The most worthwhile goals are not purely financial, but money is undoubtedly the tool we all need to realise any of our dreams.
Here at Medical + Dental Financial Planning Services, our primary function is to enable you to understand and achieve your aspirations and goals, initially by helping you establish the right financial foundation for your circumstances.
Then we support you, as you implement your financial plan over time: financial security is never a one-stop exercise.
We work together to help you achieve:
• Financial independence for your chosen lifestyle
• Financial security for you and/or your family through ‘life events’
• Monitor and review your financial plan regularly
Our process applies our practical experience to long established principles.
Cash Flow Modelling
Your longer-term financial position will be determined by cash inflows and outflows. We can monitor and manage these using a sophisticated cash flow modelling programme; and this will indicate whether your available resources can facilitate your desired lifestyle successfully.
We begin by completing a detailed expenditure summary, and identify any capital expenditure items and capital inflow items. This allows you to make appropriate decisions now, which will help to ensure:
• You are financially well organised and remain in control of your financial arrangements
• You achieve/maintain your desired lifestyle
• You and your spouse/partner never run out of money, even in scenarios such as poor health
• You manage risks proactively -
o choosing to avoid doing certain things – Risk avoidance
o building in appropriate safety measures – Risk reduction
o insuring against specific events – Risk transfer
o leaving unavoidable/acceptable risk retention – Risk acceptance
• You ‘steward’ as much as possible of your accumulated capital for the benefit of your heirs.
Remember that, in order to be achievable, your goals must be realistic in the context of your circumstances, and agreed with your partner.
At least once a year (more often if you are working towards short term goals) we can return to your financial plan with you, measure your progress, and advise on any adjustments required.
As healthcare professionals, you know life is unpredictable. Talk to us about how to take the first step to developing your own plan of action, and enjoy the long-term benefits that accrue from being proactive.
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