In my recent book, The Millionaire Nurse, I outline the steps to take for Nurses to take control of their personal finances. I would like today to discuss the reasons to do so and tell-tale signs of needing to do so NOW. I would also like to share three reasons why smart people, even nurses who have a great deal of responsibility in their day jobs, disregard this important part of their lives.

Why bother? That is the question that is frequently on the minds of nurses when they see information about personal finance. Why should I be worried about it? I am paying my bills on time. I can go out to eat whenever I want and my kids have presents at Christmas. I have got so much going on in my life, why should I add one more thing to my to-do list?

I would strongly make the case that not paying attention to your personal finances, and not learning the anatomy and physiology (nuts and bolts to you non-medical folks) of how to manage your money, is personal finance Malpractice, hey, did that word get your attention?).

What do I mean by personal finance malpractice? Well, do you think it is your job to provide a roof over your families head? Do you think you should provide food for them to eat, clothes for them to wear, and transportation to school? Of course the answer to these questions is yes!

You also know about the importance of paying the power, cable and cell phone bills. Not because those are needed to live, but your kids would rather be dead than not watch TV or texting their buds.

Do you want to be able to retire someday on more than just Social Security? Do you want to travel before you are too old to do so? These are just a few of the reasons for learning to manage your finances. And from strictly selfish reasons, most of us want to be able to order a pizza when we don't want to cook, stop at Starbucks occasionally, or go see a movie. So don't let that ambulance chasing attorney file suit against you for personal finance malpractice.

However, the recent crash in the real estate and stock markets, along with the most severe recession since the Great Depression, have all of us fearful about our financial status.

So why do smart, well educated nurses mismanage their money? You know, most people that file bankruptcy, aren't out spending money like a banshee on caviar and champagne. They just aren't paying attention, until it is too late.

The three most common reasons for poor financial choices:

Time: We are all so busy, who has time to read books about personal finance, like The Millionaire Nurse?

Knowledge: Roth IRA's, 401-K's, annuity's, pension plans, money market accounts, mutual funds, etf's, Quicken, derivatives…who can keep up with all the jargon? And with so many choices, the easiest choice is to do nothing.

Fear: Fear of the unknown is one of the strongest obstacles to learning new information and putting it to work.

So how do you deal with the barriers to learning about personal finance?

Time: The first step is to have the goal to make a change. You only have time for those things that are most important. When I am counseling people about changing a behavior, I ask them to make an appointment with themselves. Set aside a certain amount of time to think, and plan to deal with the issue without interruption. Get your spouse or partner to join you, as any financial decisions not made together will be sunk before they begin.

Knowledge: Read books on the subjects where you need the most help. Use the web. Read my book, The Millionaire Nurse. Learn the basics; don't get an investment book when you can't balance your check book. Build a strong foundation in step by step fashion. Learn proven methods for getting out of debt, and learning to save. Over time, broaden your study to include insurance, investing and retirement accounts.

Fear: As Susan Jeffers, Ph.D. says in her book, Feel the Fear and Do It Anyway, to diminish your fear requires you to trust in your ability to handle the situation. How to develop that trust: learning and putting to work what you learn.

So with apologies to Jeff Foxworthy and you might be a redneck, what are the signs of distress in your personal finances?

If you know what a bounced check costs-you might be financially distressed.
If you are checking your bank balance online daily, you might be financially distressed.
If you use your debit card at McDonalds, you might be financially distressed.
If you have a heart attack when the kids bring home another fundraising project, you might be financially distressed.
When you go to your brother in laws house for vacation, because you can't afford to stay at Disney World…
When you only put 5 bucks worth of gas in your SUV….

You get the picture. Don't wait until it is too late to recognize financial distress. Make that appointment with yourself TODAY and learn how to change that behavior.