A short YouTube talk by Ndubuisi 'Andy' Egwim advising doctors on managing increased income: many doctors lack an emergency fund, and rising income often triggers lifestyle inflation (bigger house, new car). He urges reserving extra income for savings and investments and cautions against letting expenses fully catch up to higher earnings, which can leave one no better off financially despite higher pay.
So this, this is quite shocking statistics and it's quite common for my working money wise doctor. I come across thousands of doctors every month. So a lot of doctors don't have emergency fund. But this is something really quite important. So if you mind the gap, you can save some money and start putting away some for your savings and investment. Some areas you can look at is your house and sometimes you're living in a modest apartment or you're living in a nice house, but suddenly you realize, I've got my income, I'm a consultant now, I'm a jp. So I need a bigger place. Could even be with your car. I've got nothing against a nice car, I drive one, I love it. But sometimes you think about it, do I really need a new one? I've driven the same one for a few years now. Do I really need a new one? This doesn't mean that you're not going to spend any extra money, obviously, but the idea is don't allow your expenses to catch up with the extra income. So despite any more lifestyle, inflation can make you feel just as financially stressed as you were before you said it anymore.
