5 ways to protect your financial wealth during the COVID-19
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During these pandemic times, as a physicians, most of us have seen our medical livelihoods upended as our elective procedures have been suspended indefinitely.

Here are 5 things you can do right now to protect your financial health during this tumultuous time.

1. Protect your and your family’s health

It goes without saying that during this global health pandemic it is imperative to make decisions that prioritize your and your family’s health above all things.

That includes having a logistical and financial plan in the event that you or a member of your family becomes ill. When the pandemic passes, the added preparedness can be transitioned to estate planning decision-making for you and your family.

2. Protect your family’s and practice’s liquidity

Maintain a 3- to 6-month supply of cash and cash equivalents to fund your family’s living expenses in the event of calamity, job loss or hardship.

If personal liquidity is a concern, be sure to put all nonurgent expenses temporarily on hold such as credit card autopay, subscription dues and other nonurgent matters.

3. Stay in touch with your financial quarterback

It always helps to communicate effectively with your personal financial quarterback(s) during tumultuous financial periods.

It is likely that your financial advisor or quarterback risk-adjusted your personal investing strategy to account for large market downturns like the one experienced in March.

4. Don’t stop investing

Consider investing additional capital as appropriate in your long-term plans. Sharp market downturns like the one seen in March generally produce tremendous sales on high-quality stocks of companies.

When stock searching, look for companies with fortress balance sheets, large cash reserves and unshakeable secular growth prospects. Companies like these only get stronger during negative sentiment market events.

5. Use the extra time to optimize other areas of your financial well-being

Finally, be sure to use some of your extra time to shore up other areas of your financial well-being, including optimizing your disability coverage and asset protection, strengthening your practice’s health and reassessing your family’s spending habits.

During these hard times, focus on your family and loved ones’ personal health. Economically, we will survive.

Source: https://www.healio.com/news/primary-care/20200416/4-ways-to-protect-your-financial-wealth-during-the-covid19-crisis
A●●●l A●●●d and 9 others like this8 shares
Dr. s●●●●●i S●●●●●●●●●●●●m
Dr. s●●●●●i S●●●●●●●●●●●●m General Medicine
Thank you for this information.
Jun 19, 2020Like
Dr. S●●●●a D●●●●●●●e
Dr. S●●●●a D●●●●●●●e Dentistry
Jun 19, 2020Like
Dr. R●●●●●●●●n S●●i
Dr. R●●●●●●●●n S●●i Radiology
Like your opinion but in India most (more than 50\% ) of population below poverty line & ad which alloted by government is not reaching to them even get depositted in Banks a/c of them by many ways by Crucials financers who keeps poors in knots..Foreign funds which Indian Govt gets for it foreign agencies commented that they know 05-10\%will benefited so they have to give 10 times total ad funds-Me remained in Rural areas in M&H totally for 17 yrs.=Me know my statements bitter but true all regardeds & dears=DrRKsoni,Rtd.Principal Specialist Radiology,Phalodi-342301 (India)... Read more
Sep 10, 2020Like