Making a million-dollar is the first stepping stone to wealth. And once you have made your first million, making 10 or 100 million becomes relatively easy.
Here are a few tips to help you make your first million and repeat the process until you have sufficient wealth to retire with and even pass on to the next generation.
A majority of physicians graduate with a massive student loan debt. If you have a federal student loan, you can consider a refinance or apply for forgiveness or income-driven repayments.
With your student loan out of the way, the next step is to keep a certain percentage of your income aside, say 10% or 20%, and invest these savings in a low-risk portfolio. A conservative approach would be to save 15% of your income every month.
If you are working for someone, you can benefit from employer-offered investment schemes, such as 401(k). Combining your 401(k) with the above-mentioned saving and investing plan can help you achieve your FIRE(Financial Independence Retire Early) goals early on.
If your next-door neighbor has a Mercedes, you don’t have to follow in their footsteps.All that matters is your net worth and financial freedom at the end of the day.