My home doesn’t cost me much relative to its cost. 2.2-2.4 million dollar plus home for $4500/mo (that includes everything mortgage hoa insuring property taxes ).
In most housing markets if u are single. I would not buy unless it’s a distressed property at least 20% under market value. But those get gobbled up quickly.
Depends how much you're making. If you're making 700k+, saving 40% of gross with no kids and renting should be quite doable
But let's say you get to $2.5 Million by age 45. Then, the power of compounding will do the rest over the next 10 ($5 million) or 20 years ($10 million +).
Bro..you have 900k at 31? Of course you’ll be fine at 50.
Coming up on 2 years. I did forget to mention I have an upcoming tax payment which will lower that number by 100k. Oh well. No side hustles. I make around 55k-60k/month doing primarily locums in my area. Have an s corp which helps with taxes. I didn’t have any loans to pay off so that helped. I think I graduated residency with 60k in my accounts. Investments are primarily combination of index funds, tech stocks, and maxing out retirement accounts. I have lived somewhat frugally over the past 2 years and I don’t have any kids so that has helped.
he's making 700k out the gate 1099 probably with deductions and all. That's rare well until now when your field doing locums can go even beyond that but not sure best role for newbies right out of the gate.
People are scoffing at your inclusion of sofas. Heck, most doctor's sofas cost more than my cars lol.
Assets aren’t something you paid a lot of money for. They’re something you can sell for a lot of money.
Have you been to RH and sat on the cloud couch?
If you still do know what’s wrong with your wife, consider yourself lucky!
Same here. Have a nice large comfy couch from my old apartment that I bought used off of FB marketplace. Has a couple scuffs but otherwise looks great. SO put it in the basement and says we need a new couch that's going to be 2K. Good thing we have a money tree in the back yard.
Are these wives even making money or just spending it?
Have one, with the wrap around book case. Spendy, but very comfortable. Has lasted 6+ years so far and is a great mid day sleeper.
Absolutely. My first house was a very modest 3000 sq ft home that was bought for 220k. Lived in one of the cheapest states in the nation. Daily life was cheap (rode my bike to work sometimes). 2 hearts by 3pm = $4000 I banked everything and paid off all debt including the house (retrospectively probably not the best decision). Then a few years in I started getting into real estate. At this point I am invested in 4 hotels in Vegas (one across from the new Stadium) as well as real estate in Colorado. Those initial years of sacrifice were real and soul draining, but 1000% worth it. Few jobs offer the investment opportunity as being a physician. Need to be disciplined though. Start early so that by the time you are 50 you can just walk away.
There are people with negative net worths who buy cars like that, so it’s definitely ok. We have one new and one old car and the old car requires much more in maintenance costs, though still low enough to be worth keeping around.
exactly. I prefer commuting in SUV's if possible and a bunch have 5 star safety rating. Not an area I would skimp on imo as i'd always want high level safety.
I updated it to 2.5m plus a paid off house. Hoping to reach it in 7 yrs, but with me only saving/investing 10k/month, I think it might take longer.
You have your head screwed on correctly. I have 2 fun sporty vehicles that aren't worth much at all and don't cost much to insure and I couldn't care less. If you are happy driving what you have then the hell with impressing people you don't even care about anyway.
Correct. I might buy the car at the end of this year depending how things turn out.
I am guessing you are mid 60’s.
What was your number?
