Paying your (future) selfFeb 10, 2021
One of the core teachings of Physician Empowerment is the notion of You As The Most Important Investment. There are many different aspects to this both in our professional and personal lives.
But today, I want to share with you a twist on the old adage of “pay yourself first”.
In its most basic sense, this means prioritizing long term investments over short term purchases.
While I am decades away from retiring, I watch our four children grow up and I am shocked at how quickly the years go by.
Reflecting on my own life, I try to imagine the person I will be years from now. I ask that person what he would want or need and who he would need to care for in his later years.
Were I to become ill or disabled, could I maintain my household and financial security? If a family member were to become sick, would I be able to provide not only money, but time (the most important asset in our lives)?
Looking to happier things…
When do I want to be able to give up clinical work? Would we travel? Are there charitable causes which are important to me? How do I ensure I have time to spending with grandchildren and great grandchildren?
While the concept of paying your future-self first is easy to grasp, implementing it can be multifaceted.
Regardless, you owe it to yourself and your loved ones to come up with a plan!