Investment Advice

Today, we are going to take a little a break from dental-related topics. I have spent a lot of time researching and speaking with consultants on the best ways to invest my money. Below, I will share with you my findings and my personal investment strategy. As always, please consult a financial advisor or counselor before you choose any investment path.

Investing in Myself

My top three investments are myself, my business, and a savvy whole insurance strategy. Money can be spent in two different ways: an investment or an expense.  An investment suggests that you will get a return on your money. The "return" doesn't necessarily mean monetary value. Furthering one's education is a great example of an investment that gives you a return in the form of learning, increasing mental capacity, expanding horizons, broadening career opportunities, etc.

An expense suggests that there will be no significant benefit to your well-being from you spending money, time or energy.  Sorry ladies, buying those fancy Jimmy Choo shoes is a great example of an expense. The shoes don't really "return" anything that improves one's mental, physical or spiritual state. Of course one can argue that a purchase, such as buying Jimmy Choos, gives one greater self-confidence, which can help in other aspects of life like nailing that job interview. In determining whether spending your money is an investment or an expense, ask yourself, "What am I really getting out of this?"

When it comes to one’s health, I am a firm believer that there is no such thing as an expense.  I believe in preventative medicine. I always advise my patients to eat right, exercise, and invest in any service that may prevent them from needing something else that would most likely be more expensive or invasive in the future. For example, should you invest 30 seconds a day and floss, or spend thousands of dollars in gum therapy/surgery in the future and risk shedding years off your life by not flossing?

Next week, we will talk about investing in my business.