An interesting phenomena recurs when I work with physicians to makeover their finances. They almost never believe that overspending is the problem. They believe the reason their credit card balance is growing, and their large monthly income isn’t enough to pay their expenses can’t be due to their own choice to overspend. They always have a reason for the lack money:
They have huge student loans.
They have eight kids.
They are in a low paying specialty.
They are forced to put their kids in private school because of the poor public schools in their area.
Their health insurance is so expensive.
Housing is very expensive where they live.
These are a few of the many reasons I’ve heard that explain why physicians think they don’t have enough money left to invest or pay down their debt. Outspending their income seems always outside of their control.
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