Chapter 12 Retirement
To everything there is a season, and retirement comes to all of us eventually. (well, at least we hope it will!) In this chapter, we discuss the best ways to retire and the best ways to fund that retirement. It is one of our most popular topics, so enjoy.
Chapter 11 – Debt and GPs
Debt and its effective management can make all the difference to your financial wellbeing. Almost nobody can get ahead financially without using some debt – even if it is simply a home mortgage that lets you buy the all-important family home. But not all debt is the same. And just as the right kind of debt can make a huge positive difference to your finances, so the wrong kind of debt can be a true millstone around your neck.
Chapter 10 – Super for GPs
Superannuation is the universe’s gift to all people who work. Tax advantaged and asset protected, it makes particular sense for doctors. This chapter examines the two main types of super fund that suit doctors, while also discussing the third type that does not suit (and tells you why!)
Chapter 09 – Risk Insurance for GPs
If someone relies on your income (and that someone might be you), then you need to get some life insurance. This chapter introduces the main types of life insurance and will help you make an informed decision about the type and amount of cover you need, now and in the future.
Chapter 08 – Investing in shares
When it comes to passive investing, there are only two broad options: property and shares. Doctors should do one or the other. This chapter tells you all you need to know to get started in share investing.
Chapter 07 – Your next next best investment: practice premises
You are going to spend a lot of your working life at your practice premises. It makes sense to own them and to make them as pleasant as you can. Often, the capital gain on a property is worth more than selling the actual practice. And being your own tenant is usually reassuring.
Chapter 06 – Your next best investment: a family home
Home values don’t go up every year. But they do go up every decade. When you look at home values over the decades there is a significant upwards-sloping trend line. The GFC dampened home values in the final part of the 2000s. But the Real Estate Institute of Victoria reports that the median house price in Melbourne rose by 5% in the last three months of 2016 alone. That tends to be the way with property prices: flat years are interspersed with strong ones, meaning that growth is generally lumpy, but positive over time.
Chapter 05 – Investing in your practice (a doctor’s number one investment!)
Should you buy a home or start a practice? Well, owning a practice usually makes it easier to buy more home, so our advice is usually to start with that. In this chapter, we discuss the ins and outs of buying or starting your own practice and explain exactly why your own practice trumps pretty much every other type of investment you might make.
Chapter 04 – Financial Planning for, ahem, senior GPs
If anyone knows about the best way to do retirement, it is a GP! In this chapter, we tell you how best to go about implementing your own good advice – how to start retiring early and then never stop!