The Medical Practitioner’s guide to personal financial wellness – The family builder

This is the second part of our series the Medical Practitioner’s guide to personal financial wellness – aimed at those who are a little more established in their practice and possibly even thinking of starting a family. We have embarked on this to assist entrepreneurial Medical practitioners who have started their own practice, to make the most of their personal finances.

Assuming that the finances of the business are well handled by professionals who understand the intricacies of medical practice finance, after the first couple of years in practice, having hopefully paid off your study loans and initial set up costs, you should be making some money. Hopefully as a start-up you did set out with a budget and started a savings mind set from day one – so here is a little more advice…

We obviously don’t need to tell you about medical aid or medical savings, so we won’t – but needless to say, even for a single person this is essential and with a family even more so.


Even before you decide to build a family, as a single person in your own business, you need to ensure you start a pension policy or portfolio of retirement savings plans as soon as possible. The compounded interest on good retirement savings over a long period can be quite astounding, so the younger you are the better.

In South Africa a good option is a Retirement Annuity policy as you get a great tax savings from it, but there are other tax savings pension plans too, so seek professional advice on this.


As a budding family builder the education of your children becomes a priority, as this will in years to come become one of your largest expenses if you have not planned for it. Especially if you struggled to pay for your studies, imagine the pain and financial strain you can save your child by having sufficient funds for a top line education.

We have really just covered a couple of the most important aspects of setting up a strong financial future and we strongly suggest that you seek professional financial planning advice.

We at MFI can give advice, planning and management to create personal wealth, as we are doing with this Medical Practitioner’s guide to personal financial wellness.

Keep the money rolling in with happy clients and solid practice Financial Management

Without the money continuing to roll in, your personal wealth planning amounts to very little and often just falls by the wayside. In order to have savings and retirement plans, your practice must all times be well financially managed.

We at MFI with our Medical practice Management service do exactly that, ensuring a seamless tripartite alignment between Medical Aid, the practice and its clients.

Contact us to find out more and trust your financial future to the company that has the state of the art technology that enables us to process medical aid claims in excess of R200 million a year!