But to a typical physician and the average reader of personal finance blogs geared toward the high-income professional, a $150,000 a year salary is nothing special — in fact, some would consider it to be “low income,” proving that everything is relative.
Dr. Jim Dahle decided to entertain a request to help those with a good-but-not-great income build wealth. It’s important to note that the $150,000 could be combined household income, and that makes it a figure that is much more attainable to dual-income households.
The first point worth making here is simply that 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.
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.
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.