A Doctor Tells: How to Save More of Your Money

Gregory A. Hood, MD

Disclosures

November 30, 2017

In This Article

Keeping On Track

Step 5: Revisit and Revise Your Plan

Chances are that your financial plan won't go perfectly right the first time. In fact, the chances of that happening are just about zero. There will be unforeseen expenses, such as a new roof or expensive repairs to one of your vehicles. There will be mistakes, too—decisions that seemed right in the brain but that didn't match the votes of the heart, or the feet. A van purchase that we made while overtired and having not done our due diligence in background research comes to mind...

However, if your first attempt to fix your mistakes leads to improvements and positive results, then it will be even easier to refine your plan the next time, which will improve its odds of long-term success. One additional, excellent book worth reading is Prosper! How to Prepare for the Future and Create a World Worth Inheriting, by Chris Martenson and Adam Taggart.[4] It will help guide you, and in turn your children, through the value of making mistakes and learning from them.

Remember, too, that being frugal doesn't mean you have to give up all of the things that you enjoy in life. A plan that does so will lead to "frugal fatigue," which afflicted a lot of investors almost a decade ago, after the last financial crisis. This fatigue commonly leads to a relapse in spending, sometimes of epic disproportion. A properly executed financial plan will lead to long-term positive results, including increased savings and both greater security and greater freedom in the future.

Finally, personal financial success also feeds better practice and professional success. A less stressed, more comfortable physician will have better odds of performing well in his or her professional obligations.

Most of us work hard at earning our income. It's time to spend as much energy on figuring how best to save and invest it.

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