Recently, I provided 7 common rules doctors break that hurt or stop them from financial security or wealth. Here’s another 7.
All 14 rules are critical – and there are many, many more I will share in the future. BEWARE those that try to over-simplify, the shortcuts, and those that would feed on doctors in particular who have put their time into patients and practice rather than 10,000 hours in finance.
Like air, food, and water; you’ll need money all of your life. That is why it would be hard to say what are even the top 5 rules. So many elements of money come up over a lifespan that all of them eventually play an important role.
7 MORE FINANCIAL RULES FOR FINANCIAL SECURITY YOU CAN’T BREAK:
1. Maximize investment returns
Invest in the types of funds that regularly outperform the market. More than a century has given us data on the companies, brand, and medium of investment that allow us to make good decisions in what is a marathon and not a sprint.
2. 2% rule
Judge your purchases and investments by the % of your portfolio. If you have 300,000 in a portfolio and buy a $30,000 car, you just spent 10% of your whole portfolio. Top investors recommend never making any investment or purchase north of 2% of your portfolio or overall net-worth.
3. Your personal home
Use your house as a home in most situations – not as an investment. There are many, many methodologies to ending up in a home ownership where you are going to get a good return, but history again reveals it is more a cost than an investment.
4. Cash is King.
Be liquid as much as possible to take advantage of opportunities as they arise. Great chances to invest take: wisdom to discern opportunities, understanding how to best structure the deal, and in most cases, THE CASH.
5. Be an investor not a speculator
Invest for the long-term rather than picking winners, avoiding seductive short-term get rich quick schemes.Don’t market time.
6. Always be invested and maintain your allocation
Choose top companies that have and will stand the test of time. Unless there’s an Armageddon or we are actually over-run by a foreign power, the top performing companies in the U.S. are built to last, too big to fall, and will eventually end up back on top. Choose funds with these companies, adjust to get back to your percent allocation, and alter your allocation as you age.
7. Be leery of off the shelf purchases
Rich people don’t make any large portions of their portfolio from off the shelf products: Eg: Life insurance is good to have, but not as a substantive % of your savings.
THE PATHWAY TO WEALTH
It starts by making sure your core business, additional businesses, and investments are generating cash. Creating a business and home budget to manage consumption and maximize dollars going into the investment portfolio and developing an investment strategy aimed at affluence is challenging and complex. Yet, like becoming a millionaire – almost anyone can do it.
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Have fun saving the world
Dr. Ben
DID YOU MISS 7 RULES PART 1? You can find it at: http://127.0.0.1/elitegroup/7-
