De-clutter your Finances

Keeping Things Simple ✨

Your life as a physician is already complicated. You make thousands of decisions a day, and many of them have direct impacts on the lives of those you treat. Keeping your finances simple and easy to manage can offload some of the cognitive fatigue you face. Your investment strategy should be simple and cater to the level of expertise and risk tolerance you are comfortable with. Avoid falling for get-rich-quick schemes like the shiny new cryptocurrency or the latest penny stock a coworker tells you about. For most people, their investment strategy is a reflection of their own personality. This can either be a good or a bad thing.

Diversify at Your Own Risk ⚖️

If your energy, cognitive abilities, and focus are being pulled in many directions, you’re probably putting poor effort into all of them. For this very reason, when you begin building your wealth, it’s probably easier to put all your energy into one direction and learn one thing very well. For some people, it might be learning about the stock market, while for others, it might mean learning all they can about real estate investing.

Once you gain mastery in one area and become proficient, it can be a reasonable choice to diversify. I say “diversify at your own risk” because too often, people get drawn into new directions that they know nothing about. Take your time; learn thoroughly. After all, it’s your hard-earned dollars that you want to put to work.

It’s Not All About Passive Income 💼💰

You hear all the YouTubers, influencers, and financial savants drooling over passive income. If you enjoy working and managing your investments—stocks, real estate, or other vehicles—then do it! There’s no right or wrong way to handle investments. There’s an easy way, and then there’s your way.

Do what you can with the knowledge you have. For example, if you have expertise in technical financial analysis and enjoy spending hours researching and choosing stocks, go for it. If you prefer to manage your real estate properties actively, more power to you. The time you spend on investing is entirely in your control.

Do What’s Best for You 🌟

When you look back at your career, you want something to show for it. It doesn’t mean you need tens of millions of dollars, but you should have something to reflect your efforts. (That was just a joke!) As a physician, you should have no problem enjoying what life has to offer while being financially responsible. Putting aside a little money regularly goes a long way over time.

Eventually, you’ll reach a point where working is a choice, not a necessity. That’s when you can practice medicine on your terms and create the work-life balance you may (or may not) be seeking.

A.K, MD