How I Invest Money With My Limited Free Time

Layla is a doctor with limited free time. She shares why she started investing and how she invests with the help of an advisor.

However long I am around, I want to be healthy and happy.

I come from a big, close-knit family. I am close to my parents, siblings, and cousins. We live in different places, so spending time together is difficult. We meet up as often as possible, especially for weddings and baby showers. One of my favorite trips last year was going to my cousin’s wedding in Seychelles. It was so much fun. I spent time with family members I hadn’t seen for years.

My brothers won’t admit it, but I’m pretty much their second mother. I am the only girl and have always looked out for them. We went to college away from home, so I was their go-to person for everything from being the designated driver for nights out to helping them find apartments.

I love hanging out with friends. We usually go out for dinner or drinks. Regardless of the activity, I have a good time when I am around good people. I also love playing with my labrador, Coco. She’s very friendly and energetic.

However long I am around, I want to be healthy and happy. You never know how long you will be alive. Whatever time I have, I want to use it well.

For privacy, several identifying information has been changed.

How did you get to where you are now?

I am a doctor. Being a physician involves a lot of school – 4 years of undergrad, 4 years of medical school, 3 years of internship, and residency. After all that, you’re barely prepared for what you’ll do as a doctor. You learn on the job.

At first, I wanted to be an architect. My dad is an architect. As the only girl, I have always been very close to my dad. I wanted to be like him, so architecture was my first choice. He left me to make my own choice. But he was real with me about the discrimination women still face in architecture. I still wanted to do it, but after taking a few classes in college, I realized I didn’t actually like architecture. I enjoyed my biology classes more. I switched to medicine.

What’s your relationship with money?

Being a doctor is tough – you are surrounded by suffering and death. I have become a bit paranoid about having enough money when I retire. At first, I just saved. But after seeing how a lot of my older patients struggle to make ends meet, I started investing.

Money is critical – I need enough to cover my needs not only now but also in the future. Saving isn’t enough. I want my money to work for me and not the other way around; I don’t want to have to work in my old age to make ends meet. I wish I had started investing earlier. Seeing my money grow inspires me to invest more money.

What does financial success look like for you?

Financial success is maintaining the same or a higher standard of living when I’m older and retired. Many of my older patients only have social security – they struggle to afford things I take for granted, like groceries and housing. My biggest fear is struggling to afford a healthy and happy lifestyle when I’m older.

I would like to own my home and several rental properties for income when I retire, so I have other sources of income other than social security and my stock investments. I bought my house several years ago. I want to buy a rental property in the next 5 years and keep buying more until I have enough rental income to cover my expenses.

What do you do with your money?

About a third of my money goes to my mortgage and other housing expenses. Every other month, I fund my brokerage account with $5000.

I have a financial advisor who manages my brokerage account. We meet twice a year to discuss my financial goals and review my investments. He was a referral from a friend, and I have been happy with him. He is easy to talk to – when we meet to discuss my financial goals, it’s like I’m chatting with a friend. I like that he charges a small percentage of my investment return instead of a fixed fee. He only makes money when I make money.

Monthly budget

Housing (mortgage, property tax, HOA, utilities, etc) – $5000
Personal expenses (groceries, entertainment, travel, clothes, etc) – $4000
401K and IRA – $2000
Brokerage investing – $2500 ($5000 every other month)

What purchase brought you the most joy last month?

I bought two pairs of shoes that made me very happy. I love fashion and will spend on quality pieces that will last long.

What purchase do you now regret?

If I spend, I spend. I try not to regret it. It comes from being a doctor and being confronted with death regularly. Life is short. I work hard, invest, and enjoy the rest of my money.

What advice do you have for beginner investors?

Start early. No amount of money is too small. If you’re like me and prefer to use experts rather than do it yourself, get a trusted financial advisor. That works for me as I work long hours and want to spend my limited free time having fun with my dog and my friends.

If you decide to get a financial advisor, look for a certified financial planner who is a fiduciary. This means that they need to act in your best interest. Not all financial advisors do this, so do your research before picking one.

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