This is the point. Put in 50K for 10 yrs. At 40, you can cut down to 1/2 time hospital. Do Urgent care. Do telemed. Do something you like that pays the bills. By the time you are 65, you will have plenty of $$$
Cars seem to be on the higher side
2 Toyota Rav 4 awd hybrids at 1.75% 48 mo about 790 each but will own them and they last 200k easy and get 40mpg. A camry awd 2022 is only 100 less per month and gets worse mpg. Cars only selling at MSRP these days stinks.
Was able to sell BTC around $40K and ETH around $3000 in March of this year (half of my cryoto overall), but unfortunately didn't sell enough. Was able to make some nice profit overall from 2020 buys and was able to raise some cash. So far 2022 overall has been brutal for me. I did a fair amount of hedging and I'm still down almost 15% YTD because growth-tech has absolutely been pummeled / slaughtered. At one point was down almost 25% ... brutal stuff.
I'm sure you understand the concept of inflation. The historical S&P return is around 7% when taking inflation into account. This is not semantics. 11M today will have much more purchasing power than 11M in 25 years when your hypothetical 30yo physician gets to age 55. A 10M portfolio increases to 21M by age 65. This is all assuming 100% stocks, which most will not have the appetite for.
www.whitecoatinvestor.com
Let's say someone gets smart with money in their 40's, can they still retire with >$5 million on a physicians salary?I'm sure you understand the concept of inflation. The historical S&P return is around 7% when taking inflation into account. This is not semantics. 11M today will have much more purchasing power than 11M in 25 years when your hypothetical 30yo physician gets to age 55. A 10M portfolio increases to 21M by age 65. This is all assuming 100% stocks, which most will not have the appetite for.
"If any doc can't have 10M at age 65 starting at 30 yrs old making 350K, then they have made poor financial or personal decisions. A few divorce will kill your net worth no matter what you do."
And yet.. 83% of physicians 65-69yo have a NW less than 5M, with 24% under 1M according to a medscape survey from 2020. 10M at 65 is the exception, certainly not the norm.
Average Doctor Net Worth by Age - What Percent Are Millionaires? | White Coat Investor
Too many docs never build significant wealth despite their high incomes. Want to be an above average physician and become a millionaire? Make plans now to ensure you aren't in that category when you retire.
Do you disagree that the majority of doctors are underaccumulators of wealth due to their financial and personal decisions?I'm sure you understand the concept of inflation. The historical S&P return is around 7% when taking inflation into account. This is not semantics. 11M today will have much more purchasing power than 11M in 25 years when your hypothetical 30yo physician gets to age 55. A 10M portfolio increases to 21M by age 65. This is all assuming 100% stocks, which most will not have the appetite for.
"If any doc can't have 10M at age 65 starting at 30 yrs old making 350K, then they have made poor financial or personal decisions. A few divorce will kill your net worth no matter what you do."
And yet.. 83% of physicians 65-69yo have a NW less than 5M, with 24% under 1M according to a medscape survey from 2020. 10M at 65 is the exception, certainly not the norm.
Average Doctor Net Worth by Age - What Percent Are Millionaires? | White Coat Investor
Too many docs never build significant wealth despite their high incomes. Want to be an above average physician and become a millionaire? Make plans now to ensure you aren't in that category when you retire.
I'm sure you understand the concept of inflation. The historical S&P return is around 7% when taking inflation into account. This is not semantics. 11M today will have much more purchasing power than 11M in 25 years when your hypothetical 30yo physician gets to age 55. A 10M portfolio increases to 21M by age 65. This is all assuming 100% stocks, which most will not have the appetite for.
"If any doc can't have 10M at age 65 starting at 30 yrs old making 350K, then they have made poor financial or personal decisions. A few divorce will kill your net worth no matter what you do."
And yet.. 83% of physicians 65-69yo have a NW less than 5M, with 24% under 1M according to a medscape survey from 2020. 10M at 65 is the exception, certainly not the norm.
Average Doctor Net Worth by Age - What Percent Are Millionaires? | White Coat Investor
Too many docs never build significant wealth despite their high incomes. Want to be an above average physician and become a millionaire? Make plans now to ensure you aren't in that category when you retire.
what is your specialty? That’s just wrong when midlevel that are clueless make in the 120-130s it’s so wrong of a doc to make that. You need to renegotiate your contract mvenus.I'm also going to keep pointing out that not all docs make 350K. I realize I made a financial choice to go into my specialty, but my salary is <200K.
There is a reason why most docs have financial IQs of teenagers. Obviously all docs have a unique situation but I still will contend that any doc who is an attending before 35 should have a min of 5+min in 20 yrs if they are taking home 250K/yr. There is a reason pro sports athletes who have made 100M in their career are broke, they outspend their paychecks. If the NBA just force save the 1st $1M of each player's initial contract into the S&P at the typical age of 20, they would have 17M (about 7M in todays money) if they didn't contribute another cent by age 65.
You're clearly not peds. Most peds subspecialists make in the high 100s to low 200s for salary. We make significantly less than our adult counterparts. No amount of negotiating is going to increase my salary that significantly because this is the standard for the field. And going into private practice 1) doesn't meet my career goals, and 2) is logistically challenging in my field due to the need for ancillary services (though less logistically challenging than some other subspecialties) and use of expensive medications that take a lot of time to get prior authorization for.
Money is only a small piece of a much bigger picture. Many of the happiest people in the world have nothing, and many of the most miserable people are rich, and I think that is often lost on these threads. You can totally save ~50k/year making ~200k. It might mean sacrificing a bit, but long term you will have plenty for retirement if you learn to live on less early.
I was under the impression that the EM job market is pretty tight, heavily infiltrated by PE, with a projected surplus of >10K ED physicians by 2030?
He said he's not worried about that.
and the NP/PAs are clueless I assume.
Most graduating medical students have no idea about money or the future of healthcare. It's rare when you can have a sitdown discussion about these topics.
No he means that it depends on how much money you get from your parents. Most people start with nothing or debt, while I know people who have had all of their schooling paid for and have been given starter investment accounts. You tend to stay in the same wealth bracket that you started in.
Generally speaking, I think that is correct. For the most part, social mobility is largely frozen due to the high costs of education with relatively low return with wages.
If you pay off your home in these 10 yrs, it might be possible.
Just FYI, the median household income is $67k. $7k/month is actually quite above average spending.
Make sense number wise , but we tend to disregard human behavior in a lot of these things.
Plus it’s assuming one can’t do both at the same time. I made jumbo payments and am about 45k away from paying off my house. Have been putting in 10k a month in the stock market, and will have more to invest once the house is paid off
