[Editor's Note: The following guest post was submitted by an anonymous veterinarian who has accumulated a net worth of over $3 million in his mid-40s with his biology professor wife. Their financial advisor informed the couple that they are now “work optional”. Financial independence isn't just for the highly paid physician but can be achieved on a much lower income than many of us typically assume. We have no financial relationship.]
Veterinarians share many of the same financial and life challenges faced by physicians, dentists, and other medical professionals. Financial Wellness DVM’s excellent post “How to Fix the Veterinarian Student Loan Debt Problem” highlights the financial implications of choosing a career in veterinary medicine.
As reported, the average DVM graduates with a six-figure student loan burden and a five-figure starting salary. DVMs have the highest debt to income ratio among the health professions. Every veterinarian I know chose the profession as a calling, most often at a very young age and with the knowledge that it would not be a lucrative career. However, in recent years the math to make it work financially is even more daunting and many recent graduates face a less than comfortable existence.
Despite the downsides, I was always determined to achieve my dream of becoming a veterinarian without taking a trip to the poor house. In high school, I realized that a long and expensive education awaited me with a modest salary at the end. Veterinarians told me “You will be comfortable, but you’ll never be rich.” I wondered if I might be able to challenge that statement someday, and I held onto a rumor of a veterinarian in the next state who made over $100K!.
How I Achieved Financial Independence on a Low Income
#1 Debt Aversion
I was raised in a debt-averse family and did what I could to minimize educational costs. Free college courses during high school enabled me to start vet school at 20 years of age after 2 years of undergraduate work. I was fortunate to earn a full-tuition undergraduate scholarship and several smaller scholarships throughout veterinary school. I applied and was accepted to the only public university in my state with a vet school. My summers and breaks were spent working to defray my costs and I made small contributions to a Roth IRA during high school and college. I was fortunate to have parents and grandparents contribute to my education. However, the amount of financial help was a finite and relatively modest amount (around $15K total) by today’s standards.
I was lucky to be in vet school when tuition cost was substantial but not yet exorbitant. I walked across the stage with my DVM diploma 6 years out of high school, with $0 in debt and a net worth of about $1000. Throughout my education, I did not take out a student loan and never carried credit card debt.
I made $18,000 during my internship year, subsisting on Hotpockets and frozen burritos. I was able to cover my living costs during that year and finished with a small balance in savings and remained debt free. My starting salary as a first-year attending veterinarian (approx. 20 yrs ago) was $45,000, but it felt like I had won the lottery.
#2 I Bought and Rented Out a Mobile Home
Upon acceptance to vet school, I convinced my parents that loaning me money for a mobile home was a “good investment”. I rented out a spare room, which covered most of my utilities and lot rent. The entire home rocked a bit during the washer spin cycle and I had to keep an eye on the sky during tornado warnings. Overall it was not a bad place to live for four years almost rent-free. Due to the prime location of this mobile home, it sold with a few thousand dollars of profit which allowed me to repay my parents entirely (plus interest) upon graduation.
#3 I Passed on Whole Life Insurance and Started Investing
During that first year of practice, I was taken out for a steak dinner and given the pitch for whole life insurance. Fortunately, I was skeptical and said “no”. I enrolled in my employer's SIMPLE IRA as soon as I was eligible, obtained the company match and maxed out annual contributions. I knew very little about investing and initially chose a single conservative Vanguard fund simply thinking I didn’t want to risk losing money. At least I was investing early, avoiding the typical sales-oriented advisors, and making my own financial decisions.
#4 I Married My Wife
I soon made the best decision of my life in proposing to my wife. Marrying the right person allowed everything else to fall into place. My wife and I have always been best friends, work well together, and are on the same page financially. We paid for our own wedding at a total cost of $5,000. Our simple honeymoon was at a lakeside cabin in the off-season.
#5 We “Lived Like Residents”
As a veterinarian, I have never felt the societal pressure to live in a wealthy neighborhood, drive a luxury vehicle, or wear expensive clothes. This is the one secret weapon of the veterinarian; there is no societal expectation for us to appear wealthy. In our area, the pet-owning public seems put off by veterinarians showing any evidence of wealth. My wife and I never expected the high life and were content “living like a resident” for the first several years out of training.
#6 We Rented
We rented a tiny home for the first few years until our jobs were stable.
#7 We Paid Off Student Loans
She started a career as a college educator, with a modest salary but excellent benefits including a pension plan. In the first two years of our careers, we paid off her $18,000 in student loans.
#8 We Didn't Move Around
We chose jobs that fit us well and we both maintain a passion for our careers. Staying in one location allowed my reputation and caseload to grow consistently over the years. I enjoy working in a practice which shares my philosophy, and my wife chose a career that gives her great purpose.
#9 We Have Inexpensive Hobbies
We enjoy experiences over material goods and the greatest gift we share is time together in the great outdoors. Camping, hiking, paddling, and road-tripping have been the mainstay of our vacations. Exercise (especially outdoors) is the best free health insurance we have found.
#10 We Purchased a Modest Home in a Low COLA and Paid it Off Quickly
When it came time to buy a home, we resisted the temptation of what we called “McMansions” and the huge loans being handed out to peers in the early 2000’s. Instead, we purchased a modest home close to my work and paid off the mortgage in 5 years. We chose to start our careers and settle down in a part of the country with a low cost of living. All repairs and home improvements were paid for with cash and we still enjoy living in the home. The adage “One house, one spouse, one job” carries a lot of wisdom.
#11 We Didn't Buy Fancy Cars
About 5 years into our careers we replaced our worn-out college cars with new reliable non-luxury vehicles and expunged our car loans in short order. We drove these vehicles for over 10 years each (mine is 14 years old and going strong, hers was replaced after 12 years on the road).
#12 We Stayed the Course
While watching our investments plummet during the Great Recession we took a deep breath and continued to invest on the same schedule within and outside of retirement accounts.
We took our first tropical vacation late in 2008 and were perplexed by the scant numbers of tourists and a restaurant sign posting reduced “Recession Hours”. We felt a little pride along with some guilt that we were doing o.k. during a difficult time in economic history.
#13 We Learned the Concept of Financial Independence
At my vet school graduation post-commencement dinner, our keynote speaker (a favorite professor) spoke about following our passion within the profession. He also spent a substantial portion of his talk emphasizing the vital importance of saving early for retirement and developing an exit strategy. He brought up the likelihood that most of us will face burn-out at some point and recommended we prepare financially and professionally to make changes if needed. In retrospect, he was ahead of his time. No one was discussing burnout as an issue in the profession at that time. I now consider this last lecture to be among the most important of my education.
Several years into our careers, the passion we felt for our work became strained. We were frustrated with employment contracts, long working hours and the day to day grind. I remembered that keynote speaker from vet school graduation, and thought about saving more money in case of burnout. I became motivated to learn more about personal finance with a goal to one day have greater negotiating leverage and control of our financial destiny.
I hadn’t heard the term “financial independence” at that time, but some part of me yearned for it. We wanted to make working for pay a choice, not a requirement. I started reading financial books including Personal Finance for Dummies, The Millionaire Next Door and Smart Couples Finish Rich among others. (When I discovered White Coat Investor, it rapidly became my primary resource for personal finance information).
#14 We Maxed Out Tax-Advantaged Retirement Accounts
Want to know how work optional feels? Look at that grin.
We began maxing out my wife’s 403b to take advantage of another tax-deferred account. We also started investing in a taxable account using a simple tax-friendly three index fund portfolio. We never attempted to time the market, making simple twice monthly automatic investments to take advantage of dollar cost averaging.
While most of our investments have been in Vanguard index funds, my wife’s 403b was limited to loaded actively managed funds. We made the mistake of letting the assigned “advisor” chose the funds. While not ideal, the 403b reduced our annual tax burden and gave us another tax-sheltered account. We are currently working on reallocating these funds to minimize costs within the confines of the 403b. We should have been utilizing a backdoor spousal Roth IRA, which we have finally started this year.
Up until recently we had an excessive number of savings and checking accounts at three institutions. We never had a written financial plan, and never received any formal financial advice. Although we had a somewhat unorganized and imperfect portfolio, we managed to live below our means and increase our savings rate.
#15 We Found Ways to Increase Our Salaries
Many DVMs like myself are paid a base salary plus a percentage of production. Thanks to this model, as I became more clinically proficient we did better financially. I dedicated myself to continuing education, mastered new procedures, and acquired additional credentials. With time, dedication and hard work, I found that I could indeed make a consistent “physician-like” salary. My wife’s salary has increased more gradually with promotions, cost of living increases and seniority.
#16 We Saved 30-40% of Our Income
As our income increased substantially, we embraced the concept of “paying yourself first”. Between retirement and non-retirement savings, we saved between 30% and 40% of our income annually over the past 10 years (currently at 40% savings rate). I tend to manage the big picture investments, while my wife is the master of tracking our spending, net worth, and filing taxes.
#17 We Purchased a Rental Property
Several years ago, we purchased a single-family home as a rental property. This is our only small “side hustle” and does not take too much time and energy to manage.
#18 We Invested in Our Relationship
We continue to spend $11 on our weekly date night dinner and enjoy a few luxuries such as nicer and longer vacations, monthly massages, and home improvements. Vacationing together is an investment in our relationship. We also enjoy contributing more to charities.
#19 We Hired a Fee-Only Financial Advisor
We recently decided to enlist the help of a fee-only financial advisor, WCI sponsor Aptus Financial. While we have done well overall, it felt like the right time to do a comprehensive financial review. We are working with Aptus to simplify and improve our portfolio, develop a comprehensive investment plan and strategize for future goals. We will likely use this service on an as-needed basis in future years.
Financially Independent — Work Optional
Based on our spending (about $75K/yr) and net worth ($3 million) we have been told that we are now “work optional” or “financially independent”. Both terms are great, but we like the sound of “work optional”.
While we may look to cut back on work in the coming years, we still enjoy our careers and expect to continue full-time work for at least 5 to 10 years. I also like the idea of having a buffer to weather market ups and downs, and to increase our flexibility.
To be honest, practicing and being paid for work is still rewarding. I can’t personally say that financial independence makes working easier. The stresses and annoyances have not magically gone away. There are still times we resent aspects of our work. Nevertheless, being “work optional” is a great comfort. It’s like looking forward to a vacation, but that vacation could last indefinitely. Work is starting to feel more like a choice. Financial independence does make it easier to foster a sense of gratitude toward work. I agree with Dr. Dahle that financial health makes one a better doctor/professional and frees mental energy to better care for our patients.
We did some basic things right with consistency and avoided major financial pitfalls. This allowed us to reach a net worth of $1 million in our mid-30s and $3 million by the age of 44. We still use coupons and like saving money where we can. To us, money is a resource like energy, food, or water and should not be wasted.
To those WCI readers out there who might not be making a physician salary (veterinarians, pharmacists, physician assistants, nurse practitioners), rest assured that financial independence is within your reach. For you students, interns, and residents: become allergic to debt and don’t be afraid to live a spartan life. Take on as little debt as possible and pay it off as quickly as you can.
Within reason and when possible, embrace the concept of “One house, one spouse, one job”. If you are married/engaged/committed – invest in your relationship. A good relationship is the most valuable asset in your portfolio. Find a way to communicate about money and develop a savings plan that works for both of you.
Educate yourself about personal finance and follow the principles of WCI. Although you don’t have to do everything right, try to do most of the things WCI recommends and avoid most of the big mistakes. Invest in yourself and look for ways to do extra training and increase your salary. Live below your means, pay yourself first. Be boring and consistent with your investing plan and let time work its magic.
What do you think? Are you a veterinarian, nurse practitioner, physician, dentist, or other health care practitioner in a low-paying specialty? Do you think financial independence on a low income is a possibility for you? Why or why not? Comment below!
What a great reminder of how it can all work out, if we just create a solid plan and stick to it (while avoiding many of the traps laid in front of us).
And you included Aptus financial, who I am a big fan of as well!
P.S. I love that lecture you received at the end of training about work-life balance and the possibility of burnout. I hope to be that person for many of the residents that I teach. Hopefully, they’ll see that if they take care of business on the personal finance side that they can become “work optional” rather quickly. Then, they can choose to practice medicine because they want to, and not because they have to.
Thanks for the great reminder.
TPP
Thanks for the kind words TPP!
This is not a criticism, but to be clear the median income in America in 1999 was $42,000. So your $45,000 salary was above the median, not necessarily “low”. But I get it and understand that to the prime audience of this blog it’s considered low.
I love this – “Exercise (especially outdoors) is the best free health insurance we have found.”
I agree 100%! Why pay for a gym membership when mother nature gives you everything you need, and smells much better.
I find it an interesting phenomenon that when someone shares a success story, the first thing many readers/listeners do is starting pointing out all the advantages that person had, especially in comparison to themselves.
“You had a second earner.”
“You didn’t have any kids.”
“You didn’t live in a HCOLA.”
“You had good health.”
“Your parents helped with your college.”
“If I had those advantages, I’d be rich too.”
etc.
But they don’t seem to focus on all the things the person did right and the fact that we ALL have advantages over other people. Instead of complaining about the “luck” that other people have, I would suggest putting yourself in a position to get lucky:
https://www.whitecoatinvestor.com/put-yourself-in-a-position-to-get-lucky/
We all make choices (career, family size, who we marry etc) and deal with the consequences, some of which are financial.
I agree, to some extent. But having kids vs. no kids is a major life choice and determinant of various paths, including financial paths. For me, there are two kinds of families: those with kids and those without kids. Reading about the financial lives of those without kids is virtually irrelevant to me. It is as if they live on a different planet.
Kids not only consume financial resources, but they consume time, energy, and emotion. They distract one or both parents from their careers. They keep me up at night quite a bit more than a stock portfolio ever could. My friends from residency that did not have kids are already retired and literally living a life of luxury. (Really.) If you had put a “warning, no kids” disclosure at the beginning of the article, I would not have read it. Sure, they did a lot of things well, but the largest contributor to their financial success was choosing to not have kids, and this should not be swept under the rug as if it does not matter.
You can’t have it both ways. Either they’re the best part of your life or they’re not. I find it funny to see parents who say “I’m poor and my life is financially terrible because I have kids but they’re the best thing that ever happened to me.” Don’t you think those people who didn’t spend money on kids to make them happy spent it on something else to make them happy?
At any rate, in my experience, people spend way too much on kids anyway. I mean, I see these estimates that it costs $233K (or whatever) to raise a kid to 18. Well, my parents had 6 kids. 6 * $233K = more than my dad made in his career. Just because you can put your kids on the travel baton team and in $50K a year preschool doesn’t mean you should much less have to. The basic expenses of kids should not be an issue that keeps a physician from building wealth. It’s all the luxuries that we try to give them, many of which they don’t even care about.
I agree with everything you say here. I expect that we have spent multiples of average on our kids, and I do not regret it. And I am still spending, with one in college and one a high school junior. My point is that there is a dichotomy of financial and professional lives for families who have kids compared to those who do not, and it goes beyond the actual expense.
For example, when the kids were young, my wife downshifted her career and worked part time as an independent contractor. She halted her advancement, and she earned less. Had we not had kids, it would have been full steam ahead in her professional career.
Interesting comment by WCI about how people have odd comments attributing one’s success to this or that. Not long back someone I know who is always crying poor mouth said to me “but you’re LUCKY, you have a good paying job skill!”
I found that odd and irritating. Hard work and sacrifice got me the job skills. Luck was landing that first professional job out of college.
Great job. Sounds like being DINKs helped.
I was going to ask if the poster had kids. Even if they do not I am still impressed with their story!
No Kids definitely helps. Not to take away from everything you wrote and have done. Great work and I think your #8 should be talked about more. People want wealth but jump from one thing to the next. Staying put, both in location and life goals greatly increases wealth. All that being said, Kids are frickin expensive! I don’t know your personal situation what-so-ever, but having a 4 and 7 year old I can confidently say we would already be at least 500K more financially wealthy without the kids. Thankfully they are the best thing in my life so I guess the expense is worth it :).
Though if anyone had tips for saving money on kids (besides no private school or a SAHM), I would love to see a post! I don’t have kids yet, but even now there’s a lot of pressure to go to private schools/bilingual nannies/expensive preschools/etc. Would love to see a post on anyone trying to balance competing desires to give your kids a headstart while also securing your own financial security & how that plays out.
The key is simply to keep it in balance. Stop associating with those who you feel pressure you into getting a bilingual nanny or a private education. Voila- pressure gone. If you want to do it and can afford it, then great. But just because little Jimmy across the street goes to private school doesn’t mean your kids have to. (Little Jimmy across the street from me DOES go to private school BTW.)
The best gift you can give your kids is to not have them have to worry about you in your old age. So retirement before kid stuff and make sure you pay for your own school before trying to pay for theirs.
True – to be fair, it’s co-workers and not close friends that I feel the “which private school did we get into game.” And amen to the second point.
Great points. Despite many of my partners and neighbors sending their kids to private schools, we didn’t and our kids are fine, and probably better-adjusted and more down to earth for it. Don’t feel the pressure to keep up, have expensive cars, etc. When a doctor colleague asked why I drive a Mazda, not a BMW, I replied that I collect accounts, not cars.
I agree. We never hear how much they made with two incomes over the years and as the previous commenter point it out, it sounds like he was already at the median income all by himself back in 1999. Adding his wife’s income to the mix, and not having the financial expenses associated with having kids, definitely knocks them out of the low-income category so the title of this post was somewhat misleading (and disappointing for someone who does NOT have a dual income AND has kids AND lives in a HCOLA. I’m basically screwed). 😔
That being said. They are advocating for strong financial principles that people of most income levels can follow if they are disciplined enough to stay the course. I never considered living in a mobile home, mostly due to the stigma and hearing that it is generally a bad investment, so it was nice to hear a different story about that. Is this enough to get me to run out to my nearest mobile home park? No, but I still found it to be valuable information and it has got me thinking about ways I can reduce my housing costs. Having fun and inexpensive hobbies that also benefit your health is an awesome idea.
I think the “low income” phrase is relative to the other folks (mostly docs) on this site, not to all Americans, much less the entire world.
What a fantastic example of how following pretty much all the steps preached by White Coat and others can really make an impact on things. You certainly were ahead of your time doing these things and the results show how that sacrifice paid off in spades.
With the exception of the 403b actively managed funds (which you had no choice apparently), it was like you hit every other recommendation in the FIRE philosophy out of the park.
Congratulations on setting yourself up to a work optional career at such a young age. I agree that this will indeed make work more enjoyable and reduce the threat of burnout.
Congrats!
Thank you for sharing your story! And impressive that you were able to graduate so early! You made so many of the right moves early on, and it shows in your current net worth. It’s also another great example of the power of good financial habits, having a spouse on the same page, and compounding over time. Excited for your future, now that you have that financial flexibility to be work optional!
The author is a kindred spirit. My financial path as an MD was almost exactly the same.
Except the mobile home. That was brilliant.
Becoming FI didn’t make my job easier either. It did give me more negotiating strength.
Going to part-time is when I really felt the benefit.
Great write up. Thank you for sharing.
#20 and a big one – NO KIDS
Good advice although it sounds like he has no children which to me would be the #1 factor in his journey toward FI.
Not sure why people think kids cost so much. I have two, and I think they run me about 1000 each per year.
You mean $1000/week, each? Times 2. Right?
Yup, that sounds about right!
Awesome. Sort of along the same line – should i be buying health insurance for my dog? My vet is a great guy and i trust him completely but…should i? he is in a VCA clinic. TIA.
I don’t see a pet getting sick or injured as a financial catastrophe. If it cost too much to get the veterinary care, I’d put the pet to sleep. But if you view a pet as a child that you’d spend anything on, then perhaps insurance makes sense.
Different tack than I have to my spouse or my kids (might be neglect/ homicide to follow this line…) but I’m a cattle farmer’s granddaughter 4 times over so while I count heart worm pills and vet bills (and now with DJD and NSAIDS annual bloodtests) part of the cost of my dog(s), if the vet ever offers hip surgery when NSAIDS won’t cut it, and/or refuses (reasonably so!) opiates of some kind for the dog if that might otherwise work, dog will go over the rainbow bridge. After all cruel to put her through surgery when she doesn’t comprehend the benefit, and aside from that if even the NSAIDs and associated care got expensive $wise or our life wise I’d pass for financial reasons. Just hope my newer school vets will put her down for me instead of me having to do it myself. For me actual adulthood is learning that the dogs don’t die in their sleep or go off to a farm- Dad or Grandpa and/or the vet had to end their lives and now we get to shield the kids from that for a while.
I’m not sure how much it would run you, but I have 4 dogs of various mutt breeds & ages and insurance for each is $23-25/month. They fall in the category of “children” and the minimal cost ($23/dog) seems worth it when I know I’d pay $$$ if the vet recommended it. So insurance may be cheaper than you think…
From the veterinarian’s perspective, it’s always appreciated when we can avoid euthanasia due to the client’s inability to pay for services. I’m talking about cases where the pet would have had a good prognosis and quality of life if finances weren’t an issue.
Pets, just like people, have their own quirks. Some of them are super healthy and die of old age, despite eating terrible diets and not getting enough exercise. Others are coddled and have access to the best of everything, but require a lot of maintenance due to their medical conditions, and these costs can certainly add up. Insurance would be one way to mitigate costs. The alternative would be to have a separate emergency fund for your pet.
Agree with WCI. Too much focus on the no kids part and not enough of the live on $75k/year part.
Of course having/not having kids plays a huge role in one’s financial future. My family’s life (and financial life) would look radically different if we didn’t have kids, but it would also look radically different if my wife were a Mohs surgeon! Like WCI is implying, I don’t see why it’s treated as such a sacred cow vs how we respond to people who post with “I have median medical school debt but I’m primary care and we’ve chosen to live near family in Seattle, help me figure out my finances” type stories (and I love my kids and I want people to be near family practicing the speciality they want).
The math is simple, invest 20% gross in something reasonable and you’ll retire comfortably. Invest 30-40% of gross and you too could be like this couple. I think OP’s story is a great lesson for lower income doctors with median-level debt on how they too can achieve FIRE mid career.
I own horses and until they passed at ages 15 and 18 from old age infirmities, had 2 cats. I would imagine it is tough for a DVM to see a pet euthanized when a procedure or drug treatment could return the pet to a happy life and potential for normal lifespan.
That said, I see some folks send themselves to the poor house to spend money they can ill afford to treat an early to mid-teens dog or cat, who at best only has a year or so of life left. I feel there should be less pressure for these pet owners to do anything at all costs. Sometimes it’s just a kindness to say goodbye.
Thanks for sharing. The picture of the golden retriever made my day.
Thanks for this very inspiring post. May I ask how you split your contributions between your tax-deferred and taxable accounts? My husband and I have been thinking a lot about this lately — we have a big pot in 401Ks, a medium pot in IRAs, a smaller pot in Roth and a tiny pot in a non-retirement account. If you look at the sum total, you’d think we could go part-time or retire today, but we are still relatively young (mid-40s) and can’t touch the retirement accounts for a long time. I feel like we over-funded the tax deferred account. So how do you plan to “close the gap” until you can withdraw from these accounts? Is the plan to use the non-retirement account or cash?
Have I got good news for you!
https://www.whitecoatinvestor.com/how-to-get-to-your-money-before-age-59-12/
https://www.whitecoatinvestor.com/early-retirees-max-out-retirement-accounts/
I enjoyed this vet’s story and reading about the smart choices and the great life he and his wife have made. I really liked the part about living in a mobile home too. That is pretty cool and gives him some good bragging rights on frugal living. Thanks for a great financial and life success story.
Regarding the fund choices in the 403b – your wife should contact her employer’s HR department. They have a responsibility to hire investment companies that manage the 403b. They can mandate that the investment company provide an index fund (or two) on the portfolio options. If they don’t, HR should fire them and find another company to manage the 403b.
https://www.usatoday.com/story/money/personalfinance/2015/05/18/justices-make-it-easier-to-sue-over-401k-retirement-plans/27527625/
https://www.bostonglobe.com/business/2016/08/09/mit-and-yale-sued-over-retirement-fund-fees/Ijyd5ub8JoE7RfmES9duBJ/story.html
https://www.nhregister.com/colleges/article/Yale-employees-claim-in-lawsuit-that-retirement-11326308.php
“To us, money is a resource like energy, food, or water and should not be wasted.”
– great line!!
Agree, love this line!
Great job!!
Most of what you’ve written is almost a textbook thoughts of wise financial decisions and LBYM. It may be an advantage that you don’t have kids but even if you did, your discipline would have still brought you very close to where you are now.
The Kids vs No Kids debate was pretty amusing as a young investor. I know I’ve eaten up quite a bit of my parents money, and I don’t feel great about that at all. I can’t fathom how many hundreds of thousands of dollars were spent on my existence. Anyway, this is a great article and very helpful, thank you for sharing.
Interesting guest post and great comments. The impact of kids on the journey to financial independence seems like a hot topic. It would be cool to see a post on how parents’ child-related spending decisions impact the # of years to FI. In addition, it would be interesting to learn more about how children raised by frugal parents fare in life compared to those raised with no expense spared.
https://www.marketwatch.com/story/can-you-retire-early-when-you-have-kids-these-hard-core-savers-and-parents-say-yes-2018-12-06
What an inspiring post! Its great when you do the right things from the get-go rather than a meandering path mid-career after having made a bunch of “dumb doctor mistakes”… Kudos to you for picking up the right financial knowhow so early in life. And for having the gumption to think outside the box to make things work. Love that professor of yours for talking about finances and its implications for a fulfilling career at a graduation ceremony- how befitting- though rarely done, at least a few short years ago- definitely ahead of his time.
You don’t need a high income at all to become wealthy. Everyone has access to the same resource — time — to invest their money and let it grow and compound over years and years.
https://www.makingyourwealth.com/become-wealthy-on-middle-class-income/