‘I’m Worth $7.3 Million,’ Physician Says — Yet A $3 Drink For His Kids Gives Him Pause As ‘Ramsey Show’ Host Urges Him To ‘Loosen The Purse Strings’
- Personal Finance
ThePostMaster- 0
- 6 minutes read
He has built significant wealth, yet a simple drink at dinner still makes his heart race.
Mark told “The Ramsey Show” that despite earning about $390,000 a year as a physician in Honolulu, he feels anxious whenever his family spends even a few extra dollars. “I’m worth $7.3 million,” he said, yet small purchases still unsettle him.
“Man, that extra $3 we could have saved,” he said of his reaction when his children ask for an extra drink at dinner. Mark asked hosts John Delony and Jade Warshaw whether he can afford to go part-time.
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A Childhood That Wired Him For Caution
“You’ve chosen not to,” Delony said, interrupting Mark after he said he “can’t” approve extra spending.
Mark said he grew up watching his parents move from a one-bedroom apartment into a more stable life through disciplined saving. He said money felt uncertain during his childhood.
“Mark, give yourself some grace,” Delony said. “Your nervous system is wired up this way.” He said growing up around financial instability can shape how someone reacts to money later in life.
Can He Step Back From Work?
Mark said he owns rental properties valued at about $2 million, all paid off, generating roughly $8,000 a month in net income.
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“I don’t see any money issues here show me where the money problem is,” Warshaw said after reviewing his income and assets.
He paid off his medical school loans in his first year out of training, has practiced medicine for 20 years and feels “so wound up” about money that it spills into his marriage.
Delony said that as a physician who spends his days solving problems and facing uncertainty, Mark may be holding tightly to the one thing he can control: his money. Warshaw said the numbers did not show a financial problem and told him he simply needs to “loosen the purse strings.”
“Go part time, homie,” Delony said, after Mark explained he wanted to scale back to spend more time at home.
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Cutting Back Without Falling Behind
Mark said reducing his schedule to three days a week would lower his annual income from about $390,000 to $220,000. He said living in Hawaii means high state taxes, which adds to his hesitation.
Warshaw said that if he carries any debt on the rental properties, he should pay it off and simplify his financial life.
“Do it. You’re all good. Do it,” Warshaw said.
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