Let’s talk about money this morning. Now I am not great with money. Honestly 3 years ago I was terrible with money. But with some time and some dedication, I would put myself in the above average to a young expert in personal finance now. I may not know all of the tax laws or the IRS loopholes, but I know enough to make some intelligent decisions.
I make progress every day towards my goal. This is despite my biggest problem in personal finance which is still overspending. Now you may have read my buy nothing challenge and this has remained in effect. I am not buying many clothes or personal products (though this list has ballooned more than I like), but I spend money on food and travel. A lot of money.
Thus I know that to fast forward my finances, I need to slow down the spending. But do I really need to fast forward my finances?
I hit the $1 million mark post-wildfire.
I am debt free for now (granted I do not own a home).
There are no plans for retiring now. Maybe not for 10-20 years depending on the job and other life interests which means I will continue to have a good income, well over the average US income even if I work part-time.
Even with my spending problem, I am making stride. I am maxing out 401Ks and depositing money into taxable accounts every month. My kids 529 is covered and I even have a charitable donor advised fund set up. This is the beauty of a high income and being well insured. Thank you insurance money.
But even with a high income, if I had not taken the time to read and learn about personal finance I would be stuck in a rut. My $200K debt would not be paid off. The $60k wedding would not be paid off. My kid's college fund and my own retirement funds would not be set up. I would be stressed. My relationship would be stressed. My options would be limited.
So far all of you out there, high earners or not, take a few minutes a day and read about personal finance. You will make small strides in the short run that will have a huge impact long term.
I am Eiman Jahangir and I am a dad, husband, and cardiologist. I grew up in the South, trained in the Northeast, moved out West, and now am happily back home in the South. My wife and I have seen our fair share of ups and downs, from the pain of dealing with infertility and losing everything in a matter of hours in the Tubb’s Wildfire, to the joys of having our son and finally finding a medical practice that is right for me. It hasn’t always been easy, but I am grateful and continue to move forward in positive steps.
I write to help people looking to improve their lives. I have written my thoughts and experiences on a wide arrange of topics from parenting to finances to mindfulness. While some of my posts are more useful for doctors and other high earners, most are for everyone.