How to Build Wealth on a $150,000 Salary

A $150,000 salary — to most Americans, that would sound pretty good. To many people worldwide, that salary is unattainable.

Dr. Jim Dahle

decided to entertain a request to help those with a good-but-not-great income build wealth.

Even on a Lower Income, You Don’t Get a Pass on Math

Whatever your income is and whatever your debt is, that’s what you have to work with. Nobody cares that you’ve dedicated your life to the healing of the sick and injured. You’ve got to make the numbers work.

Just like it doesn’t make sense for a physician to borrow $800K for medical school, it doesn’t make sense for a nurse practitioner or an optometrist to borrow $400K.

Don’t Overestimate the Difficulty of Doubling Your Income

Change jobs, ask for a raise, work overtime, start a side hustle, go into business for yourself, get a second job, send a spouse to work, find an investment you can add value to (websites, real estate etc.), marry someone with a great job or whatever. Lots of options.

Less Debt and an Earlier Start Help

Here’s the other thing. Yes, PAs and NPs get paid less than docs. But they also start getting paychecks a lot sooner. PA school is two years. Med school is four. That’s two more years of not getting paid.

Own a Business

Another dilemma faced by these lower earning professionals is they’re almost always employees. An employee, by definition, is never paid what they’re worth..

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