You need a written investment plan that tells you what to do with your money. Figure out what you want to do first and then work backward from there. Stocks, bonds and real estate are going to out perform cash in the long run. Every time i buy stocks, it feels like they're about to go down. It's been doing that for last 16 years. And frankly, markets at all time hies most of the time shouldn't be a reason not to invest.
When faced with making a decision you may find yourself with the inability to act due to overthinking the available alternatives and possible outcomes. This is commonly known as analysis paralysis. When you get analysis paralysis with finances, what often happens is you are so worried about making a mistake that you don't do anything at all. The more money you have, the worse this can be. When you don't make a choice to invest, you are making a choice. You're making a choice to invest in cash. If that is not the decision that you want to make, then you need to fix your paralysis. Leaving money sitting in an account earning close to nothing is not going to give you the same long term returns as investing in stocks, bonds, and real estate. Fixing analysis paralysis with your finances starts with having a written investment plan. We talk in more detail about that in this episode so you have a plan on what to do with your money.
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The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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