April Fool’s Day comes once a year, and maybe your kids or your colleagues at the hospital, the ER, or the clinic pulled some corny pranks on you yesterday or told you some cheesy jokes.
While the day came and went in a mostly lighthearted way, I see many physicians constantly being fooled with their finances everyday. Unfortunately it’s not a joke. The consequences are pretty serious.
What about you?
Are you being fooled with your finances and investments?
Take my 5 question quiz to find out your level of financial foolery:
If you’re managing your investments and finances by yourself, ask yourself these questions and give yourself 1 point for every time you answered YES:
Do you think you can consistently pick the winning stocks and/or time the stock market?
Do you think you are paying no or low fees and costs by managing your portfolio by yourself?
3. Do you lack a comprehensive financial plan that integrates your investments with other aspects of your finances?
Do you fail to hold yourself accountable for ALL of your financial and investment decisions?
Do you lack the time, interest, knowledge, and discipline to successfully manage your investments and finances for the rest of your life?
If you’ve hired a financial advisor, ask yourself these questions and give yourself 1 point every time you answered YES:
Does he think he can pick the winning stocks, time the market, or pick the winning mutual fund or money managers?
Does he get paid by selling you investment, insurance, and financial products rather than charging you a fee directly?
Does he fail to communicate with you regularly?
Does he lack large numbers of physician clients?
Does he fail to manage ALL of your investment and retirement accounts, including your 401k, 403b, 457, IRA, Roth IRA, and taxable accounts for BOTH you and your spouse?
Now tally up your total number of points.
Here are your results:
If you scored 5 points, you should rename yourself Dr. Fool. Every day is Financial Fool’s Day for you. Financial success might be beyond your reach.
If you scored 4 points, you’ve got great company since lots of doctors will get this score but won’t realize how foolish they are with their finances or with the financial advisors they’ve hired.
If you scored 3 points, you might think you’re in the clear. Think again. Take the quiz again and make sure you tallied it up correctly.
If you scored 2 points, you might have a teensy weensy bit of hope my friend. But realize you’re only 3 points away from changing your name and the temptations to add to your score are many.
If you scored 1 point then figure out how you’re going to get to zero.
If you scored 0, then you are among the elite group of physicians -- the best of the best -- who have either mastered how to manage your finances by yourself or you’ve hired a financial advisor that’s providing good value to you. You are in a very small group of people indeed. Of course you might actually be fooled and think you’re at 0 when you might be at a 5.
So there you have it.
How did you do?
If you had anything above a 1 on this quiz, then set up your initial consultation with me by clicking here so that April Fool’s Day is only one day out of the calendar year for you rather than all 365: