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When to seek personal financial advice as a medical student and why

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As you progress through medical school, your finances will start to become more and more important to you. Everyone’s financial circumstances are different, therefore it becomes worthwhile to seek personal advice that will match your own situation at some stage. 

Mixing a medicine degree with some form of work can be a difficult undertaking and alternatively, it isn’t uncommon to rely on government benefits such as youth allowance & JobSeeker or otherwise a casual job throughout university. Seeking financial advice at this stage of your life might not be a top priority. It is important however that  you understand your obligations and make sure you are up-to-date with your taxes so you can start to make your finances work for you early in your career.

I’m a medical student, do I really need an accountant?

Granted, your finances won’t be the biggest priority whilst getting through med school, but it is still something worth thinking about in your overall future planning.

If you have purchased any investments, received any form of distributions, started a business or have any income producing assets such as rental properties or shares then now could be the time to speak to an accountant or to seek advice.

The vast majority of students won’t be in this position, however you can always contact DPM’s team of medical tax experts for a no-obligation free chat if you would like to learn more or need to understand your obligations. The world of tax and finances in general can be quite a complex one, so request a consultation if you just don’t get it and we’ll be delighted to provide some answers.

The team also offers FREE tax returns (Yes! You read right) for as long as you’re studying medicine! There are many available resources to help you, and although your finances may appear to be quite simple at first, it is always good to start learning and planning early so you’re all set up by the time things get more complex.

I’m a final year medical student, do I really need personal financial advice?

The end of med school is near and it is almost time to start earning a full time salary. 

The most common mistake for final year students is leaving anything to do with their finances to the last minute, until university is finished and in some cases, this could cost you money! 

As you start to rotate through clinics and speak to other medical students as well as doctors in training or medical consultants, you will start to hear more and more about Salary Packaging. 

Indeed, you’ll hear about it because salary packaging is an added bonus of working in the public hospital system and is unique to only a few sectors including the medical industry. 

Depending on what hospital you are attending, you might actually be able to start incurring expenses before you even start work, which means you can take full advantage of salary packaging from day one, in your internship year. Although it is not always possible to predict what hospital you will be interning at, there are benefits seeking tax advice from someone with experience in the medical industry once letters of offer start to come out and you do know where you’re going.

Salary packaging can help increase your take-home pay (from your very first pay) and ensure you are putting your best foot forward prior to actually starting work. Other things that may not have crossed your mind would be taxes, personal insurances and setting your personal and professional goals. These are also common areas that getting personal financial advice will help you with.

You don’t know what you don’t know

A common mistake many final year students make prior to starting their career as a medical intern, is not knowing what they can and can’t do beforehand, in order to take full advantage of the benefits of salary packaging.

If you believe you could in this situation, you could be missing out on hundreds, if not thousands of dollars in benefits available. The best way to avoid this is to speak with a medical tax professional and write out a personalised plan the moment you get your letter of offer. Book in a no-obligation initial consultation with one of our medical tax experts to receive all the information you need and help you understand how to set yourself up for financial success.

Disclaimer: * The information contained in this site is general and is not intended to serve as advice as your personal circumstances have not been considered. DPM Financial Services Group recommends you obtain personal advice concerning specific matters before making a decision.

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