Happy Birthday: Year #1
Yesterday marked the first full year of our journey from my six-figured educational debt to financial independence.
We have made quite a bit of progress over the past 12 months, increasing our net worth by almost $40,000.
We have been able to do this with the simple strategy of spending less than we earn and taking advantage of our limited time with dual incomes and no children.
Although our strategy thus far has been very conservative, I view these first few years as the foundation for our later growth.
By having a strong foundation of emergency funds, insurance and good financial habits we will be able to be more aggressive in the pursuit of future growth.
Most of my increase in future cash flow will come from the transition out of Residency to being a fully licensed independent practitioner.
Like most individuals who work in the service sector, I have no way to leverage my income other than working more hours. With most physicians already working close to 80 hour weeks the option of just working more hours will not be realistic.
To compensate for my lack of leverage I hope to slowly build my alternative income sources.
None of these will result in overnight success. With age on my side however, I am willing to be patient in my pursuit.
