During these challenging times it's easy to find yourself worrying about the future. Many of you may be working fewer hours or no hours at all depending on your specialty. In a recent survey, over 40% of medical professionals stated they were working fewer hours and were worried about their economic future.
While there is reason to be concerned, there is only so much you can do about it. This has some similarities to the social distancing we're being asked to implement into our lives by staying at least 6 feet from one another. We can help limit the spread of the virus, but we can't totally control it.
In a similar perspective, we can look at our lives in aspects we can control and others we have no control over. We call it the Circle of Control, which is illustrated below.
If you were to draw circles around your life they'd look something like this illustration.
The first circle, at which you stand in the center, is your circle of control. There...
There's no getting around it. The COVID-19 pandemic has, or will if it hasn't yet, transform our lives. Hopefully, you won't be affected physically by the virus, but there is a chance that even as physicians in high demand you might be infected financially.
When one is in a state of panic mistakes are more likely to happen, especially if you spend too much time watching cable news!
In this blog we'll share five common mistakes people make during a financial scare like the one many are now going through or heading into.
5 financial mistakes to avoid.
Mistake #1: Going deeper into debt.
This is by far the most common mistake people make. It's all too easy to get out your credit cards when you need help during a challenging time. The bigger problem is not the short term problem of using credit, but is instead the long term effect this will have on your goal of getting out of debt and becoming a DFMD.
Many of you probably have cash on hand to weather the storm,...
With all the chaos taking place around the world due to the COVID-19 pandemic, many people are worried about the future, worried they might get sick, and / or worried about their financial future as markets plunge around the world into bear market territory.
What should you do?
What should you NOT do?
We certainly don't have all the answers (although you may want to stock up on toilet paper:-), but we can offer some practical suggestions on making it through these challenging times with as little stress as possible.
1. Leave your investments alone!
You haven't lost any money yet, technically speaking. A loss is only guaranteed if you sell now. Instead, hold your positions in the market and ride the roller coaster to a better place in the future.
The only people who get hurt riding a roller coaster are those who jump off!
It might be hard to stay the course seeing your portfolios down double digits in just a few short days, but the market has always...