6 Attending Paychecks later - 195k student loans wiped out

[cyanide12345678]

Do side gigs and realty count as retirement? Sounds like you're still working

Sitting on a laptop at home while watching tv doesn't feel like work. Dealing with patients feels like work. My side gigs are online only, i genuinely am enjoying the thrill of building something slowly.

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[cyanide12345678]

How would that work? Tucking away 200k for 3-5 years - where do you typically invest?

My personal plan:

56k into solo 401k.
12k backdoor roth for myself and my wife.
17k 401k of my spouse.
The rest in a personal account, likely all in my m1 finance broker account.

 

[PikminOC]

Sitting on a laptop at home while watching tv doesn't feel like work. Dealing with patients feels like work. My side gigs are online only, i genuinely am enjoying the thrill of building something slowly.

What are the side gigs?

 

[cyanide12345678]

What are the side gigs?

There's a whole post on side gigs that has plenty of details. But PM me if you want to see the website links

 

[bravotwozero]

EF, do you tax loss harvest in your taxable investment accounts? Or do you get someone to do it for you? I read some posts on it in the WCI blog but still seems complicated...

 

[EctopicFetus]

That's the plan. 200k annual contribution is the goal. Maybe 250k when the wife is an attending in 1.5 years

You will get rich quick.

 

[EctopicFetus]

EF, do you tax loss harvest in your taxable investment accounts? Or do you get someone to do it for you? I read some posts on it in the WCI blog but still seems complicated...

In order to keep a harmonious marriage I use a financial advisor. I got my fees down and pay well under 50 bps. IMO you can put your money in a roboadvisor or you can do it in a simple way which is selling things that are at a loss and buying others that are effectively the same. there are a bunch of rules with this. Do you do mostly ETFs or single stocks. Much simpler with single stocks.

 

[Fox800]

The only jobs I know of in my local area for under $400k/year are partner track jobs.

W2 jobs in Texas and the west coast. Which is why I noped out of that.

 

[cyanide12345678]

W2 jobs in Texas and the west coast. Which is why I noped out of that.

Texas isn't even paying 400k anymore?

Maybe i should reassess moving back?

 

[Listen2Savage]

I have not seen a single job in my area in EM (I'm not EM btw)

380 × 280

 

[Fox800]

Texas isn't even paying 400k anymore?

Maybe i should reassess moving back?

El Paso, the Valley, and Corpus - still some good money to be made (I see $275-300/hr)

Dallas/Houston/Austin/SA - kiss the idea of making a lot of $$ goodbye.
$200 (maybe $220ish) is the norm in most of the big cities. Sad.

 

[cyanide12345678]

380 × 280

Exactly how i felt

 

[cyanide12345678]

El Paso, the Valley, and Corpus - still some good money to be made (I see $275-300/hr)

Dallas/Houston/Austin/SA - kiss the idea of making a lot of $$ goodbye.
$200 (maybe $220ish) is the norm in most of the big cities. Sad.

I'm currently thinking Lubbock/el paso/Amarillo and bank for 5 years, then reassess life again and where we want to be.

 

[Listen2Savage]

Exactly how i felt

some of these people are unreal lulz

 

[thegenius]

Buy now at a 12% discount. The Coronavirus panic will blow over, and by May the market will be recovering.

Dow went up 1200 point today. 5.1% increase in one day.

The stock market is the most schizophrenic economic structure ever invented. It's like the opposite of anyone or thing on planet Vulcan.

Imagine the stock market on planet Vulcan. It changes 0.1% every day, no matter what the news. Even if the Romulans invaded planet Vulcan and spread ROMULOVID-19 virus everywhere, the stock market would barely move.

 

[GeneralVeers]

Dow went up 1200 point today. 5.1% increase in one day.

The stock market is the most schizophrenic economic structure ever invented. It's like the opposite of anyone or thing on planet Vulcan.

Imagine the stock market on planet Vulcan. It changes 0.1% every day, no matter what the news. Even if the Romulans invaded planet Vulcan and spread ROMULOVID-19 virus everywhere, the stock market would barely move.

It's not rational. Day to day news cycles should have ZERO impact on the market.

 

[BoardingDoc]

380 × 280

From "The drumhead." Amazing episode. Arguably even better to watch now in our post "war on terror" era than when it was first produced.

Also, agree with your sentiment.

 

[TooMuchResearch]

The news cycle creates the story for what the institutional market does. They're not really linked.

It's not rational. Day to day news cycles should have ZERO impact on the market.

 

[RustedFox]

Dow went up 1200 point today. 5.1% increase in one day.

The stock market is the most schizophrenic economic structure ever invented. It's like the opposite of anyone or thing on planet Vulcan.

Imagine the stock market on planet Vulcan. It changes 0.1% every day, no matter what the news. Even if the Romulans invaded planet Vulcan and spread ROMULOVID-19 virus everywhere, the stock market would barely move.

I really wish I'd have thought of this.

 

[Splenda88]

I only need 2 mil and no debt/mortgage to get out of that rat race...

 

[RustedFox]

I only need 2 mil and no debt/mortgage to get out of that rat race...

I think I need 3.

 

[Splenda88]

I think I need 3.

3 mil would be ideal, but I want to get out of the rat race in 10 yrs after becoming an attending...

 

[thegenius]

3 mil would be ideal, but I want to get out of the rat race in 10 yrs after becoming an attending...

live frugally and don't have spouse/kids, make $400/K year and in 10 years you might be at 3M

 

[Splenda88]

live frugally and don't have spouse/kids, make $400/K year and in 10 years you might be at 3M

Lol... Already did. I will be an IM doc. It's not difficult to make 400k but it's not like EM in which every single job out there pay 350-400k. If I did not have a spouse/kids, I would definitely reach for 3M.