Physician Realistic about the Future

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Physician Realistic about the Future

Eleanor Kinsella is a 49-year-old, single physician living on the Magnificent Mile in Chicago. She has lived in Chicago her entire life. She has no children and subsequently is the primary financial decision-maker in her household.

Eleanor has dreamed of being a doctor ever since she received a chemistry set as a Christmas gift at the age of 10. “I couldn’t put it down,” she says. “I remember sitting in my room for hours, memorizing the periodic table and making concoctions.

Perpetually single, Eleanor has devoted herself to her work. The economic climate has affected her work as a doctor as well as her ideas about retirement.

“I have been a cardiologist for over 20 years. When I began to practice medicine, generally speaking, you were pretty much guaranteed a good living and a sound retirement.”

While she does not consider herself a morbid person, Eleanor has a “death plan” (prefunded funeral plan) already in place.

“I see so much death. I see people in poor health and with no plans for the future,” she says. “An illness today can eat up your entire savings. At age 60, if you are forced to spend all of your money, what do you do?”

In addition to health care, Eleanor sees a lot of overspending, and she has taken a lesson from her friends and colleagues who live beyond their means.

Like many people her age, Eleanor’s main concern about retirement is to be able to maintain her standard of living. Although she distrusts brokers, she does work with a broker and a financial planner who handle all of her investments.

Eleanor admits that she tries not to worry about events, such as terrorism and fighting throughout the world, that she has no control over. She also knows there is no ‘sure thing’ when it comes to investing.

Because of this mindset, when it comes to maintaining her standard of living, Eleanor believes real estate is a good option for her. “It is something I feel I have some control over.”

“I don’t expect a guarantee from my advisors in terms of my investments. I do expect them to have a better knowledge of the market than I do.”

Based on the overall economy, and the general landscape of the health care industry, Eleanor is not optimistic, just realistic. “Unlike when I started practicing medicine, now I don’t realistically see a time when I will have enough money. The bottom line is that I don’t ever plan on retiring. I have worked too hard to get where I am.”

Creating Perpetual Wealth provides a periodic glimpse inside the personal lives of the wealthy. The stories of these individuals are true, but all names are changed to protect the privacy of those involved.

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