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The 5 C’s Of Financial Planning For Doctors And Dentists

The beginning of a new year is always a good time to reflect on what we would like to do better.

For many doctors and dentists the focus should be on improving your financial position.

As we have discussed in many previous posts, too many medical professionals are very disorganised financially and suffer unnecessary stress as a result.

Let’s have a look at 5 simple concepts that will help you improve your financial position this year.


Without clarity, or clear financial goals, you simply won’t make any progress.

What would you like to achieve financially, for yourself, your family?

You should also take an objective look at your current position and identify any areas for immediate action.

Maybe you have always put off doing your Wills, or you have never updated your insurance levels, consolidated your super funds…


Once you become clear about where you are and where you would like to be financially, you need to take action.

If you don’t have the time, interest or knowledge to implement any financial changes, you need to look for a trusted adviser who can assist you with this.

I have written a useful eBook on how to find a suitable financial planner for doctors and dentists. You can download this at


As doctors in particular start working later than most people, you are disadvantaged when it comes to building wealth, including super. It is difficult to make up for lost time when it comes to investing. The sooner you can get started, the better.


Managing your credit or finance is a critical aspect of achieving financial success. Many doctors and dentists simply borrow too much for their home, and as a result limit their other financial strategies, such as investing in super, etc.

Negative gearing in property is typically promoted as the main wealth creation strategy for medical professionals, but I believe this has many pitfalls, and should be combined with several other wealth creation strategies and investments.

Cash flow

Taking control of your cash flow is the final ingredient to bring all of this together. Your income as a medical professional is your biggest asset, but can also be the biggest hindrance in the quest for financial freedom.

If you believe that you can always make some more money and spend it freely as a result, you will forever be on the ‘hamster wheel’.

Applying your cash flow to wealth creation and debt reduction will give you greater lifestyle choices in the future.

Think about what has been holding you back financially all these years, and make 2018 the year where you take positive action.

Contact us on 08 9381 2704 or email me at if you would like some help implementing your good intentions.

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