Doesn’t sound very fun with 3 kids getting lost in Manhattan and wasting the whole day trying to figure out what subway line to take.
This is excellent information Cyanide!
Not meant to be misconstrued as medical advice:
Why would it matter if it was taken as medical advice?
Trying to get the thread back on track 😉
Lol
Was your post more tongue-in-cheek than I interpreted?
It always depends how long you plan to own the home. Generally you need to own the home 10 years or more to recoup the investment.
Staying rich is definitely not harder than getting rich that’s so absurd lmao
I agree that those that inherit wealth are inclined to lose it, given enough generations. However, the fact that 70% of the inaugural class of Forbes richest people aren't on the list doesn't mean all 70% are no longer wealthy. Many (if not most) may still be very wealthy. They may however, have been passed by others whose wealth grew beyond faster than theirs, and therefore bumped them out of the top 400. Just because Zuckerberg, Gates, Bezos came along and accumulated $100 billion+, doesn't mean your $2 billion, isn't still big money and growing.
I agree that you can't make that conclusion from this data.
Falling out of the Forbes 400 doesn’t mean you’re not a billionaire anymore.
Yes maintaining wealth has a lot to do with the rate at which one accumulates wealth
You answered your own question… or you aren’t asking the right one. You already have a ton of control. You don’t need more money to control your destiny. Financially, you are doing it right. Most entrepreneurs start out with far less before some achieve incredible financial success (and yes most fail, so don’t spiral yourself down an endless hole of spending on an entrepreneurial endeavor).
I highly disagree with this
Where does all the money physicians make go then in your opinion? How does everyone who makes substantially less in this world possibly survive? They spend less. I don’t spend anywhere near $200-250K/year as emergentmd does, so I don’t need near as much for FIRE. Sure, you want to be able to spend a lot, then you need to make a lot. Physicians make more than enough. They prevent themselves from obtaining FIRE when they spend more than they save and invest.
Bezos, Musk. Gates, Zuckerberg, Buffett. They could have retired 1,000 times over. They choose to still work.
Your statement that "most physicians do not achieve 'financial independence' because they spend too much is ridiculous. Why then do doctors stereotypically drive Benzs, Porsches, Lamborghinis, etc.?? I would link an article but this point is too simple to merit one.
Why don't you ask them
You misstated and possibly misread my posts. I said that for many that don't achieve financial independence (I probably should have used the terminology FIRE instead of financial independence in my first post), it is typically secondary to over spending (I'll add, usually occurring at a younger age taking away from compound investing over time). I didn't say that very few physicians achieve financial independence. Most physicians (but not all) reach financial independence eventually, but few do at a young age.
Why are you asking me? If this is a concern of yours, focus on your own finances.
I think you’re seeing the trees instead of the forest by taking an overly literal interpretation and misconstruing the different populations. Out of all physicians, many achieve financial independence in their lifetimes due to their hard work and earning potential. For the subgroup that doesn’t, especially the group that doesn’t achieve FIRE earlier on, I believe it is usually because they’ve lived beyond their means.
Generally agree. Perhaps in the area of the country that I live in physicians drive more modest vehicles though (by modest in full disclosure that does include BMW, Mercedes, Acura, etc.). My understanding of the concept of FIRE is freedom and flexibility to do what you want, and not necessarily to be ‘retired’ in the traditional sense. We all need fulfillment and I suppose people find it in a lot of different ways. I just don’t think buying a vehicle priced over $100-200K such as a Lamborghini or Ferrari will also easily allow for FIRE on a physician’s income. It may not be a conscious choice, but it’s a choice none the less. We all can die tomorrow though, and I also understand that. Choices and priorities. As previously discussed, balance matters too.
I see your point, but that's not what you said originally. Changing your point means that you are starting to see MY point 😉
