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10 Money Matters United Kingdom Edition April 1-7, 2013 page 9DTß C M Y CM MY CY CMY K FMC_SC_DHT_advert_A2ZDental_final.pdf 1 22/11/2012 13:20:23 decisions, the prudent dentist will always plan investment with a consideration of what is yet to come. Planning for retirement is extremely important for anyone. Every dentist should have a retirement accumula- tion goal, which as you would expect takes time and metic- ulous planning to calculate. To meet their accumulation goal there are five variables that will have to be managed. These are: retirement income needed, savings needed, in- vestment return assumption, risk assumption and retire- ment date. Each one of these variables will be affected by one another, so managing them efficiently will certainly prove worthwhile in the long run. Similarly, it also pays to have an annual savings goal, many advisers suggest that this amount should be around 20 per cent, though obviously this figure will vary depending on individual circumstance. Staying in control Planning for the future, as has already been noted, is reli- ant upon financial behaviour in the present. So when any major financial decisions are made, it will need to be as- sessed as to how they will impact upon other goals. For instance, a dentist may have to forgo savings because an unexpected tax bill comes through. By managing your fi- nancial situation in the proper way, there should be no rea- son for unexpected bills, thus you will not be thrown off course from completing your financial goals. Another aspect of financial management that needs close attention is debt. It is worth having a plan for managing payments, this way it is still possible to save. It goes with- out saying how dangerous get- ting in to debt can be. Whilst it is possible to manage a small amount of debt, more seri- ous amounts can have a cata- strophic effect. Should debt begin to spiral out of control it is wise to seek assistance from an IFA before it gets worse. Whether it is advise on debt or choosing a way to ap- propriately invest your money, one of the biggest mistakes a dentist can make is to think that they have to tackle these issues alone, they don’t. There are now many IFAs who spe- cialise in assisting those who work in the dental industry. These Companies are fully aware of the fiscal challeng- es that present themselves to those who work in the dental industry and know the best ways of combating them. En- listing the help of a specialist IFA will make assessing your financial situation and form- ing suitable goals easier and more manageable. By follow- ing the above guidelines a prosperous future is in your grasp. DT About the author Richard T Lish- man of money- 4dentists, which are a specialist firm of Independ- ent Financial Ad- visers who help dentists across the UK manage their money and achieve their financial and lifestyle goals. For more information please call 0845 345 5060 or email info@money4den- tists.com www.money4dentists.com ‘Whether it is advise on debt or choosing a way to appropri- ately invest your money, one of the biggest mistakes a dentist can make is to think that they have to tackle these issues alone, they don’t’