When it comes to large financial decisions like the ones we made this year, the hubs and I always make them together. And, it’s funny. I seem to always push hubs to do something challenging and he seems to push me to do the same.
We can each see potential that the other one doesn’t see, and we really rely on each other to help make smart decisions about our money and our future.
Here are some examples:
The Hubs’ Investment in Himself
As I’ve mentioned a few times on here, the hubs is *really* close to being finished with medical school. When someone is in their 4th year of medical school like he is, they can schedule what’s called “away rotations.” This is when you spend time and money setting up a medical rotation in a different location so you can learn from doctors at a different hospital.
Away rotations increase the likelihood that you will be interviewed for residency in that hospital, which is good because the whole goal for fourth year medical school students is to get as many interviews as possible for residency so they have the highest chance of getting a job when they graduate.
Unfortunately, there will be several hundred doctors who graduate from medical school next year who will not actually have a residency job waiting for them. This is a worst case scenario and a result of there being far more applicants than residency positions in the United States – a travesty in my humble opinion.
The hubs has done three away rotations in a row, and we spent a couple thousand dollars so that he was able to do so. These costs included getting our car repaired so he could drive it long distances, Air B&B costs, gas for long commutes, and extra money for our nanny who had to work longer hours to help me survive three months of not having my very hands on hubby here to help me.
It was very challenging having him gone so much, but as of right now, he has a significant number of interviews for his chosen speciality. This is a result of a lot of things, but I’m confident the away rotations helped increase the number of interviews he has and so it was money very well spent on furthering his career.
My Investment in Myself
So far this year, I’ve invested several thousand dollars in business coaches who have helped me increase my income and business reach. I worked with a coach from January – June who helped me develop my course and get a better handle on my priorities. During my first call with him, I was almost in tears from all the pressure I was under and my income that just wouldn’t budge. After working with him, I was able to complete my course, get several new clients, and double my income. I made back that investment within a few months easily.
Last month, I started working with another business coach who is helping me rebrand my business so that starting next year, I will have a new website, a more refined message, a book proposal complete (oh yes, a book!), and in general defining what I want to do with my life and my business and how I can use it to help others.
I admit that I wasn’t sure I wanted to spend the money to get help this year. I am always looking at cash flow since we have a variable income, and I was scared to make the investment knowing we have some big costs coming up, like a potential move next year.
However, the hubs really pushed me and believed in me. I was worried I wouldn’t have time to write a book proposal and do all the work necessary to rebrand my business, but the hubs really convinced me that it was the right next step for me and he told me he would help me by watching the kids if I needed extra time to complete everything.
So far, I’m really proud of all the good things that have happened with my business. Surreal moment: I was actually on Good Morning America last week as their family finance expert! Here is a link to that segment. It was such an amazing experience, and it wouldn’t have been possible without the coaches I met this year and without the refinement of my message as someone who wants to help families and moms especially with their money and business goals.
Anyone Can Invest in Themselves
I know $10,000 is a lot of money, and we definitely spent more than that on furthering our careers this year. I don’t say that number nonchalantly at all because it was a big chunk of our total income, and all of the decisions listed above were huge ones that required both emotional and financial sacrifice for our whole family.
All in all though, we’re very happy with the way things are going and we really hope that I can increase my income even more next year after my rebrand and that the hubs will successfully match into a residency program.
Please keep your fingers crossed for us, and I’ll keep you updated as the journey goes on!
Have you ever invested a large amount of money in yourself?