Big Beautiful Bill

[Interpolfanclub]

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Any AVERAGE physician that started working in 2010-2012 should at least have a net worth of 5 mil right now if they were investing aggressively.

This is me. Yeah not close to 5 mil but doing well compared to most. I saved aggressively first 7-8 years out and it put me in a good place. I want to enjoy life, not live like a resident at my age. I could stop saving now and retire at 60 but I'm going to keep saving. Could I have gotten to 5 mil by now if I had kept living previous lifestyle and prior savings rate? Yeah, but at what cost? I enjoy trips, having a nice house etc. Wife would've left me for sure by now as well haha.

 

[emergentmd]

Man, it is really hard to make the first million. Getting to the 1st million is about as hard as going from $1 to $5M. From 5 to 10M is much easier than debt to 1M.

 

[Porfirio]

Debt to first $1 mil was a fccking bear. 1-2 was still hard.

 

[emergentmd]

Debt to first $1 mil was a fccking bear. 1-2 was still hard.

I can't remember how long it took me to get to $1M excluding my home. I bet it was about 10 years. With school debt, new mortgage, new car payment, 3 new kids, marriage the expenses were unexpected. $1-5M a little easier IMO. After you hit that tipping point, your money starts to work for you then it snowballs. Making $1M now takes about 1/50th less time than the 1st.

 

[bravotwozero]

Yeah took about 8 years post residency to hit millionaire status for me. House got paid off at the same time, although that only took 3 years, with extra payments

 

[Tiger26]

First million took 35 years and I'm at almost 5 million 7 years later

 

[Splenda88]

This is me. Yeah not close to 5 mil but doing well compared to most. I saved aggressively first 7-8 years out and it put me in a good place. I want to enjoy life, not live like a resident at my age. I could stop saving now and retire at 60 but I'm going to keep saving. Could I have gotten to 5 mil by now if I had kept living previous lifestyle and prior savings rate? Yeah, but at what cost? I enjoy trips, having a nice house etc. Wife would've left me for sure by now as well haha.

Well, 4 mil is close enough.

 

[Splenda88]

Yeah took about 8 years post residency to hit millionaire status for me. House got paid off at the same time, although that only took 3 years, with extra payments

Was your primary home included in that 1 mil?

 

[Splenda88]

I started in 2012. I'm not close to 5 million. I'm doing pretty good, but you guys must've not had loans or life events get in the way.

How come? Even if you had student loan, you should have a high net worth given how much both the housing and stock markets have appreciated

 

[RustedFox]

How come? Even if you had student loan, you should have a high net worth given how much both the housing and stock markets have appreciated

Oh, we're counting houses?
That puts me closer, but still.

Student loans were almost 400k. Those were heavy.

My first few years out of residency I took a very low paying job and didn't work that much.

Why? I had had enough of a lot of things in life and took time to enjoy being a human not in an academic environment or career for a bit. I made payments, lived in an apartment, didn't overspend, and enjoyed other areas of life.

 

[Splenda88]

Oh, we're counting houses?
That puts me closer, but still.

Student loans were almost 400k. Those were heavy.

My first few years out of residency I took a very low paying job and didn't work that much.

Why? I had had enough of a lot of things in life and took time to enjoy being a human not in an academic environment or career for a bit. I made payments, lived in an apartment, didn't overspend, and enjoyed other areas of life.

Of course, we are. I was not talking only about liquid assets.

In any case, 4+ mil net worth in your 40s, likely place you in the top 2% by age

Net Worth by Age Percentile Calculator – United States

This net worth by age calculator shows American wealth percentiles (to 1%) for all age groups. See top one percent, median, and average wealth by age.

dqydj.com

 

[emergentmd]

I know your homestead counts towards your NW but I don't consider this when I count my NW. I got to live somewhere and doubt I will ever move til I am past retirement.

1st Million is like running uphill with a 100lb backpack. If you hit 10M in liquid Assets/retirement in the market, you essentially make about $1M/yr which is like running downhill.

 

[Interpolfanclub]

Debt to first $1 mil was a fccking bear. 1-2 was still hard.

Glancing at my NW sheet I hit 1M at 8 years out. 2M at 14 years. I'm PGY 15 and should hit 3M sooner than going from 1-2 barring something unexpected. And that is with significantly higher spending than when I was a new doc. As others mentioned, I've benefited from low interest student loans, an appreciating stock market and I have a house whose value has soared. I've invested heavily in stocks since I was in residency. Also have a rental portfolio.

0-1 M sucks. Gets easier after that. IDK that I'd really do much differently. I've worked really hard for a long time, pinched and saved until I was almost 40 years old. Grew up with very little. Wouldn't trade my travel experiences for any amount of $$$ though. Never owned a new vehicle personally, bought my wife one 2 years ago at 43. First new vehicle I've ever purchased. The life my kids have is very different from the one I had when I was little. Childhood was stable but we had few material possessions when I was young, crazy to think about.

I guess I like being an EM doc enough to keep at it for another 15 when kids should be out of college and then I'll either retire or cut way back. Good discussion.

 

[bravotwozero]

Was your primary home included in that 1 mil?

Nope!

 

[Porfirio]

If you hit 10M in liquid Assets/retirement in the market, you essentially make about $1M/yr which is like running downhill.

Hell yah, that’s what I’m talking about. Only 7.6 million to go - haha.

 

[Emapp20177]

I can't remember how long it took me to get to $1M excluding my home. I bet it was about 10 years. With school debt, new mortgage, new car payment, 3 new kids, marriage the expenses were unexpected. $1-5M a little easier IMO. After you hit that tipping point, your money starts to work for you then it snowballs. Making $1M now takes about 1/50th less time than the 1st.

Thanks for the story. I just paid of 230k loans and hit 500k liquid invested 5y out, hoping to hit 1m within the next 3 years, barring a market catastrophe. Even if that happens, I'll keep buying.

My house payment is never going away though (26 years left lol), the 2.8% I've got locked in is crazy.

 

[miamidoc101]

2 years out, just hit 1 mil net worth

 

[Splenda88]

2 years out, just hit 1 mil net worth

How did you do it?

 

[GassYous]

Took me 3.5 years to hit a mil, 2 years later I'm at 1.4 but if I didn't buy a house and invested a little better it would be more like 1.7. Expenses have gone up quite a bit lately.

 

[WhatJobDoIPick]

1 mil 6.5 years out despite about 250k loans and a divorce.

About 1.4M 8 years out

On track to save about 100k this year.

I started my Roth back in residency and it's value is 60% gains.

Compound growth is a hell of a thing.

 

[Splenda88]

1 mil 6.5 years out despite about 250k loans and a divorce.

About 1.4M 8 years out

It is always cheaper to keep her.

 

[Porfirio]

2.4 million retirement/brokerage, 6 years out, house almost paid off (<100k, bought 536k), two new vehicles (Yukon XL Denali/Sierra 1500 Denali Ultimate) bought outright, about to buy a pontoon boat outright, 1.5/3 kids’ college is paid for (ages 6/3/1), paid off $250k school loans, $140k saved for kid’s weddings/housing, all my money is in stocks (minus emergency fund and small personal savings), I rented during the housing price increase so I missed that boat

I also worked 210-232 hrs a month for the past 5 years and 8 months. Starting Jan 2026, I am planning to cut down to 180 hrs a month.

 

[Splenda88]

2.4 million retirement/brokerage, 6 years out, house almost paid off (<100k, bought 536k), two new vehicles (Yukon XL Denali/Sierra 1500 Denali Ultimate) bought outright, about to buy a pontoon boat outright, 1.5/3 kids’ college is paid for (ages 6/3/1), paid off $250k school loans, $140k saved for kid’s weddings/housing, all my money is in stocks (minus emergency fund and small personal savings), I rented during the housing price increase so I missed that boat

I also worked 210-232 hrs a month for the past 5 years and 8 months. Starting Jan 2026, I am planning to cut down to 180 hrs a month.

That is remarkable. Has your income been ~1 mil/yr for the past 6 yrs?

 

[WhatJobDoIPick]

It is always cheaper to keep her.

I would have paid 1M to get rid of her.

I actually made out pretty well in the divorce!

 

[Porfirio]

That is remarkable. Has your income been ~1 mil/yr for the past 6 yrs?

Nah, $670K a year average for 7 years (estimate ~910k this year).

I am out 6 years but the year I graduated I got a huge sign on bonus ($150k for one year) and stuffed it away so I am technically 7 years out financially.

I also played the banking crisis with First Republic and made a large amount of money (paid taxes on this and currently sitting with quite a bit of JPM stock).

 

[miamidoc101]

How did you do it?

med school was all in only 100k, 500/550 first 2 years, up 200k in market in 2 years since attending, bought a house (include the 250k i have in it for the NW), no student loans helps a lot, other than that lived like a resident for 2 years

 

[hoot504]

If I include my PA wife's assets (not a huge amount of the total but not insubstantial), we're at ~$2.5mil NW right now including equity in property, at 7 years out of residency training for me. Wife's been a practicing PA for longer, was previously married and pared some assets down in the divorce.

We've been able to save close to 50% while still enjoying the **** out of certain things (i.e. an >$200k sports car) but you guessed it... no kids.

My income has probably averaged $600k/yr over those 7 years. On track for mid 6's this year.

 

[EctopicFetus]

Very impressive incomes in this thread. Kudos to you guys.

 

[DocEspana]

I never really thought about it.
700k retirements/semi-liquid stocks
1.3 million condo (based on recent comps in my own building) but with 800k still left on the mortgage
Building a house which I put about $90k in my own money into and plan to sell early next year for about $450k (there will be some holding costs starting next month until its done being built)
and about $30k "oh ****" account.

1.2 right now with probably 1.4 by early next year if we are counting house worth. I didn't realize I'm doing this well. I think of myself as 'just' the oh **** account and the portion of the retirement that is actually semi-liquid stocks.

I'll tell my wife this good news right before I ask if I can add a watch to my collection.

 

[Mount Asclepius]

It would be interesting to see an EM physician net worth curve by age broken down into percentiles. A scatterplot would be interesting too. I’d like to see where many are clustered and who are the outliers (I’m not at all a statistics person, but do like data).

Most high earners have significantly better paying jobs ($500k-1M+) than average EM. That’s not surprising. They are out there. A rare few work incredible hours.

The majority of volunteered net worth information seems to be from the 5-10 year crowd. I think this is roughly the financial independence group who is curious, wants to see what others are doing, and trying to determine what path forward to take. It’s not a bad problem to have, but hard to know what to do when you start to have lots of options.

I agree the first mil was the hardest. Second was easier, and then it starts to snowball. The best part is having options and freedom to pile onto the snowball rolling down hill or instead decide to change its trajectory.

 

[miamidoc101]

I never really thought about it.
700k retirements/semi-liquid stocks
1.3 million condo (based on recent comps in my own building) but with 800k still left on the mortgage
Building a house which I put about $90k in my own money into and plan to sell early next year for about $450k (there will be some holding costs starting next month until its done being built)
and about $30k "oh ****" account.

1.2 right now with probably 1.4 by early next year if we are counting house worth. I didn't realize I'm doing this well. I think of myself as 'just' the oh **** account and the portion of the retirement that is actually semi-liquid stocks.

I'll tell my wife this good news right before I ask if I can add a watch to my collection.

Which watch you eyeing?!

 

[DocEspana]

Which watch you eyeing?!

Oh, the collection is one Starbucks submariner and five watches in the 200 to 500 range. Been trying to justify crossing that $1k threshold for a while, but the only time I crossed it before I overshot and got a submariner with the argument that I'll pass it down a few decades from now.

Probably some microbrand with a good design. Havent actually eyed out any specific one. My brother has a tudor black bay bronze that I wish was about a third of the price that it actually is That way I could be talking about getting one myself at the $1k mark not looking at his *just* expensive enough to make me feel guilty

 

[hoot504]

That way I could be talking about getting one myself at the $1k mark not looking at his *just* expensive enough to make me feel guilty

If you truly like watches you need to dump this mindset. It’s a $4k watch. If your finances are in order and you buy the watch for yourself and not for others it shouldn’t be a problem.

 

[trackrunner321]

I am 11 years out and my net worth is about 2.4 million right now. Got married in in 2020 and have one child. I am relatively frugal overall and have been trying to save as much as possible while still trying to enjoy life along the way. I still drive my car from 2007. Recently bought a new place and are renting out our old one.