Your money should be working harder: the power of compound interest

In light of the recent stock market volatility, many physicians may feel compelled to re-evaluate the progress they've made toward their goal of financial independence. Those who have planned proactively understand the importance of accumulating assets in order to have a specific amount available at the time of retirement capable of generating sufficient income over their lifetime. Regardless of whether that magic number is $1.5 million, $4 million or somewhere in between, it is critical to understand the methods of wealth accumulation that will allow you to achieve your specific goal in the quickest and most efficient manner. While we have no control over the performance of the various equity (stock) and fixed income (bond) markets, we do have control as to the methods used to accumulate funds for any given objective. These methods, when properly applied, will enable physicians to reach their goals with the minimum investment.