Building Wealth and Loving It: A Down-to-Earth Guide to Personal Finance and Investing
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This is just an excuse to go into debt and not a very good one at that. This third excuse is my favorite because it is just so dumb. The times when minutes actually matter in medicine are few and far between and impact very few specialties. Everyone else can forget it, including emergency docs.
Again, the odds are astronomically low. One other benefit of driving an inexpensive car is you have a daily reminder that you are NOT rich , at least not yet. Nice clothes, nice cars, nice vacations, nice homes etc. If nothing else, it will give you a daily reminder of your financial goals. My business manager told me she was wondering when I was going to replace that Durango. More details in this post. What do you think? How much of an effect does driving an inexpensive car have on building wealth for someone on a middle-class income? What about for a high-income professional?
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Further, and again maybe not the case in medicine, in some roles a beater car sends the wrong signal to people one wants to sell to. I think the opposite dynamic exists in medicine. Driving a flashy car sends the rich doctor message to patients making them more likely to sue you.
I agree with Stephen. As petty as it sounds, when people see an attorney roll up in an old jalopy with a cracked windshield, faded paint and a loud exhaust, they really think less of them. As a funny anecdote, one of my buddies is an insurance salesman out in the river parishes here in Louisiana. But it does present us, as a profession, with a difficult argument to make. We want to point out the challenges of declining reimbursement, increasing educational debt burdens, etc.
It just contributes to the lack of sympathy people have for physicians in the healthcare system and why we are easy targets for decreased funding.
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Actually most of those fancy cars are driven by admin now. And they park in the physicians lot of course. I eventually gave in and bought a doctor car, and that seems to have worked perception wise, and its really very nice. I did pare us down to one car for some consolation, but the calculation on what I could have done with the money instead still bothers me. I appreciate cars, but its really weighted towards their time of us and utility, which is pretty small and basic.
Perception goes both ways. And when attorneys drive expensive cars, knowing how hard it is for lawyers after school etc. ID consultant here. Lots of dings etc. Sends a message to other docs in the lot about how well I may look after their patients. Just my two cents regarding the image thing. Used to be until I got my financial house in order and was able to limit my practice to one hospital.
Much happier with lower income and more time, but only possible after serious savings. I, and the two spiders that live somewhere in the hatchback and make a new web every morning hope to get at least another K out of it. Wrong message sent if the inside has papers scattered everywhere etc. Like the clothes you put on everyday. Going to a doc or a CPA etc. That should be your next post— How to get rich by choosing a specialty that only wears scrubs. It adds up quickly. My office is dumpy. I will probably retire next year so who cares. Keeping overhead low is another key to wealth accumulation.
I also wear hospital acquired scrubs most of the time. And the scrubs definitely help when you get pulled over in your expensive car. Yea, but you make up for it by having to buy more shoes. The best Doc I know is so down to earth he dresses, speaks, acts and drives a beater just like the average Joe. He has come up behind me at the office and said Ms. He once told me bring those boys to my lake house fishing anytime dear. And truly meant it God Bless this man we need many more docs like him. I hope he is enjoying his retirement he was a true gem of a man.
God Bless You Dr. Good post. Very true. We bought beaters in residency.
Then, new when we were able to buy with cash. My husband got tired of how often the old Odyssey kept breaking down. I do miss the old factor and not caring when it got beat up. I think it helps that we live and work in an area where driving fancy cars is not the norm. They are under warranty and not related to kid driver mailbox issue.
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Never would have wasted time on this with the old car. It was bugging Hubbie so decided to do it. Lots of great points in here but IMO the marginal utility of a newer, nicer car is worth the added money. Even that beater Durango of yours is likely to fair far better than the beater theoretical Sentra. In a collision, the higher, heavier vehicle wins the battle of physics. No one is saying drive it until you are 65,not even WCI did that. But justifying buying a newer car for airbags….
I will give you the air conditioning though. Dave Ramsey advice for a new car would be to have a million dollar net worth first and no more vehicle value than half your annual income. How about seat belts? Crumple zones?
How To Get Rich By Driving A $5,000 Car
Antilock brakes? Ok, I get the 65 thing now. I think he was proving a point not saying everyone should do that. Everything in life is a trade off.