Don’t Let Low Hanging Fruit Rot……
Here is a statistic. 15-25% of a medical practice expense relates to nurses and admin salaries. But many don’t know that. So, it is not unusual for a medical practice owner to tell me that “the more staff I have, the more it’s costing me.” and wants to talk about changing rostering etc to keep […]
We Accountants Have a Problem
For decades we accountants have told our clients that their main asset which is usually their home should be owned by the spouse with the least risk. This usually also equated to the spouse with a lower income. Now when I say ‘We’ it does include me although I never really pushed it, nor charged […]
Mental Health – It Affects You Too.
Covid19 knocked everything off the table. In the obsession to keep hospitals clear and deaths at a minimum our State and Federal Governments have kept many people at home. But what has that cost us elsewhere? In our obsession, we fail to realise the effect on other parts of our health. There is a belief […]
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The Taxman is Gunning for Your Family Trust
Or is he? We all know that there is nothing like fear to scare people into action. And legal firms and accountants appear to have become experts at it. Especially when it comes to medical professionals. ‘If you don’t take advice from us (and pay us serious $$$) we guarantee the taxman will hang you […]
Should I Overpay my Mortgage or Invest?
It’s a question I get asked a lot. The honest answer is I don’t know. And now you’re thinking I’m useless as an expert in financial matters. But the reason I have no idea is because it depends on personal circumstances and there are a lot of variables. It’s like me asking you to diagnose […]
Should I Buy a Building or Take Out a Lease?
This is one of the first questions I get asked when a medical professional speaks to us about setting up a new practice. With cheap money flying around and bankers seeing medical professionals as high earners with low risk, they are happy to ‘show the money’. In reality, it’s a bit tricky. That’s because to […]
Is Your View of Money Real?
Perception is strange. The truth can be sitting in front of people, and they totally miss it. In the UK I was once debating the Arab/ Israel conflict and said something. The Arab thought the comment was pro-Israeli. The Israeli thought the comment was pro Arab. I am not sure how that is even possible […]
Negative Gearing is Crap….. And its Not Only Me that Says So
I have always been concerned about negative gearing. I believe it is a bad wealth strategy. To then make it tax beneficial gives the false sense of security and wealth creation. And what makes me even more angry is that accountants for a generation have been selling this to medical professionals (and making insane commissions) […]
Smelly Sweat & Tears Rarely Make a Medical Practice Successful.
Advance warning – if you are a practice owner, I am going to burst your ego. You see most practice owners will say they built their business with long hours, sweat and tears. In some cases, many tears. I often see the tears, but rarely do I smell the sweat. Maybe we all use good […]