D
deleted87051
Advertisement - Members don't see this ad
Are New Anesthesia Attendings HENRYs or are we Just HENR
Started by gaspusher
D
deleted87051
Yes. The courses are likely very similar but the roommates, study groups, labs, internships, and mentoring are not.
I can only attest to my experience. But in my opinion, the "value" is not so much in the classroom as it is in the education you get from your peer group. I attended Stanford undergrad and what was memorable was the diversity of experience/excellence in my fellow students. There were otherworldly physics/ math geniuses, amazing philosophy/ polisci geniuses as well as olympic athletes. It taught you a certain humbleness about how no matter gifted you were, there was probably someone easily two standard deviations further out than you. I value what I learned from my classmates more than any class I took although I do have to say that taking econ classes from John Taylor and psych classes from Phil Zimbardo and behavioral biology from Sapolsky was a plus. It was the staying up til the wee hours of the morning discussing our dreams and aspirations and seeing how my fellow dormmates really had different POV's which I found so valuable and life altering.
I don't discount the "network" effect as it has given me much value later on in life. Connections matter in this world. It's something that I wish wasn't true, but it is a sad truth of the world we live in. This diversity of POV's has also been a valuable counter to the myopia that I tend to see in medicine i.e."I am an expert in medicine so I conflate that with being an expert in fields outside of medicine". Sadly, we aren't the only vocation that has this weakness as we see with the tech bro & finance bro overreach.
Now I also recognize that the elite institution have changed a bunch since I was there. I see how Stanford has become somewhat half jokingly but somewhat not...a tradeschool for quants/PE/VC...or tradeschool for AI/data science bros...There isn't the diversity of vocational pursuit that I remember from when I attended. YMMV. I do see value in some of these institutions...now is it worth the financial cost? That I would say is really only a matter of opinion. No different than whether you think that a rolex is worth 10's of thousands of dollars, whether california is worth the sunshine tax, etc. etc.
Finally, I do believe Scott Galloway's assertion is kind of right...elite higher ed institutions are becoming hedge funds that provide classes for the children of their investors.
I don't discount the "network" effect as it has given me much value later on in life. Connections matter in this world. It's something that I wish wasn't true, but it is a sad truth of the world we live in. This diversity of POV's has also been a valuable counter to the myopia that I tend to see in medicine i.e."I am an expert in medicine so I conflate that with being an expert in fields outside of medicine". Sadly, we aren't the only vocation that has this weakness as we see with the tech bro & finance bro overreach.
Now I also recognize that the elite institution have changed a bunch since I was there. I see how Stanford has become somewhat half jokingly but somewhat not...a tradeschool for quants/PE/VC...or tradeschool for AI/data science bros...There isn't the diversity of vocational pursuit that I remember from when I attended. YMMV. I do see value in some of these institutions...now is it worth the financial cost? That I would say is really only a matter of opinion. No different than whether you think that a rolex is worth 10's of thousands of dollars, whether california is worth the sunshine tax, etc. etc.
Finally, I do believe Scott Galloway's assertion is kind of right...elite higher ed institutions are becoming hedge funds that provide classes for the children of their investors.
Advertisement - Members don't see this ad
Yes
It can add value if you are very talented AND seeking a high paying career AND go to thr best schools.
But its a pyramid...the number of kids who go to expensive private elementary, private high school and private undergrad/grad school and then fully utilize the opportunities provided and turn it into a high paying career that they wouldn't have had otherwise...is very small..as is shown in the average salary data for the best schools.
So the safest bet is to go public school and invest the savings...thats virtually guaranteed
But hey, if you have tons of resources, go for it
Ok, sure. But you’re still an anesthesiologist possibly doing pain based on the username. Idk how far out you are from residency but connections from undergrad mean jack squat once you’re an attending practice ing
55-60% of Stanford students are from public schools, so expensive private pre-college appears unnecessary
The majority of ceos are from public (88%)
No one is saying private is better than public. Choose what you like. I have the $$$ to pay for private schools and that is my choice to pick private schools.
Why do some here feel the need to tell someone how to spend their money?
Why do some here feel the need to tell someone how to spend their money?
It’s a thread about HENRY vs permanent HENR
I’d say this is the best thread to tell others how to spend their money.
its the psychology behind the choice that is being analyzed
can argue its because of one reason or another, but behind it all is usually some type of status seeking, which is why it kind of goes hand in hand with the fancy cars. "im better than the average person in this town" is the vibe those kind of choices give off particularly when you are already in a nice zip code with good schools
No one is judging you and telling you what you want to do with your money and your children’s education.
These are all personal choices. Do what’s best for your kids.
If you can afford it. Do whatever you want. I blow 50k a year on vacation the last 8-9 years? Is it blowing money away? I’m up in New York this weekend for the us open tennis. And I’m flying out to Italy in a few weeks for 4 days for a quick wedding I got invited to. It’s just money.
This thread is Henry and high earners.
Suzy orman used to have a show call can you afford this. She will tell callers if they should be spending money on certain things.
So to the Op of this thread. She will say NO to the 3.5 million dollar house. She normally would say yes to “good debt” but she will agree with most of use 2.7 million dollars of mortgage debt at 7% is bad debt.
Suzie orman will also say “yes” to you sending your kids to private school because you can afford it.
Suzie orman will also say yes to my vacation habits because I can afford it.
Some of us had negative experiences in public schools growing up. So we decided to try and eliminate that for our kids. Thus private schools.
Vastly better college resources than I had were available for my kids
But in any event it’s my money and I care to spend it this way.
Vastly better college resources than I had were available for my kids
But in any event it’s my money and I care to spend it this way.
Correct. Spend it anyway you want to. Just don’t complain like the op complained not being able to afford his house to do other things like take a nice vacation
I’d probably be retired and /financially independent by age 45 if I didn’t choose to get married and have 2 kids. Raising a family can suck the financial life out of most of us.
These are all decisions we make.
If you value private school go for it. Don’t complain about the costs. No one is holding a gun to your head to send your kids to private school or to buy a 3.5 million dollar home.
Anyone making 700k income even with 10% California state income taxes and doesn’t have horrible work hours shouldn’t complain about money.
I don't think I or anyone on this thread who has kids in private schools has complained. I actually agree that private schools add very little educational value vs a good public and if looked from this lens its a big waste of money. Our family have other personal reasons for choosing private but statements like, "you must have ****ty public schools" by a poster, is quite inflammatory and myopic. Some saying its a status symbol is ignorant too.
Just like you choosing to have kids. Would be dumb for someone to say, "You must have a ****ty life to need to have kids"
People just look at test scores and think that private schools are a waste of money.
More involved parents matters
more responsive administration to issues matters
smaller schools and smaller classes matters
more resources matters
more involved and qualified teachers matters
Our school have very little kiddie behavioral because parents are involved. Parents know each other. Issues get resolved at the child and parent levels.
the $500K+ I will spend to put my kids in private schools is one of my best ROI investment.
This is an financial/investment thread. ROI is a financial/investment term.
So, in terms of ROI, its not a good investment in the majority of cases.
If you personally want to do it fine. If you personally want to drive a lambo and get immense joy..great! But that doesn't make a lambo a good ROI. Thats investment terminology
Its a different discussion
Advertisement - Members don't see this ad
You guys are such idiots. Successful well adapted kids are the ultimate ROI of all the things we do to raise them including educational choices. This thread is like the echo chamber on WCI about never buying a new car or you won’t be FI.
It is literally impossible to have a real discussion about public vs private schools between anonymous posters when every school district is unique. Not all public schools provide a good education and not all private schools cost $50K per year. Quality and cost exist on a continuum and every location is unique.
When did they graduate?
This literally can be applied to everything everyone choses in life.
Went to a fine steak house? idiotic ROI, just go to outback
Buy a car over 20K? Idiot ROI, just get a nice used toyota
spend $300 at nice hotel? idiot ROI, just stay at red roof in
Spent 5k going to destin? idiot ROI, just drive to your local beach
have a maid? idiot ROI, get on your knees
have a lawn guy? idiot ROI, go out and sub for exercise
Joy, peace of mind, experience is the best financial ROI. Much better than watching my bank account increase by another 5% yearly.
They never control for IQ in these studies hahaThere is very little direct correlation between pre college schooling and ultimate employment. Even expensive college and grad school is a poor ROI.
High performers will do well in public schools. Same AP classes, same curriculum, etc.
According to the Department of Education Scorecard, former Ivy League attendees who received federal aid earn a median of about $90,500 a decade after starting school.
Median Income Earned By Ivy League Graduates: Unimpressive At First
One reason why you might want to attend an Ivy League college or similar college is to earn a higher income. As a parent, you hope your child attending an elite university will make them upwardly mobile. A better life is what every parent wants for their kids. And a better life often means havingwww.financialsamurai.com
Entirely unimpressive
If you want to stay in medicine and want to make 7 figures in the long term, you better own something.
There is a finite amount of time in a day to crank out RVUs. There is a finite amount of years someone can physically crank out the RVUs.
Better to own, then let others crank out the RVUs.
Let me know that nice hotel where I can only spend $300/night.
I celebrate when I find something nice that is $500-600/night for a family of 4.
Last edited:
Teach your kids a work ethic and control entitlement. My brother and I went to public school… single parent home and our mom had problems. Both went to state universities. Both of us were raised by wolves… but found a way to be successful in our own.
My half brother had a two parent home and a famous private school advantage. String$ were pulled to get him into Rice off the wait list and he’s gotten every job he’s ever had bc his parents put up the money for his start up or my dad and his friends pulled strings to get him jobs. Often he’s been let go because he’s asked for a raise after a year and he hasnt done well after connections got him in the door. I love him - he’s my half brother - but objectively most of you would think he’s a jerk.
My point is public or private school doesn’t matter…. A good education requires a good student. Most kids need the lesson these days that life doesn’t owe them anything… if you want something - make it happen.
My half brother had a two parent home and a famous private school advantage. String$ were pulled to get him into Rice off the wait list and he’s gotten every job he’s ever had bc his parents put up the money for his start up or my dad and his friends pulled strings to get him jobs. Often he’s been let go because he’s asked for a raise after a year and he hasnt done well after connections got him in the door. I love him - he’s my half brother - but objectively most of you would think he’s a jerk.
My point is public or private school doesn’t matter…. A good education requires a good student. Most kids need the lesson these days that life doesn’t owe them anything… if you want something - make it happen.
Just a hyperbole but I am currently staying at a 1200/nt room w the family overlooking the pool and golf course. Great ROI.
Exactly. But I choose Private over public no different than someone spending $200 on a steak vs going to outback. They are the same protein once it hits your stomach.
I like the private better for many personal reasons just like I like a $200 steak much better
Can one even do that?
Of course most people do it. I got tax receipts for everything.
Just can’t deduct the us open tickets as trump eliminated “entertainment” expenses for business in 2017. But u can still write off the meals you consume at the sporting event.
D
deleted87051
When I was a med student, our student activities office would pass out a stash of US Open tickets every year. They also had free broadway shows, opera, Yankees, rock concerts. I went to a Lynyrd Skynyrd concert because it was free. Don and Carol were the most popular people at school.
Advertisement - Members don't see this ad
D
deleted87051
Our daughter went to an expensive (23-28k/year) private school for K-8. Most of her schoolmates were doctor/lawyer/tech/biotech worker kids. But there were also real estate developer and finance kids. A couple were grandkids of billionaires and kids of pro athletes. They got the whole week off for Presidents’ Day which they called “ski week”. Some families flew in private jets. She then went to our local public high school. While she did learn to write very well at that private school, it wasn’t a great fit for her or for our family. She was actually a lot happier in high school when she attended our local public high school which didn’t have any billionaire grandkids but offers AP everything.
Last edited by a moderator:
My wife and family are employees of my business. We only take trips with our kids if we do business. We only go out to eat when on business. We only shop for clothes used for business. 😉
Again, if you make alot of $$$, you need to try your best to act like Bezos.
Nah. I disagree. Your own kids don't have to be "angels" but you can't deny some kids are terrible. There are degrees to awfulness.
Some kids act like straight up delinquents and their parents don't care.
The main downside of the public school system is that these types of kids can really ruin the experience especially since schools don't expel/punish like they did 20 years ago.
oh wow..i guess bezos created amazon for low level tax evasion
This really isn’t an issue for any kids with a chance of real success in college, or children of smart people like doctors. In most public schools, kids who have potential will be cordoned off or given more resources and special classes.
It’s not like the bad or dumb kids are ruining the algebra classes in 7th grade for the smart kids.
The issues arise when disruptive kids disrupt kids who would max out at a high school diploma or ged and need to have basic math or writing skills. If they can’t learn due to disruption their life outcomes may be worse due to not graduating high school.
The bad kids should be identified early and be put in practical skills programs or low level job training instead of high school. Some people weren’t meant to learn algebra or geometry and that’s never changing.
Amazon didn’t make “profit” for almost 10 years. Even after its IPO. Yet bezos homes got bigger.
Yet the irs goes after a low level Asian nail salon owner in Washington DC area for under reporting in in their businesses
And that’s why I roll my eyes at the liberals on these boards saying irs enforcement collects more tax revenue.
Yet these huge public companies like Amazon even after their ipo are still able to report no income (cough cough reinvestments just like emergents reinvests in clothing for his employees) and negative profits and still pay their executives especially through stock options.
Threshold to write off a meal is to discuss business. When I have meals with my employees, we discuss business. I am allowed to write it off like every business. Just following the tax laws.
I agree it's unfair. Not the point I was making. Anyway, give us more juicy stuff. How did you guys make your millions..can't be by writing off scrubs and jimmy johns. Teach us.
Something else that seems relevant is that, it seems anyway, it’s easier to cluster with people who don’t give their kids tons of screen time or motorcyc… I mean, “e-bikes” at smaller private schools.
I’m sure many are from the discussion here. I am at level 4. But hope to be at level 5 in 10-12 years
It would < 10% of us in my opinion. Almost all of us in this discussion are < 55 yrs old. One needs a VERY high income and time to accumulate that kind of wealth unless you own a big business.
I'm pained whenever I spend that much, though I have simple taste and don't have a family. Admittedly, hotels these days are out of control, especially on the weekend. I keep thinking it'd be fun to do a weekend in San Diego and then whenever I look the hotels are absolute madness and I call it off.
Live a little. Splurging a bit on hotel costs to have an enjoyable trip is worth it.
I look back on some of my expenses with travel. Earlier in my career, I would focus excessively on the cost of certain parts of a vacation. Now looking back, it was never a big deal and didn't change the trajectory of my savings etc.
I'm not saying spend an extra $30k on a vacation, but a few thousand , especially if you are pretty good about being reasonable financially otherwise, isn't a big deal.
Advertisement - Members don't see this ad
Only docs I know off who are worth more than 100 million are business owners , 2 made it in in real estate, other sold out to PE multiple urgent care centers in NW Florida panhandle. And he was a plastic surgeon. So his plastic surgeon business didn’t generate the money. It was the urgent care business that generate money.
Yeah, you don’t have to go crazy, but upgrading a little makes things a whole lot easier/nicer, especially with kids.
Our last vacation, the family wanted the beach. We wound up booking a room in a nice historic hotel with direct beach/ocean access, an outdoor area with a fire pit where we could be adults while kids slept, and easy access to food options. A little north of $500 a night, but we got a night free and a bunch of other credits. If we didn’t have closer options, I suspect it would become a yearly thing.
My wife is even cheaper than me and needed a lot of reassurance that spending like $5k for our biggest trip of the year was fine. That’s the other way to build wealth - have a partner who is high income and/or low cost.
7 Yrs.
I think level 5 doesn't start til 20m these days If the definition is house freedom. Maybe 30 in some.
5m is needed in certain real estate vhcols for a quality home...
Even if you primary residence is 5M, I think 10M is the right number given that the remaining 5M give a lot wiggle room.
100m is private jet territory. I think that is what differentiate level 6 from level 5 (and higher end of level 4).
Similar threads
