Most students graduate from optometry school with thousands of dollars of debt and are highly likely to generate even more.
Since our educational system is not designed to provide instruction on money management or investing, new professionals will have to take it upon themselves to learn the basics, said Dr. Laudon, past president and current treasurer of the Boston Chapter of the American Association of Individual Investors and a frequent lecturer on finances.
Seek reliable information
"Even though you may assume they know a lot about money, financial planners are not always competent. You need to co-manage your money if you're going to rely on anybody other than yourself," he said. "Become a more knowledgeable investor and enjoy the financial rewards of your insights and sacrifices."
According to Dr. Laudon, the four key components of successful investment and wealth building are money, time in the market, compounding, and discipline. Roadblocks to success that must be resolved can range from a lack of money to uncertainty regarding investment options. Other life-long obstacles are inflation and taxes.
Dr. Laudon emphasized that it takes time to learn the intricacies of buying and selling stocks and understanding the complexity of the market.