Money Essentials: Junior Doctor Edition

Money Essentials for your career in Medicine

🥼 🩻 🫀

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Are you a...?

⚡️ Final Year Medical Student?
⚡️ PGY1, 2, 3 or 4?

And do you...?

🫠 Hide under the covers when you think about your bank account?
🥵 Want the core money essentials and not (yet another) lecture?
🤠 Want to start you career (and your money) on the right foot?

Then this guide is for you!

The must-read guide as you begin your career in Medicine

If you're a junior doctor and feeling a bit overwhelmed about your money situation, this is the resource for you!

Authored by three professionals who have been exactly where you are, these 8 chapters cover everything they wish they had known before they started their careers in medicine.

What will you be learning?

👏 Eight 👏 jam 👏 packed 👏 chapters 👏 of 👏 money 👏 smart 👏 goodness 👏

Chapter 1: Your Job

🥑 Basic insights into your Job Contract
🥑 Basic insights about your Salary

Chapter 2: Tax

✨ Basic Income Tax theory
✨ Details about Medicare & HECS
✨ Tax Return fundamentals & execution
✨ Tax Deduction Basics
✨ Salary Packaging

Chapter 3: Super

🍑 Basic Superannuation Theory
🍑 Your Contract and Employer Obligations
🍑 Additional Super Contributions
🍑 How Superfunds Work
🍑 How to Choose a Superfund

Chapter 4: Earnings

🌶 How to structure your banking ecosystem
🌶 How to work out your budget figures
🌶 How to build a basic budget
🌶 How to introduce automation into your cashflow
🌶 How to deal with inconsistency of cashflow

Chapter 5: Spending & Debt

🤌 The extensive list of fixed costs you'll run into
🤌 The range of personal costs you'll need to budget for
🤌 Tips on how to Spend less (or more mindfully)
🤌 The Basic forms of debt available to you
🤌 A quick look at debt recovery

Chapter 6: Saving & Investing

🤠 How to assign jobs to savings accounts
🤠 Different Investment options & products available
🤠 Aligning account jobs and investment choices
🤠 Aligning investment choices with your broader strategy
🤠 Tips on how to save more

Chapter 7: Organisation

👅 How to organise your passwords & important details
👅 How to organise your document ecosystem
👅 Navigating MyGov
👅 Setting up regular time for your budgeting
👅 Documenting and organising your tax documents

Chapter 8: Bonus Secret Chapter

🧠 The most useful concept to get right!

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Meet the Authors 🤠

Burger

Burger is an Anaesthetist at Monash Health and ANZCA Supervisor of Training. Having immigrated twice in his career of 30+ years, he has worked in both private and public sectors across three countries. Burger has seen first-hand how many medical professionals neglect their money management until it's too late.

Daniel

Daniel has just completed his MD at USYD, shortly starting his internship in NSW. Noticing how many young doctors either suffer under their frugal patterns, or experience extreme lifestyle creep, he's highlighted the need for a more balanced approach. Daniel understands the money pain points his peer group are experiencing as they embark on their medical careers.

Wilna

Wilna is a retired General Practitioner. She started and ran her own General Practice in South Africa for many years, before deciding to immigrate to New Zealand. Now working in the admin side of Australian Private Practice, she has expert insight into both sides of the industry and knows acutely what it means to manage money as a medical professional.