An invitation for RCS members to get a financial health check, compliments of Chase de Vere Medical.
With so many demands on your time, it may be difficult to give your personal finances the attention they really need – and mistakes can unfortunately happen.
Here are some of the most common financial pitfalls you should watch out:
Not understanding your pension
Not for the faint-hearted, the NHS Pension can unnerve even a pension expert. Decisions made without a true appreciation of your positon could leave you significantly worse off in retirement, or working for longer than you had planned.
Not being adequately insured
Serious illness, an accident or death can wreak financial havoc. Doctors need to be well insured against financial hardship, especially if you have family members relying on you.
Not saving enough
The temptation to spend what you earn is a strong one, but it can prevent you from fulfilling plans such as building an emergency fund, purchasing a new home, paying for your children’s education or setting aside enough for retirement.
Not being tax savvy
The higher the medical career ladder you climb, the higher your tax bill. There are many tax shelters and breaks that doctors can take advantage of but just aren’t informed about.
Not picking the right investments
Investing can be a great way to grow your money but it’s all too easy to lose your way and find yourself with complicated ‘exotic’ products, taking on too much risk, paying high charges or making panic calls when the markets wobble.
Good advice can help you to avoid these costly mistakes and make 2021 your best financial year yet.
Doctors face unique challenges when it comes to managing their personal finances, which often calls for specialist advice. That’s why we work with specialist independent financial advisers Chase de Vere Medical.
Arrange your complimentary financial health check today
Available by phone or video, over 60 minutes a Chase de Vere Medical expert will assess your current situation, understand what you’re looking to achieve, and suggest ways they can help to improve your personal finances.
Book your financial health check
Important information:
The value of your investment can go down as well as up and you may not get back the full amount you invested.
The Financial Conduct Authority does not regulate cash flow planning, tax or estate planning.