5 Steps to Wealth

Physician's Money Digest, September15 2003, Volume 10, Issue 17

For new physicians, becoming wealthy is not as complicated as you maythink. Begin today and you'll be on your way to financial fitness.Consider these 5 simple steps to building your net worth:

  • Develop a financial plan by identifying your specific goals.
  • Develop an investment plan that will help you reach your goals.
  • Put the plan to work, beginning with a portfolio of low-costmutual funds.
  • Take advantage of tax laws, using IRAs, 401(k)s, and other tax-deferredplans.
  • Buy and hold. Never attempt to time the market.