Why the obsession with money?

[finalpsychyear]

This is very true. You get penalized as a high income earner if it’s personal income. If it’s business/real estate/investments you get rewarded by much lower tax rates.

That’s why imo the best way to do it is to hustle and make some time sacrifices early in your career to build an investment nest egg to get it growing. Get other investments if you like. And you will both lower your tax burden as well as buffer yourself from any large changes that may come with healthcare.

Sounds like my colleague who hustled just turned 40 and is nearing the 25x FIRE numbers pre market crash. No kids. Tough to do for most that quickly. Even more complex when kids are in the mix to achieve goals such as these by 40 but it does require a bit of sacrifice in other parts at least for a time.

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[nexus73]

How did he do it?

1. Skipped college went straight to sales
2. Worked 80 hour weeks cold calling until he was the top performer in the region.
3. Skipped friends parties, weddings, to focus on work
4. Inherited 20 million dollars in 2004 and went all in on GOOG IPO
5. Devout daily mediation.

 

[ObsequiousAplomb]

1. Skipped college went straight to sales
2. Worked 80 hour weeks cold calling until he was the top performer in the region.
3. Skipped friends parties, weddings, to focus on work
4. Inherited 20 million dollars in 2004 and went all in on GOOG IPO
5. Devout daily mediation.

Inherited 20 million?

Man uses one simple trick to reach 25x FIRE. Fiduciaries HATE him.

 

[WisNeuro]

1. Skipped college went straight to sales
2. Worked 80 hour weeks cold calling until he was the top performer in the region.
3. Skipped friends parties, weddings, to focus on work
4. Inherited 20 million dollars in 2004 and went all in on GOOG IPO
5. Devout daily mediation.

Daily mediation seems like it's be awfully expensive considering the legal fees.

 

[clausewitz2]

Daily mediation seems like it's be awfully expensive considering the legal fees.

He just f***ng loves conflict resolution with a legally-binding third party, okay???

 

[WisNeuro]

He just f***ng loves conflict resolution with a legally-binding third party, okay???

To each their own, I just think there is a better way to decide whether to have eggs or pancakes for breakfast.

 

[ObsequiousAplomb]

To each their own, I just think there is a better way to decide whether to have eggs or pancakes for breakfast.

There is a clear and obvious better way to decide. Have both. Gotta get FAT if you're gonna hit FAT FIRE.

 

[Mad Jack]

Are you able to afford nice cars as a psychiatrist?

Depends on what you consider nice and what corners you're willing to cut elsewhere. M cars? Sure, without even sacrificing much. Lambo/ Ferrari/etc? Going to gave to cut some corners elsewhere in your life and put in some OT. I'm plenty happy with a 3.6 zero to 60 and a 12.1 quarter mile in my BMW, personally.

 

[SmallBird]

Are you able to afford nice cars as a psychiatrist?

You've already gotten lots of answers on questions about how much you'll be able to make. You have all the info you need to answer this question.

 

[Merovinge]

I'm plenty happy with a 3.6 zero to 60 and a 12.1 quarter mile in my BMW, personally.

16 yo me would have been just floored by having something like this. Present day me having driven EVs be like ✈️.

 

[dl2dp2]

I don't mean Lambo,Ferrari, Aston Martin, etc. But yeah I mean nice models of BMW, Benz, corvette, and things in this general price range.

Lambos are 225k. I don't know why psychiatrists can't afford that if they really wanted it. That's like 4k a month.

OTOH, you can rent lambos for many many days with 4k a month. Do you plan to drive a lambo to commute to work? lmao

 

[MedMan80]

Are you able to afford nice cars as a psychiatrist?

i drive an acura

 

[MedMan80]

That is a pretty nice car. How do you like it?

Love it, don't need a mercedes to inflate my ego

 

[TexasPhysician]

i drive an acura

There was a weird study (maybe Medscape) that determined that psychiatrists were statistically more likely to drive Acura or Toyota vehicles compared to other specialties.

 

[bGMx]

How about Jeeps? Anyone part of the J crew?

 

[Mad Jack]

Lambos are 225k. I don't know why psychiatrists can't afford that if they really wanted it. That's like 4k a month.

OTOH, you can rent lambos for many many days with 4k a month. Do you plan to drive a lambo to commute to work? lmao

You can afford it but like, after taxes and 403b/457 contributions your income is like 12k in my region. If you're the sole earner and have kids, a Lambo would be around a third of your income. Not impossible but a sacrifice in other areas for sure, especially since you'll have to have another car to daily

 

[Mad Jack]

16 yo me would have been just floored by having something like this. Present day me having driven EVs be like ✈️.

EVs are great but they aren't trackable. You can only get between 1 and 5 hot laps in a Tesla, while I can hit the track for hours with minimal stops in my BMW.

 

[Liquid8]

There was a weird study (maybe Medscape) that determined that psychiatrists were statistically more likely to drive Acura or Toyota vehicles compared to other specialties.

Was never into expensive cars. High cost, high insurance, servicing costs, quick to depreciate in value etc for something I just want to take me from point A to B. Part of it is probably about not wanting to flaunt wealth: patients damaging expensive cars in the doctor's car park or complaining we're out of touch was something that stuck with me from non-psych medical placements as a junior.

 

[docksan]

Are you able to afford nice cars as a psychiatrist?

Define nice.

 

[Liquid8]

Doesn't have to be super fancy but a nice car makes you appear more powerful and more attractive to women

I suppose if one wants actual power, there are only two professions that have the power to legally deprive another of their liberty.

One is a judge. Can you guess what the other one is?

 

[TexasPhysician]

Why is this? Were the other vehicles more expensive? Obv ortho, GI, ophtho, have the lambos, ferraris, etc but what were the others?

This was a study done by brand only across specialties. The average psychiatrist I know is not into cars. One I know was excited about buying a retired police car as his primary vehicle off eBay for cheap.

 

[Mad Jack]

Doesn't have to be super fancy but a nice car makes you appear more powerful and more attractive to women

I can tell you from personal experience that generally cars get you more attention from men than women. Be ready for conversations at every gas station about "what year is that" and "how fast is it?" The kind of person that's attracted to you for a car is generally bad news though, be careful if that's the game you intend to play

 

[vanfanal]

Was never into expensive cars. High cost, high insurance, servicing costs, quick to depreciate in value etc for something I just want to take me from point A to B. Part of it is probably about not wanting to flaunt wealth: patients damaging expensive cars in the doctor's car park or complaining we're out of touch was something that stuck with me from non-psych medical placements as a junior.

What would you recommend?
I’m driving an old Mazda. All my friends out of residency (non psychiatrists) are going with the German brands. I’m strongly inclined to just go with another Mazda. 😅

 

[Mad Jack]

What would you recommend?
I’m driving an old Mazda. All my friends out of residency (non psychiatrists) are going with the German brands. I’m strongly inclined to just go with another Mazda. 😅

Mazda is fine. If you're not big on performance Toyota is still king with Lexus being the next step up if you want a little luxury, however their markups have been awful lately in my area so Mazda, Subaru, and other brands have been much better buys

 

[Nudexta]

There was a weird study (maybe Medscape) that determined that psychiatrists were statistically more likely to drive Acura or Toyota vehicles compared to other specialties.

Where is that study? Now most psychiatrist I know drive a Benz

 

[FlowRate]

What would you recommend?
I’m driving an old Mazda. All my friends out of residency (non psychiatrists) are going with the German brands. I’m strongly inclined to just go with another Mazda. 😅

Mazda makes great cars. I recommended Mazda to my parents and they've loved 'em (Dad drove a Mazda 6 forever and Mom a CX-5). The models they're making now are basically "entry luxury" cars.

IMO the main reasons to buy something German are either as status symbol OR because you want luxury with a certain level of dynamics/performance that just isn't available from mainstream and Japanese-luxury manufacturers. If you just want luxury features, Lexus and Genesis or even Mazda have you covered. If you just want performance, get a mustang or something. If you don't want luxury or performance, get a Toyota.

 

[docksan]

This thread was the fastest psychoanalysis ever.

 

[ObsequiousAplomb]

What would you recommend?
I’m driving an old Mazda. All my friends out of residency (non psychiatrists) are going with the German brands. I’m strongly inclined to just go with another Mazda.

What do you like and not like about your Mazda? Are the things you like in the car you want and are the things you don't want not in them?

They are still relatively more ZoomZoom than their competition (Toyota/Honda/Hyundai/Kia), but each model has pluses and minuses compared to their equivalents.

Miata would still be the most affordable tiny roadster if you want a 2 seater convertible and don't want too many speeding tickets.

CX-5, CX-7 still perfectly fine options for their class. Some competitors are faster, have nicer interiors, or are more economical. Overall still quite fine.

Their sedans are still perfectly fine.

For me: seat comfort, fuel economy, and at least some hint of driving dynamics were most important. So I sat in every model I wanted and anything that didn't feel great was immediately axed. Then I drove all the ones that were comfortable to make sure they were still comfortable while moving. Then I axed all the ones that I didn't like the feel of the steering wheel. Then all the ones that didn't feel fast enough. Then I priced out purchase price, insurance costs, and estimated fuel and maintenance costs. I was left with the Honda Civic EX-L as the frontrunner. So I bought it and now have very minimal desire to buy something else for a long time.

The process is all specific to what you want and what's out there. If I wanted a faster car I would have spent more. If I wanted higher ride height (the thing I like least about the civic - can't see the stoplight if an SUV is in front of me), I would have chosen something else. I know that my friend who drives an R8 is at times jealous of me for being economical, probably similar to my momentary jealousy when I think of how his car has better road feel and is faster. But then I remember that I bought a house and he plans to rent for another 5 years.

 

[psyspy]

Why is this? Were the other vehicles more expensive? Obv ortho, GI, ophtho, have the lambos, ferraris, etc but what were the others?

I daresay much of it is because psychs are less likely to be bothered by materialism just for the sake of it compared to some other specialties

 

[Merovinge]

Mazda makes great cars. I recommended Mazda to my parents and they've loved 'em (Dad drove a Mazda 6 forever and Mom a CX-5). The models they're making now are basically "entry luxury" cars.

IMO the main reasons to buy something German are either as status symbol OR because you want luxury with a certain level of dynamics/performance that just isn't available from mainstream and Japanese-luxury manufacturers. If you just want luxury features, Lexus and Genesis or even Mazda have you covered. If you just want performance, get a mustang or something. If you don't want luxury or performance, get a Toyota.

Genesis G70 and Audi A6 are both incredible luxury feature family sedans with some punch for those looking for spend around $60k on a combustion car. Lexus ES has one of the quietest, smoothest rides but drives like a pillow as well (it's also a fair bit cheaper).

For pure performance (at least on regular driving roads), EVs are going to be a way better experience than a mustang. They have incredible 0-60 times and don't have the horrible loud noises that come from huge combustion engines when going Vroom Vroom. The newer midmounted Corvettes are incredible cars too if you like exploding oil particles, but are pretty pricey.

 

[bGMx]

Buy and then drive a used jeep with the doors and roof off, then drive over some boulders and then resell it for what you bought it for 10 years earlier.

 

[sevo00]

Why is this? Were the other vehicles more expensive? Obv ortho, GI, ophtho, have the lambos, ferraris, etc but what were the others?

I have friends in ortho, GI, and ophtho…literally zero of them drive a lambo or Ferrari. Most physicians in any speciality can afford to lease any of these vehicles. But as you get older and have a family, you realize what a waste of money a car like this is

 

[sevo00]

I’m perfectly happy with my Tesla model 3. A faster 0-60 than a lambo or Ferrari at a fraction of the cost. Driving an exotic car is just asking for attention and/or a lawsuit

 

[forchinet121]

I’m perfectly happy with my Tesla model 3. A faster 0-60 than a lambo or Ferrari at a fraction of the cost. Driving an exotic car is just asking for attention and/or a lawsuit

Asking for a lawsuit? Can you explain that one

 

[sevo00]

Asking for a lawsuit? Can you explain that one

as in if you get in an accident other party is more likely to go after excessive damages since now they know you’re the “rich doctor with a exotic car”

 

[G Sheb]

Women may not comment on it like men do, but they will like it. They'll want to ride in it/be seen in it. And overall it increases your chances of mating.

Depends which kind of women.
Not all women want to be seen as the trophy girl in the expensive car.

—-

I’m a sucker for aesthetics. Would like a car that actually looks good. Most of the econoboxes are ugly/completely forgettable unfortunately.

 

[Mad Jack]

Depends which kind of women.
Not all women want to be seen as the trophy girl in the expensive car.

—-

I’m a sucker for aesthetics. Would like a car that actually looks good. Most of the econoboxes are ugly/completely forgettable unfortunately.

Aesthetics>>Performance>>>>>Economy

 

[Mad Jack]

On the whole, with all else being equal, a man who drives a nice car is going to have a higher chance of mating than the man who doesn't.

He's also got a higher chance of being in the hook for a child from a woman looking to score that child support paycheck. Fancy cars advertise that you have something worth taking and all they need is one night to have an 18 year payday

 

[G Sheb]

Aesthetics>>Performance>>>>>Economy

Have to say there are a few exceptions.
Once in a while an econobox manages to stand out.
Almost felt this way about the more recent Honda Civics but at the end wasn’t entirely convinced.

Also lots of “luxury” cars can be duds lookwise as well. Never been particularly attracted to the Audis. And I find most of the luxury lines of the econoboxes completely forgettable.

 

[Mad Jack]

Have to say there are a few exceptions.
Once in a while an econobox manages to stand out.
Almost felt this way about the more recent Honda Civics but at the end wasn’t entirely convinced.

Also lots of “luxury” cars can be duds lookwise as well. Never been particularly attracted to the Audis. And I find most of the luxury lines of the econoboxes completely forgettable.

That's why I never was fond of BMW, Mercedes, or Audi. Porsche has some decent looking vehicles. The king of relatively attainable aesthetics has always been Aston Martin in my mind. I managed to find one that stands out though, that's for sure

 

[Mad Jack]

There are ways of preventing this from happening.

Yeah, the 'ol snip snip but I would imagine a guy with a "mating" fixation wouldn't want to impede the 'ol swimmers. Anything else is easily defeatable by someone with enough drive to get that payday. This tends to not be an issue if you're dating normally, but once you start throwing money around you attract far more women on the hunt for it. But hey, play stupid games win stupid prizes, as they say

 

[G Sheb]

That's why I never was fond of BMW, Mercedes, or Audi. Porsche has some decent looking vehicles. The king of relatively attainable aesthetics has always been Aston Martin in my mind. I managed to find one that stands out though, that's for sure

Oh I think BMWs are just amazing aesthetically but that’s just me lol. They are rough around the edge with a ton of character.

 

[Mad Jack]

Oh I think BMWs are just amazing aesthetically but that’s just me lol. They are rough around the edge with a ton of character.

Certain models are, but most look too plain to me. Some of the Ms and M-lites are fantastic though, hence my pick

 

[TexasPhysician]

The type of car you drive tells me more about you than your Myers, Briggs personality type. 😂

 

[TexasPhysician]

To be fair isn't Myers-Briggs a fairly useless test anyways?

Maybe completely useless.

 

[Mad Jack]

Exogenous testosterone (i.e. anabolic steroids) is another effective method.

But I think I'm gonna play fun games and win fun prizes

I would advise any physician to, you know, not break the law by using controlled substances. Could result in the loss of your medical license if you're ever caught. Again, stupid games, stupid prizes

 

[Merovinge]

I would advise any physician to, you know, not break the law by using controlled substances. Could result in the loss of your medical license if you're ever caught. Again, stupid games, stupid prizes

Anabolic steroids are also such a dumb thing to abuse. You permanently destroy your own testicles and endogenous production in a manner much more straight forward then the way things like alcohol work to reduce baseline Gabanergic functioning. Nothing like having an old raison for a nut so you could briefly appear more muscular.

Now if you are on the juice to make multimillion dollar sports payouts, I at least understand the temptation to dope. But as an everyday person, take some preworkout if you must, hit the weights and move on with whatever body pops out.

 

[Mad Jack]

Anabolic steroids are also such a dumb thing to abuse. You permanently destroy your own testicles and endogenous production in a manner much more straight forward then the way things like alcohol work to reduce baseline Gabanergic functioning. Nothing like having an old raison for a nut so you could briefly appear more muscular.

Now if you are on the juice to make multimillion dollar sports payouts, I at least understand the temptation to dope. But as an everyday person, take some preworkout if you must, hit the weights and move on with whatever body pops out.

And god forbid you get busted, you'll basically end up unable to obtain a DEA for life which is a career killer in many fields

 

[Sushirolls]

I would define "nice car" as follows:
1) having a gun rack
2) able to transport 4 people at minimum, comfortable not required, but inside the vehicle proper with seat belts proper
3) able to transport a gutted/quartered bull elk carcass
4) working windows

Everything else is meh. I have respect for mini vans and subaru outbacks accomplishing the above 4 requirements, in addition to the usuals.

 

[Dantes]

Women may not comment on it like men do, but they will like it. They'll want to ride in it/be seen in it. And overall it increases your chances of mating.

Do you say stuff like this in real life lol

Some women do like it, but the ones that expect you to pay for everything. So if you're ok with that, then by all means