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FRIDAY FEATURE: 3 Reasons to Give Your Finances a Health Check Up

Aren’t you always preaching to your patients the importance or regular health checks, and why structured check-ups mean that problem areas can be detected early, and rectified before they become a major concern? The same applies to your finances. Careful monitoring of your finances is essential to ensure you are not only keeping on track, but also maximising your financial opportunities.

This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. 

Don’t find excuses. Find reasons.

In the 25+ years that Dental & Medical Financial Services have been helping healthcare professionals with their financial planning, we have witnessed most scenarios. From people making significant wealth over their professional life, to those that stood to lose all their money due to mis-management, and, of course every sort of scenario in between.

We have also witnessed every excuse about why financial planning gets left at the sideline.

“I’m really very busy”
“I think my wife takes care of this for us”
“I ignore what I don’t fully understand”
“I’m stressed out and this will just add more pressure”
“I plan to do this next week / month / year”

The most financially successful and wealthy doctors and dentists we speak to, don’t make excuses.

They instead find reasons to regularly discuss their financial position and keep their investments, savings and retirement plan in good health.

Here are 3 reasons to give your finances a health checkup.

(1) You can make your money work harder for you

Maybe you don’t aspire to be a billionaire, however, it is likely that you wouldn’t want to lose everything either.

After all, only you know the hours you have to put in to make your money. 

If your finances are not carefully monitored then, best-case scenario (if you can call it that), you will miss out on opportunities to make money and save tax.

Worst-case scenario, you could end up in debt, with a less than comfortable retirement and nothing to pass to your loved ones after you have gone.

Everyone’s financial agenda is different, but most share the same common ground to make the best of what you have; to make your money work harder for you. 

Selecting the best investment and savings products, or moving your mortgages to cheaper deals, can only be achieved if you regularly check-up on your financial position.

(2) You can curb unnecessary spending

Whilst income and profit generation is important if you want to be financially well-off, some argue cost management is even more important.

It isn’t co-incidence that the people with healthy levels of wealth are rarely seen wasting money.

Regular checks on what you are spending your money on, will mean you can make adjustments and save on unnecessary spending.

This ensures you leave enough in the pot to put towards real wealth generation, such as investments, property and retirement planning.

(3) You can save tax through careful planning

Knowledge about your business and personal financial position, means you are sufficiently armed to plan more effectively to save tax.

Reviewing accurate financial figures on a regular basis will help you get a full grasp of your tax liability and how to make amends if you are veering off track.

This isn’t something you have to go at alone! Speak with your accountant and financial adviser to maximise your tax savings, whilst also continuing to focus on building your wealth.

Read more of Darren’s monthly features:

Give your finances a health check-up!

darren-scott-guinness-financial-adviserDental & Medical Financial Services have been helping doctors and dentists with financial planning for over 25 years. Call to discuss your options with Darren:

Tel: 01403 780 770


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