Welcome! My name is Andrew.
Just to set things straight from the beginning- the information provided on this site is based on my own personal experience and is not to be construed as professional advice. I am not a financial advisor or planner, nor am I a CPA. The contents of this site and the resources provided are for informational and entertainment purposes only and do not constitute financial, accounting, or legal advice. The author is not liable for any losses or damages related to actions or failure to act related to the content on this website.
I’m a Consultant Anaesthetist in full-time private practice.
I’m also a Xennial- the microgeneration between Gen X and the Millenials. I got my first mobile phone during Med School, survived the Millennium bug, and enjoy the fact Facebook arrived well after those drunken Uni parties had come to an end. I watched senior colleagues deal painfully with margin calls during the GFC and wish I mounted the bull market that seems to keep on running.
In mid-2018 I took a good look at my finances.
As I watched many colleagues build their dream homes, I wrestled with two options.
The exciting option was to get a new home, extra bedrooms and home cinema- attached to a bigger 7 figure mortgage.
The boring option was to use that same money and put it to work in an investment portfolio.
To my wife’s disappointment, I chose the boring second option.
So began my journey into the world of personal finance. I swallowed blog posts, podcasts and investment advice like a private anaesthetist inhales lunch on a busy operating list.
I discovered a ton of blogs relevant to doctors in the US, and millions of pages devoted to Australian investments and superannuation, but I wanted a more holistic framework.
That led me to complete my Diploma of Financial Planning in the first half of 2019.
There was never the intention of becoming a financial planner but the course empowered me to approach my own finances with confidence.
As I progressed through the course material I had conversations with many colleagues about their financial knowledge and it was not surprising that most had put it into the “too hard basket”. It was also clear that as doctors we often confuse income with wealth.
There are some common themes regarding doctors and finance.
As doctors we tend to earn higher than average incomes, reward our sacrifices with expensive purchases and feel immense pressure to keep up with our colleagues.
Most of us jump onto the hedonic treadmill somewhere between late medical school and residency- a time when we are so focused on our careers and passing exams that we don’t even think about what we are doing with our money.
The recent Financial Fitness White Paper showed that over 50% of Australians are stressed about their finances and nearly 85% say it impacts on their well-being. My feeling is that doctors are not immune to financial stress.
So began my mission for this blog.
What Is My Mission?
My mission is to improve the financial literacy of doctors so that we can make effective decisions about our money.
This is my personal financial knowledge journey and so it will be most relevant to Gen X and Millenials.
The aim of this blog is to help you understand your money and use it to fund your lifestyle with INTENTION.
There is nothing wrong with having fast cars, shiny handbags and fine wine- as long as we aren’t ransoming our future to do it.
There really are just 3 simple steps to financial success:
- Spend less than you make
- Invest the surplus
- Use debt wisely
Disclaimer– I am NOT a financial planner and I believe everyone should have one- I personally have two. You should also have an accountant. This blog is a general discussion and you should always consult your financial advisors before making any financial decision.
What Topics Will We Cover?
Learning personal finance is similar to learning medicine.
We learnt a new vocabulary and basic sciences, practiced clinical skills and gained confidence from the positive outcomes of our patients. We then go on to become successful and independent practitioners.
It’s the same in finance. We need to learn a new vocabulary and basic concepts, take action with this knowledge and then gain confidence from our results.
We can’t reach successful independence without knowledge and action.
Knowledge –> Action –> Confidence –> Success
This blog will focus on what I call the Hi5 topics of finance- the key pieces in the financial success puzzle:
- Income & Spending
- Investments & Assets
- Insurance
- Retirement & Superannuation
- Estate Planning
Who Might Find Medical Money Useful?
This blog will be most relevant to Gen-X and Millenials with incomes over $100,000 per year, however many concepts are relevant to everyone.
People who might find this blog useful:
- Medicos- Doctors and Dentists
- Spouses of Medicos
- Medical and dental students
- High income professionals
I hope to bring you new knowledge thats help you understand and take control of your finances.
If you have any topics you’d like to cover or want reach out, simply email me at andrew@medicalmoney.com or fill in the contact form here.
