Do Doctors need to have an Self Managed Super Funds(SMSF) ?

Self Managed Super Funds(SMSF)

Do Doctors need to have an Self Managed Super Funds(SMSF)?

I was recently at a medical conference in Melbourne and I talked to dozens of medical professionals about their financial situations. One topic that came up a lot was Self Managed Super Funds (SMSF) and if it was suitable for them. Let me explain.

A self-managed super funds (SMSF) is a private super fund that you manage yourself. SMSFs are different to industry and retail super funds. When you manage your own super, you put the money you would normally put in a retail or industry super fund into your own SMSF. You choose the investments and the insurance.

Given that it is a pretty sophisticated instrument and the advice differs for each person’s circumstances I thought I would approach the topic by answering the most common questions I get about SMSFs and how they can relate to medical professionals specifically.

  1. How much super do you need to justify? (Google these answers)
  2. Is it more tax effective?
  3. Can you purchase a property?
  4. How do you get a loan?
  5. How does capital gains tax work?
  6. Is it expensive to run?
  7. Is it a good choice for medical professionals?

These are the most asked questions I get but if you have other questions please message me and I will do my best to answer them for you. The bottom line is, if you want the flexibility and control to add a property to your portfolio an SMSF is a good choice.

Next blog I will be discussing tax-effective investments so keep subscribed for that information.

Regards

Clients want to be lead, guided and pointed to the right direction by their trusted adviser. Together with other financial professionals, I help my clients enjoy their life by providing a safety net and a peace of mind about their financial future.

If you would like an appointment to discuss your financial needs, email dillon@dreamwealth.com.au

Get In Touch

How do busy medical professionals build wealth with limited time?

How do busy medical professionals build wealth with limited time?

How do busy medical professionals build wealth with limited time ?

Working with super busy professionals over the last 15 years has honed my financial planning strategies for people just like you.

I understand that when a General Practitioner calls me, they want to get down to business as they have limited time to waste. They want practical advice on how to generate wealth that is not too risky and is easy to understand.

That’s why Australians love investing in property. It has been such a successful strategy for many people as it’s dependable, tax effective and relatively easy to acquire. People can easily understand the investment and feel secure in their decisions. But is it the right time for a property in your portfolio?

We live in uncertain times and new investment vehicles such as crypto have not held up to market scrutiny, shares have been quite volatile but property seems to hold firm year after year. It does fluctuate, but not as rapidly as other investments as people always need somewhere to live.

Not many financial advisors work with this asset class as it’s more work and effort for them, but their clients miss out. I think most portfolios should include some element of property to be complete. It reduces risk and maximises value.

That’s why I have specialised in creating a systemised and simple process for my clients. It involves setting up a Self Managed Super Fund, understanding your tax situation and also asset protection strategies to make sure it’s the best fit for your situation.

In future blogs, I will address all of these items so make sure you are subscribed to get all of the information.

Alternatively, if you are ready to discuss your specific needs send me a message to see if you qualify for a free financial health check valued at $497. Otherwise, I look forward to helping you get into your next property investment.

Regards

Clients want to be lead, guided and pointed to the right direction by their trusted adviser. Together with other financial professionals, I help my clients enjoy their life by providing a safety net and a peace of mind about their financial future.

If you would like an appointment to discuss your financial needs, email dillon@dreamwealth.com.au

Get In Touch