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Top tips from experts to help doctors meet their financial goals

This does not constitute advice. Professional advice should be taken prior to acting on any part of it.

Dental and Medical Financial Services Limited is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the Financial Conduct Authority.

One of the foundations of financial planning is not only building a comprehensive plan but regularly reviewing it to ensure it’s helping you meet your financial goals. Since the only constant in this world is ‘change’, your finances will also constantly be changing. Achieving your financial ambitions takes a lot of time and effort – here’s some of our top tips to help you hit your goals. 

Keep focused and stay determined

As you get older and the world around you is ever-changing, you’ll need to pay attention to your financial plan and make adjustments as you see fit. During your check-ins with your financial adviser, review your financial goals. It’s a great way to remind yourself why they’re important to you so you can stay focused on achieving them. 

Life might throw a lot at you over the years, so regular reminders about what you’re working towards and why are important to help you ward off distractions or anything that would prevent your financial dreams from coming to fruition.

Whether it’s a small setback or a global pandemic, there’s always going to be something right around the corner that could turn everything on its head. It’s crucial that no matter what kind of obstacle you’re presented with, you stay determined to meet your goals. Don’t let your emotions rule your decision-making. Remember to stay the course in the face of a storm. A good financial adviser, like Dental and Medical Financial Services on Medics’ Money, can help with this.

Set your short, medium and long-term goals

During your financial planning journey, you should learn the importance of setting short-, medium-, and long-term financial goals and building a plan around meeting them. 

Whether you’re at the beginning of your career or if retirement is right around the corner, you’ll always have financial goals you want to achieve. Be sure you are setting SMART goals, ones that are Specific, Measurable, Achievable, Relevant, and Time-Bound. Don’t forget to routinely review your progress so you can stay on track. 

Once you set your goals, you’ll be able to determine the details of your plan. How much money do your goals require? How long do you have to save and invest? This will help you determine your priorities and work out realistic calculations for your savings and investments.

Don’t forget to set up an emergency plan

Planning for the future also means having a plan to deal with the unexpected. Emergencies can happen anytime and if you’re not prepared, you could suffer a setback financially. 

Prioritise a rainy day fund and explore wealth protection policies. This will set you up with immediate and long-term safety nets in case you experience a sudden loss of income. 

Get professional advice

With a professional financial adviser in your corner, you’ll not only free up all the time you likely don’t have to dedicate to learning financial planning, but you’ll have far more resources at your disposal than you could ever have on your own.

There are numerous benefits to working with an adviser. According to a recent Standard Life study, people who work with financial advisers long-term tend to retire three years earlier than those who don’t. They also are better prepared when it’s time to retire. Advised individuals can expect an average of 23 years’ worth of retirement funds, whereas those who hadn’t consulted an adviser only had enough for 17 years. 

Whether you need to build a plan from scratch or simply need to review your current one, a financial advisor is an invaluable asset. For specialist advice from advisers who understand the unique needs of doctors, contact the experts at  Dental & Medical Financial Services.

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