6 ms·
It's probably lifestyle inflation (https://www.investopedia.com/terms/l/lifestyle-inflation.asp https://www.investopedia.com/terms/l/lifestyle-inflation.asp), w
by openknot 4y ago
It's probably lifestyle inflation (https://www.investopedia.com/terms/l/lifestyle-inflation.asp https://www.investopedia.com/terms/l/lifestyle-inflation.asp), where spending increased in proportion or in excess to rises in income. A surgeon in the US wrote about colleagues who exhibited this behaviour in a blog (source: https://www.kevinmd.com/2019/03/why-many-doctors-live-paycheck-to-paycheck.html https://www.kevinmd.com/2019/03/why-many-doctors-live-payche...).
- nmfisher 4y agoMy surgeon brother told me that many older surgeons can't "afford" to retire, often because they lost loads of money in investment schemes (and probably coupled with an unwillingness to accept a cutback in lifestyle). You probably lose a lot of basic savvy when you're insulated from "the real world" for decade after decade (undergrad, medical training, residency, surgical training, high paid private consultancy, etc).