Question about $$$ in EM.

Started by pooperdooper
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pooperdooper

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So my friend says that it is completely unrealistic / delusional to even think of owning/leasing a Lamborghini or one of the other similar class supercars in the future IF you choose EM as a specialty.

Can anyone shed some light into this? Extremely curious what you practicing docs have to say about this.

I'm just trying to kill some time before my next rotation haha 🙂
 
Meh, just signed the dotted line for my Veyron, but I had to skip on having my initials embroidered in the leather since I'm still training. Goals for the future, I suppose.

Listen, the purchase price isn't the problem - you're a big time doctor. It is the costs associated w/ hiring someone to drive my Phantom that really starts chafe - uniform, insurance, getting them smuggled into the country (and I'm not even talking about the guy who made his papers which is also ridiculous).

Just don't buy the Huracan and then complain when your friends laugh and say you were too poor to buy a real Lambo.
 
racerwad said:
Meh, just signed the dotted line for my Veyron, but I had to skip on having my initials embroidered in the leather since I'm still training. Goals for the future, I suppose.

Listen, the purchase price isn't the problem - you're a big time doctor. It is the costs associated w/ hiring someone to drive my Phantom that really starts chafe - uniform, insurance, getting them smuggled into the country (and I'm not even talking about the guy who made his papers which is also ridiculous).

Just don't buy the Huracan and then complain when your friends laugh and say you were too poor to buy a real Lambo.
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giphy.gif
 
Lambo?

People will think you're poor.

Why not a 918 Spyder?

Zero to Sixty in 2.2 seconds.

Porsche-918-Spyder-For-Sale8.jpg
 
Yes. You can buy a Lamborghini as an EP if that is your priority. Here's an 09 for sale in my neighborhood for only $140K. You could pay that for a really nice wakeboat.

http://www.autotrader.com/cars-for-sale/Used+Cars/Lamborghini

That's perhaps 4 months gross income for an EP partner working hard.

But realize that while you can essentially do anything you want, you can't do everything you want.
 
it's been said before. if you do EM, you can get anything you want, but not everything you want.

Yes you could get a lambo. you might need to adjust your budget accordingly though.
 
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pooperdooper said:
So my friend says that it is completely unrealistic / delusional to even think of owning/leasing a Lamborghini or one of the other similar class supercars in the future IF you choose EM as a specialty.

Can anyone shed some light into this? Extremely curious what you practicing docs have to say about this.

I'm just trying to kill some time before my next rotation haha 🙂
Click to expand...

Assuming an entry Lamborghini is 200K, an Em doc can afford that in a heart beat. Its all about prioritizing.

I have 12 rental homes, 1 vacation lakefront rental i am closing on soon, a homestead alittle over 1 Mil, and over 1 Mil in retirement.

I could easily have sacrificed my vacation home for a Lamb but I rather sit on the lake and jet ski. Or I can just work an extra 40 Locums shifts next year and buy it outright. Not worth it to me to do this, but if a Lamb is worth it... there are many ways to achieve this as an EM doc.
 
pooperdooper said:
So my friend says that it is completely unrealistic / delusional to even think of owning/leasing a Lamborghini or one of the other similar class supercars in the future IF you choose EM as a specialty.

Can anyone shed some light into this? Extremely curious what you practicing docs have to say about this.

I'm just trying to kill some time before my next rotation haha 🙂
Click to expand...
I dusted a Diablo off the line on my bike today.

A bike with pedals.

Saved about $298K too.
 
gutonc said:
I dusted a Diablo off the line on my bike today.

A bike with pedals.

Saved about $298K too.
Click to expand...


I'm with you on this one. All I hear on these car-talk threads is: "Robble robble robble lorem lipsum OVERHEAD CAMS vestis virum Reddit macht virt".

Of course, I am a 34 year old man who... collects baseball cards.
 
RustedFox said:
I'm with you on this one. All I hear on these car-talk threads is: "Robble robble robble lorem lipsum OVERHEAD CAMS vestis virum Reddit macht virt".
Click to expand...
But seriously...me on a $2500 bicycle vs Diablo guy. He caught up with me after 2 blocks...and then got stuck in traffic while I cruised ahead in the bike lane.
 
I would restore a car personally. Any d*ckwad with a pile of cash can pick out a generic sports car.

But a custom car is exactly what YOU want and is a special kind of badass.
 
emergentmd said:
Assuming an entry Lamborghini is 200K, an Em doc can afford that in a heart beat. Its all about prioritizing.

I have 12 rental homes, 1 vacation lakefront rental i am closing on soon, a homestead alittle over 1 Mil, and over 1 Mil in retirement.

I could easily have sacrificed my vacation home for a Lamb but I rather sit on the lake and jet ski. Or I can just work an extra 40 Locums shifts next year and buy it outright. Not worth it to me to do this, but if a Lamb is worth it... there are many ways to achieve this as an EM doc.
Click to expand...

damn...that's a nice setup. do you have like chickens and **** on your homestead?
 
witzelsucht said:
damn...that's a nice setup. do you have like chickens and **** on your homestead?
Click to expand...

I hate animals but a Mil Homestead for EM docs are not difficult in most big cities. I would say 1/4 of my partners have 1Mil+ homes, almost all have 500K+ homes, and most could have a mil home if didn't put their kids in horsebackriding school or get divorced.
 
LOL @ OP.

Your friend is a ******.

Anybody with a 6 figure income can buy a lambo. This isn't something special with just EM.

My uncle, an internist, just bought a new 2017 R8 v10. Lives in a 6700 square foot home too. Another family friend that does psych with a Maserati and a 5 bedroom, 3 bath, 5500 square foot home on a golf course.

They've been in medicine a while though.

Let's talk numbers though.

Have you seen the lease rates or monthly payments on a lambo?

A lambo is around a $2000-$2500 a month payment (depending on your loan term or APR or whatever)? Ok cool.. that's $24,000- $30,000 gone in a year. What about gas? insurance? maintenance?

You know how much a set of tires would probably cost for your baller whip?

Oh.. can't forget about the annual check-up and maintenance and miscellaneous oil leaks and tech problem that all Italian cars have.

Oh wait... you wanted a lease? Oh ok. Well, you can only drive the car 3000-4000 miles a year per your lease agreement. And you're pissing away $2500 per month or so to account for the piss poor depreciation of the vehicle when you go back to turn it in and you can only drive it around the block (if that) to save those miles! lol

Point is... anybody with enough $$$ can buy a lambo, the question is, can you afford it?
 
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P.S.

This isn't accounting for good ol' Uncle Sam taking some of your $$$ too. About 35% or more of it (depending on where you live of course)

But there are some loopholes for that (not so much in medicine) but that's a whole gray area... talk to your CPA about that.
 
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DetectiveAlonzo said:
LOL @ OP.

Your friend is a ******.

Anybody with a 6 figure income can buy a lambo. This isn't something special with just EM.

My uncle, an internist, just bought a new 2017 R8 v10. Lives in a 6700 square foot home too. Another family friend that does psych with a Maserati and a 5 bedroom, 3 bath, 5500 square foot home on a golf course.

They've been in medicine a while though.

Let's talk numbers though.

Have you seen the lease rates or monthly payments on a lambo?

A lambo is around a $2000-$2500 a month payment (depending on your loan term or APR or whatever)? Ok cool.. that's $24,000- $30,000 gone in a year. What about gas? insurance? maintenance?

You know how much a set of tires would probably cost for your baller whip?

Oh.. can't forget about the annual check-up and maintenance and miscellaneous oil leaks and tech problem that all Italian cars have.

Oh wait... you wanted a lease? Oh ok. Well, you can only drive the car 3000-4000 miles a year per your lease agreement. And you're pissing away $2500 per month or so to account for the piss poor depreciation of the vehicle when you go back to turn it in and you can only drive it around the block (if that) to save those miles! lol

Point is... anybody with enough $$$ can buy a lambo, the question is, can you afford it?
Click to expand...
you're such a buzzkill
 
sum dude said:
https://www.youtube.com/watch?v=Cr--_i0JZbs

Just b/c you can, doesn't mean you should...there's a reason doctors are so bad with money. Buying a $200k car on a 300-400k salary is a good way to make sure you will be working until you die. Become a Neurosurgeon, so you can lease the Lambo and never hit 5000 miles b/c you'll be in the hospital all day
Click to expand...

Exactly. When it comes to money management... most docs are idiots.
 
DetectiveAlonzo said:
LOL @ OP.

Your friend is a ******.

Anybody with a 6 figure income can buy a lambo. This isn't something special with just EM.

My uncle, an internist, just bought a new 2017 R8 v10. Lives in a 6700 square foot home too. Another family friend that does psych with a Maserati and a 5 bedroom, 3 bath, 5500 square foot home on a golf course.

They've been in medicine a while though.

Let's talk numbers though.

Have you seen the lease rates or monthly payments on a lambo?

A lambo is around a $2000-$2500 a month payment (depending on your loan term or APR or whatever)? Ok cool.. that's $24,000- $30,000 gone in a year. What about gas? insurance? maintenance?

You know how much a set of tires would probably cost for your baller whip?

Oh.. can't forget about the annual check-up and maintenance and miscellaneous oil leaks and tech problem that all Italian cars have.

Oh wait... you wanted a lease? Oh ok. Well, you can only drive the car 3000-4000 miles a year per your lease agreement. And you're pissing away $2500 per month or so to account for the piss poor depreciation of the vehicle when you go back to turn it in and you can only drive it around the block (if that) to save those miles! lol

Point is... anybody with enough $$$ can buy a lambo, the question is, can you afford it?
Click to expand...
dunno how an interest is making that kind of money. as an EM attending, i drive a 10k car, own a 300k house and paying off my student loans and expecting pslf. my kids go to preschool at 10k/yr per kid. we go on vacation a couple times a year for a couple thousand and still only saving 30%. maybe once loans are good i could afford a 500-800k house.


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shoal007 said:
dunno how an interest is making that kind of money. as an EM attending, i drive a 10k car, own a 300k house and paying off my student loans and expecting pslf. my kids go to preschool at 10k/yr per kid. we go on vacation a couple times a year for a couple thousand and still only saving 30%. maybe once loans are good i could afford a 500-800k house.


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Click to expand...

OP is being very shortsighted (no offense). You cannot forget about taxes and loan repayment (if you will have any, unless your parents are paying for your tuition- I know a couple friends that have parents that are doing that. Pretty cool of them to do that honestly)

OP is forgetting (and any med student who doesn't know how taxes work or never held a real job in their life) that just because you "make" 300K doesn't mean you will see all of it. Take out 30% or more. Who knows what will happen to taxes if we get either of these *****s Killary and Chump running for president as well.

Raising and providing for a family is a huge expense. Groceries, Electricity, Gas, etc.

Kids especially. They certainly are very expensive... umm.. "investments"? lol

I guess the "good thing" about medicine is that the job comes with full benefits.

Positives are that you have equity building in your house. A lambo has no equity. It's a depreciating piece of **** (sad but true.. I'm a car guy myself).

There's a reason why WCI says to "grow into your salary".

But hey.. all y'all big ballers and shot callers wanna whip a lamb, do your thing. Yolo bro!
 
OP... if you actually want a car that "holds" or "appreciates" in value... maybe...


go for a Porsche.

Porsche retains its value really well.
 
sum dude said:
https://www.youtube.com/watch?v=Cr--_i0JZbs

Just b/c you can, doesn't mean you should...there's a reason doctors are so bad with money. Buying a $200k car on a 300-400k salary is a good way to make sure you will be working until you die. Become a Neurosurgeon, so you can lease the Lambo and never hit 5000 miles b/c you'll be in the hospital all day
Click to expand...

I'm glad I have zero interest in cars. I don't think buying a 200k car would change my finances much (although it would blow all my savings that year) but it would give me zero pleasure. If I made 50 mill a year I still wouldn't spend more than 25-30k on a car. Each person to his own I guess.

I do shake my head though when I see my nurses driving a car 3 times more expensive than mine (probably bad financial choice).


Sent from my iPhone using SDN mobile
 
doctalaughs said:
I'm glad I have zero interest in cars. I don't think buying a 200k car would change my finances much (although it would blow all my savings that year) but it would give me zero pleasure. If I made 50 mill a year I still wouldn't spend more than 25-30k on a car. Each person to his own I guess.

I do shake my head though when I see my nurses driving a car 3 times more expensive than mine (probably bad financial choice).


Sent from my iPhone using SDN mobile
Click to expand...

Getting off topic, but, what really irks me is when the pizza delivery driver is driving a brand new BMW, talking on the newest iPhone, and has a $250 pair of shoes on. **** like this really bothers me for some reason. I just want to sit the kid down, ease him into reality, then, slap the hell out of him!



Sent from my iPhone using Tapatalk
 
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Jordan95 said:
This is a joke, right
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No not really.

Look at the older Porsche 911s?

My buddy purchased a new 911 Turbo, put a few thousand miles on it, and sold it for a little more than he actually bought it for. He initially got it at a very good price and was able to stomach the slight depreciation and made about $10K off of the sale.

Porsche enthusiasts are a very very particular crowd that will pay top dollar for any Porsche item (if it has the right specifications).

I didn't believe it myself but I saw it happen.
 
Jordan95 said:
Getting off topic, but, what really irks me is when the pizza delivery driver is driving a brand new BMW, talking on the newest iPhone, and has a $250 pair of shoes on. **** like this really bothers me for some reason. I just want to sit the kid down, ease him into reality, then, slap the hell out of him!



Sent from my iPhone using Tapatalk
Click to expand...

People want to look rich but will end up dying broke. It is what it is my guy. Not everybody knows the true value of money until they don't have it anymore.

Don't worry. He will ease himself into reality. Just worry about you and do you.
 
Everyone knows the original post in this tread was a troll, right?

doctalaughs said:
I'm glad I have zero interest in cars. I don't think buying a 200k car would change my finances much (although it would blow all my savings that year) but it would give me zero pleasure. If I made 50 mill a year I still wouldn't spend more than 25-30k on a car. Each person to his own I guess.

I do shake my head though when I see my nurses driving a car 3 times more expensive than mine (probably bad financial choice).
Click to expand...

A lot of people who buy Lamborghinis also have zero interest in cars.. most people I know who drive for pleasure and enjoy automobiles buy <$20k cars then spend some money on them. The enjoyment comes with doing your own maintenance, restoring, customizing, then driving the ever loving crap out of it. Of course it helps to live somewhere with beautiful scenery and empty roads.

My car is probably the least expensive, highest mileage auto in the parking lot at work, definitely the only one without A/C.

Jordan95 said:
This is a joke, right
Click to expand...

Look at the prices for Porsche 911s over the past 20 years. Pretty much every model that has already bottomed out is appreciating. The 996 is currently at market bottom (due to several factors) but 993 and older are significantly appreciating every year. 993 prices have gone through the roof in the past 5 years. Nothing compared to E30 M3 prices where a $10k car 10 years ago now costs $80k but I digress... 😉
 
DetectiveAlonzo said:
People want to look rich but will end up dying broke. It is what it is my guy. Not everybody knows the true value of money until they don't have it anymore.

Don't worry. He will ease himself into reality. Just worry about you and do you.
Click to expand...

See, that's my issue.

I'm constantly concerned for the well-being of others, and it really bothers me, occasionally to the point of losing sleep. For instance, there was a family of four in front me in line at the grocery store last weekend, their conveyer section contained a 24 pack of bush light, a gallon of milk, some meat products, and a bag of rice. After the cashier rang everything up, their debit card was declined and they slowly began removing items from the conveyor, the food products being the first to go, and the case of beer and a bag of chips were the only things that remained. Their two little kids were questioning what they would be eating for dinner, and I “lost it.” After forcefully giving the family $15 as they left the store, I knew I made a mistake as they would most likely be picking up a cartoon of cigarettes on the way home. Something like this will stick with me for years, constantly stressing over what the hell is wrong with people and what more I could have done.
 
e30ftw said:
Everyone knows the original post in this tread was a troll, right?



A lot of people who buy Lamborghinis also have zero interest in cars.. most people I know who drive for pleasure and enjoy automobiles buy <$20k cars then spend some money on them. The enjoyment comes with doing your own maintenance, restoring, customizing, then driving the ever loving crap out of it. Of course it helps to live somewhere with beautiful scenery and empty roads.

My car is probably the least expensive, highest mileage auto in the parking lot at work, definitely the only one without A/C.


Look at the prices for Porsche 911s over the past 20 years. Pretty much every model that has already bottomed out is appreciating. The 996 is currently at market bottom (due to several factors) but 993 and older are significantly appreciating every year. 993 prices have gone through the roof in the past 5 years. Nothing compared to E30 M3 prices where a $10k car 10 years ago now costs $80k but I digress... 😉
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I sort of figured, but it's fun, haha.

About the 911's; you have to realize the Porsche fad is most likely a market trend. Also, I'm willing to bet that the majority of high end car buyers aren't going to keep their cars long enough for them to start appreciating.

I'm the same way, I could never justify buying a car that costs more than the average home in America, but to each there own.
 
Jordan95 said:
See, that's my issue.

I'm constantly concerned for the well-being of others, and it really bothers me, occasionally to the point of losing sleep. For instance, there was a family of four in front me in line at the grocery store last weekend, their conveyer section contained a 24 pack of bush light, a gallon of milk, some meat products, and a bag of rice. After the cashier rang everything up, their debit card was declined and they slowly began removing items from the conveyor, the food products being the first to go, and the case of beer and a bag of chips were the only things that remained. Their two little kids were questioning what they would be eating for dinner, and I “lost it.” After forcefully giving the family $15 as they left the store, I knew I made a mistake as they would most likely be picking up a cartoon of cigarettes on the way home. Something like this will stick with me for years, constantly stressing over what the hell is wrong with people and what more I could have done.
Click to expand...

Wow that's pretty awful. Almost worth calling CPS over. I'd be unhappy too if I saw that.


Sent from my iPhone using Tapatalk
 
Jordan95 said:
See, that's my issue.

I'm constantly concerned for the well-being of others, and it really bothers me, occasionally to the point of losing sleep. For instance, there was a family of four in front me in line at the grocery store last weekend, their conveyer section contained a 24 pack of bush light, a gallon of milk, some meat products, and a bag of rice. After the cashier rang everything up, their debit card was declined and they slowly began removing items from the conveyor, the food products being the first to go, and the case of beer and a bag of chips were the only things that remained. Their two little kids were questioning what they would be eating for dinner, and I “lost it.” After forcefully giving the family $15 as they left the store, I knew I made a mistake as they would most likely be picking up a cartoon of cigarettes on the way home. Something like this will stick with me for years, constantly stressing over what the hell is wrong with people and what more I could have done.
Click to expand...

That's why you are pre-medical. Those of us who are "post" would be neither surprised, nor concerned by the aforementioned story.
 
Jordan95 said:
About the 911's; you have to realize the Porsche fad is most likely a market trend. Also, I'm willing to bet that the majority of high end car buyers aren't going to keep their cars long enough for them to start appreciating.
Click to expand...

The "Porsche fad" has been a "market trend" for more than half a century. Porsche consistently has the highest profit margins out of any major auto manufacturer. For the past like 40 years Porsches have held their value well compared to their competition, and many people view various model-year 911s as investments. This is common knowledge for anyone who is into classic European cars.

It's a shame too because when I was in college I wanted a 993 when I was done.. back then they were like $25k for a really nice one. Now a 993 Carrera 2 that isn't ratted out approaches $100k. Hopefully the 997 will bottom out in a few years..
 
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