How much do you save/invest every year?

[clubdeac]

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It's actually quite funny as the bigger the swings, the less excited I get.

I remember when I first started investing as a pgy-2, there would be days where I'm up $400 and I would run down the hallway chest bumping my degenerate coresidents who were also investing at the time.

Ha right…I got out in 2009 so I got to buy low and ride the market climb out of the crash. Seen several big dips and corrections since, Covid being one of them and fortunately each big swing gets less stressful

 

[mmmcdowe]

It's actually quite funny as the bigger the swings, the less excited I get.

I remember when I first started investing as a pgy-2, there would be days where I'm up $400 and I would run down the hallway chest bumping my degenerate coresidents who were also investing at the time.

We used to play the crypto song everything Bitcoin went up. Sometimes multiple times during rounds when things were going crazy.

 

[Splenda88]

First year as an attending. On pace to make ~400k this year.

Net worth ~700k. Most of it is in real estate. Only ~200k is in the market. Just purchased a 3rd property.

Biden can automatically make me a millionaire today if he cancels all student loan. Lol

Nice to revisit that post written in July 2022.

Net worth now ~1.9M. The market has been very generous to me. Hoping to cross the 2M mark by the end of this year. I don't even live frugally. I spend big on vacations.

Has your net worth increased substantially in the past 3-4 years?

 

[abolt18]

Nice to revisit that post written in July 2022.

Net worth now ~1.9M. The market has been very generous to me. Hoping to cross the 2M mark by the end of this year. I don't even live frugally. I spend big on vacations.

Has your net worth increased substantially in the past 3-4 years?

July of 2022 I had a NW of ~$40K. Now I'm just about $1.2M. Market gains did a lot but the heavy lifting was the big shovel. It's obvious to me already that going forward from here, the shovel is going to play a smaller and smaller role in growing our net worth and market gains will be doing most of the heavy lifting over time. We have REALLY relaxed on spending the last couple years. Very glad we gradually increased our spending and saved like crazy for a while.

 

[Splenda88]

July of 2022 I had a NW of ~$40K. Now I'm just about $1.2M. Market gains did a lot but the heavy lifting was the big shovel. It's obvious to me already that going forward from here, the shovel is going to play a smaller and smaller role in growing our net worth and market gains will be doing most of the heavy lifting over time. We have REALLY relaxed on spending the last couple years. Very glad we gradually increased our spending and saved like crazy for a while.

I also took my foot off the gas. Initially, I was saving ~120k/yr, but now I am ok with ~100k.

 

[Mman]

Has your net worth increased substantially in the past 3-4 years?

the S&P 500 total return is about 81% over the last 48 months. My wife and I's retirement assets have grown from approx $3.7M at that point to $7.1M now. Some new capital invested in there, but obviously a large chunk of it is growth. Easy come, easy go, though in the short term. I won't break a sweat if we see a 30% drop. Just keep investing new money and make sure the asset allocation is correct. Eventually it will be higher than it is now.

 

[eyeeye_captain]

July 2022

Way to pick right around my rock bottom NW. I think that was more or less when we bought a house with loans including my practice heavily on board. I might have been negative 1.5M. Patient volume was just starting to bounce back.

Non-mortgage debt free about 2 years later. NW now ~3M. So a little better.

Last year, through a combination of things, my income dropped 19% from the prior year, but I’m up 7% compared to the better one this year so far. *shrug* Still saving around 75% post tax. Taking more vacation time. Probably start giving some patients/clinic time away the next time we get an associate.

 

[abolt18]

Way to pick right around my rock bottom NW. I think that was more or less when we bought a house with loans including my practice heavily on board. I might have been negative 1.5M. Patient volume was just starting to bounce back.

Non-mortgage debt free about 2 years later. NW now ~3M. So a little better.

Last year, through a combination of things, my income dropped 19% from the prior year, but I’m up 7% compared to the better one this year so far. *shrug* Still saving around 75% post tax. Taking more vacation time. Probably start giving some patients/clinic time away the next time we get an associate.

Your NW went up by 4.5M since then?!!?!?!

 

[worthless]

Way to pick right around my rock bottom NW. I think that was more or less when we bought a house with loans including my practice heavily on board. I might have been negative 1.5M. Patient volume was just starting to bounce back.

Non-mortgage debt free about 2 years later. NW now ~3M. So a little better.

Last year, through a combination of things, my income dropped 19% from the prior year, but I’m up 7% compared to the better one this year so far. *shrug* Still saving around 75% post tax. Taking more vacation time. Probably start giving some patients/clinic time away the next time we get an associate.

Why were you so negative after buying a house? Did you pay way over what it was worth or were the fees crazy high?

Gaining $4.5 million in net worth over 4 years is very impressive btw!

 

[thumbz]

Nice to revisit that post written in July 2022.

Net worth now ~1.9M. The market has been very generous to me. Hoping to cross the 2M mark by the end of this year. I don't even live frugally. I spend big on vacations.

Has your net worth increased substantially in the past 3-4 years?

I hit a couple awesome milestones this year so far.

Crossed $1.0mil in total "cash" assets -401k, HSA, taxable brokerage

My networth is now officially higher than it has ever been (which means I've overcome the great halving in 2023 that was my divorce). It's sitting right around $1.5mil.

My housing area is way less impressive than most of yours - all of us around here have very little NW shooting up in our homes.

Most importantly - life is amazing. I love being a hospitalist and could not be happier with where I am in life. I know that's not only rare these days, but entirely priceless.

 

[eyeeye_captain]

Why were you so negative after buying a house? Did you pay way over what it was worth or were the fees crazy high?

Gaining $4.5 million in net worth over 4 years is very impressive btw!

Practice was 7 figures, I’m including the equity in that in my total, so it’s not totally fair to call it a 4.5 swing. House was cheaper, equity in there too now.

Obviously the market helps, but I think I’ve been over $400k savings/payments/investments a year since the buy in.

 

[Splenda88]

I hit a couple awesome milestones this year so far.

Crossed $1.0mil in total "cash" assets -401k, HSA, taxable brokerage

My networth is now officially higher than it has ever been (which means I've overcome the great halving in 2023 that was my divorce). It's sitting right around $1.5mil.

My housing area is way less impressive than most of yours - all of us around here have very little NW shooting up in our homes.

Most importantly - life is amazing. I love being a hospitalist and could not be happier with where I am in life. I know that's not only rare these days, but entirely priceless.

I have small (~2000 sqft) house in a class B neighborhood in a LCOL area. So yours is probably more desirable than mine.

 

[worthless]

Practice was 7 figures, I’m including the equity in that in my total, so it’s not totally fair to call it a 4.5 swing. House was cheaper, equity in there too now.

Obviously the market helps, but I think I’ve been over $400k savings/payments/investments a year since the buy in.

Sorry, I’m still not following. Why did you experience a significant drop in net worth after buying your house?

 

[eyeeye_captain]

Sorry, I’m still not following. Why did you experience a significant drop in net worth after buying your house?

Pardon my terminology. My liabilities were ~1.5M, and my assets were two non-liquid entities with very little equity with monthly combined base payments somewhere nearing 17k.

So ok, maybe I was technically more like 200k, but I’d call that situation pretty broke. At least it doubled my earning potential.

 

[dpmd]

Sorry, I’m still not following. Why did you experience a significant drop in net worth after buying your house?

Probably not including the value of the house or the practice in the calculation

 

[worthless]

Probably not including the value of the house or the practice in the calculation

How does that make sense?

 

[dpmd]

How does that make sense?

It doesn't, but I have seen people do that when calculating their net worth before.

 

[thumbz]

I will say as of late I don't consider my real networth and rather just consider the cash value of my investments as my networth.

There are so many millionaires in America thanks to home equity, but that doesn't mean anything about their actual financial situation, other than a level of protection from bankruptcy. So I do understand that approach.

 

[dpmd]

I will say as of late I don't consider my real networth and rather just consider the cash value of my investments as my networth.

There are so many millionaires in America thanks to home equity, but that doesn't mean anything about their actual financial situation, other than a level of protection from bankruptcy. So I do understand that approach.

I track both my real and liquid net worth numbers. Also track my non retirement versus retirement assets. Because you are right that there are different meanings for them. When I started my spreadsheet I only tracked my liabilities because I didnt have much else. It does make comparing those early years to later ones less accurate though.

 

[worthless]

I will say as of late I don't consider my real networth and rather just consider the cash value of my investments as my networth.

There are so many millionaires in America thanks to home equity, but that doesn't mean anything about their actual financial situation, other than a level of protection from bankruptcy. So I do understand that approach.

I think it’s an important consideration. You can always borrow against home equity to invest.

 

[Monocles]

I will say as of late I don't consider my real networth and rather just consider the cash value of my investments as my networth.

There are so many millionaires in America thanks to home equity, but that doesn't mean anything about their actual financial situation, other than a level of protection from bankruptcy. So I do understand that approach.

Another practical consideration is that even if you don't consider it as part of your NW, the government certainly does for long-term estate planning purposes.

There are about a dozen states with a LOWER inheritance/estate tax exemption than the federal limit.

Oregon: $1,000,000
Rhode Island: $1,838,056
Massachusetts: $2,000,000
Minnesota: $3,000,000
Washington: ~$3,000,000
Illinois: $4,000,000
District of Columbia: ~$4,800,000
Maryland: $5,000,000
Vermont: $5,000,000
Hawaii: ~$5,500,000
Maine: ~$7,000,000
New York: ~$7,350,000

We met with a lawyer this year to set up a trust and learned the shocking news that we were on the threshold of our state's estate tax limit... which means that someday we will have to sell our home and move to another state.

 

[thumbz]

Another practical consideration is that even if you don't consider it as part of your NW, the government certainly does for long-term estate planning purposes.

There are about a dozen states with a LOWER inheritance/estate tax exemption than the federal limit.



We met with a lawyer this year to set up a trust and learned the shocking news that we were on the threshold of our state's estate tax limit... which means that someday we will have to sell our home and move to another state.

Im young enough this has never once crossed my mind - thank you for pointing it out. Something to consider as I get older!

 

[Mad Jack]

Nice to revisit that post written in July 2022.

Net worth now ~1.9M. The market has been very generous to me. Hoping to cross the 2M mark by the end of this year. I don't even live frugally. I spend big on vacations.

Has your net worth increased substantially in the past 3-4 years?

You had pretty solid net worth even going into being an attending, good to see you've leveraged it well. It's a good reminder to anyone reading this thread to minimize debt going in if you can and maximize opportunities even before one becomes and attending

I've only been an attending for just shy of three years. Went into first year if being an attending with 540k in debt, largely in medical school loans, but also some credit cards and vehicle debt. Had around 25k invested at the time. Total debt is down to 182k, investments are up to 380k. It's nice having a positive net worth for the first time since before medical school, and it's taken a lot of work and a lot of careful consideration of work setting and how to leverage loan repayment programs to go from 515k in the hole to being 198k in the green in 2 years and 9 months. Hopeful to be totally debt free in 4-5 years and hit my first million in liquid net worth in that time as well

 

[Mad Jack]

the S&P 500 total return is about 81% over the last 48 months. My wife and I's retirement assets have grown from approx $3.7M at that point to $7.1M now. Some new capital invested in there, but obviously a large chunk of it is growth. Easy come, easy go, though in the short term. I won't break a sweat if we see a 30% drop. Just keep investing new money and make sure the asset allocation is correct. Eventually it will be higher than it is now.

I've kind of hedged in the AI bubble popping, which would result in a decline of the S&P by approximately 50%. Just gonna keep shoveling money in when it happens, things being on sale and all

 

[Splenda88]

You had pretty solid net worth even going into being an attending, good to see you've leveraged it well. It's a good reminder to anyone reading this thread to minimize debt going in if you can and maximize opportunities even before one becomes and attending

I've only been an attending for just shy of three years. Went into first year if being an attending with 540k in debt, largely in medical school loans, but also some credit cards and vehicle debt. Had around 25k invested at the time. Total debt is down to 182k, investments are up to 380k. It's nice having a positive net worth for the first time since before medical school, and it's taken a lot of work and a lot of careful consideration of work setting and how to leverage loan repayment programs to go from 515k in the hole to being 198k in the green in 2 years and 9 months. Hopeful to be totally debt free in 4-5 years and hit my first million in liquid net worth in that time as well

Did you do fellowship? I believe we both finished med school in 2018 and I did a 3-yr residency and you did psych, which is 4 yrs.

I have been an attending for close to 5 yrs, so you should be close to 4 yrs instead of 3.

You are correct. I started with 400-450k net worth and most of it was in real estate

 

[Mad Jack]

Did you do fellowship? I believe we both finish med school in 2018 and I did a 3-yr residency and you did psych, which is 4 yrs.

I have been an attending for close to 5 yrs, so you should be close to 4 yrs instead of 3.

You are correct. I started with 400-450k net worth and most of it was in real estate

Yeah, I did a fellowship, and took a little time off after completion to relax

 

[NITRAS]

Nice to revisit that post written in July 2022.

Net worth now ~1.9M. The market has been very generous to me. Hoping to cross the 2M mark by the end of this year. I don't even live frugally. I spend big on vacations.

Has your net worth increased substantially in the past 3-4 years?

The market has done fantastic the last 3 years. . . Not hard to have done well.

 

[Monocles]

Im young enough this has never once crossed my mind - thank you for pointing it out. Something to consider as I get older!

We are in our 30's and didn't think we would be anywhere close until decades later. It was pointed out that, as is (we are both healthy) we would hit our state's exemption limit for ONE individual, and if I (the higher earner) died, the additional payout from my life insurance would push my surviving spouse's net worth over our COMBINED family limit.

So yeah the plan is if I suddenly die, my spouse needs to buy a house out of state ASAP as it would be wayyyy cheaper than the amount paid on estate taxes on the survivor's passing...

 

[Splenda88]

Nice to revisit that post written in July 2022.

Net worth now ~1.9M. The market has been very generous to me. Hoping to cross the 2M mark by the end of this year. I don't even live frugally. I spend big on vacations.

Has your net worth increased substantially in the past 3-4 years?

This post was written ~2 wks ago

It happens sooner than I thought. Lol

I am scared that the market is going to crash.

 

[thumbz]

@Splenda88 - me too - I have been profit taking and now have taken out ~70% of my taxable brokerage as a down payment for my house as prudent planning. Maybe I'll miss out on another giant run, but I sleep better at night knowing I don't have to worry about it.

Unless you're saving for some imminent purchase though let the chips ride. This "bubble" may not pop for years. Or at all.

 

[Splenda88]

@Splenda88 - me too - I have been profit taking and now have taken out ~70% of my taxable brokerage as a down payment for my house as prudent planning. Maybe I'll miss out on another giant run, but I sleep better at night knowing I don't have to worry about it.

Unless you're saving for some imminent purchase though let the chips ride. This "bubble" may not pop for years. Or at all.

I probably will pull a chunk out by the end of the year to pay off my student loan if the market continues to stay on fire...

 

[thumbz]

I dunno - no time like the present depending on where your gains are right now.

I made this mistake back in the COVID craze - my paper gains at one point were huge and I got into this "stonks only go up" mindframe and ended up riding it all the way back down. I should have pulled out at least some of the gains to pay down debt.

I'm forcing myself right now to be very disciplined and every time my taxable brokerage goes above the "ceiling" I set for it in my mind I sell some stuff and transfer it to my house down payment fund. Am I missing out on some gains - absolutely. Do I really think this "bubble" is about to pop? Absolutely not. Could I be wrong? Most likely. So I figure I'll never be that upset that I paid down some debt, even if FOMO is always kicking my butt.

However - I bought MU at 200 a share and sold it at a 100% gain so my investment advice is sus given where it is right now 😂

 

[emergentmd]

I dunno - no time like the present depending on where your gains are right now.

I made this mistake back in the COVID craze - my paper gains at one point were huge and I got into this "stonks only go up" mindframe and ended up riding it all the way back down. I should have pulled out at least some of the gains to pay down debt.

I'm forcing myself right now to be very disciplined and every time my taxable brokerage goes above the "ceiling" I set for it in my mind I sell some stuff and transfer it to my house down payment fund. Am I missing out on some gains - absolutely. Do I really think this "bubble" is about to pop? Absolutely not. Could I be wrong? Most likely. So I figure I'll never be that upset that I paid down some debt, even if FOMO is always kicking my butt.

However - I bought MU at 200 a share and sold it at a 100% gain so my investment advice is sus given where it is right now 😂

Just took a big stake in MU. Forward PE 9. Sentiment and valuation says buy & hold.

 

[thumbz]

Just took a big stake in MU. Forward PE 9. Sentiment and valuation says buy & hold.

Agreed - my only concern is the historical cyclic nature - I'm not sure they have the business model to be the next NVDA, but I also don't see demand destruction for chips any time soon. From a P/E perspective MU and SNDK seem like great plays - I'm in both as well (as my only individual stocks). Otherwise I'm in SMH or cash right now.

 

[emergentmd]

mu more diversified, slightly lower fwd Pe. Instead of buying both, I picked the one I feel is more diversified.

I also have a large stake in smh which gives me more diversification.

I have some more stable companies in nvda and asml.