Proper Financial Planning for Doctors Help Bridge the Gap in Wages

May 28th, 2014

You’ve studied for several years and after seemingly endless bouts of hard work and sleepless nights, you’ve finally become a full-fledged medical doctor. Life is supposed to get a little easier now that you’re earning six-digit wages every year, right?

The answer to that: not necessarily. According to professional medical recruiter Dr. John Bethell, there is a huge discrepancy among the wages earned by doctors:

“From a mile away all doctors look much the same, but get up close and it turns out that they come in many shapes, sizes and disciplines. The differences are never more starkly revealed than by a quick glance at their tax returns at the end of the year.

A recent article in the Sydney Morning Herald highlighted a couple of things. Firstly, compared to the typical Australian wage earner (with an average taxable income of $51,342) doctors are paid pretty well – at least three times as well to be precise.

But within the Australian medical profession itself it turns out that surgeons earn an average of $350,000 compared to the average medical practitioner at $155,000 per annum – between 2-3 times higher.”

There is no need to fret over the numbers, even if you do fall in or under the lower average. Despite earning less than other doctors, you can make the most out of the wages you earn by hiring a firm that offers proper financial planning for doctors.

An experienced financial planner, like one from MEDIQ Financial, can help you grow your money by helping you find sound and diverse investments. Making smart investments early in your career provides you the extra financial breathing room you will want later on in life when you start thinking about retirement.

A smart financial planner can also help you achieve accurate medical accounting. This is an undoubtedly nifty service to have when tax day draws near. These professionals can also help you identify substantial tax deductions, allowing you to keep even more of your hard-earned money.

In terms of finances, being smart with your money is far more important than the amount that you earn. You undoubtedly have big financial goals, and a financial planner can help you achieve them. After all the hard work you’ve put into becoming a doctor, you definitely deserve that much.

(Source: ‘It’s not fair!’ Why are some doctors paid more than others?; OffTheScript.com.au; July 15, 2013)