Being a hospitalist sucks, and I'm quitting

[HemeOncHopeful19]

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How many of those trade workers have net worths approaching a couple million before 40 years old? Not uncommon for physicians.

I think you have either a skewed idea of how much most physicians make and save or a weird definition of uncommon if you think a couple million is “not uncommon” by age 39.

 

[sloh]

I think you have either a skewed idea of how much most physicians make and save or a weird definition of uncommon if you think a couple million is “not uncommon” by age 39.

Average Doctor Net Worth by Age – What Percentage 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.

www.whitecoatinvestor.com

Approximately 17% for just 1M haha

 

[glorifiedresident]

How many of those trade workers have net worths approaching a couple million before 40 years old? Not uncommon for physicians.

yeah that was a strange post.

 

[chessknt]

Average Doctor Net Worth by Age – What Percentage 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.

www.whitecoatinvestor.com

Approximately 17% for just 1M haha

That was published before everyone bought PEPE and DODGE and became crypto billionaires and the stock market money machine when to infinity. Should be 2x all those numbers now

 

[dozitgetchahi]

"Just take the abuse bro" I can assure you, everyone I know in engineering and law doesn't deal with even 1% of the bs clinicians have to deal with. All of my family and friends are in those fields and they essentially laugh at doctors for making a poor career choice

This is where I don’t agree.

I knew a lot of engineers from college. They’re generally not doing as well as the docs I know. Many of these engineers aren’t even making six figures. The “rich Silicon Valley tech bro” is a distinct minority among the engineering crowd (and even then they’re usually making just about $300k in an extremely HCOL locale - and they work their asses off). Not to mention that a huge portion of these jobs is starting to be replaced by AI.

Law? Lmao if you think they’re getting treated better than we are. The stats on attorney compensation are also not great (average comp for lawyers is something like $85k). Law is oversaturated - many lawyers never find jobs in law. I have a few lawyer friends, and the type of abusive **** they have to put up from employers, clients etc is unbelievable. Again, there’s a small fraction of lawyers who make big bucks, but that’s not the usual experience. And believe me, the amount of work they put in to make that money is immense.

Medicine is tough at times, but it’s not *that* bad for the money I make and the time I spend working.

 

[glorifiedresident]

This is where I don’t agree.

I knew a lot of engineers from college. They’re generally not doing as well as the docs I know. Many of these engineers aren’t even making six figures. The “rich Silicon Valley tech bro” is a distinct minority among the engineering crowd (and even then they’re usually making just about $300k in an extremely HCOL locale - and they work their asses off). Not to mention that a huge portion of these jobs is starting to be replaced by AI.

Law? Lmao if you think they’re getting treated better than we are. The stats on attorney compensation are also not great (average comp for lawyers is something like $85k). Law is oversaturated - many lawyers never find jobs in law. I have a few lawyer friends, and the type of abusive **** they have to put up from employers, clients etc is unbelievable. Again, there’s a small fraction of lawyers who make big bucks, but that’s not the usual experience. And believe me, the amount of work they put in to make that money is immense.

Medicine is tough at times, but it’s not *that* bad for the money I make and the time I spend working.

the person has some serious grass is greener going on.

 

[DrMetal]

"Just take the abuse bro" I can assure you, everyone I know in engineering and law doesn't deal with even 1% of the bs clinicians have to deal with. All of my family and friends are in those fields and they essentially laugh at doctors for making a poor career choice

Now you're not be very 'hopeful' rad daddy ! Yes, plenty of people deal with bs in the workplace. The more educated your are and the lengthier the training in your chosen profession, the more potent the bs. This is easy to see.

The problem with medicine is: it's hard to change, it's hard to go do something else. A general surgeon can't just switch to outpatient pediatrics. An aeronautical engineer can switch firms and do more mechanical engineering (to some extent).

Now a doctor can switch, say from inpatient to outpatient (within their specialty), or something more admin leadership related. I don't know that that solves all your problems though, may even make it worse.

Bottom line is: we have lot of problems in medicine. You can either find and implement solutions . . . or you can block out most of the BS and carry about your day.

If you have solutions, I'm all ears, the floor is yours.

 

[VA Hopeful Dr]

thousands of other ways to obtain this rather than from medicine

Not guaranteed the same way it is for medicine.

I'm just an FP but I don't know that many lawyers who make what I do. Most do well, but not me well and I make way less than almost everyone else in medicine.

Lawyers and engineers and tech people CAN make more than physicians but the majority don't.

As a physician as long as you aren't a lazy idiot you'll definitely break 300k/year and usually a fair bit more.

 

[anonperson]

"Just take the abuse bro" I can assure you, everyone I know in engineering and law doesn't deal with even 1% of the bs clinicians have to deal with. All of my family and friends are in those fields and they essentially laugh at doctors for making a poor career choice

Medicine isn't perfect but I know lawyers and engineers.

The main one killing it, is with Google (lot of RSUs).

The other works for Microsoft and had been stressing about the recent layoffs. He's been complaining that the company culture has shifted and it's stressful/short sighted/everyone's worried about their own skin etc.

You can definitely make elite money in biglaw but it's a pyramid system and unless you're T14 you can automatically get locked out of those opportunities. And I know their are malignant personalities in law.

This was not too long ago regarding finance:

The Dark Side Of Investment Banking: Stress, Pressure And 100-Hour Workweeks

Extreme working hours and poor work-life balance for junior bankers at major investment banks have come into focus, following the recent deaths of two Bank of America employees.

www.forbes.com

Medicine Has it's issues but is not bad in the grand scheme of things. Money is decent. Hours are what you want essentially. I have never worried once about being fired/laid off. Each time I left a job, I had another already lined up who was asking if I could start sooner.

But this fairy tale that other professions have it made isn't true. And this fantasy that every physician would have somehow been an elite level software engineer at Meta or Biglaw senior partner isn't even remotely close.

 

[NITRAS]

I think you have either a skewed idea of how much most physicians make and save or a weird definition of uncommon if you think a couple million is “not uncommon” by age 39.

Maybe I’m biased by, me. With a non-working wife, a couple kids, who make who has never made $400k a year, and mostly made in the $200’s until the last few years, has a net worth of just shy of a couple million. Turning 40 in a couple months.

 

[Mehena]

If you check some of the Boglehead forums and Reddit threads, the NW some non-medical folks build at such a young age and their plans to retire in their 40s is honestly astounding. But it really is more the exception than the rule. Sometimes, I feel like an utter failure in comparison.
That said, I truly believe medicine has been a great gift. It gave me a voice, social standing, and extricated me out of the jaws of a poverty cycle.
Thinking now seriously about generational wealth, something that would have been completely unimaginable in my extended family just 20 years ago.

@NITRAS , how long have you been practicing as attending? That is impressive NW. Rice and beans, beans and rice life? Kudos.

 

[NITRAS]

If you check some of the Boglehead forums and Reddit threads, the NW some non-medical folks build at such a young age and their plans to retire in their 40s is honestly astounding. But it really is more the exception than the rule. Sometimes, I feel like an utter failure in comparison.
That said, I truly believe medicine has been a great gift. It gave me a voice, social standing, and extricated me out of the jaws of a poverty cycle.
Thinking now seriously about generational wealth, something that would have been completely unimaginable in my extended family just 20 years ago.

@NITRAS , how long have you been practicing as attending? That is impressive NW. Rice and beans, beans and rice life? Kudos.

10 years. Not a rice and beans life, though we did that in med school and residency. Married well.

I have no plans to retire. I still love medicine.

 

[Nocturnist]

"Just take the abuse bro" I can assure you, everyone I know in engineering and law doesn't deal with even 1% of the bs clinicians have to deal with. All of my family and friends are in those fields and they essentially laugh at doctors for making a poor career choice

Just had to say that hasn't been my experience at all, to say the least..

My sister in law's a lawyer. After 3 years of law school, graduating valedictorian, then 4 years of clerking for a supreme court judge for minimun wage for 4 years- she now works well over 100 hours a week and is on call 24/7/365 at a big private firm. She worked this entire 4th of July weekend. The partners would send her tasks at 1am on Sunday and she'd get anxious if she didn't get them done by the morning.

My dad and father in law are both software engineers. One of my most vivid memories growing up was my dad sleeping at his desk at work for days at a time to meet project deadlines. They both lived in constant fear of layoffs. Half of my memories of my dad was him in fear of his job imminently getting outsourced to India or Ireland, of surviving this round of layoffs, and how he's never going to find another programming job in his 50s or 60s. Both were ultimately essentially forced into retirement with severance packages.

My brother in law's in finance/business. Passed his series 7. Gave up on the career after the 4th or 5th investment Bank fired him for not bringing in the quota of clients.

My mom and sisters are all accountants. Much more stable but lower paying. Have you ever met an accountant the 3-4 months before tax time?

I'm the only one of them with a beach house and a net worth in my 30s they could maybe dream of in retirement if they're lucky. I can't say they always understand exactly what i do, but I can assure you none of them laugh at me.

 

[dozitgetchahi]

Maybe I’m biased by, me. With a non-working wife, a couple kids, who make who has never made $400k a year, and mostly made in the $200’s until the last few years, has a net worth of just shy of a couple million. Turning 40 in a couple months.

It happens if you’re careful about spending and investing, yea.

But I know lots of doctors in their 30s-40s where that isn’t happening. It’s often an issue with excessive spending, but life happens too.

 

[VA Hopeful Dr]

It happens if you’re careful about spending and investing, yea.

But I know lots of doctors in their 30s-40s where that isn’t happening. It’s often an issue with excessive spending, but life happens too.

Wife and I are both doctors and our net worth (excluding house) isn't nearly that high.

But, we work for what is technically a county hospital so we're in the state employee pension plan. If I last until the full retirement age (62.5 for me), I can either get around $12k/month for the rest of my life or get around $9.5k and then when I die my kids each get around 3k/month for the rest of their lives.

Wife can do the same. So 24k/month if we take the full amount. Just shy of 20k and then leave a nice monthly income to our kids.

We also have standard 401k plans but not much past that.

 

[stohn_jamos]

This is where I don’t agree.

I knew a lot of engineers from college. They’re generally not doing as well as the docs I know. Many of these engineers aren’t even making six figures. The “rich Silicon Valley tech bro” is a distinct minority among the engineering crowd (and even then they’re usually making just about $300k in an extremely HCOL locale - and they work their asses off). Not to mention that a huge portion of these jobs is starting to be replaced by AI.

Law? Lmao if you think they’re getting treated better than we are. The stats on attorney compensation are also not great (average comp for lawyers is something like $85k). Law is oversaturated - many lawyers never find jobs in law. I have a few lawyer friends, and the type of abusive **** they have to put up from employers, clients etc is unbelievable. Again, there’s a small fraction of lawyers who make big bucks, but that’s not the usual experience. And believe me, the amount of work they put in to make that money is immense.

Medicine is tough at times, but it’s not *that* bad for the money I make and the time I spend working.

True this. My cousin is a lawyer and works harder than an intern.

 

[sloh]

Just had to say that hasn't been my experience at all, to say the least..

My sister in law's a lawyer. After 3 years of law school, graduating valedictorian, then 4 years of clerking for a supreme court judge for minimun wage for 4 years- she now works well over 100 hours a week and is on call 24/7/365 at a big private firm. She worked this entire 4th of July weekend. The partners would send her tasks at 1am on Sunday and she'd get anxious if she didn't get them done by the morning.

My dad and father in law are both software engineers. One of my most vivid memories growing up was my dad sleeping at his desk at work for days at a time to meet project deadlines. They both lived in constant fear of layoffs. Half of my memories of my dad was him in fear of his job imminently getting outsourced to India or Ireland, of surviving this round of layoffs, and how he's never going to find another programming job in his 50s or 60s. Both were ultimately essentially forced into retirement with severance packages.

My brother in law's in finance/business. Passed his series 7. Gave up on the career after the 4th or 5th investment Bank fired him for not bringing in the quota of clients.

My mom and sisters are all accountants. Much more stable but lower paying. Have you ever met an accountant the 3-4 months before tax time?

I'm the only one of them with a beach house and a net worth in my 30s they could maybe dream of in retirement if they're lucky. I can't say they always understand exactly what i do, but I can assure you none of them laugh at me.

Have a friend who is a lawyer who works like a dog on the east coast. Like 90-100 hrs/week just to make 500k lol. He considers himself one of the "lucky" lawyers as well. Most of us would/could hit 500k just by working like 50-60 hrs/week.

 

[Splenda88]

Respectfully disagree, patients and families (and NP PCPs!) asking about irrelevant minutiae of CBC abormalities after I’ve already said “your labs look good” definitely gets irritating because they rarely will take “that MCHC/Red Blood Cell # is irrelevant” for an answer and seemingly imply I’m not thorough enough.

I mean realistically it’d be interesting to do a study of what % of CBCs actually come back with completely normal range values. I’d guess it’s less than 30-40% but maybe I’m biased?

Lol. I had a family member who told me I should not say the lab is normal if there are numbers highlighted in red. 🙄

 

[Splenda88]

thousands of other ways to obtain this rather than from medicine

Well, there are other ways, but not thousands.

 

[Splenda88]

I always like to bring that chart when people talk about careers and financial "standings"

The Top 1 Percent: What Jobs Do They Have?

Explore the occupations and industries of the nation's wealthiest households.

archive.nytimes.com

My 2 friends who are engineers (software and civil) were puzzled when I told them that I would make 175k/yr with benefits working 7.5 days/month as a hospitalist.

 

[Splenda88]

Dermatologist with 6M net worth in <10 yrs out of residency. Yes, I looked up her FL license.

 

[eyeeye_captain]

Dermatologist with 6M net worth in <10 yrs out of residency. Yes, I looked up her FL license.

Paying off a $1.1M mortgage in 4 months after starting a business? Sounds like that laid off physician father still had a bankroll. Lives with her parents. Works 80-120 hours a week.

Running over 60% overhead on a mostly telemedicine practice with mostly contractor employees? Woof.

If all of this is true, F all that noise folks. The video is supposed to be a humble brag that just keeps looking more miserable.

 

[dozitgetchahi]

Paying off a $1.1M mortgage in 4 months after starting a business? Sounds like that laid off physician father still had a bankroll. Lives with her parents. Works 80-120 hours a week.

Running over 60% overhead on a mostly telemedicine practice with mostly contractor employees? Woof.

If all of this is true, F all that noise folks. The video is supposed to be a humble brag that just keeps looking more miserable.

Sounds more like fraud than anything else. There’s a whiff of Enron about all of it.

 

[Nocturnist]

Dermatologist with 6M net worth in <10 yrs out of residency. Yes, I looked up her FL license.

Honestly that made me a little sad to listen to.

-She's the only doctor in a clinic she describes as open 24 hours a day, 7 days a week, working 80-120 hours a week. I've rarely heard of any attending working that much, certainly no dermatologist.

-She's credentialed in all 54 states and US territories to the tune of 180k in fees. Just keeping up with recredentialing would be a full time job

-She lives with her parents. I don't see a wedding ring on her finger. There's no mention of a single hobby or friends, which I can't imagine she has any time for.

Her and I graduated med school the same year, and her net worth isn't a whole lot higher than mine. While she'll break away from the pack at this (unsustainable) pace and be tens of millions ahead of me in a decade or two, she seems well on her way to cat ladyhood and dying alone. No shade if that's what she wants in life, but it strikes me as a miserable path for a dermatologist to FIRE.

 

[Splenda88]

Honestly that made me a little sad to listen to.

-She's the only doctor in a clinic she describes as open 24 hours a day, 7 days a week, working 80-120 hours a week. I've rarely heard of any attending working that much, certainly no dermatologist.

Her and I graduated med school the same year, and her net worth isn't a whole lot higher than mine. While she'll break away from the pack at this (unsustainable) pace and be tens of millions ahead of me in a decade or two, she seems well on her way to cat ladyhood and dying alone. No shade if that's what she wants in life, but it strikes me as a miserable path for a dermatologist to FIRE.

You've been red pilled by the late Kevin Samuel

The comments on that video were brutal. Most were saying she looks > 50

 

[Crayola227]

Honestly that made me a little sad to listen to.

-She's the only doctor in a clinic she describes as open 24 hours a day, 7 days a week, working 80-120 hours a week. I've rarely heard of any attending working that much, certainly no dermatologist.

-She's credentialed in all 54 states and US territories to the tune of 180k in fees. Just keeping up with recredentialing would be a full time job

-She lives with her parents. I don't see a wedding ring on her finger. There's no mention of a single hobby or friends, which I can't imagine she has any time for.

Her and I graduated med school the same year, and her net worth isn't a whole lot higher than mine. While she'll break away from the pack at this (unsustainable) pace and be tens of millions ahead of me in a decade or two, she seems well on her way to cat ladyhood and dying alone. No shade if that's what she wants in life, but it strikes me as a miserable path for a dermatologist to FIRE.

I never forget a physician at the top of their career, had a husband and 3 year old (only child, she obviously waited until she was older), proudly telling the first year class she had finally paid off all her loans... she was dead a year later from cancer.

So the pace matters. How sad to give up your life for FIRE and never see that retirement. So you can't kill yourself now for a future you may never get.

 

[dozitgetchahi]

Honestly that made me a little sad to listen to.

-She's the only doctor in a clinic she describes as open 24 hours a day, 7 days a week, working 80-120 hours a week. I've rarely heard of any attending working that much, certainly no dermatologist.

-She's credentialed in all 54 states and US territories to the tune of 180k in fees. Just keeping up with recredentialing would be a full time job

-She lives with her parents. I don't see a wedding ring on her finger. There's no mention of a single hobby or friends, which I can't imagine she has any time for.

Her and I graduated med school the same year, and her net worth isn't a whole lot higher than mine. While she'll break away from the pack at this (unsustainable) pace and be tens of millions ahead of me in a decade or two, she seems well on her way to cat ladyhood and dying alone. No shade if that's what she wants in life, but it strikes me as a miserable path for a dermatologist to FIRE.

I’ve heard of derms who make that much who also don’t work anywhere near that much.

Whatever she’s doing, it’s not the most efficient way for a dermatologist to make money.

 

[eyeeye_captain]

Honestly that made me a little sad to listen to.

-She's the only doctor in a clinic she describes as open 24 hours a day, 7 days a week, working 80-120 hours a week. I've rarely heard of any attending working that much, certainly no dermatologist.

-She's credentialed in all 54 states and US territories to the tune of 180k in fees. Just keeping up with recredentialing would be a full time job

-She lives with her parents. I don't see a wedding ring on her finger. There's no mention of a single hobby or friends, which I can't imagine she has any time for.

Her and I graduated med school the same year, and her net worth isn't a whole lot higher than mine. While she'll break away from the pack at this (unsustainable) pace and be tens of millions ahead of me in a decade or two, she seems well on her way to cat ladyhood and dying alone. No shade if that's what she wants in life, but it strikes me as a miserable path for a dermatologist to FIRE.

I mean, she does have two dogs, a parrot, and her family, so maybe you can say she sort of has a social life? *shrug*

Her website says her father founded a private ICU (didn’t know those existed), so I guess she’s used to non-typical business models.

If you think family members can be tough, try cosmetic patients.

The pay is also nothing crazy good. Every median I can find has derm close to $500k working less than half as much. So we can get to round numbers, say she manages to take 7 weeks off despite the always available stuff. If she’s at the good end and only works 80 hours a week, she makes $250/hr. If it’s in the middle at 100, she makes $200/hr. If it’s 120, it’s $167/hr. She’s just out there grinding.

 

[Nocturnist]

I mean, she does have two dogs, a parrot, and her family, so maybe you can say she sort of has a social life? *shrug*

Her website says her father founded a private ICU (didn’t know those existed), so I guess she’s used to non-typical business models.

If you think family members can be tough, try cosmetic patients.

The pay is also nothing crazy good. Every median I can find has derm close to $500k working less than half as much. So we can get to round numbers, say she manages to take 7 weeks off despite the always available stuff. If she’s at the good end and only works 80 hours a week, she makes $250/hr. If it’s in the middle at 100, she makes $200/hr. If it’s 120, it’s $167/hr. She’s just out there grinding.

Interesting, never heard of a private ICU!

It's pretty clear her dad getting laid off was a traumatic experience and a turning point for her.
Why a private intensivist would be laid off from his own private ICU is beyond me, and why he couldn't find another job the next day is bewildering.

That said, she swung the pendulum way the f the other direction and went ballistic with her compulsion for job security and debt aversion. I mean, paying off 3 million dollars of real estate debt very likely at 2-3% interest in several months? 54 licenses?? That's pathologic.

And yes, all that for a very mid hospitalist hourly rate. I'd actually be at around 1.1M a year not including any bonuses if I worked 100 hours a week.

 

[anonperson]

Dermatologist with 6M net worth in <10 yrs out of residency. Yes, I looked up her FL license.

Interesting video but some questions.

How did her physician father lose his job and just not get anything after? What issues did he have that he couldn't get hired anywhere else?

Making $900k on 80 to 120 hours of work a week isn't that great when looking at the hourly rate.

Is she actually seeing all these patients or does she contract a bunch of mid levels? One of the big issues I have with derm, at least in my area, is they all employ a bunch of PA/NPs who end up seeing any patients I refer. Of course, a decent bit of time the consult ends up being worthless and the patient gets frustrated.

Why is she selling tailored white coats on her website? That's an odd extra thing to sell.

I always roll my eyes when derm or any other specialty starts hawking skin care products. Like the premium she is charging is actually worth it.

 

[sloh]

Most of the episodes on this CNBC Make It channel, at best, invite skepticism with the claims made and images portrayed.

 

[Nocturnist]

Most of the episodes on this CNBC Make It channel, at best, invite skepticism with the claims made and images portrayed.

One of my high school friends was featured in one a while back. She was a starving artist in the big city talking about her financial struggles- the opposite of making it. I do appreciate that all the financial claims are at least pre-vetted and seem mostly accurate. But ya, it's largely a celebration of toxic hustle culture.

 

[Splenda88]

I would have been retired now if I listened to advice like that when I was in my early 20s.

 

[Nocturnist]

I would have been retired now if I listened to advice like that when I was in my early 20s.

Bless your heart dude, but you definitely listed to his advice. Not much more boring and less sexy than a rounding hospitalist 😂

 

[Splenda88]

Bless your heart dude, but you definitely listed to his advice. Not much more boring and less sexy than a rounding hospitalist 😂

Hey, I am not an exciting person. The job fits my personally really well. I could not wait to finish residency to start working. 2-3 hrs rounding, 2-3 hrs writing notes and the rest of the time is spent admitting 1-2 patients and horsing around in the lounge when I am long call. On short call days (3 out of 7 days), I am out of the hospital by 1-2 pm.

 

[Crayola227]

I would have been retired now if I listened to advice like that when I was in my early 20s.

I thought tax attorney was the golden ticket, but a lot of them make average money for professionals like us, 220k, and lawyers gotta grind too and it's competitive. It's also an outlier the ones making millions.

Still, I'm still going around saying 2 words, tax attorney, whenever the topic of which direction to encourage kids. It's now a joke in my family now

 

[HemeOncHopeful19]

I always like to bring that chart when people talk about careers and financial "standings"

The Top 1 Percent: What Jobs Do They Have?

Explore the occupations and industries of the nation's wealthiest households.

archive.nytimes.com

My 2 friends who are engineers (software and civil) were puzzled when I told them that I would make 175k/yr with benefits working 7.5 days/month as a hospitalist.

This chart is complete BS.

It is labeled "explore the occupations and industries of the nation's wealthiest households"***

***top 1% of INCOME, not WEALTH

The top 1% of income is $800,000 per year. I have serious doubts that 27.2% of outpatient docs are making >$800k, but EVEN IF you assume that... the top 1% of WEALTH is $13.7 million. Very, very few physicians are going to hit that amount of wealth in their lifetimes.

 

[Splenda88]

This chart is complete BS.

It is labeled "explore the occupations and industries of the nation's wealthiest households"***

***top 1% of INCOME, not WEALTH

The top 1% of income is $800,000 per year. I have serious doubts that 27.2% of outpatient docs are making >$800k, but EVEN IF you assume that... the top 1% of WEALTH is $13.7 million. Very, very few physicians are going to hit that amount of wealth in their lifetimes.

It's WEALTH.

At that time, the top 1% net worth was < 10 mil.

I also think > 800k/yr is per household, not individual

 

[HemeOncHopeful19]

It's WEALTH.

At that time, the top 1% net worth was < 10 mil.

I also think > 800k/yr is per household, not individual

It is not wealth, although it is labeled as such.

The fine print at the bottom says note: the chart counts the number of individual workers living in households with an overall income in the top 1 percent nationwide.

Agree that it is from 2012 which I didn't realize which does explain a lot. What do you think that chart would look like today?

 

[Splenda88]

It is not wealth, although it is labeled as such.

The fine print at the bottom says note: the chart counts the number of individual workers living in households with an overall income in the top 1 percent nationwide.

Agree that it is from 2012 which I didn't realize which does explain a lot. What do you think that chart would look like today?

It's probably a lot lower given that physician salary has not kept up with outrageous inflation. My guesstimate 14-16%

 

[helpfulApu]

interesting turn the thread took.


another day, another 2 dozen GOMLs (get off my list)

im counting the days down

 

[glorifiedresident]

you're seeing 2 dozen patients? haha a busy day for me would be a dozen patients total.

 

[helpfulApu]

thats why you have time to troll on here

 

[glorifiedresident]

yeah, usually out by 1-2PM. you gotta find the right position

 

[glorifiedresident]

LOL, seeing 24 patients a day and wondering why your life sucks.

 

[wamcp]

I think you have either a skewed idea of how much most physicians make and save or a weird definition of uncommon if you think a couple million is “not uncommon” by age 39.

I’m mid thirties and this month I crossed $4M threshold for my taxable accounts.
From stock trading. Otherwise we also have a paid off home, paid off 400k student loans years ago, and we have $1M+ in our retirement accounts (401k, IRA etc).

I’m retiring from my hospitalist gig later this year.

You only live once.

You can choose the boring way with boring index funds and work for decades.

Or live freely after working extremely hard upfront and going the extra mile to teach yourself skills for taking risks (be it stocks, starting a business, whatever). The initial couple years of grinding 25+ shifts a month were worth it and paid off handsomely.

Going to be amazing spending my days raising our 3 kids. No more heartbreaking cries of “daddy don’t go work”!

 

[Splenda88]

I’m mid thirties and this month I crossed $4M threshold for my taxable accounts.
From stock trading. Otherwise we also have a paid off home, paid off 400k student loans years ago, and we have $1M+ in our retirement accounts (401k, IRA etc).

I’m retiring from my hospitalist gig later this year.

You only live once.

You can choose the boring way with boring index funds and work for decades.

Or live freely after working extremely hard upfront and going the extra mile to teach yourself skills for taking risks (be it stocks, starting a business, whatever). The initial couple years of grinding 25+ shifts a month were worth it and paid off handsomely.

Going to be amazing spending my days raising our 3 kids. No more heartbreaking cries of “daddy don’t go work”!

View attachment 406886

You can't be serious! Wow

How do you do that? Option trading? If you don't mind me asking. Is that 2 docs household?

Why did you even go to med school? You could have been retired 7+ yrs ago. I am sure you did not need an MD/DO to acquire these skills. The only thing you probably gain for being a doctor is a semi big shovel to invest.

 

[Crayola227]

Yes, it's easy. All we needed to do was work harder, trade smarter, and not even bother going to med school to begin with, because of how good we were at trading.

 

[Nocturnist]

I’m mid thirties and this month I crossed $4M threshold for my taxable accounts.
From stock trading. Otherwise we also have a paid off home, paid off 400k student loans years ago, and we have $1M+ in our retirement accounts (401k, IRA etc).

I’m retiring from my hospitalist gig later this year.

You only live once.

You can choose the boring way with boring index funds and work for decades.

Or live freely after working extremely hard upfront and going the extra mile to teach yourself skills for taking risks (be it stocks, starting a business, whatever). The initial couple years of grinding 25+ shifts a month were worth it and paid off handsomely.

Going to be amazing spending my days raising our 3 kids. No more heartbreaking cries of “daddy don’t go work”!

View attachment 406886

Congrats, that's Amazing!
3 kids and the freedom live life exactly on your terms- that's what it's all about. You truly won at life!

I'm a couple years older and probably a couple mils poorer but hoping to be in your boat in the next 3-5 years when my kids start school.

Just gotta add- you can get there the boring way as well. Other than owning a bitcoin or two and moonlighting alot the first few years, everything else has been mostly VTSAX and chill.

Also curious to hear about your path there though?

 

[Splenda88]

Yes, it's easy. All we needed to do was work harder, trade smarter, and not even bother going to med school to begin with, because of how good we were at trading.

I would like to be financially independent (but not the RE), so if it was that easy, most would have done it. The poster might have an IQ in 99th percentile, which might make it easier for him/her to understand the nuances of the stock market.