BANG Your Money - Routine for Wealth Building

If you're a medical professional aiming to build long-term wealth, a simple monthly cash flow tracking system might not be enough. To truly secure your financial future, you need a comprehensive approach. I've used a system called BANG to go from $161,000 in student loan debt to becoming a millionaire as a PA. This routine, done at the end of each fiscal quarter, ensures that the big, impactful financial moves are made. Let me walk you through it.

(Before I do, you may notice that this routine is heavily focused on ensuring you manage your debt AND build assets. If you're not sure how the two fit together, watch this free video training.)

B - Bring Your Financial Partner

First, Bring your financial partner into a scheduled, genuine sit-down conversation. If you handle your finances solo, consider an accountability partner, like a trusted long-term friend, to discuss your goals without sharing specific account details. If you have a long-term partner or spouse, this should be a joint conversation, even if you keep finances separate. These discussions will not only boost your financial success but also strengthen your relationship. Schedule 45 to 60 minutes for this important conversation.

A - Review Your Asset Allocation

Next, Review your asset allocation. This involves looking at your stock-bond portfolio. You can manually track this in Excel, but I recommend using smarter tools like Personal Capital’s dashboard (now under Empower) to automatically track your asset allocation across all your investment accounts. This is especially useful if you have multiple accounts.

N - Note Your Net Worth

Third, Note your net worth. Calculate your total assets minus your total liabilities. This gives you a clear picture of your financial standing. Track this over time to see your progress and adjust your strategies accordingly.

G - Goals and Growth

Finally, set your Goals and review your Growth. Reflect on the goals you set last quarter, evaluate your progress, and set new goals for the next quarter. This keeps you focused on long-term financial growth and helps you stay on track.

By following the BANG system every three months, you ensure that the major, impactful financial tasks are handled, paving the way for a secure financial future.

How do I know?

This method has helped me transition from significant debt to financial freedom, and it can help you too.