The Abcs Of Building Wealth For Doctors
If you’re a doctor today, particularly a primary care doctor, you may be more focused on how you’re going to deal with the new health care reform legislation than you are about building wealth. Or you may be too buried in your practice and patient care to have given building your wealth much of a second thought beyond putting your money into the bank.
Unfortunately, changes to our country’s economy coupled with changes to the field of health care have made it essential that you start putting your financial future first if you want to insure that you’ll continue to enjoy the lifestyle you’ve earned with your hard work.
I’m a successful former medical sales representative, but I’ve turned to wealth management and advising others on how to grow their wealth as my second career. I’ve been so successful at it that I’m able to work from home around my young daughter’s schedule. I can’t tell you what a relief it is to be able to be at home when she needs me rather than on my way to another sales meeting!
My point is that everyone, let alone someone with a medical degree, can master the basics of building and managing their wealth. All it really takes is a commitment that you’re going to put yourself first in this area, and that you’re going to work at it consistently.
In addition to a commitment to putting yourself first, there are a few other basic things you need to know about building your wealth. One of them is the many kinds of investment opportunities out there that will make your money work for you.
I cover investments in detail in my e-book, Lifestyle Preservation: A Handbook for Physicians on the Front Line of the Health Care Battle. The things you need to know now are that all investments carry both benefits and risks, and once you’re investing, you’ll want to diversify your investments as much as possible to lessen the amount of risk you’re exposed to.
A moment ago I talked about putting yourself first. When it comes to building wealth, that means paying yourself first; before you pay bills, put aside a percentage of your income every time you’re paid. This can be a particularly difficult habit for some people to get into, but I guarantee that if you do this consistently it will pay off for you.
Financial management can seem like a very overwhelming field to get into. Many people felt much more secure entrusting their wealth to othersthat is, they did before the financial services industry caused the worst recession since the Great Depression.
Now more people than ever are aware that the only way to build real and lasting wealth is to do it themselves. As a primary care physician, you’re no different. In fact, with health care reform and the other changes to our economy, you have even more to lose if you don’t start building your wealth now. And while financial management can seem difficult at first, it’s going to be a cakewalk for anyone who’s earned a medical degree.
Jen Gilbert is a physician wealth management consultant and Internet entrepreneur. She helps primary care physicians achieve their financial goals through education, information, and motivation. Previously a highly successful medical sales representative, Jen founded her consulting business to help busy physicians position themselves for a secure financial future. For more information, visit her website at www.physicianwealthstrategies.net.