Money Management for Doctors
Money management is the hardest part of becoming financially secure, wealthy and then independent. Spending less than you earn and investing the difference are the big rocks in the jar. You need to get this right.
It is impossible to build wealth unless you can create a gap between income and expenditure. There are many hacks to widen your gap by improving efficiency, which means. Some delayed gratification in terms of lower spending now will help you build your wealth faster.
As you increase your salary, increasing your savings rate becomes relatively more efficient than earning more. This is due to the effect of what will become your largest by far expense – tax.
Keeping your spending at the previous level when your salary increases is a powerful way to grow the gap.
The articles listed will give you ideas on how you can increase the gap between income and expenditure by improving tax efficiency, changing your mindset and using a money management system
Money Management Articles
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Reading a financial blog can be pretty overwhelming! It is unlikely you will take more than one two ideas and institute them immediately.
Ongoing exposure to tips and tricks over months and years means you can institute ideas one at a time that suit you.
Blog will keep you up to date with changes to the financial landscape, and represent ideas back to you at future times in your life when the changes may be more suitable.
Over team, these miniscule changes to your money management add up to significant changes to your savings rate and wealth accumulation.
Interns and complete beginners may wish to start with the intern crash course, which covers the essentials over 10 weeks.