When asked for my best tip for doctors and others to grow wealth and become financially independent, I usually answer with three words that echo the warning from the loudspeakers as you enter the subway car in London’s “tube.”
One way to do that is by earning more, and I do encourage that. The other is to spend less, and I have to agree with Dr. Jim Dahle, the author of today’s Saturday Selection.
Reason number one is that we deferred gratification for so long, that when we first start getting a real paycheck, instead of having a little lifestyle inflation, we have a lifestyle explosion.
Another major difficulty for doctors is that everyone else sees them as rich, even if their incredibly negative net worth actually ranks them as being some of the poorest people on the planet.