When Is It OK to Start ‘Enjoying’ Your Money?

By Dr. James M. Dahle, WCI Founder

There is a classic story in Genesis where Esau trades his inheritance to his brother Jacob for a bowl of soup. It demonstrates the high cost of impatience and immediate gratification. A large part of personal finance is encouraging delayed gratification, because far too many people stink at it. However, doctors and other high-income professionals may be the world’s experts on delayed gratification, generally putting off any significant earnings until their 30s. This leads many people to mistakenly assume that the physician financial blogosphere thinks they should put off spending and enjoyment for years and years and years in pursuit of a mythical comfortable retirement. The idea often shows up in a question such as:

“When can I start enjoying my money?”

Or a statement such as:

“Living like a resident is stupid when you might not even make it to retirement age.”

 

The Answer Is Now

I refute the premise of the question. If the question…

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This article was written by The White Coat Investor and originally published on www.whitecoatinvestor.com