Some people laugh it me because I drive a minivan.
Mine doesn’t have automatic sliding doors, or heated seats or a rearview monitor.
It’s 10 years old, and it’s been chugging along, getting me places I want to go.
But every now and then I do have to make some repairs.
Like over the past year.
There was an oil leak which cost $500 to repair.
Then there was the steering wheel fluid problem -- another $200 to fix.
That’s on top of the routine stuff like replacing the tires and brake pads, changing the oil and air filters, and washing the thing.
But I know that eventually I’ll have to make a big decision. When a major breakdown occurs such as with the engine or the transmission, do I spend thousands of dollars repairing those issues, or do I chuck the car altogether and replace it with a new one?
It’s a similar question to what you should be asking in your investments and finances.
It you’ve read my free report “7 Big Money Mistakes Doctors Make and How To Fix Them So You Can Stop Making Work Mandatory and Start Making Work Optional”, I go through common financial mistakes I’ve seen many physicians make with their money.
If you haven’t read the report, I suggest you do by going to my website at www.physicianwealthsolutions.com and entering your name and email in the big red box on the right.
In some cases you can fix the mistakes I talk about in my report.
For example, if you don’t have a tax efficient portfolio, you can fix that problem by rearranging your portfolio so you put certain tax inefficient investments in some accounts and tax efficient investments in other accounts, and then you start implementing strategies within the newly rearranged portfolio to boost after tax investment returns.
Or suppose you bought disability insurance policies years back. You might be able to add certain riders to the policies without replacing them as that would be fairly expensive as you age.
But oftentimes your finances and investments are such a mess that’s it’s best to wipe the slate clean and start over.
Do a massive dump, forget about the past, and move on.
Sort of like what you have to do with your computer sometimes. You just have to reboot the thing for it to work efficiently again.
For example, if you’ve hired a financial advisor and you don’t understand what’s going on with your retirement portfolio, rather than fix the relationship, fire him and move on. Find someone who talks your language, communicates with you, spends time with you, and makes sure you understand what’s going on.
(I know someone who can do the above. You can start right here:
Or suppose an insurance salesman who masks as an investment advisor sells you insurance policies you don’t need. It might be better to surrender those and buy new ones -- and might even be more cost effective.
So look at your entire financial life and also your investments and retirement portfolio, and ask yourself the following:
Do I need to repair what’s broken, or do I need to replace some or all of it and start over?
I’ve helped many people repair and replace their broken finances and investments. If you don’t have the time or interest to do this on your own, or you’re not sure where to begin, I’d be happy to help.
Just fill out the short form on my website here and I’ll give you a call: