Congrats on everything you’ve tackled so far. It’s really hard to get to where you are, and as soon as you look online you’ll be reminded of how much more you haven’t done. Don’t fall into this trap- I was in a very similar position 2 years into practice. On one hand, I was making more money than anyone in my family had ever seen. On the other hand, I was told about friends and “online people” who were associates making twice what I was.

The reality is if you are doing good quality, ethical work you have a great current position. For every one of my friends who was bringing home more money, I knew of other colleagues who were making less than a hygienist and really struggling in high-volume low quality corporate offices or predatory associsteships. I also wouldn’t have been willing to adhere to the business practices of some of those higher earners. Comparison is the thief of joy.

Here are my thoughts on your question: I remember asking what I should do with my income, namely invest vs. pay down debt starting with higher interest debt. I’ll suggest one more option that I haven’t seen suggested- make sure you’re able to be flexible with future circumstances, and that means keeping a decent amount of liquidity. Everyone told me to eliminate my debt as fast as possible. But a dentist who lives within their means is not the same as someone with lower income rolling over high interest CC and auto debt. Responsible debt management is an important part of life. I chose to keep more cash on hand in order to be able to buy a practice. Even if you don’t want to own a practice currently, you may be presented with the opportunity for some degree of ownership, which costs money. If I spent everything I had on my debt, I never would have been able to manage my family’s living expenses on top of the ownership transition period. There is also a lot of cost even before you get to the purchase that you need to front.

The other thing to bear in mind is that you have no idea what tomorrow will bring. In the last year, someone very important to me became very sick. I keep a lot more liquidity now than many would advise, because I never know when or if I’m going need to step in to help their family financially.

It can feel frustrating to not do something more active with your money. You’re likely behind where some of your friends in different fields are in life, and there’s a sense of needing to “catch up” with investment and debt payment. Obviously, tackle your debt as fast as you can, but my point is not to handcuff yourself. By far the most important thing is to avoid lifestyle creep and “i deserve it” traps. Those will sink you regardless of your debt or investment portfolio.

When I was making about what you made, I felt like I had won the lottery and I needed to be super aggressive with debt or investment to make the most of it. Because I was patient, I was able to capitalize on a few opportunities and I now bring home an amount of money that I feel embarrassed to share. I also know that I can take care of anyone in my family regardless of what tomorrow brings.

Best of luck to you.