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Building and protecting your wealth

Successful People Still Make These Financial Mistakes

We’re all working towards many of the same financial goals, such as wealth preservation and protection. High-income earners tend to have an easier time building and maintaining that wealth, with more options for investing and accessing funds that allow you to save and live as comfortably as you wish.

This does not constitute advice and advice should be sought in all instances before acting on it.

But sometimes high-income salaries just don’t cut it.

Even the wealthiest among us won’t reach their goals if they make poor financial decisions, so it’s important you know how to make your money work for you and learn from the five biggest mistakes people make.

1. Thinking you can out-earn bad spending habits

Just because you have access to money, doesn’t mean you should spend it. Even if you’re earning a lot, you need to spend responsibly. Don’t think that you can buy whatever you want and live as luxuriously as you please and you’ll still have enough to put into the bank. Prioritise saving and investing above frivolous purchases and live within your means.

2. Being unaware of spending habits altogether

It’s one thing to know that you’re spending more money than you’re saving. It’s quite another to not have any idea what is happening with your money. If this is your current situation, begin to resolve it by tracking your income and expenditures. This will make you aware of exactly how much money you spend and what you’re spending it on and can help you identify areas where you can begin to cut back. Remember the old adage: “waste not, want not”.

3. Avoiding automation

It can be difficult to remember to make all the necessary financial moves each month, which is why the first step you should take when overhauling your finances is to automate things as much as possible – payments and savings alike. It’s easy to forget a one-off payment or transfer, but if you take the time to sit down once and set up everything that needs to be done regularly, you’ll be one step closer to financial fitness.

4. Assuming you can take care of taxes and estate planning yourself

It’s highly probable that you’re earning a lot of money because you are a specialist in your field. You wouldn’t expect financial experts to understand your skills, so wouldn’t it be arrogant to assume that your knowledge extends to other areas like tax and estate planning? Thinking you can get the best results without consulting a professional – especially as a high earner – will only lead to missed opportunities and loss of money.

A financial advisor that specialises in the healthcare sector is best qualified to help you with your financial plan – they understand the industry and the unique demands that go right along with it. Which leads us to our next mistake…

5. Not working with a financial adviser

Again, this goes back to the idea that just because you have money, you know exactly what to do with it. Unless you’re a financial adviser, your expertise is not financial services, which many high-earning medical and dental professionals often forget. Your intelligence probably does not translate from healthcare to money matters; you have your specialty and Independent Financial Advisers have theirs.

In fact, busy professionals are perhaps the group that could benefit most from having an IFA in their corner.

They can save you precious time and energy by taking over financial planning for you. Financial advisers that specialise in dental and medical services are uniquely placed to help you identify and resolve issues you might run into as a healthcare professional. Don’t hesitate to reach out to us today for help building and protecting your wealth.

Want to build & protect your wealth?

Investments | Financial Planning | Retirement | Save Tax | Protection |

Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
Call Darren to discuss your options.

Tel: 01403 780 770


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