Many physicians I meet think that financial planning and investment management is all about getting high investment returns.
It's probably why you spend so much time reading free financial blogs on the internet or subscribing to investment magazines -- what I like to call investment porn.
Or why you may have hired a financial advisor. After all if you're paying him money, isn't he supposed to generate high returns for you?
(As an aside, if you've hired a financial advisor you do know what fee you're paying him don't you? If not it might be time to switch -- hint hint).
The way I see it, building wealth based upon the hope of generating high investment returns is plain foolish.
There are many harsh realities of practicing medicine today. One of them is that no one is going to help you with your retirement planning.
You see, patients, insurance companies, and the government think you make too much money already.
You're not getting any free handouts my friend.
It's up to you -- and only you -- to fund your retirement and live off of the money you build up over your career.
And the stock market doesn't care one iota who you are, where you went to medical school, which residency you attended, or what medical specialty you're in.
Which means it's all up to you.
So if it's certain that you're on your own, and it's uncertain what returns you're going to get, how do you succeed?
It's to focus and embrace the four letter word many doctors have a hard time pronouncing and a much harder time implementing:
That's right. You need to save as much as you can right now.
Not tomorrow or next month or next year because we have no idea how new regulations will effect physician pay -- though I suspect it won't go up for most doctors.
Not after you remodel your kitchen.
Not before your next birthday (unless your birthday is tomorrow).
Not until the next NFL season begins.
NOW is the time.
Will it require sacrifice?
Will you have to cut down some expenses?
Will you have to forgo finishing your basement in your 3,000 square foot home?
Will you take one less exotic vacation this year and every year thereafter?
Is this easy?
The physicians that will become financially successful in an era where physician autonomy gets stripped away more and more everyday are the ones who've saved a ton, built up enough assets, and created a financial fortress from outside forces which try to bring them down.
What say you?
If you're managing your finances and investments by yourself and this concept isn't in the front of your mind, or if you've hired a financial advisor and he's not talking to you about this, you might want to get some help.
If you'd like some help without the BS, just click here and we'll talk: