Don't Panic

It has been a little bit of time since I've posted here, so today I'm going to give some advice. Most of you know that my hobby is investing and financial matters, and I think that individuals should be very involved in their own futures.

We've heard a lot of talking heads about the economy and personal finances lately. This doesn't really help, it only causes a panic. Unless you are just about to retire, you should be thinking that this time is a great time to be able to invest. Everything you do now will shape your future.

We must cut our personal spending to keep things within our means and normal expenses. Don't be frivolous now! We must personally save more money every month into a savings account for that rainy day. Think of it as a bill that you have to pay yourself every month. It doesn't matter how big or small the amount is, just do it without question. Automatic deposits this way are the best.

Once you do that you must pay down your debt. When the economy is in trouble, you must contract yourself and get rid of things that are extraneous, that includes debt. Start with credit card debt first and then cars and finally the house. Being debt free is a great advantage.

Begin to look at stocks, bonds, and mutual funds like you would if you were investing your own money into buying a company. If you blindly put your future money with someone you don't know without making them accountable, don't expect that money to be there in the future when you want to retire and when you need it.

Why do I spend as much time as I do on knowing the financial world? It's important to know what is going on in the world so that we are better informed to talk with our patients about issues and so we can relate to them when we are recommending treatments. It is also better to take care of yourself. If you are financially secure, then your stress and worry are way less so you can concentrate on your day to day tasks.

Take care and be smart!