Ask Terry Questions Financial Stability Possible?

Financial Stability Possible?

By Terry Savage on April 27, 2013 | Financial Planning / Retirement

I am a divorced medical professional living with my parents I work only 6 hours a week and I’m in school to obtain another license, my take home pay fills my gas tank other than the obvious answer how do I get myself financially secure?

SAVAGE SAYS: Well, there are three good things to say here. First, at least you have a roof over your head, and I hope you are appropriately grateful to your parents. Second, you’ve chosen a good field in which to earn money. There will be a growing demand for med techs. And third, you at least recognize the problem. BUT,? I’m wondering if you’re making good use of the time available to work, outside of school. Even if you are attending school full time,? there are always weekends and evenings to work and earn some extra money!? Sounds like you need an additional job. Yes, I know this sounds hard — but plenty of Americans have worked their way through school, even while paying their room and board. So this is a bit of “tough love!”

You didn’t mention debt, and I hope you don’t have any– but if you earn extra money it should all go toward paying down your credit card bills (and buying groceries for your parents’ refrigerator once a week!). Then, when you get a job and a paycheck, plan carefully. It may be cheaper to “rent” your bedroom from your parents when you have a job, but better to move out and into a small apartment with a roommate. Set goals. That’s the only way you will get anywhere. I’m assuming you will get your medical license within a year or so — most programs don’t last that long — so start job-hunting NOW. Offer to do non-licensed work in an office where you hope to get a job. That will boost your income, and give them a chance to see what a hard worker you are — and hire you when you get your license!? Then you can start saving in an IRA.

And one more suggestion, something I have done many times when things seem “stalled” in my life. Get a copy of W. Clement Stone’s legendary book:? Success Through a Positive Mental Attitude. You can download it. Much of it seems dated, but the principle remains absolutely compelling:? Whatever the mind can conceive and the heart can believe, you can achieve with a Positive Mental Attitude!

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