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does it really matter? ; i know a lot of BROKE doctors and lawyers with severe cases of "doc-itis"[nb]thanks, dave ramsey[/nb] who have no money because they loved to show off how much money they (didn't) have.

 

It doesn't make a difference in the sense that just about anyone can become a millionaire if they live frugally enough compared to their income to save and invest conservatively (or luckily)...but one can't deny that the opportunity to become millionaires does exist in larger proportion for docs and lawyers based on the incomes they make - as mentioned, many use that income to fund more lavish lifestyles which can result in less savings. ; I can't say I know any broke docs still practicing, but I do know a few broke retired ones who tried to support too rich a lifestyle on too little savings (or relied on the Madoff retirement plan). ; It's hard to say down here, where the RICH docs and lawyers all live (we don't have very many of those charitable, hard-working time-volunteering GP docs...ours are all high-paid specialists with private practices). ; And yeah, I know - my stepfather is one.

And lawyers can make a vast spread of incomes, depending on specialty and location...anywhere from entry-level 6-figures to comfortably into the 8-figures. ; How much actual 'savings' does a lawyer have if he makes $450K a year, buys a multi-million dollar home, new supercar every 3 years, new euro-SUV for wifey every 3 years, golf trips to Vegas, family trips to rental homes in south France, every electronic toy one can get for house and person, and supports that lifestyle? ; He isn't putting away very much of his income at all - maybe 5%? ; The rest goes to consumption. ; I may put away 12% of my income, and not spend on those lavish things, but I make 4x less salary...he's still socking away more than me despite the crazy spending...and has assets that can be made liquid if needed that I don't own or can't buy. ; So in the end, he still has lots more than I do spending like a crazed fool while I spendthrift and save...sometimes there's just no substitute for huge gobs of income. ; And yeah, I know...that lawyer is in my family too. ;

 

It turns out that the synopsis on Wikipedia does a great job of explaining the book and it's findings and why Doctors and Lawyers, in the author's opinions, are worse off

And I was wrong on my recollection of what they called a millionaire. ; It is having a net worth in excess of a million dollars

http://en.wikipedia.org/wiki/The_Millionaire_Next_Door

EDITED TO ADD

After reading the Wiki article I was reminded that most of the book delved into the relationship of wealth and income

 

Tom,

I think you got the basic gist of the premise of the book. ; But I also gather from following your scribbling on the net that even if you did get into the high 6-figures you would have your eye on the future at all times. ; Otherwise you wouldn't be scouring for deals now. ; The only thing that changes with income is the definition of "a deal"

Sorry fort he thread derailment but a good discussion to be had anyway. ;

 

Indeed...fun non-sequitir in this thread - thanks for the off-topic discussion.

 

Thats awesome Tom! congrats on the win and thats a great shot too!