But there are also rich people who live like everyday people. Because they are everyday people. Everyday people with above-average salaries and pretty average spending. That’s precisely how they became rich.
Med students rack up serious debt in eight years of schooling, and for most, that debt will only grow despite making income-based payments in residency.
I shared my budget from one random week as an example of what life can be like spending “only” a five-figure sum each year. With a similar budget, most physicians with six-figure student loan burdens can be debt-free within five years or less.
According to a Medscape survey of over 20,000 doctors, the average physician earns about $300,000 a year. Yet, 24% of those 65 and over are not worth $1 Million.
Don’t get me wrong, I know that money can buy some happiness. Vacations are great, good food makes me happy, and with the glaring exception of Jay-Z, no one has ever looked unhappy on a jet ski.