Mind the gap between your earning and spending and do what you can to grow it. 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. Some doctors spend too much and simply don’t realize it.
When we first start getting a real paycheck, instead of having a little lifestyle inflation, we have a lifestyle explosion.
They may also be hanging out in a circle of high-earning friends, and feel some pressure to keep up with the Joneses with regards to vacations.
Doctors are people, just like everybody else. People spend what they can see.
These are doctors who think that cars that have more than 50,000 miles on them aren’t reliable. Or that a $20K car is a beater.
Sometimes doctors and other high-earners fall into the trap of thinking that they can spend their way toward happiness.