ER Doc Budget

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pinipig523 said:
Turned 31. Accumulating quick. Goal is to hit $1M by 36.
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And then what? Are you going for early retirement or just looking to save? Not that there is anything wrong with saving, I'm all for financial conservatism and prudence. In general though, I know alot of people that save alot and they also never seem to spend anything they save even after decades of saving. Not sure why exactly, but my take is that perhaps so much effort has been put into saving that the actual reward is seeing the amount of money in the bank grow rather than anything material that the money can buy. That's all a sound strategy, but at least for me I prefer to save an adequate % of income and save extra when I have something in mind I want to buy that would be above my budget.

Thoughts?
 
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iish said:
And then what? Are you going for early retirement or just looking to save? Not that there is anything wrong with saving, I'm all for financial conservatism and prudence. In general though, I know alot of people that save alot and they also never seem to spend anything they save even after decades of saving. Not sure why exactly, but my take is that perhaps so much effort has been put into saving that the actual reward is seeing the amount of money in the bank grow rather than anything material that the money can buy. That's all a sound strategy, but at least for me I prefer to save an adequate % of income and save extra when I have something in mind I want to buy that would be above my budget.

Thoughts?
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Personally, I'd like to get to the point that I don't have to work as soon as possible. That and the fact that saving a lot early in your career leaves more time for your investments to grow would be my reasons for setting a goal like that early in your career. I don't even start medical school for a couple weeks so it's hard for me to even think this far ahead, but that's what my thinking would be.
 
iish said:
And then what? Are you going for early retirement or just looking to save? Not that there is anything wrong with saving, I'm all for financial conservatism and prudence. In general though, I know alot of people that save alot and they also never seem to spend anything they save even after decades of saving. Not sure why exactly, but my take is that perhaps so much effort has been put into saving that the actual reward is seeing the amount of money in the bank grow rather than anything material that the money can buy. That's all a sound strategy, but at least for me I prefer to save an adequate % of income and save extra when I have something in mind I want to buy that would be above my budget.

Thoughts?
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Not sure yet what happens (if I do) hit that mark. Probably make sure they're in the appropriate funds and investments. Probably make sure theres a couple hundred in the bank for instant liquidity.

I'll probably drop my hours from 18 shifts a month (now) to 12 shifts a month.

I'll make sure my 401K and everything retirement related is still getting full contributions.

Hopefully by that time, all my student loans are also paid off.

And I can breathe easier, knowing that I didn't blow my earnings.
 
iish said:
And then what? Are you going for early retirement or just looking to save? Not that there is anything wrong with saving, I'm all for financial conservatism and prudence. In general though, I know alot of people that save alot and they also never seem to spend anything they save even after decades of saving. Not sure why exactly, but my take is that perhaps so much effort has been put into saving that the actual reward is seeing the amount of money in the bank grow rather than anything material that the money can buy. That's all a sound strategy, but at least for me I prefer to save an adequate % of income and save extra when I have something in mind I want to buy that would be above my budget.

Thoughts?
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I really don't have anything that I really have to buy. There are things that I would like to buy... but those things can wait.

Things like a nice nice car - like an Audi R8 or a Benz SLS.

I would also like to buy a mansion sized house.

But, the slow turtle makes it to the finish line. Slow and steady.
 
iish said:
And then what?
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Then he'll decide where he wants to go from there, because he'll have set himself up to have choices.

I save aggressively early, not to buy something expensive, or to retire at 40, but to be able to adjust to what my life demands when it demands it.
 
iish said:
And then what? Are you going for early retirement or just looking to save? Not that there is anything wrong with saving, I'm all for financial conservatism and prudence. In general though, I know alot of people that save alot and they also never seem to spend anything they save even after decades of saving. Not sure why exactly, but my take is that perhaps so much effort has been put into saving that the actual reward is seeing the amount of money in the bank grow rather than anything material that the money can buy. That's all a sound strategy, but at least for me I prefer to save an adequate % of income and save extra when I have something in mind I want to buy that would be above my budget.

Thoughts?
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Here is the key.. as an EM physician you can live VERY well and still save MUCH. Sure we are deferring something's I guess. Our house is *only* just under 4K square feet and 7 years old and our pool is not indoors; we have a three year old Yukon and F250. We fly coach; we travel every few months; we are going to Vegas in a few weeks and staying in a standard room at the Bellagio because I found a great discount of 79/nt.

We could be in an 10K sq foot house and have a 2014 Escalade and Mercedes and could fly first or even private and stay in the Bellagio Owners Suite.

I agree with you wholeheartedly that its a balance of saving vs enjoyment. My argument is that most EM physicians can balance this well with great savings and great lifestyle. You could be extravagant and save none, or you could save almost every penny and live in boredom. Its all about balance..

Reward yourself on occasion, just not every day. There was a really nice piece of furniture my wife wanted (5K). I worked an extra shift over a few months and we bought it. On the flip side, we do not have bedroom furniture. My wifes night stand is a box and mine is left over from college. Mostly because we never found anything we really like.. but you get the point.

Work in EM is often fluid, there are always shifts to be filled somewhere. Its nice to have those options of working extra shifts when you DO want to do the private jet rental with your best friends for an epic party, but the key is never get in the position where you HAVE to fill those extra shifts...
 
WilcoWorld said:
Then he'll decide where he wants to go from there, because he'll have set himself up to have choices.

I save aggressively early, not to buy something expensive, or to retire at 40, but to be able to adjust to what my life demands when it demands it.
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My thoughts exactly. Live like a resident for a few years, develops good budgeting and good financial habits and save save save.

Then after a few years, you've set yourself up for success. 👍
 
What's all this talk of private jets on here? I knew EM folks made good money, but didn't think it was quite enough to take private jet trips even sporadically.
 
iish said:
What's all this talk of private jets on here? I knew EM folks made good money, but didn't think it was quite enough to take private jet trips even sporadically.
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It's all about how you approach it. Work hard, save, and invest wisely.

An ER doc that I have been in contact with. He's the one who told me to live like a resident.

3 ferraris (I think he has a new 599), a Porsche GT, an S63 AMG, an Audi S8 for his wife, a Porsche GT3 for the track.

He went into real estate after he saved capital.

DSC_2560.jpg
 
From someone who has seen more of this life than a lot of you: Save now. Pay off your loans, live decently, and save as much as you can. You never know when the curveball is coming, and you are going to need every penny you ever saved, and then some. Trust me. "be like an ant, grasshopper"
 
killerleaf said:
From someone who has seen more of this life than a lot of you: Save now. Pay off your loans, live decently, and save as much as you can. You never know when the curveball is coming, and you are going to need every penny you ever saved, and then some. Trust me. "be like an ant, grasshopper"
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Sound advice. 👍

and the above photo.. F40, Carrera GT, F430, GT3 RS + ~$3+ million estate depending on location.. that did not come from seeing patients in the ED. Wise real estate ventures obviously but atypical. drooling at the cars though, excellent taste.
 
e30ftw said:
Sound advice. 👍

and the above photo.. F40, Carrera GT, F430, GT3 RS + ~$3+ million estate depending on location.. that did not come from seeing patients in the ED. Wise real estate ventures obviously but atypical. drooling at the cars though, excellent taste.
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It did come from patients - start small and move up. Use the good job that EM befits you as a springboard to bigger financial endeavors.

If you get hooked on material possessions early on in you career, you'll be spinning your wheels.
 
e30ftw said:
Sound advice. 👍

and the above photo.. F40, Carrera GT, F430, GT3 RS + ~$3+ million estate depending on location.. that did not come from seeing patients in the ED. Wise real estate ventures obviously but atypical. drooling at the cars though, excellent taste.
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Yeah, we should cut & paste that picture into the "12 Reasons Not to Go Into ER" thread, except that it's 8 reasons: 6 cars + the house + the lot.
 
I'm debating whether it's worth doing a fellowship in CC or Pain. I don't absolutely love the icu but it's nice. I'm struggling to make ends meet as a resident and will be moving to a place that is closer to my hospital and is 400 dollars cheaper. Would anyone recommend going into pain?
 
Brigade4Radiant said:
I'm debating whether it's worth doing a fellowship in CC or Pain. I don't absolutely love the icu but it's nice. I'm struggling to make ends meet as a resident and will be moving to a place that is closer to my hospital and is 400 dollars cheaper. Would anyone recommend going into pain?
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I went from EM to Pain. Its not for everyone but has worked out well for me. Check out the EM>Pain threads in the Pain forum.
 
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