Couple comments:
It's been years since I read The Millionaire Next Door, but one of the take-aways for me was that certain "financial personalities" are drawn to certain jobs. Since reading that, I've paid attention and have noticed it to be true of the people in my own life. The book says that people who become doctors (and a few other high-paid professions) tend to be rather spendy. My own take on this is that people might feel that after all those years of education, luxuries are "owed to them", or they might pursue that job because they want to accumulate wealth. It also said that teachers and engineers tend to be thrifty; I remember that because my husband and I are -- you guessed it -- a teacher and an engineer. I've also noted in our social group that an unlikely number of teachers and engineers are married to each other -- perhaps in part because our thoughts on finances tend to be similar. The point, which I've taken my time reaching: I'm not surprised that this person is earning tons of money, yet doesn't have much to show for it. It's hardly a unique situation, and it can't be blamed away on "things are tough these days".
Second comment:
As evidence of the above, I'll compare myself to the article's author. He describes himself as early-40s; I'm mid-40s. Although he alone earns 4Xs what my husband and I earn together, we have no debt, two paid-in-full properties, and twice his annual salary in savings/investments. He does have three children compared to my two, but I also provide for an elderly relative, which balances out. High salaries are great, but moderate-salary-plus-thrift beats big-earnings-alone in the long run.
Finally,
One of our daughters is in college working towards becoming a nurse. She'd investigated the doctor-pathway, but decided that she wanted work to be a part of her life rather than her entire life. Our take on it is that a person who becomes a doctor tends to spend many, many years in school, comes out with debt, then spends half of his or her salary on malpractice insurance . . . whereas a nurse with a specialty seems to be the most "bang for the buck" in the medical field. An RN can do well for himself or herself, but an RN with a specialized masters degree or a Physicians Assistant can command a very nice salary -- and that degree is attainable without the monsterous debt that seems necessary to become a doctor.