Latest Financial & Investment News
Having worked with doctors and dentists for over 25 years, I know your free time is short. Subsequently, important financial tasks get sidelined. This month I talk about why taking a step back, helps you move forward, financially.
On the hamster wheel
I am sure you can relate to the feeling of being on the proverbial “hamster wheel”.
Those days, or weeks, where you barely have time to eat a sandwich at lunchtime, let alone think about the new ISA that your financial adviser mentioned on an email.
It is understandable how and why important financial and tax tasks therefore get delayed, whilst work and patients take the centre stage.
However, sometimes it helps significantly to take a step back from the everyday tasks, to then move forward, helping you recoup energy, time, focus and money along the way.
Taking a step back
When we operate at 100 miles an hour, lots of important details pass us by. We don’t have time to thoroughly review important information, including ideas that can help secure a better financial future.
Maybe there is a better rate for your mortgage, but you haven’t had time to complete an application.
Maybe there is a higher return waiting for you if you switch your investments. But you haven’t had time to do the calculations.
Taking a step back, even if time doesn’t really allow, inevitably means you can digest your options fully and be in a better position to make decisions.
Taking a step back could be in the form of one day per month allocated solely for personal financial planning. If one day isn’t manageable with your schedule, then a few hours that is dedicated could be just as useful.
“One reason why I make myself available in the evenings and weekends, is that I understand this is when doctors and dentists can make time to discuss important financial issues” Darren Scott-Guinness
Allocate one evening per month, or one Saturday morning, to researching the latest financial products, speaking with your financial and mortgage adviser, as well as your tax adviser or accountant.
Taking two steps forward
Depending on your circumstances will depend if urgent action is required.
With most financial planning, it takes place gradually, over many years, so there is typically time to research, plan and change course if necessary.
The important thing is to make the time regularly each month, else you will only ever stay static, and not move forward.
Allocating time each month, or week, will enable you to build up a deep understanding of your current financial position and be poised to seize opportunities as they arise.
This will give you a sense of control and pro-activity.
Read more of Darren’s monthly features on topical financial and investment issues:
- July 2016 – Why don’t doctors & dentists focus on retirement planning?
- June 2016 – What my client’s are asking about Brexit
- May 2016 – Bank of “Mum and Dad” – how to keep your money safe
Need help with financial planning? Speak to Darren
Dental & Medical Financial Services are specialists in helping doctors and dentists make gradual, solid financial plans through regular assessments. Call to speak with Darren.
Tel: 01403 780 770