Wealthy Status

Physician's Money Digest, February29 2004, Volume 11, Issue 4

Dr. Mark Alch, a financial author,offers the following tips:

  1. Find a financial advisement team.The financial landscape changes constantly,so it's good to have an expert tohelp when it comes to the IRS, insurancepolicies, asset protection, and investing.
  2. Talk with your spouse. If your familyis not on the same wavelength as far assaving and investing, it's a difficult task.Sit down and discuss your financial goals.Make sure that you and your spouse bothagree on objectives.
  3. Pay yourself first. Make sure discretionarymoney is taken out of your payimmediately, as if you're the mortgage.
  4. Make a commitment to read theWall Street Journal and other financialnewspapers, books, and newsletters.
  5. Develop a long-term investmentstrategy. Short-term trading is usually arecipe for disaster.