Physician Heal Thyself Writing Assignment Paper

My Personal Wealth Management Plan
Student’s Name
Institutional Affiliation
Introduction
While building wealth, a simple plan for its management is essential in the extraction of underlying themes and sticking to them. The basic rule of wealth management of an individual involves buying stock and holding them, investing in personal life and health, and minimizing expenditure and maximizing savings especially when a person is young. The elements of personal wealth management formula involve preparation of a plan, writing it down, and documenting the progress (MCM CPAs & Advisors, 2018). The assessment of the wealth management process starts at the personal current financial situation toward the preparation of future wealth goals. A good wealth management plan involves the documentation of the current economic situation which helps in making decisions on the best spending, saving, and investing for future progress. Preparation of my financial management plan involves discovering my future goals after school completion and how to manage my finance in future in an employment situation to create a progressive wealth life in the working period and even after retirement.
Preparation for “After School” Life
The first step in a wealth management plan for a student is the definition and development of goals that one target to achieve. Before leaving school, one needs to have a solid plan for life in preparation for wealth creation and management. While approaching to complete the school level, I have critically defined my future goals which involve working as a teacher in a school within China, my home country. Throughout my educational life, I have focused my objectives of being a teacher, which I believe is a valid goal that will transform my life both socially and financially. I understand that teaching is not the best paying profession, but I am focused to work at my level best to achieve maximum benefits.
In this case, I will first compile all my education documents and certificates in preparation to venture into the job market. I will also start analyzing the possible places where I can get an internship to enhance my experience in the teaching profession. I prefer to work in a public school which provides appropriate experience and teaching platform for newly enrolled teachers. I will thereafter post my application for attachment in different institutions to ensure that I get responses before I clear with the school.
Internship Period
Most of the educational institutions in China offers to pay internship for students from universities. This creates a financial platform which will enable me to build an appropriate financial management plan that is essential in wealth management. I am expected to work as an intern for 6-12 months, which is mainly appropriate in impacting my teaching career positively. While at my internship, I will be making job applications at any available school. If all goes well, I am assured of getting a job in the completion of my internship period. From this point, I need to establish a solid wealth management plan for the management of my salary and any other wealth that I will be possessing.
In and Out Finances Management
Wealth management planning involves the selection and application of specific strategies for reaching personal financial goals. It requires identification of what is vital for a person to ensure you create financial security for you and the future generation. This process involves assessment of; income from all sources, investments and other assets, basic and recurring expenses, major and periodical expenses, as well as the fund available for non-essential use. This will also involve the determination of the possible expectations about future income and expenses. I will use my financial snapshot to measure my progress in wealth management. This will help to determine whether I am on the right track or I will be required to revisit my spending habit. The most important thing at a youthful age is to cut back on luxurious expenses to save more money for future uses especially for a plan that runs up to retirement period.
Focusing on the Big Picture/ the Future
Wealth management is a long-term plan that does not only focus on the current cash flow of an individual but focuses on the entire financial management system in personal life. The plain will account for my net worth like insurance coverage. Focusing on the big picture includes addressing the prospective risks during the period of employment. The risks involve loss of assets which may ruin the financial progress of an individual. Focus on what will be inherited from me and my wealth transfer to the future generation. As a teacher, ...