Medisuccess

Partner with us to grow your medical business with our team of expert bookkeepers and accountants. MediSuccess understands the challenges medical professionals face with accounting and bookkeeping, and we're here to alleviate that burden.

We help medical professionals live the dream of working fewer hours, achieving financial freedom, and building real wealth.

Contact us now at [email protected] or call 07 3161 9548. Visit our website www.medisuccess.com.au

It’s Time We Talked

People do not like talking about money. They don’t like talking about their wealth or their money habits.

So, talking to elderly parents about money is usually a no-go area.

But having to talk to them about death AND money? We are going into ‘I would instead go into a tank full of starving sharks’ territory.

But there are several good reasons why you should, especially if you are a medical professional. You see, parents of medical professionals tend to be richer. They tend to have more wealth, too.

We live in a world of blended families with parents, new partners, children, stepchildren and ex-spouses. And as a generation, the elderly have more money than any previous elderly generation before them. In the old days, there was no point in anyone going to court when the inheritance in total was a rusty car, a couple rings and 4 potatoes in the kitchen.

Nowadays? Well, let’s say there are more than 4 potatoes available. More than 2 rings too. Probably about 20, and let’s not forget the $1m home. And from dealing with estate planning for many years, I can tell you when it comes to money and an estate, all kinds of people will pop up.

I once had a friend of a client who insisted that they were the rightful owner of a fountain pen (an exclusive and valuable item) as it was promised to them by my client. It was true my client had, but at the time, they were playing snooker, and my client had drowned approximately 2 bottles of whisky before that. Did he really mean it when he said it, or was it an off-the-cuff remark?

So, it is not surprising that many estates are disputed or go to court, which becomes a lawyer’s and accountant’s dream in terms of fees. And money that should remain in the family is usually lost. In fact, it is always lost.

If you have a will, most things can be covered. If you don’t have a will, then who gets what depends on the intestacy rules in your state. But the question I usually ask is, without a will, how does anyone really know what the person who died would have wanted?

Without a will, all kinds of people will come out of the woodwork asking for fountain pens, small gifts and sometimes larger gifts. But more importantly, it can stop family infighting.

But apart from money, there are a few other things. What if parents become frail? What if they lose the capacity to make decisions? Who looks after them physically and financially? We need to remember that although we live longer, we are so sicker and with ill health.

I have a client whose mother-in-law is in the early stages of dementia. His father-in-law just suffered a stroke, and one side of his body is paralysed. They are deeply private people, so no one really knows what their wishes are about their wealth. The in-laws have 3 children – two of whom have not been in touch for a few years.

And so, there is uncertainty about what should happen. What would they want? Who will undertake care? Is there even enough money for care?

And this is the reason you should avoid the tank full of starving sharks; sit down and have a chat instead. It will not be easy. It will not be straightforward. They may get upset. They may even argue. But I still believe the sharks would be more painful.

Estate planning is Step 9 of our 9-step process to working less hours, earning more income and building wealth. If you would like to know more, email Hitesh at [email protected] or call 07 3161 9548.
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Brewing up determination this week! Join us on our exciting journey towards financial freedom and prosperity. Happy Monday!
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TELL THE PEOPLE YOU LOVE HOW YOU FEEL

My wife often tells me I am a buffoon, and to be quite honest, she may have a point.

Generally, women tend to be practical about most things. They have friendships where they share everything. They are more open about their feelings, too. They are not afraid to show how much they love either.

When it comes to wives, they know it all but just wish their men would open up a bit.

Men, on the other hand, think they have in their heads the equivalent of the nuclear missile codes never to be mentioned to anyone. Ever. In their minds, they are protecting the world, and that means you have to be physically as strong as Thor and mentally as strong as Rambo. Except none of us are.

But before all you women reading this start celebrating with a dance and skip, you are not perfect. Because one of the regrets men and women have in life is that they did not say enough about how they feel about the ones they love. And then it’s all too late.

If I ever end up in hell – and let’s be honest, there is a good chance of that happening – it will be unlikely I will ever see my wife or kids again because they will be too busy enjoying themselves after getting through the pearly gates of heaven. So, in theory, anything I want to say to them has to be said before the ticker decides to stop ticking.

So, for some reason, we are secretive about how we feel about the ones we love.

A UK journalist, George Alagiah, died of bowel cancer recently. At his memorial, his words were read out.

He said, ‘’If you haven’t already told the people you love that you love them, tell them. If you haven’t already told them how vulnerable you sometimes feel, tell them.

If you want to tell them that you would like to be with them until the front hall stairs feel like Everest, tell them. You never know what is coming around the corner. And if you’re lucky, there is nothing around the corner, so at least you got your defence in first.”

Sometimes, I am not sure what is better. Dying instantly (such as a heart attack or car crash) where you suffer less or a longer illness such as cancer where you suffer more but have time.

Instant death is shocking, but there are a lot of loose ends or unfinished business. Long illnesses allow you to say your goodbyes and get your affairs in order, but means your loved ones suffer watching you in pain.

George was of the opinion that death from cancer was in some ways less brutal than a car crash as it allowed for time for reflection. He said:

“It is a painful yet exclusive luxury to be living with cancer because, for the most part, it is a story of a death foretold. Many of us cancer patients know that our time is running out so there is time for reflection. It is not the brutality of a car crash.”

As I said, I am unsure. But I will let you into a secret.

When I was lying on a hospital bed with potentially 30 minutes left to live, there were only a few thoughts I had. None related to money. None related to ‘trophy assets’ or things I had collected. My thoughts were about my mother, my siblings and, of course, my wife. And also the fact that I did not speak to my children that morning.

But I was lucky and given a second chance.

Like all things that jolt you, I made changes. Yes, I am a bit more open. I now never leave the home without wishing my children a good day, and I let them know I love them. If they leave home before me, I make sure I am at the door to wish them a good time.

So, take it from me and George – don’t wait. Make sure you tell those you love that you love them. Do not assume they know. They probably do, but when you say it, it lights them up and it doesn’t get better than that.

If you would like to know more, email Hitesh at [email protected] or call 07 3161 9548.
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Have you ever found yourself wondering, "Am I on the right path with my finances?" If you're feeling uncertain, now is the perfect time to seek guidance. We encourage you to reach out and consult with financial experts who can provide the insights and support you need.

At Medisuccess, we are here to help with all your medical bookkeeping and accounting needs. So don't let confusion hold you back—take proactive steps towards clarity and confidently secure the future for your medical business and your family.
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Follow Ikigai…..

When people find out I am a business advisor, I often get asked what business they should consider opening.

When I get that question, I am reminded of a conversation I once had with a GP. He told me that when people found out at dinner parties that he was a GP, everyone wanted a consult immediately.

And often, it’s about a small bulge on their bottom. Now, my GP client tells me he has no chance of making a diagnosis because:

a) said bottom has not been inspected and

b) he does not have Superman x-ray vision that sees through pants and

c) He usually consumes a bottle of wine, which means everything he is looking at is bulging, so he would have no idea if this is a serious medical condition or a mosquito bite.

Anyway, I often think the same way. It is very hard to advise someone what business they should do. I have clients in retail, manufacturing and providing services. They all make money, but if I had to run them, would I do it? Some yes. Many probably not. Not because they are bad businesses but because I am just wired differently.

So, I tell people to follow Ikigai. Now, if you are Japanese, you will know exactly what I am talking about. If, on the off chance, you are not Japanese, I should probably explain.

Ikigai says that for a business owner to be balanced and content, they should only consider opening or starting a business if:

1. You love doing what your business is about.
2. You are fantastic at what you do.
3. Whatever you are going to do, people will pay for it.
4. And there is a market for it.

If you have 3 of the 4, it is still not good enough. You must have all 4.

Here is an example.

Let’s take my mechanic. His name is Adam.

1. Whenever I speak to him, he loves talking about what they do. He lives and breathes being a mechanic.
2. He is also very good at it. So good that many dealerships will use him for the cars that need repairing.
3. People like me will pay him for his services. And he is not cheap.
4. And finally, because he is constantly busy, there is a market for what he does.

But let’s change it a bit. Let’s say Adam repairs cars, but instead of charging the owner of the car, he charges people to watch him fix a car.

Well, item 1 & 2 is unchanged. Item 3 – will people pay? – you might get the odd person who will, but most people have better things to do with their lives and their money. Item 4: is there a market? – I doubt it, which is why he will only find a few people prepared to part with their money.

The business is car repairing, but the way the business model operates will determine if you have Ikigai.

What happens if you have 3 out of the 4?

Well, let’s say you have items 1, 2 & 3 but not 4. Well, you will be satisfied, but the chances are you will feel a bit useless because no one wants what you are selling.

What about 1,2 & 4? Well, you will certainly feel content and happy, but you will have no wealth and have a daily money issue.

What about 1, 3 & 4? You will always be uncertain about the business because quality is likely an issue, resulting in customers coming and going.

What about 2,3 & 4? You will feel empty and disengaged and hate what you are doing. You do it because you must, not because you want to.

So, if you happen to be wondering what business you should start or thinking if you should continue the business you have, then think about Ikigai.

Once you think you have found an industry you would like to work in, make sure you speak to a professional to make sure there is money to be made, and there is a market for what you are selling.

A professional advisor or coach will ask questions and make you truly think because they know these 4 things are more important than anything else.

If you would like to know more contact Hitesh at [email protected] or call 1800 281 038.

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Get your copy now! https://medisuccess.com.au/books/

So you think you have some Challenges?

Have you ever wondered what a true challenge is?

For me, it is this. Thinking that I am still twenty. I think I have the body of a twenty-year-old. I think that I look like a twenty-year-old too. And I think I can drink bottles of whisky just like a twenty-year-old. I know none of this is true when I try to act like a twenty-year-old. Twenty-year-olds can party for a month. Me? I might make it to 10 pm before I need some cocoa milk. All twenty-year-olds are chiselled as if Michaelangelo worked on them personally. As for Moi? I am left wondering if Michelangelo ever sculptured a pear.

Medical Businesses have always had challenges. But it seems every year there are more. Ask around, and you get the impression that it’s worse.

But that may be perception.

Even I feel I solve one problem only for another to pop up. Sometimes, I find I solve a massive problem, and another one pops up, leaving me saying ‘WTF!”

Anyway, there is no denying there are challenges. After talking to many medical practice owners, we are finding this is on their minds.

1. Funding!

Getting finance is not as easy as it once was. And with interest rates much higher, I suspect they are not always affordable.

Banks are more cautious about lending, driven mostly by existing lending and risk profile, even with medical professionals.

Many medical practices or doctors also owe money to the ATO. And the banks don’t like it even if you are on a payment plan.

2. Cash flow!

We all know cash is king. We tend to hear that during poor economic times, but it should be all the time.
Profits give you an indication that you can grow. Cash indicates survival. No cash means you go out of business.

I am not a great fan of complex budgets, but I do like a forecast. It allows you to plan the next 6 months and start making decisions on what you expect will happen in a few months.

3. Team Capacity

To be honest, this has been around for several years and does not appear to be going away anytime soon.

If you want more information, email Hitesh at [email protected] or call 1800 281 038.
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Making every meal count towards a brighter, financially free future. Happy Monday!
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Meet Mae Rose Tiongson! Mae joined the team in 2020. She quickly became known for her infectious smile and bubbly personality. A true family person, she’s happily married and finds joy in gardening and seaside adventures. A fun and unusual fact about Mae: she owns a betta fish named A! Get to know her more; her warmth and enthusiasm will brighten your day.
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10 Minutes of time….. $6K in More Taxes, Plus $50,000 Pain!

I know medical professionals hate paying taxes. I don’t blame them. In my time as an expert tax advisor to medical professionals, I have seen some insane tax bills.

They are big enough to make me want to cry. And I’m not even paying for it.

So, when it comes to medical professional clients, I want to make sure you pay the least you can legally. Sometimes, I would like to do more, but that may lead to grey areas, and as long as our clients know the risks and what it may mean (usually a tax benefit, but if the ATO disagrees, then potentially more taxes, interest and fines), then I do not have a major issue with it.

And because the tax bills are so big, we often get some wild proposals put to us by medical professionals all the time. Most are illegal and from advice received from pub mates or other medical professionals whose accountants are not quite as clean. Seriously, during my time, I have probably heard them all.

So, red areas are a real no-go for me. Like most medical professionals, I am not prepared to put my reputation (professional and personal) on the line.

But when medical professionals pay more tax than they should? This makes me jolly cross. Ok, to be honest, this makes me act like a maniac fuelled by pure range and violence. Except you won’t see much violence. That’s because I am a bit of a wimp and too scared of getting punched in the face.

Anyway, I know what you are thinking. How is it possible to pay more tax? How stupid is that?

But I can tell you it happens—a lot.

And that is because most have accountants who are either not interested, cannot be bothered, are not engaged, or are simply so busy you do not want to disturb them.

This then means when you need advice, you will go it alone and do it yourself, hoping for the best. And we all know that hope is not a strategy. This, then, is going to be as successful as trying to convert the Pope to Hinduism.

So, a couple of weeks back, I was conversing with a young potential client who is a skin cancer specialist. She has a high Australian income, a property in the UK that is rented and is possibly looking to buy a home in Australia.

She had some spare cash, and because she had an accountant incapable of talking and impossible to contact or ask advice from, she did what you and I would. She did the best she could with her resources and paid off a large chunk of the loan on her investment property.

After asking her a few questions that took less than 10 minutes, we worked out that it was probably not a good idea from a personal perspective or a tax perspective. Here’s why:

📌 She would like to buy a home in Australia but as her savings have been used in the UK, she has less savings to use as a deposit.
📌 This is likely to result in having to pay mortgage insurance. This is expected to cost about $50,000, which would be added to her loan.
📌 The loan in the UK is tax deductible in the UK and also in Australia. As the loan has been repaid, the interest will fall, and her tax bill will increase – we estimated an extra $5,000 will be due in taxes from next year, and for all future years, she will keep the property. Over the years, there will be a lot of extra taxes.
📌 As she has less savings in Australia, she will need a bigger loan. Bigger loans mean larger interest bills. And because the loan is personal, it is not tax deductible.
Now, if I had identified this in less than 10 minutes, then so should her accountant, and they should have advised her accordingly.

And this is why professional advice that helps you is so important. Any accountant can do a tax return. Most can do it cheaply, too. But the value is not in the tax returns. The value is what an advisor can offer you on a daily basis. So, if you are looking for a new accountant or wondering if the one you have is right for you, ask these questions:

1. Is your accountant contactable, and do they respond in a timely manner?
2. Do they give you time to discuss any matters you want (within reason) without charging you a fee?
3. Are they only interested in doing your tax returns?
4. Do they try to educate you so that you work less, earn more and become wealthy (because that is what we have found most medical professionals want)?
5. Do you know what your fees will be before they start your work?

If you find that you are unable to answer these questions positively, then maybe it is time to make a change.

Tax minimisation is step 2 of our 9 steps to working less, earning more and creating more wealth. If you would like more information, contact Hitesh at [email protected] or call 1800 281 038.
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Embrace today's quote to ignite inspiration in your business endeavors.
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Start your week with a cup of ambition! Reach out now and let us guide you towards financial wealth and the freedom to live life on your own terms.

Wishing you all a productive and prosperous Monday!
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Your Kids Mind – But Your Money!

I recently went on a course for accountants.

This inevitably gives you visions of boring grey people hunched over tables, all keeping themselves to themselves.

Except this one wasn’t quite like that.

It was quite engaging, partly because there were some good key speakers.

One of them was a brain expert talking specifically about the working of our minds and breaking habits. Now, if you know me, I have spent years studying what makes people tick and how to change mindsets. It is one of the reasons we are so successful in making changes in businesses for the better. So, this talk for me was fascinating.

Now, as medical professionals, many of you have an interest too. Many on my database are psychologists or in similar niches.

So, it may interest you that this talk profoundly affects some of my thinking. It made me realise that what he was telling me has a great effect on my client’s estate planning and, in particular, how Wills and powers of attorneys should be set up.

Here’s why.

It appears that our brains are not fully developed until about the age of 27. I was under the impression it was about the age of 22, but apparently not. In the US, you cannot join the army for combat after the age of 22. That is because, under the age of 22, boys tend to accept what they have been told and do not have a fully conscious mind, so they do not always realise the consequences of killing. In other words, a young, undeveloped brain does not always realise what they are doing or if what they are doing is right or wrong.

But it gets even more interesting.

Because the age at which a brain is fully developed depends on the s*x and the order of birth. Okay, I realise we are going into s*xist territory, but I think I might be Okay. But I also realise I will not be covering LGBTQ identities, which means I will get into big trouble and be cancelled in a second. Anyway….

Basically, females who are firstborn will develop brains earlier than firstborn males. Firstborn females have fully formed brains between the ages of 18 and 22. A male’s brain that is second, third, or fourth-born does not have a fully developed brain until the age of 28 and 33.

So, if you are wondering why you cannot understand your 2nd born son aged 25, this may be the reason.

Think back to when you were 18. If someone turned up at your doorstep with a cheque (do people still use these?) for $1M as an inheritance, what would you do? I know what I would have done. I would have immediately bought a Lamborghini, not because it is any good but because I could, and then off to the University bar to show off and have the night of my life. I would have no idea who drank what or what I had, but it would be a night to remember for me and for all who know me and those who don’t.

And then I would probably crash the Lambo.

After that, the money has probably gone.

What would be the chances that at age 18, I would be willing to sit down with an adult to talk about financial management and look after my future? Err…. Probably no chance at all.

And even though I admit I was a bit wild at 18, there is a chance most kids at 18 would end up doing the same. We call it irresponsible. It is probably not. It is probably because they do not have fully developed brains and are incapable of working out what they should do.

You can probably see where this is going, but let’s look at Wills and Powers of Attorney one by one.

Powers of Attorney (POA)

You can have 2 powers of attorney—one for financial matters and one for health. Whoever you appoint can make decisions on your behalf.

Here’s the elephant in the room. If you have given your child, aged 20, a POA over your health, and you are involved in an accident, and they have to decide if the plug should be pulled, how happy are you going to be knowing they may end your life but not understand what they have been asked to do?

Now I know my kids. They would pull the plug instantly if it gets their hands on my money – so I have told them that they will get control of my inheritance and they will get control of my POA, but only when they reach the age of 50. By that time, I can rest assured they will have a fully developed brain!

Wills

I have covered this above. This reason is why we always recommend a testamentary trust for inheritances. Not only does it give asset protection, but it also stops young children from blowing your money to smithereens.

You see, as a medical professional, you will leave a sizable inheritance to your kids or those you love.

But the question then moves to if you do have a testamentary trust, at what point do you transfer control to your children? In the past, I have said 25 is a good age. But having learnt the above, maybe we need to make decisions based on age, s*x and order of birth.

But then that leads to something more sinister. How do I, for instance, explain to my two boys that the first child can take control at, say, 25, but the younger one, aged 33? See what I mean? It is not as easy as that.

Whatever you decide, this is what I will say. Your children do not have an automatic right to your inheritance. Only you have the right to decide who gets what.

But if you do decide to give it away, it is your responsibility to ensure it is protected and used wisely. This is money you worked hard for. This is money you sacrificed things for. This is money that should be respected.
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Inheritances and POA are step 9 of our 9 steps to work less, more income and wealth. If you want more information, email Hitesh at [email protected] or call 1800 281 038.