Before we get started, let me preface this post by letting you know my intention. The goal of this blog post is to share my financial journey in the hopes that you will take some nuggets from it and use them. Take whatever suits you, and leave whatever doesn’t resonate with you (or as they say, “if it doesn’t apply, let it fly”). Ok, now I can get started.
Three years ago, I knew I wanted to divert from the traditional route of practicing medicine but I was not sure where to start. However, one day I was listening to the Dave Ramsey show and I had an “Aha!” moment. During the episode, Ramsey was talking to a 60-year-old woman who had no retirement savings but he managed to come up with a doable plan for her, which was actually quite encouraging. At that moment, I knew that I needed to get my personal finances in order.
My first step was to follow Ramsey’s Baby Steps plan (covered in previous blog and facebook live), in which I came up with a financial blueprint for paying off debt and building wealth. I knew I had to pay off my debt if I wanted to cut back on my work hours, which would likely result in less income. So I came up with a debt paying plan, killed myself working extra hours for a span of a year to pay off my debt, and saved 3-6 months of expenses for my emergency fund. After my emergency fund was saved, I finally felt like I was ready to live life on my own terms.
At this point, I was finally ready to cut back on spending. For starters, I reviewed my budget to find out how much I need to live comfortably every month (covered in previous blog). Once I had that number, I multiplied it by 12 to come up with the annual income I desire.
Since I work locums doing shift work, I had to calculate how many shifts I need a month to live comfortably. On occasion, if my schedule allows, I pick up extra shifts because let’s face it, it never hurts to have more money! You can always use that extra money earned toward investments.
Personally, real estate investing is the fastest way to build wealth so I invest extra income in real estate. My goal is to have enough properties that will bring in enough money to cover all of my expenses. Once I bring in enough passive income from real estate, I can choose to quit my day job or work less if I so desire. Basically, I am using real estate as my path to financial freedom.
Another way to cut back on your 9-5 job is to have a side gig(s) that can bring in enough money to eventually equal or exceed your income. Even if it is a fraction of your take-home pay, it gives you the chance to cut back without worrying about money.
So there you have it… my outlook on financial stability based on my personal journey. I hope that you found this helpful and that you got some nuggets from it.
Finally, I have a question for you… If you could have a private conversation with me, what two questions would you like to ask me?
Send me your question via email firstname.lastname@example.org
That’s all for now.
P.S. – Yes, I’m really serious – go ahead and email me with your questions. What do you need help with?