5 Books to Read while Social Distancing from the Coronavirus

With coronavirus and the nationwide push for “social distancing,” you may find yourself home a lot more often than you’re used to. While binging Netflix shows and old movies can be fun for a while, you may also find that you want to do something a little different or perhaps use some of your extra time to gain new insights. If that’s the case, here are 5 books about business, finance, and real estate that you may want to consider read while quarantining:

1. Rich Dad Poor Dad by Robert Kiyosaki. This was one of the first books I read about finance and I can’t even articulate how good it is. Unlike most investment books that delve deep into the details of FICO scores and retirement accounts, this book is completely different. It actually tells of story of two fathers: one is well-educated and broke while the other is minimally educated but rich. In this book, Kiyosaki highlights the life lessons he picked up from both men. He also explains why accumulating wealth requires a shift in thinking and how pursuing a career in real estate or entrepreneurship can be the springboard we need to reach our monetary goals. While you may not agree with all of his life lessons, there is no doubt this book will cause a paradigm shift in the way you think about money, while entertaining you along the way.  

2. The White Coat Investor by Jim Dahle. This is one of my favorite personal finance books. Besides the fact that it was written specifically for doctors like myself and other high-income earners, I like this book for a couple other reasons as well. First, it’s easy to understand. If you never read anything about personal finance or money management before, start with this one. It goes over the basics, easily defines terms in an interesting way, and starts off by answering the most basic question “why should I even care?.” Secondly, this book is easy to follow and gives you all the tools you need to know to get your life in order. You don’t have to go picking stocks or making complicated tax manipulations. Instead, he walks you through the most important things so that you don’t screw up in a major way. You’ll gain some student loan insight and get basic info on retirement plans, buying a house, building wealth, and protecting your assets. It’s a must-read for any doctor and a really good read for anyone else.

3. The ABCs of Real Estate Investing by Ken McElroy. After I read Rich Dad Poor Dad, I began to think about investing in real estate. Real estate investing is one ways many people accumulate wealth and since I didn’t have any personal experience in that area, I wanted to educate myself on the topic. Ken McElroy invests in real estate with Robert Kiyosaki, the author of Rich Dad Poor Dad, so I figured his book would be a great start. I’m so glad I got it. This book is like a beginner’s guide to real estate investing and does so in an informative, easy-to-understand manner. I learned a lot from this book including the benefits of real estate and how to properly evaluate a variety of deals. If you’re even the slightest bit interested in real estate investing, consider reading this book.

4. Ego is the Enemy by Ryan Holiday. Those who know me personally have seen me post quotes and excerpts from this book since the start of the new year. Ego is the Enemy is a must-read for any one with even the slightest bit of ambition. In this classic, Holiday walks us through how to manage our ambition, properly handle our successes, and overcome our failures in a clear-cut way. Each chapter is fairly short and clearly delineates a character trait we either need to develop further or break entirely to become the best version of ourselves. This book will make you examine your habits and really think about what you can do differently to reach the level of success you desire.

5. Lean In by Sheryl Stanberg. Sheryl Stanberg is one of the most well-known female senior managers in the country. From her work at Google to her current role as the Chief Operating Officer at Facebook, she is a household name and an idol for women in corporate business. In this book, Stanberg challenges us women to seek leadership positions and “lean in” to push ourselves even further to succeed in our careers. Stanberg examines how she reached such a high level of success in her own life and pinpoints tips to help other women overcome some of the most common obstacles. She famously talks about the “competing” desire to have a successful career while nurturing a loving family and provides some advice on how she tackled handled both priorities. For females who desire a successful career and family, it’s definitely worth a read.

Want a Side Hustle? Try these ideas

Of note, this blog was initially written and published on Doximity Op-Med and can be found here.

It’s 2020 and many of us are more motivated than ever. We want to get fit, eat healthier, and continue to survive residency. While these are noteworthy goals, consider one more thing: making money doing something you love…outside of medicine. Aka, start a side hustle. If you’re unsure of where to start, here are a few side gigs to pursue as a resident: 

Start a Blog

For those who love to write, consider starting a blog. Doing so has relatively low startup costs, if anything at all. Once you get a unique website domain, you can use a pre-formed template via platforms like Wordpress or SquareSpace to create a website or blog for little to no money. Although it can be daunting initially, starting a blog will allow you to create a platform and accumulate a following through which you can express yourself. I was very nervous when I started my own blog Career Money Moves, but I’m so glad I did. Doing so allowed me to garner a unique list of email subscribers that I can market to directly and communicate with on a regular basis. Plus, I eventually got approached by sponsors who offered to pay me for advertisements, allowing me to make money doing something I enjoyed. 

Launch a Podcast

It’s 2020 and many people believe podcasting is the new blogging. There may be limited times where we are free enough or focused enough to read an entire book or blog post, but there are plenty of places where we can listen to a podcast. Since you can record episodes on the smartphone you already own, the startup costs are quite low. Why not launch one of your own? Doing so will allow you to curate an audience of people through which you can share your views on a growing platform. There’s no rule dictating how frequently you have to record. You can do it on your own time, whenever you have time. AND, you can talk about whatever you want, whether that’s your career, your hobbies, or your personal take on various issues and life events. 

Write a Book

If publishing blogs or recording podcasts on a regular basis sounds like too big of a commitment, why not consider an alternative: writing a book. Although this can seem impractical, it may not be as difficult as you think, especially if you break it up into sections and have a goal of writing one chapter a month. Some people have found it manageable to work on a book during their down time at work or late at night as they unwind from their day. Writing on a topic you enjoy will likely make the writing process even more enjoyable. If you’ve managed to find peace in your life despite many commitments, write about work-life balance. If you managed to stay sane while raising toddlers, write about parenting in medicine. If you’ve managed to successfully create a business, build a high net worth, practice medicine through locums, or do something unique in your specialty, write about that. Being able to author something you love and sell the finished product may result in an additional income and lead to other lucrative opportunities such as paid speaking engagements, television appearances, or exclusive business groups.

Leverage Business on Social Media

If writing isn’t your thing and launching a podcast seems like too much work, consider making money from social media. Many of us are on Instagram or Facebook for free already, so why not get paid to use these platforms? If you like making videos, consider starting a YouTube channel. If you love beauty and fashion, why not review products on Instagram? If you’re passionate about a particular industry or topic, consider setting up your own Facebook group to discuss various topics of interest. Either one of these ideas allows you to create a platform by which you can build a network of people. You can then leverage that network to attract companies or advertisers that will pay you money for access and influence. 

Start Consulting

A consultant is someone who charges a fee to provide advice or guidance in a particular area. While you may not consider yourself an “expert,” you certainly have life experiences and higher education in areas others do not. Why not leverage that knowledge in a way that brings you more income? As a doctor, you can tutor pre-med students taking the MCAT or charge to proofread personal statements. If you are good with technology or have studied computer science, create software programs or website templates for new business owners. If you work in sales, provide specialized marketing strategies for new authors and young entrepreneurs. 

Freelance Work in the Arts

I’m very analytical, but there are many people who are extremely creative. If you are one of those people, use your creativity to establish an additional revenue stream. Maybe you like to paint and can create art to sell at various shows and exhibits. If you like to cook, consider hosting cooking classes for young couples, selling recipes on various forums, or even making your own cookbook. If you love to take pictures, you could become the go-to photographer for your colleagues’ holiday functions, weddings, or family Christmas cards. If you love to do hair and makeup, you can lend your services to those of us who struggle with our hair or desire different looks for fancy events. 

Moral of the story? Find something you’re interested in and enjoy doing outside of medicine. Then figure out how to leverage that interest in a way that brings you money. Although many people could work overtime at their job to make more money, doing so may not be as enjoyable and may even cause them to burn out from their career unexpectedly. The great thing about establishing a side gig or lucrative hobby is that oftentimes it’s something we enjoy. When you are paid to do things you love and enjoy, the “work” is less stressful, you’re happier, and your pockets are fuller.

6 Life Quotes To Remember from Ego is the Enemy

Here are 6 of my favorite life quote from Ryan Holiday’s book Ego is the Enemy.

1. “It takes a special kind of humility to grasp that you know less, even as you know and grasp more and more.” As highly educated young professionals, we have a high level of intellect. Many of us are specialists at one thing or another and this expertise has allowed us to become quite successful. However, we must not let our education blind us to our shortcomings. In Ego is the Enemy, Holiday reminds us that as we continue to learn and progress, we should realize that there is even more knowledge to be gained and additional nuances to understand that we never knew existed. We must not get so “smart” that we think we know it all. Instead, we must remain humble and realize that there are still many things we don’t yet know and may need to learn.

2. “Your ability to listen, to hear feedback, to improve and grow matter more now than ever before.” Holiday goes on to plead with us to “learn from everyone and everything. At every stop and every juncture in life, there is the opportunity to learn—and even if the lesson is purely remedial, we must not let ego block us from hearing it again.” With these two quotes Holiday is letting us know that our quest for knowledge shouldn’t end when we graduate a program or reach a certain level of success. We must, instead, remain intellectually curious and humble enough to take feedback and be open to criticism. I’d even go so far as to say that we must create an environment that welcomes this sort of feedback. The higher we climb, the more people may be reluctant to be as honest or as critical as they once were. Ironically, it is this level of candidness that we need to keep evolving over time. We must be open to feedback and create a safe space for others to provide it. Then be committed to changing and becoming best versions of ourselves.

3. “Sit down and think about what’s truly important to you. Then take steps to forsake the rest. Without this, success will not be pleasurable or nearly as complete as it should be.” Holiday goes on to explain that this is crucial when it comes to money. If we don’t know how much we need, the default is easily “more” and without thinking critical energy is diverted from a person’s calling toward filling a bank account. In fact, Holiday goes on to warn that “Far too often, we look at other people and make their approval the standard we feel compelled to meet, and as a result, squander our very potential and purpose.” In other words, we become so obsessed with impressing other people that we began to seek an unhealthy amount of outside approval regarding our life partners, career choices, and other personal life decisions. Doing so may help us look good to others, but we may sacrifice our calling and purpose in the process.

4. “With success, particularly power, come some of the greatest and most dangerous delusions: entitlement, control, and paranoia. Entitlement says this is mine and my time is more valuable than yours. Control says It must be done my way. Paranoia says I can’t trust anyone.” Holiday later goes on to explain that when we erroneously think that our problems or situations are so vastly unique from others, we begin to think of ourselves more highly than we ought and become out of touch with the very people who helped us get to where we are. We mustn’t let power allow us to become entitled or seek control over everything. We must be humble enough to realize that while no one is infallible, the quality of our work and the strength of our relationships with others will help provide the sustainability we crave.

5. “Ego needs honors to feel validated. Confidence, on the other hand, is able to wait and focus on the task at hand regardless of external validation.” We can’t let our ego get so big that we become obsessed with validation, awards, and recognition from others. We must have confidence in our abilities but remain humble enough and committed enough to try our best whether people notice our efforts or not. Awards and honors are nice, but we can’t be so obsessed with them that we let their presence or lack thereof dictate what we will and won’t do. We have to do the work and remain committed to goal of excellence regardless. Holiday even goes a step further by telling us to “maintain our sobriety.” He’s not talking about abstinence from alcohol or drugs but rather separation from the addiction of creating the perfect image or thinking of ourselves more highly than we ought. We mustn’t treat people beneath or above us with contempt or be so demanding that we reject good opportunities or alienate people close to us. We have to instead remain sober and stay humble.

6. “If you want to live happy, live hidden” Holiday mentions this old adage to remind us that “most successful people are people we have never heard of.” What’s more glaring about this is that it’s not like these unknown people are upset about being hidden or secretly crave recognition. In fact, it’s the opposite. Many successful people prefer to be hidden from the public eye because it keeps them “sober.” it protects them from a developing an ego or dependence on external rewards and validation. It allows them to instead focus on their purpose and do their jobs skillfully without pride and entitlement. They live a life they desire with the people they love without allowing the need for external validation to ruin it.

Tell me, which quote of above resonates with you the most?

Nuggets of Wisdom as we advance in our careers:

As a doctor who loves to learn new things, I love a good non-fiction book, especially one that challenges me to become a better person in some unique way. Last year I had a goal to read least 1 book a month. One of the books I liked best was Ryan Holiday’s Ego is the Enemy. This international bestseller is quick read that broken down into 3 distinct parts and had a lot of life quotes for those of us trying to advance in our careers. Here are 5 key takeaways from the first section:

“To become great, we need someone better to learn from, someone lesser to teach, and someone equal to challenge ourselves against.” With this quote Holiday reminds us that we can’t become great by ourselves. Having just 1 other person may not be enough either. We actually need a few different types of people around us. We need someone from which we can learn from so that we can continue to advance and reach for higher goals. We need someone that we can teach or mentor since teaching not only ensures our own understanding of a topic, but it also solidifies the information in our minds. Lastly, we need to be challenged. While we may all aspire for more every now and then we need a constant challenge to keep us motivated in this pursuit.

“The art of taking feedback is a critical skill in life.” No one is perfect. Although we may be keenly aware of this fact, sometimes we can be oblivious to the parts of us that still need improvement. We may not know that something we’re doing is ineffective. We may not be aware that there are better ways to doing certain things. In order to correct these imperfections and continue to improve, we have to learn how to take feedback. Although many of us hope for the feedback that applauds our effort, we also need to prepare for the kind that highlights our weakness and calls attention to our flaws. Despite the delivery or the timing, the ability to take constructive feedback is a skill in life that will help us constantly improve and help us become better versions of ourselves.

“Clear a path for people before you and you will eventually create a path for yourself.” As aspirational young professionals we are are eager to progress in our careers. As we attempt to get promoted, it can be very easy to focus on ourselves and avoid work that doesn’t get us the recognition we may crave. With this quote, Holiday is warning us against this. He reminds us that working for other people and making them look good will eventually help us achieve success for ourselves. As we become helpful to more people, we establish a reputation as being valuable and an indispensable part of the team. It is these classifications, along with our track record of hard work, that virtually ensure our future success. If we can continue to help others, without alienating or threatening anyone along the way, we will get there even faster.

“Pride blunts the very instrument we need to own in order to succeed: our mind. Our ability to learn, to adapt, to be flexible, to build relationships all of this is blunted by pride.” With this quote, Holiday reminds us to keep our pride and our ego in check. While it’s okay to remain confident in our abilities, we must be careful not to let our ego make us “too good” to learn from others or unable to adapt to certain situations. As we continue to climb the ranks of success, we may develop a certain standard of efficiency that we prefer. Things that deviate from this ideal, whether it be people, situations, or experiences may bother us so much that it can makes us stubborn and cause us to think that a certain person, place, or situation is “beneath us.” It is this exact attitude that we are warned against. We must instead, always be willing to adapt.

“To get where we want isn’t about brilliance, it’s about continual effort.” In our quest to be great we many encounter times that push us to the limit. Perhaps we overworked, tired, or just not as motivated as before. It is during these times and with these feelings, Holiday reminds us to just keep going. The road to greatness is not about waking up each day with fresh ideas on how to take over the world. Sometimes, we just need to get out of bed and keep going. Success isn’t about being brilliant each day, it’s about showing continual effort each day. We have to get up, get to work, and do the necessary work day in and day out. As we keep going, we’ll keep progressing and eventually we will have reached our goal of success.

Tell me, what do you think of these quotes? Did one of them resonate with you more than the others?

4 Reasons you should start a side hustle

As young professionals we have a lot on our plate. We work crazy hours under high-stress conditions with limited time off. Although getting better at our jobs and making time for our families can be a feat in and of itself, I challenge you to consider 1 more thing this year: start a side hustle.

Starting a side hustle allows you to:

1. Explore one of your interests which may add balance to your life.  Outside of our careers, many of us have hobbies we enjoy and other skills we are good at. Instead of keeping these interests a secret or putting them on the back burner, why not explore them even more? Many of us know people who were working full time in their career, but launched a successful podcast on the side or started a coaching business. Perhaps some of our colleagues also work as weekend photographers or hair stylists in their free time. Some of the people we knew in college may have even dabbled in real estate, become public speakers, or authored a book. You can do something like that too. Whatever it is you choose, these additional things, outside of our careers, allow us to explore other interests and may add more balance to our lives.

2. Relieve stress and prevent burnout. As our careers become even more demanding and the work hours pile up, we can find ourselves feeling over-burdened. Although no job is completely void of stress, there are things we could do to decrease the stress we feel or at least lower its impact on our overall health. Oftentimes exploring our other interests, whether its art, photography, music, writing, speaking, or even exercising allows us to gain a new skill or explore a hobby that can decrease the stress we feel at our job.  

3. Standout from other young professionals and make yourself more marketable. As we enter this new decade in the age of social media and internet marketing, good branding is essential. While being competent at your day job is important, having multiple skills and things that you do well can help differentiate you from others. As you begin to stand out, you will likely garner more interest from other clients and patients which can lead to even more opportunities and higher levels of influence in both your main career and your side hustles.

4. Add additional revenue stream(s). One of the best things about exploring other hobbies and become skilled in multiple areas is that it could put extra money in your pocket. With the proper marketing, these skills and hobbies can open up additional doors for us and lead to lucrative opportunities and sponsorships that could be a reliable second or third source of income. Although your day job may pay you well, creating an additional revenue stream from a hobby or task you enjoy can increase your monthly income and make you less reliant on your day job. Plus, getting paid to do something you enjoy, and are good at, can make you even happier and increase your overall life satisfaction.

My point? Although our jobs are noble and can be rewarding in and of themselves, consider branching out a little. Think of other hobbies you enjoy or skills you possess and explore them even more. Doing so might add more enjoyment to your life and prevent you from burning out in your career. It could also help you stand out from others and may even lead to bigger and more lucrative opportunities in the future.

Tell me, would you consider pursuing a side hustle in 2020?

6 Step Money Challenge for 2020

As we embark upon this new decade, many of us are committed improving our finances. We may have vowed to stick to a budget or have a general goal to live below our means. While these are noble goals, let’s challenge ourselves to do even more. Here’s my 6 step-money challenge for 2020:  

1. Buy 1 or 2 finance books to read. There are many different ways to consume information but I’m a firm believer in the benefit of books. While I enjoy blogs, books can be a one-stop-shop for the information you seek. Having books allows us to highlight certain passages and tips that make the material a consistent resource we can refer to throughout our journeys. Plus, it provides a single resource we can use to learn about a several different topics or go in depth on one particular area. There are plenty of good finance books but I think the white coat investor has a list of recommendations organized by various categories that can be useful. When I started on my personal finance journey my favorite books were Rich Dad Poor Dad, the White Coat Investor, and the Total Money Makeover. I’ve just purchased How to Think about Money and tend to refer to Ken McElroy’s The ABCs of Real Estate Investing as I’m thinking over new real estate deals. There’s always more to learn and books are a great way to do that. Pick a couple finance books to read this year.

2. Download a finance podcast. As someone who is intellectually curious and loves to be efficient during my “off” time, I consume a lot of finance information via podcast. Whether it’s the “Hippocratic Hustle” giving me insight into ways other female docs have increased their income, “Docs Outside the Box” giving me new ideas on ways to create additional revenue streams, or the “White Coat Investor” providing step-by-step instructions on how to do a backdoor Roth IRA, podcasts can be a great way to learn about various finance topics without requiring a huge sacrifice of your time. Most episodes are 30-45min or faster if you alter the playback speed. Whether you’re commuting to work, cooking dinner, or working out at the gym, there are plenty of good podcast options. As you continue along your journey of increased financial literacy, download a finance podcast and commit to listening to 1-2 episodes a week.

3.  Join an in-person or online group. Along with increasing your knowledge via books and podcasts, strive to be more active as well. Whether it’s participating in a finance-focused Facebook group, joining the Bogleheads F.I.R.E. (financial independence retire early) online community, or going to real estate investor meetup groups in your city, surrounding yourself with likeminded people can be beneficial. In fact, it’s this active engagement that can propel us even further along in our journey. These groups and online communities challenge us to share our goals with others and inundate us with people traveling a similar path. They also provide a slew of contacts that can keep us motivated and accountable. As you continue along your journey, commit to joining at least one finance or investor group.

4. Create a spending plan for the next month. There couldn’t be a money challenge without a point on living below your means. While many of us would like to increase our savings and invest more, this can be quite challenging to uphold. Sustainable change involves altering our behaviors and putting boundaries in place that keep us focused on our goals. One of the best ways to do this is by creating a spending plan for the next pay period. While most of us know where large chunks of our money are spent, there still may be things that go unnoticed. The challenge for this year is to create an active spending plan that outlines which things we will purchase, and which bills will be paid on certain dates. It also includes automating our payments so that a percentage of our income automatically goes to various savings accounts or investment funds. If you haven’t already done so, create a spending plan that automates payments and “forces” you to live below your means.

5. Pay off “bad debt” early. I’m a huge proponent of paying off consumer debt, especially when the interest rate is higher than 7%. Many of us understand the importance of getting the match to our retirement plans, but once that’s done, we are unsure on what to do next. The correct answer may vary from person to person but generally speaking, once you have at least a small amount of cash for emergencies, you should prioritize paying off consumer debt like high-interest credit cards or car loans. Although investing in the stock market is another great option, the guaranteed return from paying off debt cannot go unnoticed. Plus, paying off consumer debt faster will increase our monthly cash flow and allow us to invest even more towards retirement once the debt is paid off.

6. Give more to charity. Although we each have different priorities and plans for our money, one of the things I challenge you to do this year is think outside of yourself and give more. Even though it can be tempting to delay helping others until we have met all of our own individual goals, I challenge you to find ways to give in the midst of this journey. Oftentimes, we find the most happiness when we find ways to assist others. Giving has helped me stay grounded in the midst of success and allowed me to help others in a way that has increased my own quality of life in ways I never imagined. In 2020, I challenge you to find ways to give more. Doing so may impact your own life more than you may realize.

Tell me, what are some ways you will challenge yourself to improve your finances this year?

Key Lessons from 2019 to Bring into 2020:

1. Meaningful relationships with family and friends can add so much joy to your life. As a busy physician I can sometimes forget how important a personal life is to our overall well-being. Having close friends outside of work to socialize with or plan fun weekend activities makes my life so much more enjoyable. Having family around to relieve stress and keep me grounded helps me remain focused on what’s most important. With close personal relationships, I find myself happier at work, even in the most trying of times. I’m more positive, more optimistic, and even have increase job satisfaction. In 2020 I will continue to prioritize personal relationships.

2. Happiness is a choice—positivity, in the most trying situations, can improve your mental health. Many of us chose to work in health care to help heal various illnesses and provide people with second chances through medicine.  Despite our altruistic motives, there are some parts of our job that can steal our joy. From ever increasing administrative work, patients expressing frustration over costs/wait times that are often times beyond our control, to rising pressure to compromise quality patient care in lieu of “efficiency,” work can seem less enjoyable. Despite these challenges, I’ve learned that happiness is a choice. Positivity, even in the most trying situation can improve our mental health. Finding the silver lining, even when it seems to be hiding, can alter our mood and outlook for the rest of the day. There are many reasons to feel frustrated or upset but choosing happiness and positivity makes things so much better.

3. Finding ways to relieve stress is necessary to prevent burnout. Although happiness is a choice, finding ways to relieve stress is integral. As a resident doctor who works crazy hours with high expectations, work can be stressful. In order to have longevity in my career and actually wake up each day excited for what it may bring, I have to relieve stress. For me, that means going to a hip-hop spin class, having brunch with my girlfriends, enjoying a football game with my brothers, or sometimes just relaxing at home with a piece of chocolate and a savory glass of red wine. Whichever the method, it’s important to have reliable ways to relieve stress.

4. Financial stress can be avoided by using a budget and sticking to a spending/saving plan. Learning about personal finance is integral to our future. It’s so easy to live the lavish doctor lifestyle with a large house, expensive car, and limitless luxury purchases largely paid for with debt and credit cards, but those decisions can put us into a perilous situation down the line. As a grad student, I made some horrible financial decisions (buying things I didn’t need on credit cards, moving to a city I couldn’t afford, and living above my means when I finally did start making decent money). Trust me, it is taking a lot of effort to right these wrongs now. Instead of investing as much as I want for retirement or putting more money into a high-yield savings account, I spent a good chunk of each check paying off credit card debt I racked up in my early 20s. Now that I’ve nearly paid it all off, I’ve vowed to be better in 2020. Having to correct previous mistakes is always more costly than we think. Learning to stick to a budget, live below my means, and follow a set financial plan is a never-ending exercise in self-discipline that has set me on a clear path to financial independence in the coming years

5. Writing down goals and creating accountability can help you achieve more overall. I learned a while ago that a goal without a timeline is just a dream and a goal without a plan is just a wish.  In order to make sure I achieved my goals, I decided to write down them down along with some concrete objectives and action steps. Doing so has helped me create accountability and drastically increased my chance of success. I definitely plan to continue this practice in 2020. If I truly want to go higher, achieve more, and have continued success then I need to be constantly striving for more and putting safeguards in place to remind me of my goals and motivate me on the journey. Writing down my goals and placing them on my bathroom mirror forces me to look at them each morning and be reminded of the bigger picture.

6. The people you surround yourself with have a major influence on your life choices, decisions, and accomplishments. The people we surround ourselves with, listen to, and speak with have a major influence on our life. We begin to think about what we constantly hear and we begin to believe what we are repetitively told. When I started interacting with friends who were very religious, I too gained more zeal and faith. When I started meeting up with young professionals were business-minded with multiple side hustles I too began to think of ways to create additional revenue streams. When I conversed with doctors in the hospital who were positive despite the challenges, I too became more optimistic about my job. In 2020 lets think about who we want to become and surround ourselves with more people that embody those traits.

What are some key lessons you learned in 2019, that you are bringing into 2020?

New Goals for the New Year

1. Increase retirement investments. As young professionals who will eventually retire or cut back on work at some point, we need to start investing towards our future. While many of us may already have started setting aside money for retirement, others of us may not have begun that process. In 2020, let’s strive to do even more. Let’s commit to increasing our retirement savings, even if it’s by a small amount. As we continue to set aside more money for retirement, we will have a greater amount of money invested which will allow the magic of compound interest to work in our favor and increase our net worth.

2. Save more of my income. In addition to investing more money for retirement, I am also striving to save more in general in 2020. In addition to saving up money for vacations and large purchases, we should also have a certain percentage of our income in an emergency fund and for unexpected expenses. While some people may choose to save all additional funds in retirement accounts, I plan to keep a certain percentage of money “liquid” or saved outside of retirement accounts just in case I need to access it at a later date. It’s difficult to take money out of retirement accounts before you reach your mid-50s, so having money saved in a more accessible account is ideal for those of us who may be a bit younger.

3. Live below my means. As I enter in 2020, my goal is live below my means. Instead of buying things because I can afford them or living the doctor lifestyle I envy, I’ve chosen an alternative path: practicing self-control. I share an apartment with a roommate, which allows me to save money on housing costs and other bills. I have a budget for food that I adhere to each month. I also refrain from going to the mall unnecessarily or buying things I want simply because they’re “on sale.” Learning to live below my means has helped me become less materialistic and allowed me to save more, invest a greater amount, and be better prepared for any unexpected events. It has also prevented me from buying things to impress those around me. Instead, I’m focused on my own financial goals which will allow me to make even greater progress toward financial independence.  

4. Pay off bad debt. Before I became financially literate, I made some costly mistakes. I used credit cards to purchase things I didn’t need. I moved to a city I couldn’t afford and failed to live on a budget. I also didn’t save much of anything, for retirement or for emergencies. Now that I’m older and wiser, I have sought to right these wrongs. You might be doing the same thing as well. As we enter this new decade, lets strive to get rid of credit card debt and car loans and refrain from accumulating more. The quicker we get rid of high interest debt, the sooner we can increase our cash flow each month and have more money to invest.

5. Give money to charity. Along with spending money on ourselves and saving money for the future, my goal is to give more. It can be easy to focus on my own priorities but giving allows us to improve the lives of others. Whether it’s paying tithes to the church or increasing charitable donations, giving is a self-less act that allows us to make a difference in the lives of people with real struggles and financial hardships. Although I’d love more money for myself, I recognize that I’ve been blessed beyond measure and should actively seek to pass that grace onto others.

Tell me, what are some of your financial goals for the new year?