Dentists and doctors make easy targets for Wall Street's high-commission products like private equity and whole-life insurance, which usually underperform the S&P 500. High income doesn't mean investment skill. Simple index-fund investing quietly beats the aggressive, fee-heavy strategies the wealthy chase.
Honestly, rich people invest in all kinds of dumb dog shit investments. They chase exclusive deals, private equity, angel investing that often massively underperform the S&P 500. And the classic example is dentists and doctors. Horrible at investing, often seen as prey by Wall Street. As high-income earners, they are frequently targeted by financial advisors working for a shit Prime America and scammers, high-commission products, whole life insurance. They're basically just sitting there as marks for everyone on Wall Street. Again, just because people made money does not mean they know how to manage it or grow it. It just means they have a lot of money. That does not make you a skilled investor. Meanwhile, the boring investors, the Bogleheads, the ones investing in index funds, automation with a long-term focus, they quietly crush them.
