Book Recommendation for Destitute Doctor?

[asmom]

I know you said you didn't really want any "quasi-spiritual" stuff but I really must recommend " The Millionaire Next Door" for two reasons. One, it addresses physicians and their spending habits in particular in a couple of chapters so it might "speak" to your friend. And two, it's message for accumulating financial wealth and stability is very simple: spend less than you earn. Once he changes his mindset, then he will be ready for the more detailed how-to books. Just a thought.

[humandraydel]

I must agree with others - "The Millionaire Next Door" and "All Your Worth" are good books.

[disneysteve]

I know you said you didn't really want any "quasi-spiritual" stuff but I really must recommend " The Millionaire Next Door" for two reasons. One, it addresses physicians and their spending habits in particular in a couple of chapters so it might "speak" to your friend. And two, it's message for accumulating financial wealth and stability is very simple: spend less than you earn.

I agree. How could I forget this one.

I think one trap that doctors and other high income professionals often fall into is thinking that because they earn a certain amount, they are expected to live a certain way. I'm a physician and have been in practice for nearly 14 years. I can honestly say that our lifestyle is not all that different today than it was when I first went into practice. The biggest difference is that we own our home, but we bought that within the first year and are still in the same home. No big changes since then. Back then, I was driving a 91 Camry. Today, I drive a 98 Camry. I wear a $100 Seiko watch that my parents bought me in 1988. Our daughter attends public school. We shop at yard sales, flea markets and thrift shops. We clip coupons and stay at budget accomodations when we travel. Is this the "typical" doctor lifestyle? Probably not. But we invest 20% or so of my income, my wife is able to be a SAHM and I'll be able to retire before I'm old and gray.

[fairy74]

I

I think one trap that doctors and other high income professionals often fall into is thinking that because they earn a certain amount, they are expected to live a certain way. .

I could not agree more. I have no problem finding my purple 1993 Geo Storm when I attend CLE's it's the only non-BMW, Mercedes or Volvo SUV there!

[bigsaver]

Agree. I see physicians buy that new BMW and then complain they have no money. I have a now nearly 20 year old audi, runs great, paid $2k for it in med school, and now have absolutely no debt except for the medical school loan.