I just wanted to say that everybody here on /r/personalfinance is really great. I think the tips and advice given here really does help a lot of people from all walks of life. This past weekend I roughly added up all my assets (minus liabilities) and was pleasantly surprised that my total net assets were well over a million. I've always had the goal of getting to $1 million in my first 10 years of working. Being a doctor kind of slows your younger years financial planning due to the decade-plus of higher education and training,... not to mention student loans. Not sure why $1 million specifically was a goal,... other than the nice round number of it,... but it's reached. My long term goal is $1 million into the retirement fund every decade which I think should be pretty easy at this point barring some disaster.
If anybody is interested I outlined some aspects of my life and philosophy that I think is responsible for this accomplishment.
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Be goal oriented.
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Work hard toward your goals.
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Invest in yourself. Education, reading, training, experience, networking, and hobbies.
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Don't spend more than what you make/have. This is true regardless of income. I save roughly 50% of my post tax income. Even when I was in college I never spent more money than I had in my bank account.
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Pay off your credit cards fully at the end of the month.
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Hang around with smart people. If you are the smartest person in the room, you are in the wrong room.
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Don't be (close) friends with people who are self destructive. I think at a subconscious level the behavior of our peers does influence us to a certain degree.
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Have hobbies outside of your line of work. Continue to pick up new hobbies and skills. Don't stagnate.
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Like your job. Doesn't mean you have to necessarily like going in every Monday morning. But if you absolutely hate your work 100% time, you really need to rethink the career choice.
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Be realistic. Everyone says you should be optimistic,... but in all honesty I think a healthy dose of realism is the best. You may like art, but unless you really have the talent of Da Vinci, getting that bachelors in Art is probably not going to pay off.
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Be relatively healthy. Take care of your body. You don't have to be a health nut but try to eat healthy, a few hours of exercise per week, and don't do drugs (more on this below).
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I know this is going to be controversial,... but I'm going to say it. Don't do drugs (legal or otherwise). Not because they are evil, ethically wrong, or some morality BS,... but rather because I have never seen drugs (which includes excessive alcohol) improve people's lives and I have seen it destroy many. They are typically expensive "hobbies" that at best are neutral for your well-being and at worst can completely destroy your life both legally and from a health perspective.
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Don't "settle" on your choice of a SO. This may be the most important thing. We all fall in love but look very hard at the potential faults of your SO. If there are some big red flags, heavy drug use, dishonesty, violence,... move on. There are other fish in the sea. It's ok not to compromise on core values. And no, you won't be able to "fix them."
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Don't lie, cheat, be dishonest or vindictive. It never helps you in the long term.
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Buy things and spend money on things that make YOU happy. Don't worry about what other people think as you can never "keep up with the Jones's".
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Try to fix things yourself when when they break. It's amazing how daunting it can be to try and fix a leaky toilet the first time. But you watch a youtube video, by the $8 in parts, and spend 20 minutes doing the actual work. You learn a new skill, save $200 on the plumber's fee, and won't panic the next time it breaks.
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Care and try to help others (but not to the point where it will directly hurt you or your loved ones). I think the act of giving is underrated. I personally feel that directly helping others with tasks or advice is better than directly giving money.
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Last, enjoy life. Saving money is not the actual goal, it's about being free to do what you want in life. I travel, buy "toys", fund my hobbies, build things myself, and generally spend on things make us happy. Money = Freedom and peace of mind.
Well, sorry about the rant but I figured I share my experiences. Best wishes to all my fellow /r/personalfinance friends.
Submitted July 04, 2017 at 08:37AM by invenio78 http://ift.tt/2tMFjPD
