Money magazine back in march 2019 wrote an excellent article with the above title. Its content is particularly relevant to Psychologists and Allied Health practitioners as the average Income/profit bracket for a full time professional in this field sits close to that range dependant on business expenses and overall days per week of work. Even if your yearly profit is in the $120k - 150k range the principles outlined in the article still apply. It's a really interesting read. Click on the link to download the PDF article.