In my post orthopedic surgeon incarnation, I buy foreclosures with my husband. We even bought our current home overlooking the local yacht club at a foreclosure sale several years back. The thing about it was that the people that lost their house ate out nearly every night, had a big boat, wore Don Alain clothing and took expensive ski vacations. Their college age daughter had a BMW. They looked great. Their friends figured they just had some bad luck in business. In reality, the problem was self-inflicted.
Look over your spending habits. Can you cut back in certain areas and still be happy? Can you eat in more than you eat out? Do you really need the upkeep and cost of an expensive toy (boat, airplane, etc.)? How much do you spend on vacations and were they worth it? If your child attends private school are you really getting more value than you would in a public school? Can you get a good value in a used car?
Part of the problem of working hard, especially as a surgeon, you expect rewards. First thing you know, you have rewarded yourself with, let's say, a big contribution to consumer spending. Maybe there are better rewards in life. Stay tuned.
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