Category: Personal Finance

Keeping Money in Your Pocket: COVID-19 and Beyond

On By Clinician LifestylistIn career, lifestyle, Personal FinanceLeave a comment

I’ve been away from writing here for a little while due to major career and life changes, even before a little thing called the coronavirus COVID-19 pandemic hit. What I’ve been learning on my own journey is that the best ideas on managing lifestyle work in good times and prepare you for the storms. Here are some thoughts that I hope will be of use to everyone here- whether you’re on solid footing and looking to accelerate financial growth, just starting your career and learning, or had everything turned upside down recently.

  1. Mind your money. Having mindfulness about spending allows us to track where we are at right now. Before even considering making cuts or re-prioritizing expenses, we need to know the current landscape. Think of this as the initial diagnosis before starting on a plan. I use an online platform to track spending (Mint, not an ad) and get both a snapshot and long view of how I’m doing. Turns out buying lunch here and there at local spots has been reasonable for me, but dinner- watch out!
  2. Do the debt stomp. Growing toward financial independence means breaking ties with anything controlling our lifestyle other than ourselves. In times when you have income, getting any debts out of the way is a critical step, and the faster we stomp it out, the more money saved in the long run. On the numbers side, all that interest goes back in our pockets, and then compounds in future investments! On the mental side, we’re back in the driver’s seat, baby.
  3. Go for the biggest bang. Careful spending on big ticket items like housing, cars, and travel will bring great savings. Everyday purchases are important too, since learning how to budget on these items helps sharpen the wealth growing skills, but the relative impact of saving thousands on single items is a great place to start. For me, focusing on keeping rent as low as possible in my high cost area and monitoring food expenses has kept so much extra in my pocket (and going toward financial goals). With COVID-19 restrictions, we’re all getting to see the impact of travel on our finances. What positive changes can you keep going?
  4. Do it Yourself. As much as we can in-source daily tasks like cooking, cleaning, laundry, and so on, we can save money. Of course, there is a link between using support services and being able to work more hours/ have more energy, which can boost in income and allow for time in other important areas. However, while in the debt stomp and growing wealth phases, we can keep exercising the skill of keeping money in our own pockets. My decision point comes down to whether I can do the task without feeling like I’m burning out. A good run of the numbers might be helpful here too.
  5. Share with important people in your life. Talking to a partner or with close friends and family can have many benefits. Sharing plans helps to clarify my understanding and intentions, creates accountability, and draws support along the way. Being on the same page with a partner can also really help accelerate work on goals, and foster a healthy relationship. Even more, when others are in on my plans, they seem more understanding of my lifestyle and choices (e.g. trying a new cookbook vs. all the Michelin star restaurants in town; finding the best local theater vs. the touring Broadway show). 

On my journey, I have put effort into increasing my skills in lifestyle management and financial health as I entered my professional career and navigated career changes. I’m thankful for these skills as the storms have rolled in, and continue to learn beneficial lessons.

Share your biggest pocket saving tips in the Clinician Lifestylist comments below!

How to Feel Culture in Any Town

On By Clinician LifestylistIn lifestyle, Nutrition, Personal FinanceLeave a comment

Whether living in a big city with a lot of entertainment options, or in a quieter rural area, it’s reasonable to feel uncertain how to experience culture when busy with clinical duties and focused on a lifestyle that centers on growing financial independence. Staying at home every day and eating beans and rice does not cut it for me. Here are some easy ideas that help me inject culture and fun into my lifestyle. 

Eat. Create soulful meals at home and try out cooking your own take on international cuisines. I like to give beans and rice an upgrade with Caribbean style. Add a little flair with jerk spices and a side of fried plantains.

Listen. Find out what engages others. Talking to friends, colleagues, and neighbors is a great way to pick up on local events and experiences. Find out what engages others. Talking to friends, colleagues, and neighbors is a great way to pick up on local events and experiences. One note of caution for those of us on the financial independence path- listening to others can be a great resource, but can also have negative impacts when we surround ourselves with others who are in a different financial position or mindset. Growing financial independence is easiest with connections to like-minded others.

Wear it. A scarf around the neck for a secret Francophile, or a printed head wrap for an Africana scholar can evoke a sense of culture in oneself. A few select pieces can make an impact without breaking the bank!

Go. When particularly restless, try a road trip to check out the surrounding areas. Any change of scenery can help feed the wanderlust, without breaking the bank with a big trip. Some of my favorite cost effective itinerary items are walking around historic landmarks, hiking, visiting parks, and perusing public festivals. If I have to eat out, finding a new casual, local spot is usually a fun and satisfying alternative to standard fast food options and even fine dining.

The Clinician Style

On By Clinician LifestylistIn career, lifestyle, Personal FinanceLeave a comment

This post is geared toward early career clinicians, but may benefit advanced career folks too! When transitioning into my new professional clinician job, I was excited to make sure I looked the part too. At the moment, I’m mostly working in an outpatient office, so I rarely put on scrubs or a white coat. I also wanted to continue growing financial independence and not break the bank by upgrading my wardrobe. Here are some key choices that I’ve made:

  1. Getting a feel for the work environment and culture. Every hospital, clinic, or office will have a different standard of dress, whether stated or implicit. If you are in a department or group practice, it’s great to start by looking at how more senior professionals. I like to meet or exceed senior clinicians in dress level, within my own lifestyle guidelines as far as brands, number of pieces, and actual cost.
  2. Getting the full picture of what’s already in the closet. I start off the wardrobe plan by opening my closet doors and pulling out any clothes in storage. Since the middle of my main grad school years, I’ve had some work clothes that were shoved aside when not needed for hospital rotations, or was just getting tired of them and wanting some new clothes for internship and residency years. Even after donating and selling a bunch of items before moves, I still had some nice pieces that hadn’t been worn for awhile but were still stylish and well fitting enough to bring back in a new setting.
  3. Checking out thrifted options before buying new. Online marketplaces are also a stop before new retail. If new is a must, I like to see if the store is listed on coupon code websites or try waiting for a sale to come along.
  4. Good grooming goes a long way. Whether you’re lower or higher maintenance with your look, not underestimate the value of solid grooming to elevate style. I’m a fan of the “5-minute face,” approach to using a few basic makeup and hair products. For guys, a regular trim and some moisture on the face or lips can do the trick. Lastly, doctors, let’s not forget that our hands and nails are often on display!

Here are some of my favorite pieces:

  1. Pockets, pockets, and more pockets in tops and bottoms
  2. Wedge dress shoes for comfort and style
  3. Grown up backpack for commuting
  4. Hospital logo fleece jacket lives in the office
  5. Hair comb lives in a desk drawer

How to Grow Financial Independence and Look Good Doing It

On By Clinician LifestylistIn lifestyle, Personal Finance2 Comments

I discussed previously why clinicians can throw out the word retirement and instead focus on financial independence. I like to talk about growing toward financial independence as this really captures the developmental process over a period of time to build and compound savings and other assets. Just like with human development, the growth process is heavily physical and mental. Here are some key steps.

  1. Fuel up as much as you can. Yes, having a higher income will always make financial growth easier. I do want to emphasize that any income level, especially one earned by a clinical professional with an advanced degree, should be sufficient for growing toward financial independence. The only difference will be in how quickly you get there and how you style your life along the way.
  2. Get financially fit by exercising your budgeting skills. We all know that both food and movement are keys to success  when developing a great physique. The best way to become financially fit and grow toward independence is through budgeting. I’m sure you all know the person who loves to exercise and it’s a way of life that comes naturally, while others hate it and have to be pushed off their butts. However, we know that doing at least a little bit consistently is good for everyone. The same is true for budgeting. If you can push yourself to consistently incorporate budgeting for the biggest expenditure categories, you’ll be on your way toward financial independence.
  3. The more you know, the stronger you’ll be. Financial education is a secret sauce when it comes to growing wealth. I recommend reading a combination of basic money and finance texts, combined with individual perspectives from financial advisors and regular people with an interest in sharing knowledge (like this blog!). It’s always a good idea to learn some of the basics for yourself, but reading perspective blogs can help to make sense of it all and following a plan that works for your lifestyle! A good adviser or blogger should be upfront about the boundaries of their expertise. 
  4. Get mentally tough. As clinicians, we are used to making recommendations for others and see how challenging following any plan can be. Keeping up energy and commitment to a plan is a necessary part of growing wealth. 
  5. Embrace the look of growing wealth. On the path toward financial independence, your accounts are looking healthier and healthier, but it’s natural to wonder how you look on the outside. The confidence that you will gain knowing that you are moving toward financial freedom goes far. Clinicians have to navigate enough at work to avoid stress that getting control over your lifestyle and moving toward financial freedom starts to lift that burden. Although they might not be able to put their finger on it, soon others will be wondering how you look so satisfied with your lifestyle.