From: Will Trice 
Newsgroups: misc.invest.financial-plan
Subject: Re: Financial Planner Recommendation?
Date: Sun, 4 Dec 2005 04:18:24 -0600
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Elle wrote:

 > I don't know if you heard the following, but I think it
 > bears mentioning. According to the authors of _The
 > Millionaire Next Door_, medical doctors are terrible
 > accumulators of wealth. The authors indicate that it is
 > precisely because doctors trust others to manage their
 > money, and put little time into understanding it themselves,
 > that they rate so low in ability to accumulate wealth,
 > despite often high net incomes.

While it is true that this book claims that medical doctors are poor 
accumulators of wealth, it does not make the claim that this is due to 
them trusting the advice of others.  In fact in Chapter 3 (the one with 
the medical doctor theories), the book says, "There is a  strong 
correlation between investment planning and wealth accumulation.  [Under 
accumulators of wealth] spend less time than [prodigious accumulators of 
wealth] consulting with professional investment advisors; searching for 
quality accountants, attorneys, and investment counselors..."  The 
authors don't limit the problem to medical doctors, but claim that there 
is an inverse correlation between level of education and wealth 
accumulation for various reasons.

Of course, I agree that one should educate oneself even when relying on 
the advice of others.

-Will