parinity - medical financial specialists

Interns and Junior Doctors

Firstly, good work on getting through the study and requirements to get here! Now it’s time to apply what you have learnt and get your career underway. We often find this is an extremely busy time for new doctors as you get thrust into managing shift work, new rotations and the responsibilities of seeing patients for real! And just as you are getting your head around the transition, you are swamped by payroll to setup salary packaging, nominate your superfund, choose your investments, what about life insurance…!?

It all gets a bit much. That’s why we offer our Free Medico Package meeting (normally $330 Incl GST). Our solution is to help you get the basics setup quickly and efficiently so you can just focus on getting through this first year until you find your groove. All you need to do is book in a meeting with us and within an hour or so, we can have all your salary packaging, super, tax and any other questions you might have answered...and yes, it did say this meeting is free.

Things we often help with at this stage:

• Salary Packaging Setup
• Superannuation Review/Setup
• Tax Advice and Returns
• Cashflow Management including Bank Account Structuring
• Debt elimination plans
• Purchasing your first property (including property research, contract negotiations, finance and structuring)
• Taking advantage of specific Life Insurance offers only available to new Medical Professionals

We're a proud sponsor of UQPAEDS

Registrars & SMOs

OK, so by now you know the lay of the land and you are working towards getting onto the training program you want or you are already registered on one. You are still busy managing your life around your shifts, but you are starting to have a clearer idea of what you want to achieve both personally and for your career. Great.

parinity's registrar plan

This is where we can really start to ramp up the development and implementation of your financial plan. There is a lot to be said for getting the foundations right in any plan and this is definitely true when it comes to your finances. If you haven’t already, now is the time to really bed down your cashflow and budgeting, clearing bad debts and getting ready to build assets, whether that be property or shares.

You may also want to start considering how you will fund a fellowship year if that is part of the program you are on. We have helped plenty of client’s prepare for this, and it’s a lot easier the earlier you start. In fact, you’ll find everything to do with your finances will be a lot easier the earlier you start!

things we often help with at this stage:

• Upgrading your property or buying an investment property (including property research, contract negotiations, finance and structuring)
• Debt elimination plans
• Cashflow and budgeting efficiency
• Broader insurance coverage and risk mitigation
• Life event planning (funding a wedding or maternity leave)
• Starting long term investment plans
• Tax effective planning

Specialists & Private Practice

As a Specialist, you are now reaping the rewards of your years of hard work and determination. Depending on your specialty, you’ll probably have a bit more control over your time. Your financial position should be strong at this stage and if it isn’t, make sure you book in to meet with a Parinity Adviser sooner rather than later.

With good cashflow comes greater financial complexity, with the biggest hurdle we find people face at this stage is succumbing to ‘Lifestyle Creep’. Yes, this is a thing, and it can be absolutely detrimental to your long term financial planning and can easily undo all your years of hard work and sacrifices that got you to this position in the first place.

Our financial planning work with clients at this level really is around accountability and remaining committed to your financial goals. We will help keep you focussed on what is truly important in your life by reminding you of it when you get side tracked. For client’s who have been with us since their intern years, it’s at this point we are having serious conversations about what financial independence actually feels like for them.

things we often help with at this stage:

• Transition to Self-Employment/Private practice including tax structuring
• Property portfolio expansion
• Providing for children’s education and future funds
• Home loan elimination
• Self Managed Super Strategies
• Financial Independence and Early Retirement outcomes (Overseas volunteering or career breaks)
• Detailed Estate Planning