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What you need to know about money | VETgirl Veterinary Continuing Education Blog

Today's VETgirl online veterinary continuing education blog is written by Dr. Alex Molldrem, emergency veterinarian at Animal Emergency & Referral Center of Minnesota, where VETgirl practices. This is information that he put together in the form of a great book called "Dad's Guidebook: Finance" NOTE: All information is the guest blogger's opinion and not necessarily those of VETgirl, LLC.

Why do we care about money?

We know that money doesn’t bring you happiness, otherwise all the lottery winners, celebrities and professional athletes would be the happiest people in the world. As veterinarians, we also know that you can be happy without money.

Money doesn’t make you happy, but money does give you choices. It is those choices that can bring happiness.

Money can be an incredible source of worry, frustration, and tension. But it doesn’t have be be that way. Making money starts with getting your lifestyle in order. Looking for a good way to teach your kids about finances without them tuning you out? Be an example and start here.

Lesson #1.
Investing deals with more than just money, it’s a way of life. Investing means to allocate your time, resources, and mental energy in hopes to get something more back. If you want to make more money, start here with these 10 tips.

  1. Wake up early. The most productive time of the day is the first few hours. Focus on what you need to get done. Don’t check your email first thing and let other people dictate what your first task of the day will be.
  2. Exercise daily. Physical health does wonders for mental health and optimism. Try to exercise in the morning. Its benefits will last all day.
  3. Eat healthy (especially breakfast). Physical and mental health depends on nutrition. If you eat garbage, you’ll feel like garbage. Physical health and fitness is about 80% nutrition, 20% exercise.
  4. Make a list and do the hardest task first. The thing you really don’t want to do. Once you tackle that, the rest of the day will feel much easier.
  5. Be willing to work hard and put in the extra hours needed. Don’t trust in luck and don’t settle for good enough. There is no shortage of money in the world, but there is a shortage of people willing to work hard.
  6. Make your bed every morning. It creates an immediate sense of task accomplishment. Now, on to the next task.
  7. Reduce the clutter. If you work in a mess, your mind tends to stray and lose focus. Avoid distractions by keeping your workspace organized.
  8. Check email only twice a day. Don’t let your email run your life.
  9. Get your face out of your phone. Look up and around, interact, don’t miss life.
  10. If you need creativity, devote 4 or 5 hours on the task. Don’t rush it.

Check out and share THIS video about investing.

Lesson #2.
Be disciplined. You will go nowhere fast without discipline. It is easy to choose the short road, the path of least resistance, the quick rewards, the comfortable lifestyle, and the easy food. Discipline is looking to the horizon for the long term rewards. Discipline is choosing the rough road, even when you don’t feel like it. It’s packing a healthy lunch rather than eating out. It’s exercising when you’d rather lay on the couch. It’s not eating those free doughnuts at work. It’s saving your money rather than buying junk you don’t need. It is maintaining strength of character when no one is looking. As certain as the sun comes up tomorrow, you will not be successful without discipline.

Check out and share THIS video about discipline.

Lesson #3.
Live frugally. Did you know that a majority of millionaires live in houses less than $400,000 and are more likely to drive an old car than a BMW? It’s true. A majority of wealthy Americans get wealthy by living below their means and saving what they make. They are not dependent on the government or their relatives. On the other hand, a majority of those who are flashy with their money are actually in debt up to their ears. Message to all: It’s time to start acting like a millionaire and live frugally!

Check out and share THIS video about frugal living.

Lesson #4.
The gift of time is more valuable than money. Compound growth is perhaps the strongest, most powerful factor in investing. It is growth on growth. Your money makes money, and then that money makes more money, and so on. You can’t take advantage of this without getting the ball rolling. Get started on your investing today. Invest early, and invest often.

Lesson #5.
Reduce risk by developing multiple income streams. Times have changed. The idea of a single 9-to-5 job is outdated. One of the greatest advice tips from millionaires and billionaires is to have multiple income streams related to your field. For instance, if you’re a health professional, you can have a clinical job, a managerial role, a consulting side-business, be an author, be a researcher, and have an online presence. If one stream dries up or fails, you are not left high and dry. Get creative with your hobbies and develop them into income streams.

So how does one go about investing? It can all seem overwhelming. Want some simple guidelines and information, in language a kid can understand? Then check out my guidebook to investing by clicking HERE. In fact, get a copy for your kid. Invest in yourself and start making more money!

Dr. Alex Molldrem

“You’re off to Great Places! Today is your day! Your mountain is waiting, So get on your way!” - Dr. Seuss

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