News Release
Trilogy Financial Group encourages doctors to create wealth from rural opportunities
With at least 1000 doctors needed throughout rural Australia, and the AMA and the Rural Doctors Association of Australia calling for government assistance to provide even greater incentives for doctors to spend time working in the bush, Trilogy Financial Group says medical doctors have a tremendous opportunity to achieve their wealth management goals faster than by staying in the city.
Hospitals in rural centres are offering significant salary packages to specialists and GPs, in some cases more than $300,000/year, an offer that Trilogy Senior Adviser Hayden Allen says city-based doctors should consider before thinking it's not an option for them.
"There's no doubt that doctors who originally hail from the bush are the most likely to take up the offer due to the emotional connection they have with the land. They can create a healthy cashflow as well as have family connections that provide them with a social network," says Allen.
"But doctors who have lived their lives in the city have the opportunity to create a unique chapter in their career. In some cases, we see doctors commuting from the city to work in a rural centre during the week. In these cases, doctors have agreed to contract periods where they have realised that the benefits of working in the country outweigh their opportunities in the city."
Allen says that in creating a wealth management strategy, the main objective for medical doctors is to find vehicles that are tax effective and maximise long term returns.
"Doctors are in a position where they have strong cash flows and this needs to be addressed appropriately," says Allen. "Superannuation is clearly one of the best ways to retain earnings and build long term wealth. However, in working with doctors and other health professionals, there are other options such as family trusts that allow for tax effective strategies while building wealth that can be used before retirement."
For an initial discussion about how health professionals can think differently about their financial arrangements, contact Trilogy Financial Group at 03 5021 1235.