3 years out - officially a millionaire and one step closer to saying goodbye to EM

[TooMuchResearch]

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I have a just under 2% mortgage and am in no rush to pay it off.

 

[Old_Mil]

Sharing this milestone with folks to possibly inspire others and maybe share with others some alternate investments. This july marks exactly 3 years from my residency graduation and we hit the 1M net worth milestone a few days ago.

Some of our success has been because of the usual things: spent less, invested a big chunk of our income, lived in a cheap-ish cost of living area, negotiated for higher incomes.

But a lot of our success has been because of a very non-traditional approach to investing. Here's a breakdown of our portfolio and the significant alternate investments that I would highly encourage others to educate themselves about.

Current portfolio:

4% cash, 36% Passive syndicate real estate investments, 30% options (premium harvesting through naked puts), 20% in retirement accounts (of which 90% stocks and 10% bonds), and lastly 10% net worth in our personal home equity.

I've talked plenty about options in the past, so not going to dive into that topic. But in the last 1 year, I've also jumped head first into the world of passive syndicate investing which I've never talked about here and wanted to give others a glimpse into these opportunities that most doctors qualify to invest in:

I currently have about ~370k in 14 different syndications. The following is the breakdown of these investments:

Syndications I've invested in:

1) 85k in office space (30k in Atlanta Financial Center and 30k in 200 W jackson Chicago which is the building next to Sears tower - both these are with nightingale properties as sponsor, 25k in an office space opposite the great mall of America in Minneapolis (sponsor = Hemel companies)).

2) 215k in multifamily ( 25k in an Apt complex in Miami (sponsor = Lynd capital), 25k in an apartment building in orlando, 30k Ashcroft capital which is a multifamily fund consisting of 6 apt complexes, 40k with BAM capital - another fund with 6 properties, 15k in an Apt in Des Moine, 25k with Foulger Pratt in a DC new construction and another 25K with them in a Apt complex in Fort worth Tx, 30k in 3 apt complexes in Norman OK with trident real estate).

3) 40k in Self storage of which 20k is with a fund with Van west group, and 20k with Ziffcre, will increase to 50k over this year as more properties are acquired in the fund.

4) 30k in medical office buildings through NEMI fund 4.

All except a couple of the above investments have been through either crowdstreet, equitymultiple, and realcrowd. Crowdstreet has some of the best deal flow and some really great deals have come on it.

Pros of syndications:
1) Diversity - multifamily, office, industrial, storage, retail, geographic diversity, sponsor diversity with a few clicks while sitting at home.
2) Truly passive and headache free once you've done your due diligence.
3) Tax benefits of paper losses due to depreciation
4) 15 - 20% returns depending on the deal. Roughly you're looking at doubling your money in 5 years on average in real estate.
5) Rental checks
6) Leverage sponsor experience and expertise. I mean someone with 1B of assets under management is probably better equipped at maximizing a property than I am.
7) no correlation with the stock market, true diversity.

Cons of syndications:
1) A LOT of state income tax forms -_- Basically state income tax forms for every state I'm a K1 partner in a property.
2) No control - Sponsor decides everything

How to start:
1) Read "the hands off investor".
2) Join crowdstreet and get a taste of reviewing deals

Last thoughts:
1) debt is a tool if used wisely. Too many doctors are rushing to pay off "good debt" like mortgages. I paid off my student loans too aggressively, I wish I hadn't, I'd be worth a lot more today if I hadn't.
2) EM was financially good to me but I wish I had done something else. In hindsight I would pick Radiology, ortho, FM, anesthesia, or PM&R over EM. But I can't complain honestly. 3 years ago I was worth around negative 100k when I graduated residency, so EM has helped me do a 1.1M swing in net worth in 3 years.
3) I think I'll consider myself financially independent in another 2-3 years when we hit 2M in networth given that I don't rely on the SP500 for returns (mostly not at least for a majority of my portfolio).

I hope this was helpful to others, if anyone has any questions about details about the deals that I'm in or my thoughts about the sponsors, then PM me and I'd be more than happy to discuss these things.

Edit: This is not investment advice, do your own due diligence, I'm not selling anything. But just throwing out investment ideas for doctors who are accredited investors who have a higher risk appetite than a stock:bond portfolio.

Congratulations, glad this worked for you. What are your thoughts on commercial real estate (or real estate in general) given the Fed's less dovish stance on rates?

As your lead blocker approaching retirement, I wouldn't consider 2M "financially independent" anymore.

But all of you need to listen to this advice. EM isn't your father's medical career/practice. Plan your exit.

 

[finalpsychyear]

I think FIRE is just what you want in retirement and if you want legacy.

Someone happy to live off 100K is different than someone wanting 400K when they stop working vs someone who wants to live off 400K while not touching their FIRE number.

I think almost everyone would say everything +/- your homestead counts towards FIRE.

For my planning I count only liquid investments. Agree the house stuff is mental and it feels good to have it paid off and maybe its one thing to pay it off after 10-15 years on a 30 year but i used to think it would "feel" good to buy a house in cash someday but now i know the opportunity cost so hard no. Besides those payments even if they are high now wont feel like that in 10+ years.

The other thing i am realizing is you can't just hit the magic number 5-10m and just call it esp if your young. You really need to make sure that becomes a new baseline for your wealth. Not really palatable for my taste to hae a 20-30% drop the year after you hit your dream numbers.

So hitting your number is step 1 then sure go to PT work if one wants to keep paying off expenses and maybe that means 3-5 years to confirm the wealth stays and you dont have any crazy recession after working so hard to achieve these milestones. Plus i think the concept of SORR is eliminated if you do some PT work for a few years. Maybe one even finds some balance and heck enjoys the new job/lifestyle and stays a bit longer than planned.

 

[WhatJobDoIPick]

Someone referenced it above, but I think I'd feel pretty good with 2MM and paid off house for coast FIRE.

I could work one shift / week and make about 175k/yr for expenses.

As much as the ER wears on me, I can't imagine completely walking away.

 

[sloh]

If someone gave me money at 2.5%, I'll take a million dollars and invest it. I'm 100% sure I have the ability to beat 2.5%. That's below inflation itself. I dont know why having a mortgage paid off makes people feel safe.

Having liquid investments that can be tapped at any point of my life makes me feel safe.

It’s more bc the first house is almost considered a necessity, especially if you are raising a family, and shouldn’t be looked at entirely the same as putting the money into index funds.

 

[TooMuchResearch]

Someone referenced it above, but I think I'd feel pretty good with 2MM and paid off house for coast FIRE.

I could work one shift / week and make about 175k/yr for expenses.

As much as the ER wears on me, I can't imagine completely walking away.

I've done some high paying urgent care side work. The only thing better is a slow rural ED shift. But you can't guarantee a slow shift.

 

[Splenda88]

I think FIRE is just what you want in retirement and if you want legacy.

Someone happy to live off 100K is different than someone wanting 400K when they stop working vs someone who wants to live off 400K while not touching their FIRE number.

I think almost everyone would say everything +/- your homestead counts towards FIRE.

Nice. One of the docs (early 60s) I work with bought a house (500k cash) for each of his 2 kids after they graduated college and got a job.

Imaging being 22-23 yo with no student debt, a job that pays 70k+ and a 500k paid off home. That's a huge head start. I guess the system is rigged (in the voice of Donald J. Trump) in favor of the rich/wealthy.

 

[AlmostAnMD]

Someone referenced it above, but I think I'd feel pretty good with 2MM and paid off house for coast FIRE.

I could work one shift / week and make about 175k/yr for expenses.

As much as the ER wears on me, I can't imagine completely walking away.

Sounds like you have a decent setup, then. Mine was ass. Group was losing more docs than it was hiring last few years so average shift requirement was almost 20/month.

I was happy to walk away and didn't miss it in the slightest, but that's just my trauma speaking. I do actually miss delivering good quality medical care. Stopped doing that after covid.

A real happy man is someone who goes to work because he enjoys it even if can retire. Sounds like you found the magic

 

[JacobMcCandles]

Nice. One of the docs (early 60s) I work with bought a house (500k cash) for each of his 2 kids after they graduated college and got a job.

Imaging being 22-23 yo with no student debt, a job that pays 70k+ and a 500k paid off home. That's a huge head start. I guess the system is rigged (in the voice of Donald J. Trump) in favor of the rich/wealthy.

Sounds like the system is rigged in favor of those who work hard, save some money, and choose to help their family with it, as it should be. That’s the easy part. The hard part is getting the children to do the same.

 

[WhatJobDoIPick]

Sounds like you have a decent setup, then. Mine was ass. Group was losing more docs than it was hiring last few years so average shift requirement was almost 20/month.

I was happy to walk away and didn't miss it in the slightest, but that's just my trauma speaking. I do actually miss delivering good quality medical care. Stopped doing that after covid.

A real happy man is someone who goes to work because he enjoys it even if can retire. Sounds like you found the magic

Oh this one shift / week I have in mind would be at some locums type place.

 

[WhatJobDoIPick]

Nice. One of the docs (early 60s) I work with bought a house (500k cash) for each of his 2 kids after they graduated college and got a job.

Imaging being 22-23 yo with no student debt, a job that pays 70k+ and a 500k paid off home. That's a huge head start. I guess the system is rigged (in the voice of Donald J. Trump) in favor of the rich/wealthy.

Good for them to be able to offer this!

I plan on giving my kids the same deal my parents gave me: a safe first car, a modest contribution to a wedding if they have one, and a fully funded (hopefully) college education.

Grad school, houses, BMWs are on them.

It was a good deal they gave me.

 

[finalpsychyear]

Good for them to be able to offer this!

I plan on giving my kids the same deal my parents gave me: a safe first car, a modest contribution to a wedding if they have one, and a fully funded (hopefully) college education.

Grad school, houses, BMWs are on them.

It was a good deal they gave me.

Are you better off or age adjusted better off than your parents when you provide some of these things for your kids?

I think being aware of whats different now and what the future generation may need is my approach. I'd like to do at least what my parents did for me which is why i work extra.

 

[vm26]

I was always of the mindset that paying off a 2.5-4% home mortgage loan was silly b/c it is essentially free money. But once my net worth has increased, I rather just pay it off than have think about another loan. I have 150K left on a 2nd home at 2.5% and thinking of just paying it off for peace of mind. But when I see 500K on a 7.5% loan for another property, paying it off makes little sense.

I hear you. It makes little sense but there's the "sleeping a bit better a night" factor that comes into play.

 

[emergentmd]

Good for them to be able to offer this!

I plan on giving my kids the same deal my parents gave me: a safe first car, a modest contribution to a wedding if they have one, and a fully funded (hopefully) college education.

Grad school, houses, BMWs are on them.

It was a good deal they gave me.

I am not judging or even disagreeing, but if you follow this path ,who are you going to pass down your wealth ad death? Lets say you have a 10M net worth, how will you deal with taking family vacations b/c if you stay at a nice resort would you be ok with your kids staying at a budget motel?

Would you and your spouse be fine with living in a nice neighborhood while your kids struggle living in dangerous area of town eating Ramen?

I had the same mindset but as I get older and have a sizeable net worth, I could not imaging watching my kids struggle while I live a top 1% lifestyle. I am at peace that my kids will have an affluent life. College, 1st car, 1st house, and vacations until they get married.

It is my job to teach them to be good people regardless if they have money or not.

 

[WhatJobDoIPick]

I am not judging or even disagreeing, but if you follow this path ,who are you going to pass down your wealth ad death? Lets say you have a 10M net worth, how will you deal with taking family vacations b/c if you stay at a nice resort would you be ok with your kids staying at a budget motel?

Would you and your spouse be fine with living in a nice neighborhood while your kids struggle living in dangerous area of town eating Ramen?

I had the same mindset but as I get older and have a sizeable net worth, I could not imaging watching my kids struggle while I live a top 1% lifestyle. I am at peace that my kids will have an affluent life. College, 1st car, 1st house, and vacations until they get married.

It is my job to teach them to be good people regardless if they have money or not.

I wouldn't let my kids struggle.

I think there's some water between "letting kids eat ramen" and buying them a house and paying for their vacations.

 

[Splenda88]

I wouldn't let my kids struggle.

I think there's some water between "letting kids eat ramen" and buying them a house and paying for their vacations.

Why not if you have the $$$?

 

[AlmostAnMD]

Why not if you have the $$$?

Anecdote time.

A friend of a friend in college had it made. Was over at his house quite a bit.

His dad owned a Lamborghini and other exotic car dealership, the only one in the area. Probably one of the richest families in town.

And their kid was a trust fund baby posterchild. They bought his house when he was 20, around the time I met him. He went to an ivy league school for one semester but decided college wasn't for him.

His backup plan was smoke weed every day in his pool. He was a little dorky and spent his time building computers from scratch. Every time some new generation of components would come out he'd trash his old rig and build a new one.

At the time, I thought, holy ****, this guy has it made. I was incredibly jealous.

I found out a few years ago he's in prison. He would host parties all the time at his house. One day someone at his party changed the music without asking and the guy in question pulled out a gun and shot the guy. Didn't kill him but daddy couldn't keep him out of prison.

Looking back, he basically grew up without rules, structure, or any idea how the world actually works. His parents, as you say, had the $$$ and gave it all to him.

And he was an insufferable **** with no perspective. This was poor parenting to the max and the root was unlimited money. He had no respect for hard work and probably never worked a day in his life. This trickles down into personality. Successful rich people that I know that have amazing kids are definitely not being handed cash. They are made to learn the value of money than just getting piles of it.

As the person you replied to said, there's a middle ground between Ramen and vacation houses.

We are definitely going to be better off than our parents. But both wife and I agree our kids are getting jobs when they turn legally able to do so to make some summer cash. Push carts at a grocery store like dad or work at a pizza shop like mom. Learn to show up to work on time. Work as a team. Learn to solve problems.

From a pure cash standpoint I didn't even really start investing seriously til about 5 years ago. No one in my family did it/does it. I had to learn from scratch. The moment my kids are 18 they are going to have a brokerage account, a deposit from me and will be taught how to grow it for themself.

I'll pay for their college. It's basically an unaffordable scam anyway. Starter home +/-, really depends on how things go with them I think. Other than that they need to bust ass to find their own way and mold a character worth respecting

 

[WhatJobDoIPick]

Why not if you have the $$$?

Because I don't think I'll have the money 😂

 

[Emapp20177]

Nice. One of the docs (early 60s) I work with bought a house (500k cash) for each of his 2 kids after they graduated college and got a job.

Imaging being 22-23 yo with no student debt, a job that pays 70k+ and a 500k paid off home. That's a huge head start. I guess the system is rigged (in the voice of Donald J. Trump) in favor of the rich/wealthy.

Boomers / early gen X docs should be able to do this easily. Medicine used to be one of the most profitable, sought after professions. Today's medicine pales in comparison to what it once was. I remember 15y ago docs talking about their salaries (was a scribe). They made more per hour back then than I do now. It would come out to averaging about 700/hr in today's USD.

 

[finalpsychyear]

Boomers / early gen X docs should be able to do this easily. Medicine used to be one of the most profitable, sought after professions. Today's medicine pales in comparison to what it once was. I remember 15y ago docs talking about their salaries (was a scribe). They made more per hour back then than I do now. It would come out to averaging about 700/hr in today's USD.

This is sadly spot on. Plus inflation esp with housing costs adds a vastly different picture for those coming out. Glad ive been working and saving/investing this last decade like the roof is abt to fall in. Then add in the mid level effect in non procedural fields and thats rubbing the salt in.

I have added the scenerio that due to ai kids will need more support so chugging away just in case.

 

[emergentmd]

In the past I always thought growing up money would create lazy kids but the older I get, the more this changes. I see poor kids grow up just as poor. I see rich kids grow up successful. I think it all depends on the kids character and how involved parents are in teaching them.

Teach them to fish with guardrails doesn't mean I can't give them a great head start with a paid house and zero debt.

 

[Porfirio]

In the past I always thought growing up money would create lazy kids but the older I get, the more this changes. I see poor kids grow up just as poor. I see rich kids grow up successful. I think it all depends on the kids character and how involved parents are in teaching them.

Teach them to fish with guardrails doesn't mean I can't give them a great head start with a paid house and zero debt.

Dude I worked with is a prime example of this.

Daddy was a big time surgeon at MGH (old wealthy family). Dude went to Ivy League everything, had awesome play toys (yachts, sailing, cars - tasteful not Lambo, etc), amazing experiences in life (Nantucket, world travel, etc), applied for Rhodes scholarship (was second place because be honest - which would you take rich white kid or poor minority), still went to Oxford and got a PhD, came back finished Ivy League medical school, works at MGH today doing clinical and R&D. Him working is a hobby that he does M-Thurs 9-5 with an hour lunch. Yeah, he might be in the hospital and round on a few patients but very different work/life style than the rest of us.

This is how old money acts, and rarely seen by you or me because they travel in different circles.

 

[maxxor]

Dude I worked with is a prime example of this.

Daddy was a big time surgeon at MGH (old wealthy family). Dude went to Ivy League everything, had awesome play toys (yachts, sailing, cars - tasteful not Lambo, etc), amazing experiences in life (Nantucket, world travel, etc), applied for Rhodes scholarship (was second place because be honest - which would you take rich white kid or poor minority), still went to Oxford and got a PhD, came back finished Ivy League medical school, works at MGH today doing clinical and R&D. Him working is a hobby that he does M-Thurs 9-5 with an hour lunch. Yeah, he might be in the hospital and round on a few patients but very different work/life style than the rest of us.

This is how old money acts, and rarely seen by you or me because they travel in different circles.

HMS affiliated jobs are kind of like “museum curator” - gotta be rich to take these jobs.

 

[Splenda88]

@cyanide12345678

Three years later. When do you think you will be out?

 

[cyanide12345678]

@cyanide12345678

Three years later. When do you think you will be out?

3 years later.

Net worth has gone from 1M to 2.4M.

Shifts has gone from 13 12 hour shifts to now 9 12 hour shifts at my full time job and prn shifts at a side gig.

next step is 8 shifts at my full time gig, probably 1.5-2 years from now, just waiting to hit 3M+ in net worth.

8 shifts i may do for some time as it brings some degree of discipline and good habits, will see, my burn out is slightly better than before.

 

[Splenda88]

3 years later.

Net worth has gone from 1M to 2.4M.

Shifts has gone from 13 12 hour shifts to now 9 12 hour shifts at my full time job and prn shifts at a side gig.

next step is 8 shifts at my full time gig, probably 1.5-2 years from now, just waiting to hit 3M+ in net worth.

8 shifts i may do for some time as it brings some degree of discipline and good habits, will see, my burn out is slightly better than before.

Impressive! You have more than double your net worth in 3 years.

Every older physician that I work with has said work is more tolerable when you are NOT working for the $$$.

 

[cyanide12345678]

Impressive! You have more than double you net worth in 3 years.

Every older physician that I work with has said work is more tolerable when you are NOT working for the $$$.

Yeah it’s definitely more tolerable. Plus i have good gigs - 12500 annual volume shop with 24 hr physician and 10 hr MLP coverage - pretty decent coverage.

This is my ‘busy’ work and im dropping hrs from it slowly.

My other place is 7500 annual volume. Probably one of the best gigs I’ve had for $295/hr.

At 3M i have enough F U money where i could go into dpc, nursing homes (like my wife), or something else non clinical even if it makes little money.

My plan B in life is also to just quit everything, sell everything, and move to a cheaper country like malaysia (kuala lumpur basically) and live luxuriously for 60k a year (2% withdrawal rate if 3M portfolio).

 

[sloh]

3 years later.

Net worth has gone from 1M to 2.4M.

Shifts has gone from 13 12 hour shifts to now 9 12 hour shifts at my full time job and prn shifts at a side gig.

next step is 8 shifts at my full time gig, probably 1.5-2 years from now, just waiting to hit 3M+ in net worth.

8 shifts i may do for some time as it brings some degree of discipline and good habits, will see, my burn out is slightly better than before.

Impressive! Does this include house equity for you? Essentially what you’ve paid off already

 

[cyanide12345678]

Impressive! Does this include house equity for you? Essentially what you’ve paid off already

Yeah it includes everything. All my accounts, including mortgage account is linked to emoney which i use to track my numbers.

Home equity is probably in the 160k ball park if i go by the zestimate value today.

The rest of the assets are all investments - options, syndications, and retirement accounts. The 4 syndications that aren’t doing well, I’ve pretty much considered them a 90% loss in my net worth calculation already as well. Otherwise roughly about 550k of syndications that are doing well and likely have increased in value, hasn’t been reflected in my accounts - so the real net worth is probably closer to 2.5-2.6M, assuming those properties have increased in value in 2-4 years, but my numbers essentially have them priced at cost basis.

But who knows what the real value of my syndications portfolio is 🤣

 

[xaelia]

Interestingly, we just had a meeting with our financial advisor — and he was like … “you’re in good shape. In fact, you could even think about spending more instead of saving as much.”

But, I’m somewhat at a loss as to where to spend that actually makes my quality of life appreciably better. What has everyone else found that isn’t just “fancier X” but actually makes life better?

 

[EctopicFetus]

Interestingly, we just had a meeting with our financial advisor — and he was like … “you’re in good shape. In fact, you could even think about spending more instead of saving as much.”

But, I’m somewhat at a loss as to where to spend that actually makes my quality of life appreciably better. What has everyone else found that isn’t just “fancier X” but actually makes life better?

I spent a lot of time thinking about this.

To me it is:
1) housekeeper
2) Nanny depending on kids ages
3) Couples trips
4) babysitter for date nigth
5) gardener / landscaper.
6) better/nicer gym / trainer

I dont do it but potentially meal prep, grocery delivery.

once I hit a certain net worth I do what I can to get back my time even if I do "nothing" in that time. To me it is about improving my quality of life and my free time. Both to get more of it and to enjoy it more.
When I go on a trip we get a private tour guide 99% of the time. It costs more but who cares. My kids can ask questions, we work on our time and I find them way more engaged with us as opposed to a big group.

I probably have other ideas but thats where it helps. Similarly I might order something online even if it is a little more money to save myself the time of going to the store.

For example, just this week I ordered solar salt for my water softener and sand to weigh down some outside furniture. Its small and dumb but I used to be so cheap about this. It cost me $3 for home depot to deliver to my house rather than driving the 10 mins to get it myself.

It is but one example.

 

[WhatJobDoIPick]

Interestingly, we just had a meeting with our financial advisor — and he was like … “you’re in good shape. In fact, you could even think about spending more instead of saving as much.”

But, I’m somewhat at a loss as to where to spend that actually makes my quality of life appreciably better. What has everyone else found that isn’t just “fancier X” but actually makes life better?

A copy of "white coat investor" so that I wouldn't have to waste money on a financial "advisor"

 

[Apollyon]

I spent a lot of time thinking about this.

To me it is:
1) housekeeper
2) Nanny depending on kids ages
3) Couples trips
4) babysitter for date nigth
5) gardener / landscaper.
6) better/nicer gym / trainer

I dont do it but potentially meal prep, grocery delivery.

once I hit a certain net worth I do what I can to get back my time even if I do "nothing" in that time. To me it is about improving my quality of life and my free time. Both to get more of it and to enjoy it more.
When I go on a trip we get a private tour guide 99% of the time. It costs more but who cares. My kids can ask questions, we work on our time and I find them way more engaged with us as opposed to a big group.

I probably have other ideas but thats where it helps. Similarly I might order something online even if it is a little more money to save myself the time of going to the store.

For example, just this week I ordered solar salt for my water softener and sand to weigh down some outside furniture. Its small and dumb but I used to be so cheap about this. It cost me $3 for home depot to deliver to my house rather than driving the 10 mins to get it myself.

It is but one example.

Home chef, 3-5 or 7 times a week?

 

[EctopicFetus]

Home chef, 3-5 or 7 times a week?

I don’t have a home chef. Takeout is my home chef or dining out. I do know there are docs who do this especially 2 doc households. Allows for healthier food than a restaurant.

 

[Apollyon]

I don’t have a home chef. Takeout is my home chef or dining out. I do know there are docs who do this especially 2 doc households. Allows for healthier food than a restaurant.

That's why I suggested it!

 

[xaelia]

A copy of "white coat investor" so that I wouldn't have to waste money on a financial "advisor"

😅

Yeah, my wife is very conservative about money — and neither of us want to deal with this (hey, look, I found something we pay for that makes our lives better), so we just have the Fidelity wealth management guy from our local branch doing our loss harvesting and allocations etc.

 

[HemorrhagicShock]

😅

Yeah, my wife is very conservative about money — and neither of us want to deal with this (hey, look, I found something we pay for that makes our lives better), so we just have the Fidelity wealth management guy from our local branch doing our loss harvesting and allocations etc.

I get sad any time I read something like this because I hear this "my wife is conservative about money" story all the time from my male physician friends.

But I get it. It took me years to convince my wife that bonds are akin to wasting money and effectively just burning the money she's earned over time.

Ultimately we settled on she manages "her" money and I manage "mine," and she calls her stack the "back-up." I don't even count her money in our retirement and spending/budgeting projections.

It burns a hole in my heart though because she piles money into a Vanguard Target Date Fund, which is something like 9-11% bonds, and all I can do is laugh and make 20% returns on my side to make up for it.

IMHO anybody who is "conservative" with money is actually taking the high-risk path, and they don't even realize it.

 

[gruemd]

How my non-mutants doing out there? I'm 4 years out, single income household, right at about 750k net worth not including house, loans paid off besides house. At a point where now I'm going to save around 200k this year but about to take that down to 100k for the next 2 years to switch jobs to a somewhat higher COL area, to then hopefully save 230k+ yearly with better work-life balance and less work overall once partner at that job.

I always feel like I'm doing decently especially for an EM one-earner household and on track to hit my FIRE goals in late 40s/early 50s (currently later half of 30s), but then everyone here seems to be planning on being worth 30 million by their 32nd birthday.

 

[WhatJobDoIPick]

I get sad any time I read something like this because I hear this "my wife is conservative about money" story all the time from my male physician friends.

But I get it. It took me years to convince my wife that bonds are akin to wasting money and effectively just burning the money she's earned over time.

Ultimately we settled on she manages "her" money and I manage "mine," and she calls her stack the "back-up." I don't even count her money in our retirement and spending/budgeting projections.

It burns a hole in my heart though because she piles money into a Vanguard Target Date Fund, which is something like 9-11% bonds, and all I can do is laugh and make 20% returns on my side to make up for it.

IMHO anybody who is "conservative" with money is actually taking the high-risk path, and they don't even realize it.

I hope there's a prenup in place so that she can own the consequences of her strategy.

 

[HemorrhagicShock]

I hope there's a prenup in place so that she can own the consequences of her strategy.

To give you an idea of how home run my wife is, SHE was the one who demanded we get a prenup when we got married since she knew it was going to be lopsided and wanted to be fair.

Most intelligent financial decision will always boil down to the same advice: choose the right partner (I hate that word, but I guess it's 2025)

Perhaps one day I'll write about the prenup process, but it's worth the cost and very eye-opening, and I'd argue that if you can't go through that process before marriage in an amicable and supportive way, then you shouldn't marry that person.

 

[sloh]

To give you an idea of how home run my wife is, SHE was the one who demanded we get a prenup when we got married since she knew it was going to be lopsided and wanted to be fair.

Most intelligent financial decision will always boil down to the same advice: choose the right partner (I hate that word, but I guess it's 2025)

Perhaps one day I'll write about the prenup process, but it's worth the cost and very eye-opening, and I'd argue that if you can't go through that process before marriage in an amicable and supportive way, then you shouldn't marry that person.

Ditto. My wife also requested a pre-nup bc of the lopsided finances. We actually decided after the initial consultation with the lawyer that we would go without one (this is specific to our situation bc of marriage laws in Cali). But just being mature enough to go through the process says a lot about both spouses in a marriage.

 

[sloh]

How my non-mutants doing out there? I'm 4 years out, single income household, right at about 750k net worth not including house, loans paid off besides house. At a point where now I'm going to save around 200k this year but about to take that down to 100k for the next 2 years to switch jobs to a somewhat higher COL area, to then hopefully save 230k+ yearly with better work-life balance and less work overall once partner at that job.

I always feel like I'm doing decently especially for an EM one-earner household and on track to hit my FIRE goals in late 40s/early 50s (currently later half of 30s), but then everyone here seems to be planning on being worth 30 million by their 32nd birthday.

You’re doing fantastic.

 

[WhatJobDoIPick]

How my non-mutants doing out there? I'm 4 years out, single income household, right at about 750k net worth not including house, loans paid off besides house. At a point where now I'm going to save around 200k this year but about to take that down to 100k for the next 2 years to switch jobs to a somewhat higher COL area, to then hopefully save 230k+ yearly with better work-life balance and less work overall once partner at that job.

I always feel like I'm doing decently especially for an EM one-earner household and on track to hit my FIRE goals in late 40s/early 50s (currently later half of 30s), but then everyone here seems to be planning on being worth 30 million by their 32nd birthday.

Pretty similar to you.
7 Ish years out
Late 30s
NW 1.3 mil
Paid off loans, mortgage only debt
Saving 100k this year

Hopefully out of this trash heap field (at least not full time) in 5 to 7 years.

 

[HemorrhagicShock]

Pretty similar to you.
7 Ish years out
Late 30s
NW 1.3 mil
Paid off loans, mortgage only debt
Saving 100k this year

Hopefully out of this trash heap field (at least not full time) in 5 to 7 years.

I'm rooting for you!

For the first few years of being an ER doc (prior to COVID) I would have told you it was worth it, and I genuinely had fun being an ER doc. I got a ton of cred from laypeople for it too.

But many years into the post-COVID landscape, this field turned into a massive hellscape. Truly a waste of an MD, and the kind of caliber of person that can make it to medical school.

I think a vast majority of ER docs are coping hard with how they justify their positions, unless they're satisfied working in some trash-tier fly-over nowheresville state or another awful suburban wasteland.

 

[xaelia]

I get sad any time I read something like this because I hear this "my wife is conservative about money" story all the time from my male physician friends.

Awww ... don't be sad for me. She brings well over half our net worth to the table, so she's allowed to have an opinion.

Yea, some of the allocation is bonds, as you say, but it technically reads as a "risky" portfolio with relatively good diversification – shifting in part overseas, these days, to hedge against the weakening dollar etc.

And, I can't really argue with the result – the low IQ "park your money in the S&P 500" has still doubled the money (tho, again, inflation and the weakening dollar ding that) – so, sure, I'm sure I've missed some opportunities but we're still way ahead.

 

[xaelia]

But, I’m somewhat at a loss as to where to spend that actually makes my quality of life appreciably better. What has everyone else found that isn’t just “fancier X” but actually makes life better?

Should also note, in concert with "using money to make our QoL better", we'll also be increasing our charitable giving.

 

[Groove]

I've been so damn focused on my retirement savings and being able to escape EM completely, burned out to an ever living crisp, patiently awaiting my hours being cut back to 120 and last night was my 5th and final overnight in a row and I had a 61F patient arrest at the nursing station. We rolled her into the resus bay, coded her, tubed her, got ROSC pretty quickly, stabilized, worked on her for awhile, spoke with family and admitted to the ICU. I just checked the consult notes today and she's getting extubated and probably discharged in the next few days. I'm so used to 95% of our patients either dying at the end of our codes or dying before discharge from the hospital. If there's one thing that makes me absolutely cold and numb, it's a code.

Today as I battle the circadian nausea and fight off the overwhelming desire to sleep....I'm faced with an odd, satisfied, warm feeling knowing that I actually saved someone last night. I had almost forgotten what that felt like... It makes me consider doing just a handful of shifts even when I'm ready to retire. I'm not sure I'm ready to give it all up quite yet.

 

[HemorrhagicShock]

Ditto. My wife also requested a pre-nup bc of the lopsided finances. We actually decided after the initial consultation with the lawyer that we would go without one (this is specific to our situation bc of marriage laws in Cali). But just being mature enough to go through the process says a lot about both spouses in a marriage.

Once I really looked into CA's divorce laws I realized that it was a giant minefield and that it's probably better just to commit suicide/leave the country rather than deal with having to pay the lower-earning spouse alimony indefinitely. Some of the situations I hear regarding dudes paying their wives healthy 5 digit sums indefintiely are enough to scare anybody away from marriage.

In fact, I recommend to medical students and residents to simply avoid marriage unless their goal is children (I'm strongly of the mind that children should be raised within that marriage context). Outside of children though? There's no point in involving the government in your relationships.

No worries now since I don't have an income, just short or long-term capital gains!!!!

 

[WhatJobDoIPick]

I'm rooting for you!

For the first few years of being an ER doc (prior to COVID) I would have told you it was worth it, and I genuinely had fun being an ER doc. I got a ton of cred from laypeople for it too.

But many years into the post-COVID landscape, this field turned into a massive hellscape. Truly a waste of an MD, and the kind of caliber of person that can make it to medical school.

I think a vast majority of ER docs are coping hard with how they justify their positions, unless they're satisfied working in some trash-tier fly-over nowheresville state or another awful suburban wasteland.

I think I figured out by the end of residency that I had made a big mistake, but I wasn't about to do another residency.

Had a nice CMG education early on about how no one cares about us. Then COVID hit and I REALLY learned it.

We all have our wins, and I have my good memories about the nice and kind patients we helped, but I'm getting tired.

 

[finalpsychyear]

I've been so damn focused on my retirement savings and being able to escape EM completely, burned out to an ever living crisp, patiently awaiting my hours being cut back to 120 and last night was my 5th and final overnight in a row and I had a 61F patient arrest at the nursing station. We rolled her into the resus bay, coded her, tubed her, got ROSC pretty quickly, stabilized, worked on her for awhile, spoke with family and admitted to the ICU. I just checked the consult notes today and she's getting extubated and probably discharged in the next few days. I'm so used to 95% of our patients either dying at the end of our codes or dying before discharge from the hospital. If there's one thing that makes me absolutely cold and numb, it's a code.

Today as I battle the circadian nausea and fight off the overwhelming desire to sleep....I'm faced with an odd, satisfied, warm feeling knowing that I actually saved someone last night. I had almost forgotten what that felt like... It makes me consider doing just a handful of shifts even when I'm ready to retire. I'm not sure I'm ready to give it all up quite yet.

Yes. This is the goal. Build up nw in youth so as time progresses ur working for other reasons. 1 day shift a week sounds ideal but obviously it needs to make sense financially.