As a doctor, you only earn what you worked for. While you are not an employee, your manner of earning is similar. No work equals no pay.
So, apart from knowing how to handle a physician salary negotiation, what other steps can you take to be financially free one day? That is what we will discuss with you today.
7 Steps to Financial Freedom for Attending Physicians
1. Build Your Income
The first step to achieving financial freedom is to build your income. As an entity with a strong business presence, this takes some time and careful planning.
What it means is that as time passes by, your earnings should also increase. You must get a promotion if you are employed in a hospital or increase your fees.
2. Invest in Yourself
The second step is to invest in yourself. You must learn new skills that are outside the boundaries of your comfort zone.
For example, if you are interested in the stock market or in a specific type of business, then you must learn these things as early as today.
3. Avoid Debt
Do not borrow money if you can avoid it. The only time it makes sense to borrow money is for a property that appreciates in value as time passes by.
A good example of this is real estate. Although you pay interest in mortgages, the property’s value after some time will exceed what you paid for.
4. Invest Your Money
Next, invest your money. You can do this by buying stocks, bonds, or other financial products. You can also buy shares of a private company if you want.
5. Grow a Passive Income
A passive income is where many physicians start earning. An excellent example of this is a real estate rental property. When you rent a property out, you do not need to actively manage it.
6. Build a Business
If you have the time, and we suggest that you manage to find time, you must build a business. Since you are a physician, you may find it a tough proposition.
The solution is to either partner with others who can operate the business or do something online that you can manage on your own. Make sure you have
7. Get an Insurance
If disaster strikes, you will lose money. The solution is to get insurance so someone else will take the tab.
Get liability insurance for your profession. If you have a property, you must also get insurance for it. In addition, you may also consider disability insurance. This way, you get paid if you can no longer work.
Without insurance, a calamity, accident, or simply bad luck can wipe you out financially. Sadly, no one really knows that something bad will happen to them, so you better e prepared.
Financial freedom takes time. More importantly, you must see it as a journey, not a quick way to achieve your goals or make a big amount of money. With discipline, you can surely achieve financial freedom even before you retire.