The direction this thread has headed has steered away from the article cited. In doing so, I think it continues to show that there is a misconception about physicians and spending/saving habits. I believe it is widely stated on this forum, on blogs, in the media, and by a lot of financial advisors that physicians are idiots when it comes to managing money.
The question is this - where are the stats to back up this sentiment?
I think there is the same mentality from non-physicians that people apply to professional athletes. In that, you periodically see stories where pro athletes are bankrupt and assume that all pro athletes spend frivously.
EmergDoc stated in this thread "that leaves 17% of practicing docs who are currently millionaires." Curiously, his own blog post from November 2011 cites a study where 46% of the physicians were millionaires. http://whitecoatinvestor.com/the-physic ... ?print=pdf
So, we have non-physicians making statements to the effect that physicians are poor money managers and we also have some physicians who make these same claims. But, there does not seem to be much to back up these claims.
I think it helps to propagate this notion about poor money management because there are definitely niche financial advisors that "specialize" in dealing with physicians, but I would ask someone to point me to specific data that shows that physicians, on average, do not save enough money for retirement or, are, in general, poor managers of their own finances (i.e. do physicians declare bankruptcy more than other lucrative professions?)