What is the lifestyle of someone who earns $110,000 a year?
I am 15, and I plan on becoming a dentist (and no, not just because of the salary). The minimum yearly income for a dentist is about $110,000 a year. I would love to be able to buy high end clothes and live in a nice home, like this one: http://www.realestate.com/MD/Bethesda/20128768-5819-Sonoma-Road-Bethesda-MD-20817-home-for-sale.aspx
What kind of car would someone with a salary like that be able to buy (max. amount)? Just a question of curiosity.
You’ll make a lot more than $110k/year as a dentist, I can tell you that. By the time you’ve finished dental school, a home, clothes and automobiles (all material things) won’t hold as much importance to you as they do now. You’ll likely be starting a family at this time, so all of your energy will be (or should be) focused on providing the most for them. I know it’s hard to envision right now at the ripe old age of 15, but it’s true (ask your parents). I’m at a mid-life point in life right now, and nothing matters to me more than ensuring my wife and kids will be well-positioned financially should I leave this earth prematurely. They’re all I have to keep my ‘legacy’ alive, so to speak, so whatever I can do to ease their journey into and through adulthood, I’m going to do. My wife’s finances are already pretty much taken care of. If my children can start a career debt-free, this will make a HUGE impact on their well-being.
Don’t worry about what all you can buy after becoming a dentist. You’ll make some serious jack and will have enough to do with as you please. My advice, save as much as you can before children arrive. Put more than enough down on your first mortgage. Live in smaller house initially and pay it off (it is, after all, just a house). After house is paid off, you might consider real estate as a good long-term investment (mine is rental property).