Why Teachers Become Millionaires and Doctors Don’t (New Study)

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DISCLAIMER CONT'D: I'm just a random guy on YouTube so do your own research! Jaspreet Singh is not a licensed financial advisor. He is a licensed attorney, but is he is not providing you with legal advice in these videos. This video, the topics discussed, and ideas presented are Jaspreet's opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.

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[mikepaulus]

My uncle was a doctor. He always said that doctors don't know anything about money. They would get ripped off again and again.

[CarysCorner]

This sounds like the same discovery that was made in the book the millionaire next-door almost 30 years ago. Success leaves clues and good habits don’t change.

[cashflow]

I worked in a retail store for 35 years. Made an average salary of 42K. I did all the Dave Ramsey method even before he published his book. Now after 35 years of investing, I am financially free. I fully retired in my late 50's and will be collecting my max SS at 70 in a few more years.

[ludwigkhoury]

The huge detail that you missed is EARLY INVESTMENT. The average doctor needs several more years to start earning, and then they have to sometimes buy into a practice.

[tomdrummy]

You forgot to mention a doctor is a prestigious title……….that attracts a wife that likes to SPEND ! 😃

[WordsWorth]

The average teacher’s salary is actually less than that, and more than that, geographically speaking. In the South, you can expect an average of $44k per year. Before I gave up the poverty that I saw in my future as a teacher, my highest salary after a decade of teaching, never exceeded $44k. That’s why I watch your channel. 😊

[griesemermd]

As a doctor, I approve this video. There are many other variables to consider that also contribute. However, the main point about doctors spending all their money as soon as they get it sadly remains true for many.

In the end fiscal discipline is key to building wealth. Preferably fiscal discipline over several successive generations.

[Henchman_Holding_Wrench]

I know for sure it's medical school loans and keeping up with the lifestyle. Even in NYC where the starting salary for a public school teacher is around $63k, they're most likely driving a Japanese sedan or compact crossover. All the MD license plates I've seen on the road are on Mercedes and Porsches. Can't save up to a million if it goes out as fast as it comes in.

[DanKohan]

Teachers, engineers, accountants, and others are becoming millionaires more often than doctors. This means it's not just about your salary but also how you HANDLE and USE your money.

The main lessons here are to regularly save and invest your money and be wise about how you spend it. Anyone can achieve financial success by making smart money choices.

[dwaynegriffith]

WELL SAID. Thanks for the info. Keep up the great work.

[pedrogarces]

Interesting video. Awesome points. Just because one is well trained to practice medicine does not mean you are financially literate. I recognize that I don’t know everything and seek out by educating myself on how to save/invest. Spending less than you make and invest consistently to get to success. There is importance in having discretionary income. Having a profession that allows you to have income aside is key.

[yashankchoksi]

Hey man! Really good content and you made some really nice point. I just disagree with your statement saying “every Indian parents want their kids to become doctors” my parents never once forced/asked me to become a doctor. They just wanted me to have a career which I enjoyed. I have seen the same with my other family members too. So maybe let’s change that for next time! :)

[WriterandPhotographer]

I am not surprised by this because I was one of the people who enrolled young teachers into a tax-deferred saving program. Although some also had loans to repay, certainly not at the levels of the physicians. Many of my former clients became millionaires through consistent payroll reduction contributions and putting pay raises into their savings. The docs get into lifestyle creep and they see their incomes eroded along with insurance premiums, large loan repayments and a lack of financial education. I would attribute this problem to those with doctorate degrees who are not medical doctors.

[chocolateangel]

I've known a lot of people that went into teaching. The only way they were able to stay in the field was if they had a spouse that earned significantly more than they did -- or they had a side hustle that made up for their salary. My own mother had to switch careers because my father was a piss-poor provider. Also, who wants to live like they are poor just so they can hopefully retire? It's also better to have travel experiences and such when younger, so you can enjoy them more.

[davidpaskman]

I wonder if it has anything to do with the fact that most teachers have a pension while most doctors only have a 401k. Plus most teachers pay less for education and get student loan forgiveness while most doctors have huge student loans and get no student loan forgiveness. Lol

[MariE-gool]

This is so stupid. I am a healthcare professional and I work side by side with hundreds of doctors over my many years as a NP and not one doctor I’ve talked to does not know how to invest properly. This is so ridiculous. Do you suppose someone who is so intelligent and competent to even become a doctor would be so haphazardly with money? Please.

[richhands]

My three favorite channels: Minority Mindset, Stock Brotha, & J Bravo. Make my week complete! 🔥 🔥 🔥

[Jkaur]

Hi Jaspreet, please could you do something on AI and how this will affect our lives, wealth, and jobs. Thanks

[timothydillon]

I believe it's not actually a new study, maybe just revised. They did the study for the 2019 book, Everyday Millionaires, by Chris Hogan, before Dave Ramsey was forced to fire him, after allowing Hogan to get away with infidelity, which is against the companies' code of conduct. Another employee was fired for the same reason, and when she found out that their, on air, author, and money making personality, cheated on his wife, she sued Dave Ramsey. Not sure, but I think that was one of the lawsuits that has lead them to change the company from Dave Ramsey, and the Dave Ramsey Show, to just the Ramsey Show. Everything is being handed off to the kids, and eventually Dave will nope out of the company all together.