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<<<You might also take note, that 'doctors' who are high income people, are, as a group, very poor at accumulating wealth. They make a lot, spend a lot, and never grow their net worth, certainly not in proportion to their income level.>>>

I can give some insight into this connundrum, being one of those doctors.

#1--on average, doctors graduate with 50-100k of debt from undergrad and medical school combined. In otherwords, a mortgage that must be payed off. In times past, the interest and payments could be deffered until after residency (3-7 years), but in 1991 the law was changed to where payments were due after med school graduation. Some take out new loans, often at higher rates, that allows them to "delay" payments, and thus increase the total amount due.

#2--during college, med school, and residency, we more or less lead a life of deprivation (within reason). We've had to study more and party less, work long hours, sometimes 24-36 without sleep and little rest, drastically pare down our list of "important" things that we can't live/do without, and missed birthdays and anniversaries. After this lengthy deprivation, we want to finally live it up, and often that equates into expensive material things: cars, houses, clothes, trips, etc.

#3--there is a certain public perception of what doctors should be like, just like the perception of what a millionaire should be like.

#4--higher rates of divorce and drug/alcohol abuse than the "normal" population. Remember, divorce was one of the strongest preventers of accumulating wealth. Drug abuse, eventually you don't care about your practice and loose your patience or loose your liscence to practice.

The above is not an excuse for the poor accumulation of wealth by physicians, just some insight.

JLC
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