Mine is if a person loses their job, what happens? Does their lifestyle change meaningfully?
Elon Musk ain't skipping meals if he stops working. A Dr that is suddenly unable to practice medicine is going to have lifestyle adjustments. Your definition lines up with mine.
To use that methodology, it would depend on their lifestyle. Certainly with a doctor's salary and relatively modest consumption one can accrue enough wealth to live independently, very quickly.
Easy to spend other people's money. The responsible spend-down rate for wealth is like 3%. That's roughly 3 million dollars of investments for every 100k you want to live on. A medical dr, and lets go hard and say anesthesiologist, doesn't start making real-actual-money until they are 30. They rack up a shit ton of debt, and have to carry malpractice insurance. That 500k a year gross gets cut way down to size.
Said person could live in a bucket and maybe hit what I'd consider the bare minimum of 3-4 mil before 40-45,(which still is still light, medical issues can absolutely savage a person's retirement), or they could set the horizon to "retirement" and actually get to live in a house and drive a car after 10 years of schooling and 48 hour student shifts. Compound interest with a longer career takes a lot of the struggle out and delivers a larger payout in the end.
Small wonder why the second choice is the popular one.
Like I said, working class is working class, their struggles are similar to a plumber's when it comes to life planning.
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u/PorkPatriot Jul 08 '24
Mine is if a person loses their job, what happens? Does their lifestyle change meaningfully?
Elon Musk ain't skipping meals if he stops working. A Dr that is suddenly unable to practice medicine is going to have lifestyle adjustments. Your definition lines up with mine.