There is a misconception that if you earn top dollar you are wealthy. There is nothing further form the truth.
Every Year the ATO tells us the top 10 earner in Australia. 5 of those spots are held by medical professionals. So, you would expect the top 10 wealth holders to covered with Medical Professionals. I can tell you they are none.
It’s not that medical professionals don’t have wealth. You do. Its that they don’t have as much wealth as they should have considering their high incomes. And that baffling.
So, the question is why not? It’s an interesting question and this podcast tries to answer that, and we think there are two reasons why.
I discuss how it is that a tradie earning 25% of what an ordinary medical professional earns can still have more wealth than the average medical professional and why generating alternative income is more important for a medical professional than any other professional.
Once we have discussed that I go into detail on how you as a medical professional can build wealth and what the 3 parts are that you need to concentrate on to get a proper plan in place.
One thing for sure. Wealth does not build by itself. It needs a strategy and a plan.
Here’s why you should listen:
- Why is it that medical professionals do not build as much wealth as other people on similar income? We think there are two reasons and we discuss this.
- How is it people who earn considerably less can be more wealthy? The wealthy do one thing that most medical professionals do not.
- What 3 things as a medical professional you need in place to break the trend? You need a foundation, manage cashflow and passive income streams
- Whats you next step? You need to start right now and we tell you the first step you need to make
- Why the urgency? With the new changes to CGT and trusts, now need to plan now.
You can watch the podcast or listen to it.