One of the biggest sources of struggle for new physicians is the social construct that a doctor can afford anything - that the title of M.D. should instantly grant a millionaire’s lifestyle. Unfortunately, this is simply not the case. In light of exorbitant student loans, higher taxes and the social expectation to spend, spend, spend, physicians need to be free from the pressure of the Joneses next door and know when to rein in their spending.
It’s easy to believe that your happiness level will increase exponentially with your paycheck, but studies show this to be untrue. In fact, researchers have found that the maximum amount of income related to happiness is $75,000 per year, far below the average physician salary.
"Having healthy kids, a loving spouse, vehicles that run, a roof over our head, and a stable job is about as good as life can get," says oncologist Matthew Cassell, M.D. "The size of my house and the symbol on the front of my vehicle have no influence on my happiness. It’s a matter of contentment."
By embracing frugality, you’ll manage to maintain a healthier - and happier - lifestyle while working in the medical profession.
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