A man who I would consider a mentor, and who’s advice has ALWAYS been solid told me a long time ago your goal shouldn’t be to maximize your income, but to grow your net worth as much as possible each year. Buy a property and improve it with cash. Buy it for $100k, spend $50k and sweat equity and at the end of the year it appraises out at $200K. You’re net worth just grew by $50k and you didn’t pay income taxes on it.
What you make isn’t as important as what you’re worth. I know an MD that makes $750k a year and spends $850k a year. Always in debt and always stressed about money.
A lot said right here.
My wife managed 3 practices for a pulmonary Dr until he retired.
He took a small annual salary the rest went into property and improvements.
