Financial Wellness for Dummies (aka me)

I know banking, investing, insurance, etc. is all very important stuff, but I have always struggled and had very little interest digging into the details. Bobby Scott, from Partner Wealth Planning, helped break down some of this during the IMP Financial Wellness session. Here are the top 3 takeaways I learned from his session.

1. Identify how you feel about your debt.
   1. Debt isn’t necessarily a bad thing to have, but if you are losing sleep over it you need to think about how carrying this debt affects your overall mindset. In that case, you may want to prioritize working to get that debt down rather than putting your money in other areas.
2. Refinancing loan considerations
   1. If you are like us, our medical school interest rate is higher than we’d like. We are considering refinancing, but one thing we need to consider before doing so is are we willing to have the risk with refinancing. When loans come from the government if something would happen to the person carrying that debt, the loan would be forgiven. If we would refinance with a private business for a smaller interest rate the partner would be held responsible for the debt. Food for thought in our consideration.
3. How to prioritize?
   1. Do I invest and chip away at debt at a slower pace or do I tackle my debt in an aggressive manner? One place to start is to look at the interest rate on your debt and your potential investment. Does one out weigh the other? That may be an easy starting point to help make those decisions. 
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BONUS: While in IMP, Reach out to Bobby Scott for your financial related topics for no charge. If you have any questions about these or other related topics, don't hesitate to reach out to Bobby. There is no charge for his services while in training, so we hope you take advantage of the offer! Bobby can be reached
 
I am very much a beginner when it comes to all this so these bite size facts were tangible things I felt like I could understand and actually have actionable items. Again, for any questions and advice contact Bobby Scott from Partner Wealth Planning.