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HOW DO YOU RANK – DOCTOR?
By Dr. David Edward Marcinko MBA MEd CMP™
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SPONSOR: http://www.MarcinkoAssociates.com
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Once the value of all personal assets and liabilities is known, net worth can be determined with the following formula: Net worth = assets minus liabilities. Obviously, higher is better.
CITE: https://www.r2library.com/Resource
In The Millionaire Next Door, Thomas H. Stanley, PhD, and William H. Danko give the following benchmark for net worth accumulation. Although conservative for physicians of a past generation, it may be more applicable in the future because of current managed care environment. Here is the guide: Multiple your age by your annual pre-tax income from all sources; except inheritances, and then divide by ten.
Example:
As an HMO pediatrician, Dr. Curtis earned $ 90,000 last year. So, if she is 35, her net worth should be at least $ 315,000.
How do you get to that point? In a word, consume less and save more. Stanley and Danko found that the typical millionaire set aside 15 percent of earned income annually and has enough invested to survive 10 years, at current income levels if he stopped working.
Question: If Dr. Curtis lost her job tomorrow, how long could she pay herself the same salary? Could you?
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Thank You
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Filed under: "Ask-an-Advisor", "Doctors Only", Accounting, Funding Basics, Health Economics, Investing, LifeStyle, Touring with Marcinko | Tagged: assets, bill danko, david marcinko, liabilities, Marcinko Associates, net worth, physician net worth, Thomas Stanley | Leave a comment »
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