The Money Blog

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Debt and choice

Aug 19, 2021

In an earlier post, I alluded to the notion of choice in most consumer purchases.

Below, I’ll briefly highlight the first three strategies I use to avoid consumer debt:

1. Cash, Paper, Scissors

Cash always wins. At Physician Empowerment, we emphasize that cash reasserts control over personal spending by forcing us to evaluate the true cost and triggers an important mental pause in that path to buying.

2. Now or Never?

The sacrifice of becoming a physician is one of modern society’s biggest exhibits in delayed gratification as we forgo countless hours, lost income, and youthful energy to reach careers that start well into our thirties. If you’re a doctor, then you’re a pro at delayed gratification. So go ahead and give it a try with your next big or small purchase!

3. Buy Smaller.

Do I really need this trim level, location, or size of purchase?

Whether your techniques to regulate spending are similar to these or different is irrelevant.

The key message is that you have choice in your consumer purchases.

A lifetime of better choices can lead to financial security and peace of mind.