Today Erin and Bob discuss the tax problem that is created when a doctor (or any high W2 earner) gets their first high income job. Today we share mistakes that doctors can avoid when this jump in income occurs. Erin shares an experience of hers where she had a really great year in her career and made a multiple six figure salary and the troubles that came along with the success.
Bob has been helping doctors for 17+ years and shares a few important pieces of advice he’s gained from his experience. WAIT at least 1 year after getting your first high income job before you begin to make decisions to upgrade your house, cars, etc… One of the biggest mistakes he sees with doctors is upgrading before they truly know the tax cost of what this new high income comes with. Wait a year to get settled into this new salary and experience the tax bill that comes along with it.
Do not try to "keep up with the joneses". You will be much better in the long run if you can delay gratification.
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Негізгі бет Managing High Income: Avoiding the Most Common Mistakes Doctors Make
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