I’m excited to begin the slow and steady process of breaking down the opaque walls of the financial industry and making this world directly accessible to you. Through these posts, you will develop the financial acumen to feel confident and move forward with building a foundation to financial freedom far earlier then could ever be imagined. You may be wondering why you should bother listening to advice from another non-financial professional – talk about the blind leading the blind! I do have a somewhat unique story as a professional and have been able to retire/ be financially independent since 33 years old, which is about 6 years after starting my professional career. For more info please see the About Me section.
The advice on this blog is geared primarily toward doctors, but also applies to non-financial professionals such as lawyers, dentists and other self-employed professionals. Non-salaried independent professionals have unique financial characteristics and opportunities that make traditional finance blogs not as applicable to us. The structure of this blog will be assuming no financial knowledge and that you are starting from square one. I will slowly build over time and eventually you will feel quite financially savvy and in control of your financial future.
Previously when people have asked me financial advice they mainly wanted to know what amazing stocks I picked or what investments they should put their money into. This is literally the worst place to start when talking about building a financial nest egg. Investing is sexy and talking about buying the next Google, Facebook or Apple before they make it big is how most people think someone becomes wealthy through investing. If this is what you are looking for, I suggest you go buy a lottery ticket instead as it will be just as likely. When I try to begin describing the key steps to what led to our financial success, I see most eyes glaze over – most of this stuff isn’t sexy or exciting to talk about. On the other hand, being able to take a trip anytime you want and never worrying about money is pretty wonderful. If the right financial principles are applied early enough, I genuinely believe that the majority of professionals can get to financial freedom within 10-15 years of work.
My biggest fear for this blog is that readers will stop part way through this journey out of frustration and impatience that financial change isn’t quick. All the financial principles I adhere to are risk adverse and getting rich slowly tools. My wife and I had the benefit of two physician incomes along with a solid growth strategy, combined with significant savings and healthy stock market returns. This led to a much faster financial independence then I ever imagined when I started our financial journey. Some professionals with higher income earning potentials can achieve independence faster, while those who can be very efficient with spending can achieve the same goal with less income. Most of wealth building is related to money psychology, which is what takes time for us to adjust how we view our money and its role in our lives.
I also fear that readers will get impatient with my ability to produce content on a consistent timeline and they will get tired of waiting for the next post. I still live a busy and enriched life with a young family and have taken leadership roles within medicine that occupy my time beyond the traditional work. This has been part of my hesitancy to start this blog earlier, but my wife has convinced me it can be helpful to many people she knows right now. I will aim to put out 1 blog post/week that is substantive to read versus 5 blog posts/week that are short and lacking any real insights. I suggest joining the mailing list to find out when a new post arrives.
To improve the experience for all, I would suggest you view this blog not just as a platform for me to espouse my views, but a community of motivated professionals that want to learn together. The blog will hopefully gain readers from numerous backgrounds at different financial levels who also have valuable insights to make. The best blogs to gain knowledge from have vibrant comment sections where people posted questions related to the topic. Fellow readers in addition to the main blogger helped give their advice and opinions to really add to the meat of the original post. Most of my learning came from seeing all the variable inputs of different financial situations in the comment section, where unique optimal strategies are needed compared to the standard approach.
My first posts will be quite general and introductory about concepts within financial planning and investing. To professionals that have intermediate or more advanced knowledge in finance, the initial posts may seem too simple. I promise I will delve deeper in later posts. I prefer to try to bring everyone along the journey to ensure as many as possible can benefit from the more advanced insights later on. If there are any specific topics that readers would like discussed, please mention them in the comments and I will do my best to cover them at some point in the near future. In general, here are the topics I plan to write about:
- Money Psychology
- Saving Strategies
- Basic Investing Principles
- Asset Allocation
- Mutual Funds
- Index/ETF Investing
- Hedge Funds
- Corporate Entities
- Investing within a Corporation
- Estate Planning
- Smith Manoeuvre
- Advanced Investing Strategies
- Financial Goal Setting
- Early Retirement and Financial Independence
Now that the table has been set, our first post series will review the entry into professional life and the financial pit falls awaiting you.