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| http://www.flickr.com/photos/36495803@N05/8474532085 |
The title of this post may sound like a cliché, but really, it does make sense right? I hope you agree.
I work as a medical representative, and with this, I have friends who are doctors. One of my closest MD friends works from Mondays to Saturdays, leaves home to start doing rounds at 7am every single day (Sunday included), holds clinic at six major hospitals every week and finishes at around 7pm every night. Since he is one of the top (read: well-known) doctors in the area, many pharmaceutical companies ask him to be their speaker for a particular drug for their target audience. In a week, he has 2 to 3 speaking engagements on average. During these occasions, he gets home to play with his kids at around 9 to 10pm. Luckily, his kids sleep late so he gets to bond with them still.
Obviously, he works really hard. And I assume that he earns hard as well. But savings and investments wise? He said they have very little. He and his wife have shares of stocks in certain hospitals but according to him, these shares have low return. Now if you are asking where his money goes, well, most part goes to paying off mortgage and other loans.
Yes, he has a number of loans. Why? So he can pay lower taxes.
In life, there are only two things you cannot escape from. Death and taxes.
But even with this fact, it is still important that you save a part of your income, ideally 20%, for savings and investments. If you think this is impossible, just think about how you want to see yourself when you retire. Remember that depending on your children SHOULD NOT be a retirement option.
Think about it. Happy investing!
