How should I best utilise my salary?
Hi, I an about to graduate and become a dentist (in the UK) I want advise to be able to maximise my wealth as soon as possible. Any advice is appreciated.
I have a basic plan of what I will do:
Earning trajectory:
start working as a foundation dentist earning around 40k
Should be earning around 60k in my second year and then 80k in my third year. And then from there should be earning around the 100k mark.
Plans:
Live with parents for first 3 years or so, split my monthly earnings into 3 sections:
monthly expenses and lifestyle costs
Some money split into stocks and shares, and index funds
And then the biggest chunk saved for an investment in property, HMO or something similar. Putting the mortgage on an interest only arrangement and then using my monthly income to add to my property investments pot.
Rinse and repeat.
My question is: is this a good plan or should I do utilise my money in another way?