I frequently talk about this topic, but I only do it because it has such a big impact on the lives of many doctors and dentists.
The main reason for financial stress with so many doctors and dentists is the quantum of the debt they have.
Every time I meet with them, it feels a bit like Groundhog Day. It is so incredibly difficult to make any real financial progress and build wealth, when you are being weighed down by a mountain of debt.
The main culprit is the fact that too many healthcare professionals spend too much money on their primary residence.
This is fuelled by the advice from some within the accounting and advisory industry that your house is a good (tax-free) asset, and its value should be maximised. The message is often: borrow as much as you can.
I don’t buy into this strategy, as I can see the (long-term) effects every day. It changes people’s lives for the worse.
Instead of focusing on the house you live in, why not focus on your lifestyle, the balance you can achieve in your life, when you are not always working to pay down your mortgage.
Just a thought…
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