Australian Grads Class of 2022
As a Canadian dentist who has completed your dental program in Australia and passed board exams, you are now faced with the exciting challenge of starting your career back in Canada while waiting of licensing. However, before you jump into the new opportunities that await you, it's important to take the time to carefully consider three key financial factors that can impact your future success.
Securing the Right Disability Insurance. Disability insurance is a critical aspect of financial planning for dentists, and it's important to get it right. The last thing you want is to be overinsured and paying for unnecessary coverage, or to have a policy that doesn't align with your career. Ensure your financial advisor reviews your financial needs/goals as well as your medical history before submitting the application. Contact us to learn more about our lifetime student discount.
Having a Solid Financial Plan. Once you've secured the right disability insurance, it's time to turn your attention to your overall financial plan. Make sure your cashflow is working towards your goals, not against them. Consider the importance of having a budget, a debt repayment strategy, and investing for long-term growth. Make sure you also have a plan in place for taxes, so that you're not caught off guard when they come due. Cashflow analysis models are individually created complimentary to every Renn client.
Paying Off Debt and Investing. Finally, it's important to make sure you're dedicating a portion of your cashflow towards paying off debt and investing in a tax-efficient manner. A general rule of thumb is to aim for at least 20% to 50% of your cashflow to go towards (one of or a combination of) these two critical financial goals. This will help ensure that you're building wealth over time, and not just getting by from month to month.
Contact us today to schedule your no obligation, complimentary review meeting to take your next steps towards your Canadian Dentistry career with Renn Financial Group.
Congrats and Good Luck,
Joshua Fernando & Richard Lochhead
(403) 999-2341
This document was prepared solely as a general guide and is not intended to provide or replace professional, legal or tax advice. For your own specific situation, please consult your own professional, tax and legal advisors. E. & O.