Dr. Ndubuisi Egwim explains when doctors should buy market dips. Build an emergency fund first, use downturns to learn investing, and think in decades, not months. He walks through his own moves during past crashes in a newsletter.
The S&P 500 dropped about 5% on Friday. Markets are down, the streets are nervous, financial media is buzzing and now everyone is asking and I'm getting all these emails, should I buy the deep? That's what we keep hearing from Money Wise doctor. But what if I buy the deep and it dips again? What if you're not buying it back in but you're actually touching a fallen knife? Who knows? Do you double down? Do you hide your phone up? I mean, this is not new. Having experienced quite a few market crashes in over 20 years of investing, walking through my usual Monday morning works helps me clear my head. Because even if it was a bit noisy, crashing market tax rules, it doesn't matter. Stay income helps you to make better decisions. There are three things I'll suggest in this period for you. 1. Build the emergency fund first. If your car breaks down or a boiler blows up, if you don't have to sell your stocks, no emergency fund equal to no peace of mind. No peace of mind equal to emotional investing. When there's emotional investing, it gets very expensive. Number two, this is the best time to learn how to invest. Every doctor, healthcare professional. You spend so many years to become good at what you do before you started seeing patients. The same comes with investing. Don't just rushing and crying cash and lose money. Learn how to invest. Number three Think long term markets. Deep markets recover. They have for a long time. If Your horizon is 10 to 20 years, don't look at this as a crisis. It could be a discount. I'm Dr. Andy Grim. I'm the founder of Money Wise Doctor. I'm a former salaried GP and an investor for over 20 plus years who helped 10,000 doctors make smarter financial decisions. I write an email newsletter every week to help medics make Sparta Financial decision. This week's newsletter I break down what I've actually done step by step when the markets crashed and how they helped me to achieve financial freedom. I'm going to be sharing from my own practical experience. If you want me to email it to you, you want to get a link comment invest in the link below. Just comment below invest and I'll send it to you. If you want to get more tips on how to make smarter financial decisions even if the market is crashing, follow this page. Let's grow wisely, not wildly.
