Great question – most dentists earn rather well as compared to the minimum wage. This means that we are in an amazing position because if we educate ourselves we can leverage our extra wealth to buy back our time and live a life of freedom. Not many professions have this luxury.
The primary purpose of investing is to PROTECT your wealth and then GROW it – in that order. What most people dont realise is that their cash is not a stable in value as it would appear. A simple way of thinking of inflation is the rate at which your cash loses value with time. Often the real rate at this is 7% which means that even by not doing anything and holding all of your assets in cash you will lose 7% of your wealth every year. When you are aware that certain assets in the stock market have been increasing at the rate of 10% a year for many decades you can easily offset this.
That is awesome and I am so happy for you! The best thing about growing your money is to understand that it exists to COMPLEMENT what you do and ENHANCE your life. It will never replace Dentistry (unless you want it to with time). The whole point is to act as an insurance policy as who is to really say what the future holds. It is always nice to have additional OPTIONS. Who would really say no to having the option of having more TIME which is what money ultimately buys us. Don’t get me wrong it doesn’t happen overnight but one must start somewhere!
This depends on your style but I can categorically answer this with a NO if you use a “set and forget” style. Often times these strategies are said to be the most suitable for Dentists anyway given that most Dentists are very busy time poor people. Its all about education and through this we can figure out a style that works for each and every one of us.
Finance CAN be complex but it can also be UNBELIEVABLY simple. There is always a strategy that works best for YOU. The key is to begin and educate yourself to a point where your strategy is foolproof and TOTALLY safe. Remember even by not doing anything one misses out because of inflation and also opportunity cost. One must be on the train to leave the platform.
The best place to get started is to GET EDUCATED. I have a whole host of resources from the very simple for people brand new to the concepts all the way up to the seasoned veterans. It all starts with one step so use the functionality to book yourself a call with the team and begin YOUR financial journey.