The Doctor's Guide to Wealth Building Techniques
The Doctor's Guide to Wealth Building Techniques
If you are as concerned about changes to the health care field as I am, I bet that you have at least started wondering what kind of wealth building techniques you can use to protect your financial future. After all, it's a pretty sure bet that a lot of the costs associated with health care reform are going to fall squarely on the shoulders of doctors, especially primary care physicians who are already the lowest paid professionals in medicine.
Fortunately, there are lot of solid, free sources out there that can guide you in building your wealth. The Motley Fool is a good source, and I'm constantly updating my website with new information to help people, particularly doctors, manage and build their wealth.
And while you're going to want to do research beyond this article, I can give you some solid techniques right now that you can use to build your wealth and protect your financial future in the face of health care reform and a changing economy.
The simplest thing you can do right now to start building your wealth is to pay yourself first. Saving money isn't something to do after the bills are paid; your savings is the thing you need to be doing firstbefore you pay that first bill every month. Remember that Social Security may not even be around by the time you retire, and ask yourself how much you're going to need to protect your lifestyle after you stop practicing medicine. Then, put yourself first now to make sure you'll have the wealth you'll need later.
Do you have a financial plan? Right now is a good time to put one together if you don't. While you're looking at your current investments, start thinking about how much wealth you're going to need to build to protect your lifestyle and your retirement. Once you have a figure in mind, you can start building a plan that will help you meet that goal. But as I said before, be willing to be flexible and change your plan as circumstances change, either to drop a bad investment or to take advantage of new opportunities.
Even though the specifics of financial planning and wealth building can seem complicated, the basics are very easy to learn. Start by paying yourself first and putting together a plan that will build the wealth you need independent of your medical practice.
Remember that you have to rely on yourself for your wealth building effortsneither the government nor private insurers have your best interests in mind. Then, just followthrough consistently, and you'll be well on your way to enjoying the lifestyle and eventually the retirement that you've earned.
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