what do you think the net-worth of the average US physician is, by age 60-65?
1-5 million range?
1-5 million range?
NET Worth of Physicians
- Thread starter ronaldo23
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The financially savvy ones?
Or the one who do not care for the money?
Or the one who do not care for the money?
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You'd be surprised at the lack of net worth of most doctors. Many of the ones I've worked with were completely leveraged out and I used to deal with their personal financial statements. They'd give me a list of all their assets and liabilities (some assets were WAYYY overstated) and many of them were worth < $500,000. Doctors really aren't all that financial savy overall. Then you meet some who you know have good financial advisors or just know what they are doing. 👍 Be the latter. Those making $300-450,000 a year were squandering their salaries on frivolous things, status symbols per se. Its nice to have nice things but its not all to life. I have seen a few of them claim bankruptcy (yes with that salary) just to get out of debt. Now they can't do that so I wonder what they are doing to alleviate some of the debt they have.
And also remember, not all doctors go out to live the high life either. Many of them are sole providers for their families if their wives don't work (which for all the hours they work, some wives can't work or just work part-time). So those are added expenses if you want to have the nice house in the best neighborhood, so your kids can go to the best schools, the nice cars, etc. There are tradeoffs for everything.
And also remember, not all doctors go out to live the high life either. Many of them are sole providers for their families if their wives don't work (which for all the hours they work, some wives can't work or just work part-time). So those are added expenses if you want to have the nice house in the best neighborhood, so your kids can go to the best schools, the nice cars, etc. There are tradeoffs for everything.
