to ensure you are taking advantage of all the tax planning opportunities available to you. You can read more about your tax planning options HERE.

Estate planning

At this stage of your career you typically have a young family and also (business) structures such as trusts and a self managed super fund. If you haven’t already prepared Wills, then you should action this as soon as possible. You can read more about this topic HERE.

Beware of lifestyle creep

Your income is still climbing and is far above the Australian average by now. You need to be careful that your lifestyle does not exponentially go up as well. You can read an article about avoiding lifestyle creep HERE.


Your super is probably not really on your radar, but typically you would have a substantial balance by now and are probably contributing a fair amount every year. If you are starting a private practice, you may look at the option of starting a self managed super fund and buying your own rooms.

Summary – key financial issues for Fellows and Medical Specialists

Starting your private practice can be one of the most powerful wealth accumulation decisions you make. However, the better your planning, the better the results will be. This is the stage in your career where expert advice is indispensable. Please also refer to a previous article on this topic – click HERE.

About Yves Schoof

I specialise in medical financial planning and coordinating the financial affairs of medical professionals. I have been recognised as one of the Top 10 financial planners in Perth and Australia. I am a Certified Financial Planner and member of the Financial Planning Association of Australia.

As I understand your time is extremely valuable and scarce, I am able to offer flexible meetings times, including outside business hours and during the weekend. I can even come and meet you somewhere convenient, or talk via videoconference on Skype.

My first consultation is free. I allocate up to 90 minutes to discuss your personal circumstances and to establish how I may best assist you. Where you already have an existing adviser, I would be happy to offer a second opinion. I always quote a fixed dollar fee before we start working together.

Please contact me on or call me direct on 0432 885 295. You can follow me on Twitter @YvesSchoof or connect with me on Linkedin to receive new articles.


Yves Schoof and Affluence Private Wealth are Authorised Representatives of Synchron, AFS Licence No. 243313. The information posted is intended to be general in nature and is not personal financial product advice. It does not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant product disclosure statement (PDS) or other offer document prior to making a decision.

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