Trekking unprepared through a parched, dusty DESERT is a dangerous proposition. But with good planning, even the most driest patches on the planet can be tamed and so can your finances.
Every physician faces financial challenges, whether struggling with a job change, a looming tax bill, school loans, a loss, or major family expense. And when it shows up on your doorstep, it can seem like you’re walking across the desert, parched without water.
By learning about finance basics you can develop a plan to assist you in being prepared for financial challenges you soon will face. You will learn about maximizing your paycheck to enjoy the perks and lifestyle you want. You’ll see how little you need to save today, to preserve your family’s lifestyle when that unexpected crisis hits.
GET YOUR FINANCE HEAD ON STRAIGHT
If you talk to physicians who graduated before you – whether it is five, 20 or 30 years – most will say they have REGRETS about choices they’ve made when it comes to personal finances. Decisions like buying a big house and luxury car resulted in a huge amount of debt, or high-risk investments have left them with little money or assets to show for all their hard work. Now they face situations where they are forced to work longer hours and more years before they can enjoy the life that they truly wanted in the first place.
Be wise and make prudent decisions now so you can look back without regret and achieve the goals you have set for yourself.
Keep in mind that financial matters and decisions can be complicated, confusing, and overwhelming. A high level overview of finance basics is provided in this AIM resource at http://aimresourcelibrary.com/resources/finance-basics/.
Though the views expressed above are solely the writer’s, Guthrie supports “The Dose with Dr. Goodhook” and is partnering with Adventures in Medicine to create an open, inspiring and insightful community for residents and physicians. Click here to learn more about ways that Guthrie is making practice purposeful.
Authors: AIM Team & Jean M. Wolfe, CIMA, CPWA. Ms. Wolfe is a principal senior wealth advisor at CliftonLarsonAllen Financial, LLC, where she provides financial planning and investment advice to high-net-worth individuals and investment consulting to institutions. With 22 years of financial planning experience, she specializes in guiding physicians and healthcare professionals in building comprehensive financial plans to incorporate both life planning and wealth creation goals. She earned her bachelor’s degree from St. Cloud State University.