Demetra: Is there anything you would recommend they do
from a personal perspective to manage their finances?
Calvin: Yeeh, that's a really good question,
because of course you're right, they are totally intertwined.
So, if you are cardiologist
your income comes from one source.
And therefore, once we factor in the business expenses,
whatever's left over effectively is available for you and your family.
And so, it's really a good time at this point in time
to get a good handle on where you are
financially, at a personal level.
And so, really same sort of thing,
cash flow is obviously critical,
so if we see a decline, oftentimes
certainly individuals and their families
have a lot of set commitments as well.
You know, if people have personal debt, including mortgages,
obviously, have living needs and everything else like that too.
So, when you got a squeeze at the top, in terms of revenue
it does come down to the personal side.
So, so really what we're sort of saying is that, you know,
you should, if you have never done things such as budgeting,
or having a handle on where exactly
you spend your money as a family,
this is a good time to take a look at that.
Um, it's really a good time to maybe
take a look, a step backwards,
at your overall tax plan,
so we are seeing a lot of questions around that.
We got a lot of clients who are asking questions
about their retirement planning,
what exactly, where they're at in terms of debt,
are they setting enough money aside for retirement,
how can I maximize, maximize the amount of cash, after tax,
and minimize things like my debt servicing costs
on my mortgage and other, other things.
So, so yeah, it's really important
that people have a good handle on where they spend their money.
And that, that would seem obvious to anyone,
but oftentimes we've been fortunate,
and cardiologists have been fortunate too, in that,
you know, cash flow generally has been good
and perhaps some of these things haven't been looked at as carefully.
So, so I think it's a good time to take stock of where you're at
and see if all of the expenditures that you are making
are really, truly necessary.
And at the same time, making sure that
you're preparing for the future, because that of course,
never stops in terms of,
you should be planning all along for that.