Making of a Wise Investor: From Brilliant Health Professionals to Prudent Investors
With the ever unending need to level up in this noble medical profession of yours my dear ladies there comes an accrescent need for more money to grow and expand your medical practice.
Your financial needs are as dynamic as any other life needs of yours and as significant as any other male counterpart because you have scored higher and aspire to endeavour ahead. So, whether you’re someone who has started fresh practice post-Med school, or in the middle of a career, or nearing retirement, or anywhere in your career graph you’re acutely aware of the need for money. Because though money may not mean everything but who can disagree with the power money bestows.
The times have changed; we have seen how women have evolved and adapted to this change over time and crossed all gender-biased borders to make them stand out and prove their excellence.
International Women’s Day is all about the celebration of this zest and enthusiasm and what best than a celebration packed with a financial edge for you.
Women are undeniably brilliant at money managing skills, but when it comes to financial matters, many of us take a step back. and the reasons may vary it can be lack of time, lack of financial knowledge, confidence, or interest in financial matters.
So from when and where you should embark on your financial journey, Ladies!
Image Source: Image by Gerd Altmann from Pixabay
Irrespective of where you stand on your career line with the financial understanding you can put your financial pieces in order without any further delay with the three ultimate steps:
1) Wealth Creation
“Your solid financial foundation is as unique as you are.”
As a healthcare professional, you may be time-pressed to research all of the investing options available. But an adequate analysis of the mandatory financial aspects of your lives that cannot be afforded to be missed can save your financial life from collapsing.
The most important thing to remember in the foundation of finance is Insurance, Insurance, and more Insurance. It’s all about preserving your current assets from life uncertainties through an emergency fund, life insurance, health insurance, critical illness insurance, auto & home insurance, Indemnity Insurance, Disability plan, will, etc.
2) Wealth Maintenance
Once you know that you have saved your family, career, and self from life uncertainties you can move higher to accumulating wealth with defined financial goals in place. Your goal can vary based on your life stage it can be starting your own medical practice, owning a house, taking up higher medical studies, or a vacation.
– You need to categorize your goals from important to not so important
– Place the prioritized goals on top
– Put a fixed time-duration of achievement
– Understand various financial Instruments
– Select the one that matches your financial needs and risk appetite
– Start Investing irrespective of how meagre or the big amount you can start with
– Start your financial journey with a trusted partner and only after understanding the financial instrument you are Investing in.
3) Wealth Distribution
Wealth distribution is the Mount Everest of your financial strategy. Once you have made it this far, you feel pretty good about yourself. You are wealthy. But you are still not done here you need an estate plan in place to lead a financially fulfilling life.
This stage involves your complete estate planning, distribution of income after retirement, trust, power of attorney, etc.
With the changing times and growing career and life responsibilities taking your financial matters into your hand will not only boost your confidence but make you more skilled in handling your profession. So this women’s day don’t just celebrate the beauty you carry within yourself but also shine and thrive with your finances in your hand and take charge of your Money story.