Medical professionals are typically considered high net worth individuals, due to their income and potential earning capability. However, this often attracts the top marginal tax rate with a sizeable chunk not making it into their pocket.
As an established medico, you will likely be earning more than the average Australian and feel financially secure. But in the 25,000 odd hours of training you undertook, did you cover the management of your personal finances? You may require financial advice to help navigate the tricky waters personal wealth management.
What’s more valuable – time or money? If you said “time” you wouldn’t be in the minority. Time, or the need for more of it, is the most commonly listed desire of professional people.
The cost of obtaining a medical qualification, either under or post graduate at an Australian university can leave graduates in hundreds of thousands of dollars of debt. Therefore it’s no surprise that one of the most common queries we receive from young medical professionals is whether or not they should repay their HECS / HELP debt early when they start making a good income.