Healthcare Professionals 1 of 6: Assessing Financial Health
ThimbleberryU
English - July 24, 2023 13:00 - 21 minutes - 20 MB - ★★★★★ - 3 ratingsInvesting Business News Business News amy walls financial planning investement portland oregon taxes thimbleberry u Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Jag is back and joins Amy Walls of Thimbleberry Financial for the first of a 6 part series on finances for healthcare professionals.
Today they focus on three key areas: cash reserves, debt management, and cash flow. Healthcare workers often find it more stressful to manage their finances compared to the general population. Amy emphasizes the importance of having a cash reserve for emergencies and opportunities. She recommends having three to six months' worth of expenses set aside. Many healthcare professionals have lower cash reserves due to their higher incomes, but it is crucial to have a sufficient amount to cover unexpected expenses. Amy also highlights the significance of managing debt, including student loans, mortgages, and credit card debt. She suggests strategies such as paying off the highest interest debt first, or alternatively, using the snowball method. Additionally, Amy discusses the importance of cash flow and living within one's means. She explains that healthcare professionals often struggle with wealth accumulation due to factors such as the cost of education, late start in earning, and societal pressure to maintain a certain lifestyle. Amy encourages healthcare professionals to seek financial advice and education to better manage their finances.
**Key Takeaways:**
- Healthcare workers find it more stressful to manage their finances compared to the general population.
- Cash reserves are important for emergencies and opportunities. Aim for three to six months' worth of expenses.
- Healthcare professionals often have lower cash reserves due to their higher incomes, but it is crucial to have sufficient funds for unexpected expenses.
- Strategies for debt management include paying off the highest interest debt first or using the snowball method.
- Cash flow is about finding balance between current lifestyle and future goals. Seek financial advice and education to better manage finances.
For more information contact Amy Walls and her staff at 503-610-6510 or click here Thimbleberry Financial.
To get in touch with Amy and her team at Thimbleberry Financial, call 503-610-6510 or visit thimbleberryfinancial.com.