One of our key rules when it comes to organising our clients’ financial affairs is: KEEP IT SIMPLE.
There is no need to create even more complexity, as doctors and dentists typically already have complex lives.
More complexity means extra costs and extra time commitments. More reliance on external advisers.
Self managed super funds are the perfect example of extra complexity that is often not required. I have written about this topic many times before.
But what does ‘keeping it simple’ mean for doctors and dentists?
Well, the fact that you earn a high income and typically have a long career, will get you very far in terms of wealth creation, if you can adhere to the following guidelines:
have a structure to capture surplus income and manage living expenses
have various diversified wealth creation strategies working for you
have the discipline to maintain these strategies and think long-term
So, before you make any changes to your financial position, just ask yourself: is it worth the extra complexity, or should you just keep things simple?
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If you feel your life is too complex and you need someone to give you clarity about what strategies will work for you, please feel free to contact me via Yves@affluenceprivate.com.au