Income vs. Wealth #doctor #dentist #money #wealth #personalfinance #millionaire

Here at the White Coat Investor, we want to teach you how to take that high income and turn it into wealth. It's so important to understand the difference between income and wealth. Lots of people are out there confused about this. They think that rich people have high income. And while they often do, that is not what makes them rich. Right? Being rich, being wealthy, being comfortable, whatever word you want to use for it is measured by net worth. Everything you own minus everything you owe. So if you're coming out of your fellowship and you're making $400,000 a year, but you have a net worth of negative $400,000, you are not yet rich. High earner, not rich. Yet. You are a Henry. And we want to take you from being a Henry to being wealthy. And the reason why is not because we want doctors to have lots of money necessarily. It's that we think doctors that have their financial ducks in a row are better doctors. They're better physicians, better partners, better parents, they take better care of people.