Saturday Morning Rounds April 4, 2020 - How to start making sense of markets

Posted by BossB, MD on April 4, 2020
BossB, MD
 

What we're reading

A big part of what we do here at BBMD is helping women physicians get their money right 💰

Our real expertise in that area lies in helping you maximize what you earn at work by career planning and negotiating like a pro, but there's so much more to the money game than that. And with the economic uncertainty we're all facing right now, we expect that this topic might be top-of-mind for many of you reading this.

Sadly, we've got some ground to make up right from the jump because most women lag behind men in financial literacy in the first place.

So, we're working on a webinar (or maybe a series of them) to give you an overview of all the stuff you really need to know and none of the stuff you don't, in one place. Here's what we're thinking of so far:

  • Economics 101 - How the economy and markets work
  • Overview of fundamental personal finance concepts & strategies
  • How to build multiple revenue streams (investments, side-hustles, etc)

As we've been sourcing material for this project, we've been wading through the vast amount of financial content on the interwebs trying to find the diamonds in the rough and share them with you. Here's our first:

How The Economic Machine Works by Ray Dalio (arguably one of the most successful investors and business thinkers of all time):

If you can think of any topics you'd like us to cover or any specific questions on this subject you'd like answered, please let us know!!

Who we're following

While we're on the subject, Ray Dalio has a Twitter (@RayDalio), and it's a pretty great follow if you wanna learn more about this stuff! He has written a couple books about the core principles that drive his decision making and were responsible for his success over the years, and regularly shares little snippets from those with context on how one might apply them to current happenings. In addition to that, he actually engages pretty heavily on the platform, conducting regular AMAs and the like.

BBMD tip of the week

Research whether you or your institution might qualify for one of the many loan & debt relief programs just launched by the government's CARES act.

If so, we recommend you apply ASAP as most of these programs have a strict budget cap - supposedly once they're gone, they're gone.

Quote we're contemplating

Ray Dalio has too many good quotes to pick just one this week, so we're gonna give you 3 from him:

 "I learned that if you work hard and creatively, you can have just about anything you want, but not everything you want. Maturity is the ability to reject good alternatives in order to pursue even better ones.”

“Don’t mistake possibilities for probabilities. Anything is possible. It’s the probabilities that matter. Everything must be weighed in terms of its likelihood and prioritized.”

And especially appropriate right now:
“Most of life’s greatest opportunities come out of moments of struggle; it’s up to you to make the most of these tests of creativity and character.”
 
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Have a wonderful weekend, y'all!