Doctors, above anyone else, know exactly what an emergency looks like. If your PM is anything like mine, Im sure you have heard the stories…
That time they did chest compressions on a kid while in medical school or the time when that mother delivered a baby before she could make it to her hospital room?
Yep, those were emergencies.
Of course, there are financial emergencies that pop up from time to time too, and it’s important to be ready for them so they don’t negatively impact your hard earned income.
In fact, if you read almost anything out there relating to personal finance, you know “the rule.” The experts constantly say, “Save 3-6 months of your total monthly expenses.”
The real goal, though, would be to invest your money so wisely over time that you become one of the cool kids. No not just us in the DMD Facebook group (although I admit there are some pretty cool guys in the group!). I’m referencing the physicians and their families who are more established in their careers, have ample savings in their non retirement investment accounts, reliable monthly income from outside investments (ex: real estate rental income) and who are at financial independence.
To learn more about why emergency funds are important and how to reach the cool kids club, see my most recently post about how you shouldn’t let an emergency ruin your hard earned income.