“I see the future but live for the moment.
Make sense, don't it?”
“Feel This Moment” by Pitbull
Love that song and love that line from the song.
It’s how many physicians act with their money.
After 10-15 years of delayed gratification, we spend like we’re kings and queens.
$1 million home.
Private school for all the kids.
Bimmer for you.
Lexus for the spouse.
Save more for retirement.
The physicians who are financially successful are NOT the ones who make the most income.
They aren’t the ones who have the greatest number of assets.
It’s the ones who have the highest liquid net worth.
That’s a small group indeed.
It’s the group who have realized that the forces in medicine which are squeezing your bottom line will only get stronger.
This elite group of physicians realizes that in order to win the game of retirement when the rules are constantly changing (usually for the worse), you must delay gratification even more.
If you’re a late career physician -- say in your 50s and 60s -- or you’re about to enter that group, where are you going to cut expenses?
Which part of your lifestyle will you give up?
There’s only so much money coming in.
And no you cannot have it all.
One of the biggest fears many physicians have is what their future income is going to be .
The smart ones won’t wait to find out. They’ll take action now.
If you’re an early career physician -- say less than 10 years out of residency training -- forming good habits now can save you years of frustration.
Just ask your older colleagues.
They’ll tell you that if they had saved more while they were young, they wouldn’t have to work as much.
If you want to be financially independent, see the moment and live for the future.
If that’s something you need help with, you’ll find that right here: