THIS BOOK WAS WRITTEN WITH YOU IN MIND

While you’ve spent countless hours studying to reach the level of success or knowledge that you’re experiencing now, quite often the whole financial management of your money or practice/clinic hasn’t been taught at school.

Depending on where you stand in your journey, there are strategies that are relevant and designed to fit your current situation.

Residents can secure their health with a disability, critical illness and life insurance policies. Despite a smaller income during these years, there are temporary products that are very affordable and still offer some great conversion options down the road.

Young doctors are bombarded with things to set up, between their own professional corporation, to ensuring they’re probably protected (life, DI, CI), to figuring out the best way to start tackling the debt and getting established.

Mid-career doctors are more in a sort of routine, they probably have paid off these infamous student loans, have started investing money, building up some retained earnings in the corporation, looking at a bigger house and cars with the growing family… If not looked at yet, planning becomes very important at this stage as the income and the career are very stable.

Close to retirement doctors are looking at ways to efficiently take money out of the corporation so they can enjoy a comfortable retirement. The planning is crucial now to ensure that you’re not going to run out of money, or end up having to go back to work part time or full time to fund your lifestyle.

PROTECT YOUR FAMILY, MAXIMIZE YOUR WEALTH, MINIMIZE YOUR TAXES.

INSURANCE TOOLS

LIFE, DISABILITY, CRITICAL ILLNESS, BUSINESS OVERHEAD INSURANCE

Regardless of where you stand in your journey, these products are necessary to ensure that you protect your ability to generate an income. Most doctors are the main breadwinners of their families, or if not, they still contribute significantly to the family income. If you should become unable to work, you want to make sure that you’re income doesn’t stop.

Also, as you get closer to the later part of your career, some of these products offer some very interesting strategies to accumulate and then access corporate income. Why not turn a product that is a costly necessity into a powerful tax saving tool.

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TAX OPTIMIZATION

REDUCE TAXES – GROW AND PROTECT WEALTH

It doesn’t matter how much you make, one dollar that you don’t give to the government in the form of taxes is one dollar that adds to your bottom-line. Regardless of your age, there are several strategies that will allow you to either shelter the money you’d like to invest, or reduce the amount of tax you need to pay to access that money. Setting yourself properly and ensuring that you write off as many expenses than you can while staying on the legal side could be the difference between have a good retirement and having a great retirement. Surrounding yourself with the right team of advisors will help ensure that you get the most efficiency on your tax planning.

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WEALTH STRATEGIES

BUILD AND TRANSFER YOUR WEALTH

Managing your wealth is a struggle for most of you: so many different options to invest, so many people interested in taking your money for their deals… How do you know what is reliable and who you can trust. The best way is for you to get a fairly good idea of what the different types of investments are, between real estate, commodities, paper assets, business asset, and insurance. Having the right quarterback to ensure that all the different professionals managing these different areas all head in the same direction is key to success. We know your time is already stretched thin, but the right advisor will be able to help you get a lot more done while sharing his knowledge so your investment’s skills grow at the same time as your money.

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“I have read both Canadian versions of “Live Your Life Insurance” and “The Wealthy Physician” within the past month and found them incredibly helpful, easy to understand, and thought provoking. Great work!”
SARAH • QUEENS' UNIVERSITY