Goldman Sachs: 36.6% of households with >$500k (>97th percentile) income primarily live paycheck to paycheck

[ClassicMom98]

@blossom

There is an entire segment of the private banking industry that is dedicated to physicians.

They are known to be high earners and terrible money managers. This has nothing to do with loans, malpractice insurance, the high cost of leasing diagnostic equipment. They are easy prey for purchasing annuities (very high fees), high fee mutual funds, “exotic” investments in non-liquid assets (mining rights) and commodities. They drive more expensive cars than the guy across the street who owns a fleet of refrigerated trucks and warehouses (who has similar annual income but a higher net worth due to conservative investing strategies), and they generally live larger.

My bank/financial S has told me the same