First million?

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castiron

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Simple question for all you out there who have been working 5+ years, when did you make your first million? How many years out of residency did it take you? What would you say was the biggest decision in achieving this result?
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First million or first million dollars worth of "stuff?" Wish I could go back and not buy some of my "stuff."
 
first million dollars. How long does it take making, on average, 250k-350k to save up a million?
 
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Too many variables to give you one single answer.
Things that impact it greatly are:
marriage
kids
expensive hobbies
deferred gratification
what kind of house you live in
what city you live in
med school debt
health
and many more

Unless you have excellent discipline and the ability to defer any gratification after spending your youth living in poverty, it will take a lot longer than most think. If I had to do it over again, I would live off of double my resident salary and bank the rest. Once you increase your cost of living, it becomes challenging to return. The amount of debt at the end of residency for many is staggering.
 
castiron said:
Simple question for all you out there who have been working 5+ years, when did you make your first million? How many years out of residency did it take you? What would you say was the biggest decision in achieving this result?
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I'll be happy if I'm not in debt in 5 years.
 
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Took me 2 years. Lots of call, and the stock market doubled which helped me get there.
 
First million? Crazy.... I have got student loans to pay off-I am not a silver spoon like some people on this site who had mommy and daddy pay for everything. Come back to reality....
 
Tuohy said:
Thanks man! You know you got to represent with the MAIDEN!!!
Click to expand...

They were great. I have a few choice selections on my iPod:

Flight of Icarus
Run to the Hills
The Number of the Beast
The Trooper

Dickinson's voice ranked right up there with Ronnie James Dio as a heavy metal singer.
All classics! Eddie always kind of scared me though...
 
Gern Blansten said:
They were great. I have a few choice selections on my iPod:

Flight of Icarus
Run to the Hills
The Number of the Beast
The Trooper

Dickinson's voice ranked right up there with Ronnie James Dio as a heavy metal singer.
All classics! Eddie always kind of scared me though...
Click to expand...

Hard to find other docs into Maiden-whenever they tour in the states, there is one friend of mine who is an allergist who is a die hard Maiden fan-favorite song is actually the Trooper!
 
Tuohy said:
Hard to find other docs into Maiden-whenever they tour in the states, there is one friend of mine who is an allergist who is a die hard Maiden fan-favorite song is actually the Trooper!
Click to expand...

Loneliness of the long distance runner!
 
Gern Blansten said:
They were great. I have a few choice selections on my iPod:

Flight of Icarus
Run to the Hills
The Number of the Beast
The Trooper

Dickinson's voice ranked right up there with Ronnie James Dio as a heavy metal singer.
All classics! Eddie always kind of scared me though...
Click to expand...

'Hallowed be thy name' always gets me pumped up.
 
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Seen Maiden 20 times. After I finished residency and had some cash, bought a ticket to Europe to go see them in London. They're touring this summer. They still got it.

\m/
 
Gern Blansten said:
Unless you have excellent discipline and the ability to defer any gratification after spending your youth living in poverty, it will take a lot longer than most think. If I had to do it over again, I would live off of double my resident salary and bank the rest. Once you increase your cost of living, it becomes challenging to return. The amount of debt at the end of residency for many is staggering.
Click to expand...

so, i am finishing fellowship in a few months and joining a great, trusted group, and as i look at my finances, it seems like my monthly expenses are only going to increase by (1) the cost of an increased mortgage (will go from $1500 to $2600), (2) my school loans ($1100/month x 30 years at 3.75%), and (3) new insurance obligations, ~ $500.

other than that, i my wife and i have everything we need (cell phones, HBO, etc) and a stable monthly budget. of course, eventually we are going to add another kid to the mix, my wife will get a horse ($400-500/month), and i will trade in my old hatchback for a newer vehicle (think Audi, not Porsche).

it seems like there will be plenty of dough save--are there any new expenses that i'm not thinking of?
 
Metalblade said:
Seen Maiden 20 times. After I finished residency and had some cash, bought a ticket to Europe to go see them in London. They're touring this summer. They still got it.

\m/
Click to expand...

Is your name based on the record label that used to be the home of the old heavy metal bands of the 80's?
 
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Robert Loblaw said:
so, i am finishing fellowship in a few months and joining a great, trusted group, and as i look at my finances, it seems like my monthly expenses are only going to increase by (1) the cost of an increased mortgage (will go from $1500 to $2600), (2) my school loans ($1100/month x 30 years at 3.75%), and (3) new insurance obligations, ~ $500.

other than that, i my wife and i have everything we need (cell phones, HBO, etc) and a stable monthly budget. of course, eventually we are going to add another kid to the mix, my wife will get a horse ($400-500/month), and i will trade in my old hatchback for a newer vehicle (think Audi, not Porsche).

it seems like there will be plenty of dough save--are there any new expenses that i'm not thinking of?
Click to expand...

Guns, of course.
 
Robert Loblaw said:
so, i am finishing fellowship in a few months and joining a great, trusted group, and as i look at my finances, it seems like my monthly expenses are only going to increase by (1) the cost of an increased mortgage (will go from $1500 to $2600), (2) my school loans ($1100/month x 30 years at 3.75%), and (3) new insurance obligations, ~ $500.

other than that, i my wife and i have everything we need (cell phones, HBO, etc) and a stable monthly budget. of course, eventually we are going to add another kid to the mix, my wife will get a horse ($400-500/month), and i will trade in my old hatchback for a newer vehicle (think Audi, not Porsche).

it seems like there will be plenty of dough save--are there any new expenses that i'm not thinking of?
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It seems there is always something once you have money. Everyone will want some including every institution of higher learning you have ever attended. The kids will want a pool. The wife wants a new house. The newer expensive items you buy break down and need repaired. Before you know it, the kids are ready for college and you still have a lot of debt.
I think as long as you are conscientious about it up front, you will be fine.
 
Metalblade said:
Yup!
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My brother collected albums back in the day and that was his favorite record label. He was always bringing home albums from bands I had never heard of, that would later go on to be successful. Lost most of the collection in a fire years back, but there were some good ones.
 
That's cute that you think the horse will be $400-500/month. That would be possible in very few areas of the country (no idea where you're headed), once you factor in board, deworming, farrier, general maintenance, etc. I have no idea if she's planning on any lessons or showing... I do highly recommend insurance on the horse, even if it's not an international caliber competition horse.

It can easily be double that. Hence my not riding seriously anymore...
 
njac said:
That's cute that you think the horse will be $400-500/month. That would be possible in very few areas of the country (no idea where you're headed), once you factor in board, deworming, farrier, general maintenance, etc. I have no idea if she's planning on any lessons or showing... I do highly recommend insurance on the horse, even if it's not an international caliber competition horse.

It can easily be double that. Hence my not riding seriously anymore...
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She's owned in the past and, unfortunately, her Appaloosa had aggressive uveitis and was put down a few years ago. She has been patiently waiting for me to finish up training before finding another one. In any event, I was mostly just ball-parking monthly stable fees...Trust me, our two pups have cost us nearly $2K in the past two months so we know how much other creatures can cost...
 
Owning a horse=Elitism at its finest...
 
1st million? Why stop there? This is just how attending anesthesiologists roll

[YOUTUBE]http://www.youtube.com/watch?v=JaZ-em63QkE[/YOUTUBE]
 
Tuohy said:
Owning a horse=Elitism at its finest...
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This is an obnoxious statement entirely unsupported by fact and is personally insulting. I would not want to be a patient of yours if this is evidence of pattern of shallowness of thought.
 
pgg said:
notsureifserious.jpg
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Yeah-totally serious sarcasm! God, so sensitive around here-in answer to another above post, be sure you have good life insurance and individual private disability insurance-will run you at least another $1000 a month (if not more)
 
Tuohy said:
Yeah-totally serious sarcasm! God, so sensitive around here-in answer to another above post, be sure you have good life insurance and individual private disability insurance-will run you at least another $1000 a month (if not more)
Click to expand...

Sarcasm obviously doesn't transmit all that well. In any event, I'm glad that you were being facetious--I take great pride in our 'regularness' and try hard not to convey a sense of superiority to the non-physicians in my work and personal social circles--even though as a physician I am, by definition, intellectually and morally superior to them in every conceivable way. Now THAT is elitism. And sarcasm. See what I did there?
 
Most people I know dislike doctors and other professionals lol. I get this vibe from alot of people - in general it seems that the culture is shifting such that be an "expert" is not a good thing. You are to be feared, defamed, and mischaractorized so that I can feel better about my non-utility education and skills. The fact that most people perceive you as loaded doesn't help either.

Take this from someone who is not in your ranks and hangs out with the non-horse croud!


Robert Loblaw said:
Sarcasm obviously doesn't transmit all that well. In any event, I'm glad that you were being facetious--I take great pride in our 'regularness' and try hard not to convey a sense of superiority to the non-physicians in my work and personal social circles--even though as a physician I am, by definition, intellectually and morally superior to them in every conceivable way. Now THAT is elitism. And sarcasm. See what I did there?
Click to expand...
 
castiron said:
Simple question for all you out there who have been working 5+ years, when did you make your first million? How many years out of residency did it take you? What would you say was the biggest decision in achieving this result?
Click to expand...


Being a medical student...you probably haven't really considered taxes yet. When I filed my first tax return as an attending I was floored by just how much money really went to the government. Between federal, state, city/county, and social security, expect at least 35-40% of your 250-300K to get siphoned by Uncle Sam. You will become a Republican so fast your head will spin (if you are not already).
 
yappy said:
Most people I know dislike doctors and other professionals lol. I get this vibe from alot of people - in general it seems that the culture is shifting such that be an "expert" is not a good thing. You are to be feared, defamed, and mischaractorized so that I can feel better about my non-utility education and skills. The fact that most people perceive you as loaded doesn't help either.

Take this from someone who is not in your ranks and hangs out with the non-horse croud!
Click to expand...

Believe me, I get it. I consider it an honor and a privilege to care for others at their most vulnerable. To be paid very well for this is secondary aim, but given the dedication and risks inherent in becoming a physician, the money is well justified. I believe that there is humble way for a physicuan to enjoy one's deserved affluence...
 
yappy said:
in general it seems that the culture is shifting such that be an "expert" is not a good thing. You are to be feared, defamed, and mischaractorized so that I can feel better about my non-utility education and skills.
Click to expand...

It's the GWB Effect.

I don't recall there ever being such a strong undercurrent of anti-intellectualism in this country until we elected that guy to the presidency, and Fox News et al had to start working so hard to damage-control all the dumb things he said and cast a positive spin on his straight-talkin' truthiness ...
 
Gern Blansten said:
They were great. I have a few choice selections on my iPod:

Flight of Icarus
Run to the Hills
The Number of the Beast
The Trooper

Dickinson's voice ranked right up there with Ronnie James Dio as a heavy metal singer.
All classics! Eddie always kind of scared me though...
Click to expand...

Newest Maiden (The Final Frontier) is my first real exposure to Maiden and I have to say I liked it.

Not really about Satan, but, still pretty awesome.
 
I completely agree with you. You offer great services that are in demand - prosper and prosper well. If I'm ever sick I want the best working on me and will be extremely thankful for their dedication.

Robert Loblaw said:
Believe me, I get it. I consider it an honor and a privilege to care for others at their most vulnerable. To be paid very well for this is secondary aim, but given the dedication and risks inherent in becoming a physician, the money is well justified. I believe that there is humble way for a physicuan to enjoy one's deserved affluence...
Click to expand...

@PGG

I hate the anti-intellectual croud. I dont mind if someone is well educated or not - I just dislike the sentiment. Though, I always respect it when people aim to be an expert in their trade or craft. No matter what level it's always noticed and respected; be it a waiter, car mechanic, scientist, professor or physician - it's cool to watch or benfit from someone who has matured their skills to a high level and makes their job look easy due to their mastry.
 
yappy said:
I completely agree with you. You offer great services that are in demand - prosper and prosper well. If I'm ever sick I want the best working on me and will be extremely thankful for their dedication.



@PGG

I hate the anti-intellectual croud. I dont mind if someone is well educated or not - I just dislike the sentiment. Though, I always respect it when people aim to be an expert in their trade or craft. No matter what level it's always noticed and respected; be it a waiter, car mechanic, scientist, professor or physician - it's cool to watch or benfit from someone who has matured their skills to a high level and makes their job look easy due to their mastry.
Click to expand...

The problem with 'intellectual' professor types isn't their education, it is their elitism and hypocrisy.
 
Why do we pretend some people are not elite? If they are elite who cares if they act that way?


GypsySongman said:
The problem with 'intellectual' professor types isn't their education, it is their elitism and hypocrisy.
Click to expand...

[YOUTUBE]http://www.youtube.com/watch?v=7-5_8af3TiY[/YOUTUBE]
 
While we're on the personal finance topic..

I'm maxing out my employer's 401k plan and my Roth IRA which I fortunately still qualify for.. But since those accounts both have annual contribution maximums, I'm going to have to eventually start putting investment money into a taxable brokerage account. What kinds of things are you guys investing in? Low cost index funds? Individual stocks? Gun ETFs? I want to reduce my tax exposure in that account so I dont want big expensive mutual funds, but I'm also weary about buying individual stocks.
 
Endee said:
While we're on the personal finance topic..

I'm maxing out my employer's 401k plan and my Roth IRA which I fortunately still qualify for.. But since those accounts both have annual contribution maximums, I'm going to have to eventually start putting investment money into a taxable brokerage account. What kinds of things are you guys investing in? Low cost index funds? Individual stocks? Gun ETFs? I want to reduce my tax exposure in that account so I dont want big expensive mutual funds, but I'm also weary about buying individual stocks.
Click to expand...

I have found the bogleheads community and basic intro finance books to be very helpful in beginning to understand some of the complexity. My understanding is that you would want to invest on tax-efficient finds which rarely pay dividends in a taxable account, examples of which are large cap or total stock index funds and international index funds. Others will correct me if I'm wrong.
 
fakin' the funk said:
Newest Maiden (The Final Frontier) is my first real exposure to Maiden and I have to say I liked it.

Not really about Satan, but, still pretty awesome.
Click to expand...

You have to get their older stuff before the newer stuff:

Seventh son of the seventh son
Powerslave
Somewhere in time
Number of the beast
Piece of mind

Every single one of those are EPIC Iron Maiden albums.

They have history degrees and a lot if their music deals with history (Alexander the great, Aces high, Rhyme of the ancient mariner, etc.)

At one point Dickenson was the 2nd best (I think) fencer in England.

A great 'ol school live album is "live after death"

Can't wait to see them this summer. Definitely a "show" performance.
 
Varied history btw:

WWI, ancient Egypt, Greek mythology... just cool stuff all around.
 
HalO'Thane said:
Being a medical student...you probably haven't really considered taxes yet. When I filed my first tax return as an attending I was floored by just how much money really went to the government. Between federal, state, city/county, and social security, expect at least 35-40% of your 250-300K to get siphoned by Uncle Sam. You will become a Republican so fast your head will spin (if you are not already).
Click to expand...

I would also add deductions that, while pre-tax, will eat up a good portion of your take home income. When you add together state and federal taxes, family health, dental, healthcare savings account, vision, FICA SS and Medicare, 401k, 457b, disability, life, and legal insurances/deductions, my take home is 60% of my gross. Still am privileged to bring home the bucket of cash that I bring home, but still...lots gets eaten up.
+1 on the appreciation of Republican financial ideology.

PMMD
 
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