Doctors making an average of 300K a year can all be found wasting their money on lavish, unneeded things. They simply do not save their money. I think it is because of the access they have to re-gaining the money they spend. They make almost $1,000 a day, so it makes spending really easy. I remember one specific instance, when I was conversing with a doctor at the cafeteria. He was a new graduate, and had a severe amount of loans to re-pay (which I will in the future). He talked lavishly about his salary, and what mine would be when I graduated from pharmacy school. He told me he wasn’t worried about re-paying those loans since his salary was massive, he could do it whenever he wanted to. We finished lunch, and at the end of the day, I saw him in the parking garage getting into his Mercedes SLK55 AMG (starting price is about $71,000).
On the other hand, when I speak to the assistants at work, they tell me how they’re saving money, opening a Roth IRA, and trying to do whatever they can to set up a future for their kids. Recently, a man who had been a janitor almost his whole life had passed away. In his will, he had 8 million dollars. The wise man had invested his salary in dividend paying stocks.
I am not here to judge how someone chooses to spend the money they earn. But the bottom line is, it doesn’t matter how much money you make. At the end of the day, if you spend it all on luxury items, you end up at the same place as someone who hadn’t even worked the whole year. It’s always interesting and refreshing to hear a story about someone who doesn’t make the flashiest salary, but saves their money and makes wise investments. It motivates me to save my money, invest it, and become financially independent as soon as I can.
What do you guys think? Have you ever encountered someone who makes a high salary but doesn't save their money? Do you have any tips on saving money? Leave your thoughts in the comments!