Medico Planning Author: Synthia Sekar At Amega Financial Planning, we understand the importance of managing your finances from the moment you start earning an income. This is especially true if you are in the field of Medicine and Health Services. Most doctors and healthcare professionals, after graduate school, will be developing their skills to specialise or acquiring some years of experience before they think of building their financial assets. At the same time, they may be acquiring significant debt. It the early stages of your career as a medical practitioner, it is advisable to take control of your finances and protect your position. You can:

• Protect your income and loved ones through appropriate insurance cover. Individuals who are working in healthcare may experience a high level of stress and may get sick more often.

• Establish the appropriate tax structure to distribute your income perhaps via a company or trust. Seek financial advice either from a tax accountant, financial adviser or both.

• Build assets by:

• buying a practice
• buying equipment for a practice
• setting up a practice for specialised health services
• setting up a Self-Managed Super Fund.

An independent mortgage broker can help you with personal and business loans, professional indemnity insurance and any business insurance needs. In general, an accountant will help you with tax and money from the past financial year, and lodging your tax returns. A mortgage broker will help you find the right personal or business loan for your current needs. A financial planner will help you gain control of your current financial position, protect your assets and periodically review your situations, guiding you to a better financial future. General Advice Disclosure: This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.