This is a little different from most Friday Q&As. This was a post on Sermo, with 437 responses in about a week. I’m going to cite what I thought were 15 of the best ones. This entire site consists of my answer to the question.
How can I become a millionaire as a physician? Straightforward question. No BS please. I would love to retire in 10 years, but worked in Massachusetts as an employed doc and realize that my present situation – income minus lifestyle expenses is definitely not cutting it. And yes, I know I could drink only water and drive a used prius and live in a shack…My question is – how can I EARN more, a lot more? How have YOU done well?
1. Income vs out go. Live below your means. I still eat hamburgers off the grill instead of only fillet mignon steaks. I do have some toys. I’ve got the same Jag that I purchased 11 years ago. Amazing how cheap title and taxes are. Still purrs down the road. Still have the first wife, same house for 20+ years. Put more than you think you need to away before you see your paycheck. Can’t spend what you don’t have. Don’t have kids.
3. Live frugally, spend wisely, invest conservatively and keep working. Read The Millionaire Next Door.
4. The days where you could be a good doc with a good practice and become a millionaire from that alone are all but gone, except for a few specialties. It also used to be that you could work harder/longer and make more money. That too has become harder to do, especially as a PCP. Now, to retire early and well, you almost have to have made some money from a outside source, investments, real estate, side business etc. [Ed note- Almost being the key word.]