Retirement/savings goal

[WisNeuro]

Advertisement - Members don't see this ad

Figure out how much you want to live on and your goal should be 25x that if you go by the 4% rule. Personally, I pile my money into the market when things look bad. Most hear recession, I hear discount stocks.

Yeah, for anyone still in a 10+ year window until retirement, you should be buying these dips pretty hard. Just one of our normal cyclical recessions. Unless the sky literally falls, we'll be seeing double digit rebounds.

 

[deleted1100659]

Figure out how much you want to live on and your goal should be 25x that if you go by the 4% rule. Personally, I pile my money into the market when things look bad. Most hear recession, I hear discount stocks.

bearish market will be here for a while longer, rate of return would be stagnant if I wait a year for it to start taking off, so i have cash diverted to my high yield savings of 1.2% when it looks like market is on the point of starting to finally return will resume with index fund buying. The only consideration would be dividend yield may be a bit higher than my savings rate but id rather wait a bit see what happens

 

[deleted1100659]

I think ill see if the S and P dips again to 3600 range and ill resume buying some more

 

[Mad Jack]

bearish market will be here for a while longer, rate of return would be stagnant if I wait a year for it to start taking off, so i have cash diverted to my high yield savings of 1.2% when it looks like market is on the point of starting to finally return will resume with index fund buying. The only consideration would be dividend yield may be a bit higher than my savings rate but id rather wait a bit see what happens

I usually invest regularly, then double investments once a bear market hits. I've had very good returns with this, historically. It may take a while for returns to materialize but in the long run I always beat the market

 

[calvnandhobbs68]

I think ill see if the S and P dips again to 3600 range and ill resume buying some more

If Not Now, When? Thinking Long-Term: Peter Lynch’s Market Timing Study Revisited - Running Point

Market timing is difficult and obsessing about it may be unwarranted for the consistent long-term investor Famed mutual fund manager Peter Lynch conducted a study that is often cited by investment professionals—to demonstrate that market timing is “a waste of time”—but he never publicly provided...

runningpointcapital.com

 

[finalpsychyear]

If Not Now, When? Thinking Long-Term: Peter Lynch’s Market Timing Study Revisited - Running Point

Market timing is difficult and obsessing about it may be unwarranted for the consistent long-term investor Famed mutual fund manager Peter Lynch conducted a study that is often cited by investment professionals—to demonstrate that market timing is “a waste of time”—but he never publicly provided...

runningpointcapital.com

I do agree with mad jack. Consistent investing is key but if you have the guts/courage to double down and be ultra aggressive in bear markets that will shave years off your projected path to FIRE or normal retirement numbers. Most aren't wired that way but doing the wait and recovery approach is still better than not investing but won't get you the killer returns.

 

[finalpsychyear]

Bear markets are where you can get very good returns but you have to have the courage a bit. Just looking back at the recent 5 years you could have continued to make positive returns aside from the last 1 year but those too will be net positive in the years to come.

I usually invest regularly, then double investments once a bear market hits. I've had very good returns with this, historically. It may take a while for returns to materialize but in the long run I always beat the market

 

[deleted1100659]

well i already invested 12k in index funds this year and another 10k in I bond but im trying to keep 100k cash fund in my high yield acc, especially since i want to buy a house next year, which looks like housing market will me more buyable then. I have a side business generating a good bit of money each year, anywhere from 5-15k a year depending on effort level and file 1099 so I meet criteria to get 10k additional I bonds. These are so amazing right now, ill take the 9% guarantee while market is down and make an easy 1,000 dollars with no risk. And in the span of a year or two ill bet the rates will still be comparable. Once I get more excess cash buildup in my rain day fund I think ill start buying more index funds again.

I had a solid year this year, I was able to save/invest >100k, while still paying around 40-48k on my student loan and then my new job starting in fall gets me a 20k sign on which I can use to finish paying off the new car I bought this year (spent around 44k on that but got massive trade in value of my old car)

 

[Splenda88]

~10 months as an attending. The goal is to have 2m in investment and a modest paid off home in 10 yrs. Then I will start working part time (~10 days a month). I have been saving/investing ~8k.month since I became an attending. IM hospitalist with a salary of 330k with potential to make 360-400k/yr working a little bit extra.

 

[finalpsychyear]

~10 months as an attending. The goal is to have 2m in investment and a modest paid off home in 10 yrs. Then I will start working part time (~10 days a month). I have been saving/investing ~8k.month since I became an attending. IM hospitalist with a salary of 330k with potential to make 360-400k/yr working a little bit extra.

Great to hear. How do u get those numbers in 10 years?

 

[Splenda88]

Great to hear. How do u get those numbers in 10 years?

I had a career that I worked for almost 8 yrs prior entering medical school. My net worth is 600-650k already. I have a paid off rental house that is worth 500-550k. All I need to do now is accumulating 2 mil in savings and investment and move into that house.

The fact of the matter is you don't need a lot of money to be FIRE once your home is paid off.

If I continue to save/invest 8k/month with a 10% average return and homes appreciation (will have 3rd house by the end of this month), I think I should get there in 10 yrs.

 

[finalpsychyear]

I had a career that I worked for almost 8 yrs prior entering medical school. My net worth is 600-650k already. I have a paid off rental house that is worth 500-550k. All I need to do now is accumulating 2 mil in savings and investment and move into that house.

The fact of the matter is you don't need a lot of money to be FIRE once your home is paid off.

If I continue to save/invest 8k/month with a 10% average return and homes appreciation (will have 3rd house by the end of this month), I think I should get there in 10 yrs.

Well i doubt it takes u even 10 years if ur nw is already where its at plus putting away 100k yearly.
If 10% returns ull be there in 2028 or 6 years.

Reward yourself if u work above that 330k limit and have fun unless its a bear market where u shud invest even more imo.

 

[Splenda88]

Well i doubt it takes u even 10 years if ur nw is already where its at plus putting away 100k yearly.
If 10% returns ull be there in 2028 or 6 years.

Reward yourself if u work above that 330k limit and have fun unless its a bear market where u shud invest even more imo.

I reward myself too much IMO. I think I could save 10k/month, but my spouse has a more expensive taste than I have. I already took 2 of 1 week vacation trips within the US with the whole family this year. Flying to Europe tomorrow to spend almost 2 weeks and we will spend few more days in south FL when we return. I am lucky that I dont have car payments; also housing is relatively inexpensive where I am now.

 

[FlowRate]

20k sign on which I can use to finish paying off the new car I bought this year

Didn't get a good rate on the loan portion? My auto loan is like 2% or something crazy. No rush to pay it off.

 

[deleted1100659]

Didn't get a good rate on the loan portion? My auto loan is like 2% or something crazy. No rush to pay it off.

When I bought my new car this year, rates had gone up a good deal unfortunately, as the car market was pretty crappy to say the least. Prices were insane for everything. I got a fairly decent deal for my new car though. My old car was over 10 years and definitely needed a bit of an upgrade so oh well. This was around the peak of chip shortage when I bought

 

[Monocles]

I had a career that I worked for almost 8 yrs prior entering medical school. My net worth is 600-650k already.

Splenda what did you do prior to med school? That sounds like good money. Why did you leave??

 

[Splenda88]

Splenda what did you do prior to med school? That sounds like good money. Why did you leave??

I was a RN. I just could not stand being an RN... It might be a good career for some, but it wasn't for me.

 

[Desired Member]

Part time. For life. Until I drift away peacefully on my chair, while my final patient is in the midst of whining about some banal life issue. I'd like to think that would put them therapy for life, thus continuing the cycle for another psychiatrist.

I love this comment so much. Same.

 

[Monocles]

Part time. For life. Until I drift away peacefully on my chair, while my final patient is in the midst of whining about some banal life issue. I'd like to think that would put them therapy for life, thus continuing the cycle for another psychiatrist.

"So what brings you here today?"

"My last psychiatrist literally died of boredom from listening to me"

 

[Jules A]

bearish market will be here for a while longer, rate of return would be stagnant if I wait a year for it to start taking off, so i have cash diverted to my high yield savings of 1.2% when it looks like market is on the point of starting to finally return will resume with index fund buying. The only consideration would be dividend yield may be a bit higher than my savings rate but id rather wait a bit see what happens

I'd agree we haven't seen the worst yet but am hesitant to attempt too much market timing and end up missing the bear. I've also been sitting on some cash in my HYSA but have started getting back in the game with weekly transfers into index fund. Do you have a strategy to attempt to gauge where the bottom is so you don't end up buying on the upswing?

 

[calvnandhobbs68]

I'd agree we haven't seen the worst yet but am hesitant to attempt too much market timing and end up missing the bear. I've also been sitting on some cash in my HYSA but have started getting back in the game with weekly transfers into index fund. Do you have a strategy to attempt to gauge where the bottom is so you don't end up buying on the upswing?

If someone could tell you that they wouldn't need to work in medicine anymore cause they could just make all their money day trading.

I don't know why people in healthcare don't get this (probably because doctors think they're great at everything) but if finance PhDs/hedge fund managers/heads of multi-billion dollar banks who literally spend all of their working time thinking about this kind of stuff with supercomputers that can autotrade dips and peaks immediately can't time markets perfectly, what in the world makes any of us random people on the street think we can by spending our free time reading Yahoo finance articles?

It'd be like one hedge fund manager asking another hedge fund manager "hey do you have a good gauge of the perfect medication to use that'll work every time for treatment resistant MDD?"....it kind of doesn't make any sense.

 

[finalpsychyear]

If someone could tell you that they wouldn't need to work in medicine anymore cause they could just make all their money day trading.

I don't know why people in healthcare don't get this (probably because doctors think they're great at everything) but if finance PhDs/hedge fund managers/heads of multi-billion dollar banks who literally spend all of their working time thinking about this kind of stuff with supercomputers that can autotrade dips and peaks immediately can't time markets perfectly, what in the world makes any of us random people on the street think we can by spending our free time reading Yahoo finance articles?

It'd be like one hedge fund manager asking another hedge fund manager "hey do you have a good gauge of the perfect medication to use that'll work every time for treatment resistant MDD?"....it kind of doesn't make any sense.

For investments such as index funds looking at studies spanning decades comparing those who invested early in the year vs peak high of year vs peak low of year it was maybe 1-2 percent in the end separating the groups. Take home for those investments time in market is key. Now if someone has some play money and is trying to buy a stock that has a very high chance of doubling in 12 mo i.e. tesla then yeah now is a great time to buy as my crystal ball says 12-24 mo it returns to all time highs.

 

[deleted1100659]

The problem right now with index funds is they are full of tech stocks and other stocks absolutely tanking right now. There is nothing wrong at all playing the long game and I dont think by any means its a bad idea to buy now with the idea in 10 years youll get a great return.

Look at most, if not all, every major pharm company over the past year. While everyone else is down, they are doing quite well. Many of which have dividends of around 3%, so im contemplating putting my options with that. I dont think these companies will ever go under. Johnson and johnson and pfizer look great right now.

I mean I dont think either strategy is bad. If you wait and keep your money in things that are generating guaranteed interest for low to no risk I think that is a fine option. Ill make an easy 1,000 off Ibonds this year, or 2,000 if I get another 10k in business ones. And if the rates on these continue to be even somewhat as good as they are now these will prove to be nice little reserves of money tucked away. Money made from most S&P index funds would be stagnant this year besides 1.6% dividend payouts. In the long run these index funds will do great and probably deserve the most of someones portfolio but for younger investors I dont think taking on more risk is necessarily a bad thing and being more aggressive. If I start seeing a more aggressive trend upward on the S&P ill likely resume buying more in that area. These recent years have been weird and had a weird effect, with the chip shortage, war, and disney tanking after florida revoking their status to make their own ordances, and then netflix tanking, lol.

 

[Monocles]

I'd agree we haven't seen the worst yet but am hesitant to attempt too much market timing and end up missing the bear. I've also been sitting on some cash in my HYSA but have started getting back in the game with weekly transfers into index fund. Do you have a strategy to attempt to gauge where the bottom is so you don't end up buying on the upswing?

That's like the million (billion?) dollar question in investing lol.

Best strategy is to have a time machine or a crystal ball to tell you exactly when the market is lowest. 2nd best strategy which most of us have to settle with is DCA (dollar-cost average) and basically invest a similar amount of money each month so that overall you still come out relatively ahead in the long run.

 

[finalpsychyear]

That's like the million (billion?) dollar question in investing lol.

Best strategy is to have a time machine or a crystal ball to tell you exactly when the market is lowest. 2nd best strategy which most of us have to settle with is DCA (dollar-cost average) and basically invest a similar amount of money each month so that overall you still come out relatively ahead in the long run.

Can't go wrong with DCA. I usually buy big red days for my monthly investing ex: 500+ point drops. If i get multiple of those in a month I just use 6 months of DCA in 1 month like what happened in covid 2020 scenario. Ultimately, not sure how much it matters in a `10 year window if we r talking index funds. Can make a much bigger difference in tech stocks if you really know the fundamentals of a company and the market is behaving irrationally like it has with tesla for example.

 

[deleted1100659]

Another question, who else is going for PLSF? I have about five years left and it seems like quite a few jobs qualify for it including my new job.

 

[Jules A]

That's like the million (billion?) dollar question in investing lol.

Best strategy is to have a time machine or a crystal ball to tell you exactly when the market is lowest. 2nd best strategy which most of us have to settle with is DCA (dollar-cost average) and basically invest a similar amount of money each month so that overall you still come out relatively ahead in the long run.

Yup l just didn’t want to miss an interesting strategy if he had one lol.

 

[deleted1100659]

Yup l just didn’t want to miss an interesting strategy if he had one lol.

Nothing in particular; im finishing my first year as an attending so realistically this was the first year I could actually invest reasonable amounts of money. I bought a good amount worth of S&P index funds not too long before the bear market hit so that was painful knowning if I had waited a few months I would have gotten more value out of that buy. Of course I dont have a crystal ball and who knew russia was going to invade ukraine, there would be a shortage on everything, and inflation would skyrocket. In the grand scheme of things it wont make a huge difference as far as the market will return and it will still be a profit but I have a lot higher risk tolerance at this point given my age. Also I dont have any plans to cut my hours back soon, at least not for another 10 years minimum. Im not arguing against consistent investing by any means, its a safe and proven approach, I just want to look for opportunity in this current market. In 2020, there was so much opportunity for money to be made after that huge dip so you never know what can happen in the future.

 

[J ROD]

I use same person that made my father in law a millionaire. I leave the investing up to them. Expertise in any field is key.

 

[Jules A]

Nothing in particular; im finishing my first year as an attending so realistically this was the first year I could actually invest reasonable amounts of money. I bought a good amount worth of S&P index funds not too long before the bear market hit so that was painful knowning if I had waited a few months I would have gotten more value out of that buy. Of course I dont have a crystal ball and who knew russia was going to invade ukraine, there would be a shortage on everything, and inflation would skyrocket. In the grand scheme of things it wont make a huge difference as far as the market will return and it will still be a profit but I have a lot higher risk tolerance at this point given my age. Also I dont have any plans to cut my hours back soon, at least not for another 10 years minimum. Im not arguing against consistent investing by any means, its a safe and proven approach, I just want to look for opportunity in this current market. In 2020, there was so much opportunity for money to be made after that huge dip so you never know what can happen in the future.

In 2020 there is no way I would have bought on that dip knowing what I did then at the start of a global pandemic. Going forward and realizing the lengths our government will go to in an effort to avoid financial collapse I might do things differently in the future. As for the past two years I can't imagine anyone is surprised the bottom fell out of the inflated stock market. I felt it was fat going into 2020 any way and over the past two years our economy has been smoke and mirrors in conjunction with multiple confounding factors. Then again there are those who seem surprised real estate prices aren't continuing to infinity also.

 

[deleted1100659]

In 2020 there is no way I would have bought on that dip knowing what I did then at the start of a global pandemic. Going forward and realizing the lengths our government will go to in an effort to avoid financial collapse I might do things differently in the future. As for the past two years I can't imagine anyone is surprised the bottom fell out of the inflated stock market. I felt it was fat going into 2020 any way and over the past two years our economy has been smoke and mirrors in conjunction with multiple confounding factors. Then again there are those who seem surprised real estate prices aren't continuing to infinity also.

Well im surprised a lot of stocks tanked. NVIDIA was going strong even in the chip shortage then it got decimated. These past few years we have had a remarkable number of bad things happen for our economy, more than usual I would say between covid, shortages, war, and a billion other random things. It has been a weird period of time. I dont think anyone could have predicted the number of crazy stuff that has happened during recent years.

 

[finalpsychyear]

I use same person that made my father in law a millionaire. I leave the investing up to them. Expertise in any field is key.

Yes but over 30 years those fees plus their expensive funds that they get incentives to buy essentially take from your profit. it can add up to close to 7 figs. They don't beat index funds over that time period. Everyone should learn about investing through books, online courses etc. The time doing so will have a great return on value vs leaving it to financial advisors.

example someone investing 100k annually for 30 years gettign 7 percent returns. Even a 1 percent fee is 1.5 million dollars and we are not counting any expense ratios which you bet those financial advisors love to put your hard earner money in. good luck.

 

[Splenda88]

I use same person that made my father in law a millionaire. I leave the investing up to them. Expertise in any field is key.

S&P 500... set it and forget it.

 

[Splenda88]

Yes but over 30 years those fees plus their expensive funds that they get incentives to buy essentially take from your profit. it can add up to close to 7 figs. They don't beat index funds over that time period. Everyone should learn about investing through books, online courses etc. The time doing so will have a great return on value vs leaving it to financial advisors.

example someone investing 100k annually for 30 years gettign 7 percent returns. Even a 1 percent fee is 1.5 million dollars and we are not counting any expense ratios which you bet those financial advisors love to put your hard earner money in. good luck.

Agree. If your financial situation is complex, I can understand that. But if your source of income is from salary, real estate etc.. You don't need a financial advisor.

All people have to do these days is putting your money into an S&P 500 or the total stock market. I have my money in S&P 500 and couple of big name stocks.

 

[WisNeuro]

Agree. If your financial situation is complex, I can understand that. But if your source of income is from salary, real estate etc.. You don't need a financial advisor.

All people have to do these days is putting your money into an S&P 500 or the total stock market. I have my money in S&P 500 and couple of big name stocks.

Yup, about 80% of savings generally go to more broad index funds and similar investments. The other 10-20% in any given year goes to whatever investments pop up that I find interesting (e.g., brewery).

 

[finalpsychyear]

Yup, about 80% of savings generally go to more broad index funds and similar investments. The other 10-20% in any given year goes to whatever investments pop up that I find interesting (e.g., brewery).

After safe investments that extra always goes into high growth tech stocks nvidia, tesla, and maybe some mstr. Whats hilarious is if these do what most analysts are calling for the little invested will equal or surpass the index funds in the next few years. Just for the record tesla will near apple in market cap in the next 5 years and likely overtake it but obviously not everyone agrees but electric cars are even more in demand now with gas the way it is.

 

[shoenberg3]

Those who want to invest more aggressively/proactively should look into AMD right now. I rode the AMD train from 12 dollars all the way to 160 dollars. Missed the exit and suffering badly for it right now (my excuse is that I was too occupied studying for Steps..), but the stock's really cheap right now. I have some decent amount of confidence that it will be worth much more within next 1-2 years. But please do your own research.

 

[mistafab]

I’m trying for 50 million by age 50. Goal is to never retire. I was previously into day trading type stuff but realistically I sucked at it and couldnt give it enough time during med school or residency. Now I have 2 llcs in things outside of medicine and growing those while I can in residency. Medicine is great and a good road to financial security, but if I just did this 40 hours a week outpatient I think I would off myself. Im trying to shoot for inpatient or consults work which is just more fun/interesting for me, then be able to get out without frequent calls/issues so I can do other stuff.

Anyway, it may seem grandiose but thats the goal. Work is too fun to retire completely (excluding outpatient). Would be nice to be the big gorilla in the room and be able to say “no” if demands on your time become unreasonable at a job. Id imagine i’d need a few million before getting to behave calmly like that.

 

[deleted456421]

Ya'll just need to head to the anesthesiology forum for financial advice. Hope you like gold!

 

[Cath Up]

I use same person that made my father in law a millionaire. I leave the investing up to them. Expertise in any field is key.

J ROD with how much you work you can work for 5 years, invest terribly, and retire 😉

 

[forchinet121]

I’m trying for 50 million by age 50. Goal is to never retire. I was previously into day trading type stuff but realistically I sucked at it and couldnt give it enough time during med school or residency. Now I have 2 llcs in things outside of medicine and growing those while I can in residency. Medicine is great and a good road to financial security, but if I just did this 40 hours a week outpatient I think I would off myself. Im trying to shoot for inpatient or consults work which is just more fun/interesting for me, then be able to get out without frequent calls/issues so I can do other stuff.

Anyway, it may seem grandiose but thats the goal. Work is too fun to retire completely (excluding outpatient). Would be nice to be the big gorilla in the room and be able to say “no” if demands on your time become unreasonable at a job. Id imagine i’d need a few million before getting to behave calmly like that.

I can confidently say 50 mil by 50 is not going to happen unless you do something very different from the rest of us, very very different.

 

[deleted1100659]

I’m trying for 50 million by age 50. Goal is to never retire. I was previously into day trading type stuff but realistically I sucked at it and couldnt give it enough time during med school or residency. Now I have 2 llcs in things outside of medicine and growing those while I can in residency. Medicine is great and a good road to financial security, but if I just did this 40 hours a week outpatient I think I would off myself. Im trying to shoot for inpatient or consults work which is just more fun/interesting for me, then be able to get out without frequent calls/issues so I can do other stuff.

Anyway, it may seem grandiose but thats the goal. Work is too fun to retire completely (excluding outpatient). Would be nice to be the big gorilla in the room and be able to say “no” if demands on your time become unreasonable at a job. Id imagine i’d need a few million before getting to behave calmly like that.

50 million by age 50? Do you moonlight as a CEO at a fortune 500 company? I ran the numbers a while ago, even I saved/invested around 100k a year for 20 years, had great returns, i would be nowhere near half of 50 million lol. Still 3 million seems like a very doable goal, and perhaps bigger then that depending on the market. Even if you worked 80 hours a week for 20 years, youd get destroyed by taxes, lol.

But hey, I guess you only live once you can let me know how first class is on the commercial planes while Im stuck in coach section ; ).

 

[PreHippocrates]

Asking here since were all in the same field essentially with similiar income for the most part.

How much are you guys saving a year? Is there a target number you're trying to hit by retirement for network/amount tucked away? Any certain age you guys are planning on reducing hours/retiring?

Now that im an attending psychiatrist, the pressure to save is a little more, since we start later than everyone else. Despite having a lot of expenses this year that were unavoidable, im saving around 90k-100k a year, not counting IRA contributions, and this is with paying around 36k-40k this year towards student loans so im happy with that. The market is so volatile right now, im just maxing out I bonds each year and have my cash in a 1.2% high yield savings account, though I think i think ill buy in more to S&P index funds once it dips further. Currently have about 12k in them so far, though regretting buying them a little early since the market dipped shortly after. oh well.

Great to hear so many psychiatrists interested in FI-re. F2/PGY5 in CAP here, and because my spouse is da bomb and worked through my MS while raising kids, we are debt free before I have an attending job next year. Will be moving, but home has about $160k in equity, which will likely transition to another house or real-estate purchase.
With moonlighting and spouse working very PT now we are grossing about $125k per year, and maxing out Roths/401ks, so saving at least $52k per year… likely a little more.
We are frugal, but prioritize our (3!) kids’ education, so it’s private til at least HS. We also just took a vacation to Europe, so it’s not like we are really suffering over here. This is all in a Medium/High-COL area.

Current investments are at about $240k (was $275k at the beginning of the year), 100% total stock market index and evidently my spouse and I have guts of steal, because there’s never been a consideration of selling. I’m thinking I should leave fellowship with about $300k invested (all retirement accounts). The Market will decide if I’m right.

First attending job I’m looking at for next year is starting at $270k (with a lot of flexibility which prioritizes my family life), $40k sign on bonus. My spouse still wants to work a little PT, and is looking into how we might pick up a couple rental properties and possible get pass-through tax breaks to ensure that I take even more of my pay home instead of to Uncle Sam. I’m guessing that we will be grossing something north of $320k yearly without the real-estate.

Fire goal right now is about 2.5m, but I’ll likely start very PT once we reach 1.5m (coast-FI). I’d estimate that it’ll be about 6 years into attendinghood when that happens.

I’m not complaining about any of this. I wouldn’t do medicine again, but since I’m in it, psychiatry is the best place to be.

Feeling a little like a humble brag, but my spouse and I have also worked really hard for this…. Constructive criticism or pro-tips welcome though!

 

[forchinet121]

Great to hear so many psychiatrists interested in FI-re. F2/PGY5 in CAP here, and because my spouse is da bomb and worked through my MS while raising kids, we are debt free before I have an attending job next year. Will be moving, but home has about $160k in equity, which will likely transition to another house or real-estate purchase.
With moonlighting and spouse working very PT now we are grossing about $125k per year, and maxing out Roths/401ks, so saving at least $52k per year… likely a little more.
We are frugal, but prioritize our (3!) kids’ education, so it’s private til at least HS. We also just took a vacation to Europe, so it’s not like we are really suffering over here. This is all in a Medium/High-COL area.

Current investments are at about $240k (was $275k at the beginning of the year), 100% total stock market index and evidently my spouse and I have guts of steal, because there’s never been a consideration of selling. I’m thinking I should leave fellowship with about $300k invested (all retirement accounts). The Market will decide if I’m right.

First attending job I’m looking at for next year is starting at $270k (with a lot of flexibility which prioritizes my family life), $40k sign on bonus. My spouse still wants to work a little PT, and is looking into how we might pick up a couple rental properties and possible get pass-through tax breaks to ensure that I take even more of my pay home instead of to Uncle Sam. I’m guessing that we will be grossing something north of $320k yearly without the real-estate.

Fire goal right now is about 2.5m, but I’ll likely start very PT once we reach 1.5m (coast-FI). I’d estimate that it’ll be about 6 years into attendinghood when that happens.

I’m not complaining about any of this. I wouldn’t do medicine again, but since I’m in it, psychiatry is the best place to be.

Feeling a little like a humble brag, but my spouse and I have also worked really hard for this…. Constructive criticism or pro-tips welcome though!

Thanks for sharing all of that! I’m wondering why no medicine again?

 

[Splenda88]

Great to hear so many psychiatrists interested in FI-re. F2/PGY5 in CAP here, and because my spouse is da bomb and worked through my MS while raising kids, we are debt free before I have an attending job next year. Will be moving, but home has about $160k in equity, which will likely transition to another house or real-estate purchase.
With moonlighting and spouse working very PT now we are grossing about $125k per year, and maxing out Roths/401ks, so saving at least $52k per year… likely a little more.
We are frugal, but prioritize our (3!) kids’ education, so it’s private til at least HS. We also just took a vacation to Europe, so it’s not like we are really suffering over here. This is all in a Medium/High-COL area.

Current investments are at about $240k (was $275k at the beginning of the year), 100% total stock market index and evidently my spouse and I have guts of steal, because there’s never been a consideration of selling. I’m thinking I should leave fellowship with about $300k invested (all retirement accounts). The Market will decide if I’m right.

First attending job I’m looking at for next year is starting at $270k (with a lot of flexibility which prioritizes my family life), $40k sign on bonus. My spouse still wants to work a little PT, and is looking into how we might pick up a couple rental properties and possible get pass-through tax breaks to ensure that I take even more of my pay home instead of to Uncle Sam. I’m guessing that we will be grossing something north of $320k yearly without the real-estate.

Fire goal right now is about 2.5m, but I’ll likely start very PT once we reach 1.5m (coast-FI). I’d estimate that it’ll be about 6 years into attendinghood when that happens.

I’m not complaining about any of this. I wouldn’t do medicine again, but since I’m in it, psychiatry is the best place to be.

Feeling a little like a humble brag, but my spouse and I have also worked really hard for this…. Constructive criticism or pro-tips welcome though!

You've done extremely well so far...

Just don't go crazy on the big ticket items (housing and cars) when you become an attending.

I am not a psychiatrist but I would do medicine over again... There is not that many jobs out there where you will get that kind of job security, flexibility, work 20 hrs/wk and still make 150k+/yr while having some benefits.

 

[painballer27]

I’m trying for 50 million by age 50. Goal is to never retire. I was previously into day trading type stuff but realistically I sucked at it and couldnt give it enough time during med school or residency. Now I have 2 llcs in things outside of medicine and growing those while I can in residency. Medicine is great and a good road to financial security, but if I just did this 40 hours a week outpatient I think I would off myself. Im trying to shoot for inpatient or consults work which is just more fun/interesting for me, then be able to get out without frequent calls/issues so I can do other stuff.

Anyway, it may seem grandiose but thats the goal. Work is too fun to retire completely (excluding outpatient). Would be nice to be the big gorilla in the room and be able to say “no” if demands on your time become unreasonable at a job. Id imagine i’d need a few million before getting to behave calmly like that.

These are the types of goals we should all have. Should be the standard.

 

[Bartelby]

These are the types of goals we should all have. Should be the standard.

I'm not so sure. Financial wellbeing is extremely important, as anyone who has lived poor for any amount of time will know. I think there is a point of diminishing returns though. Will $50 million in the bank at 50 be that much better than $5 million? And what trade-offs do you need to make to achieve it? That could be compromising your values by providing poor treatment for high income. It could mean neglecting your family for work. It could mean sacraficing your health in favor of making the extra money. You have to ask what you care about in life and what you're willing to give up for it.

If you want to earn high chase your dreams, but keep in mind a little balance can be a good thing.

 

[Splenda88]

I'm not so sure. Financial wellbeing is extremely important, as anyone who has lived poor for any amount of time will know. I think there is a point of diminishing returns though. Will $50 million in the bank at 50 be that much better than $5 million? And what trade-offs do you need to make to achieve it? That could be compromising your values by providing poor treatment for high income. It could mean neglecting your family for work. It could mean sacraficing your health in favor of making the extra money. You have to ask what you care about in life and what you're willing to give up for it.

If you want to earn high chase your dreams, but keep in mind a little balance can be a good thing.

Yes... I can have my private plane and won't need to travel first class. Lol

 

[Monocles]

I am not a psychiatrist but I would do medicine over again... There is not that many jobs out there where you will get that kind of job security, flexibility, work 20 hrs/wk and still make 150k+/yr while having some benefits.

Wait Splenda what are you? I thought you were one of us since you are always here lol (welcome!)

 

[Jules A]

I'm not so sure. Financial wellbeing is extremely important, as anyone who has lived poor for any amount of time will know. I think there is a point of diminishing returns though. Will $50 million in the bank at 50 be that much better than $5 million? And what trade-offs do you need to make to achieve it? That could be compromising your values by providing poor treatment for high income. It could mean neglecting your family for work. It could mean sacraficing your health in favor of making the extra money. You have to ask what you care about in life and what you're willing to give up for it.

If you want to earn high chase your dreams, but keep in mind a little balance can be a good thing.

I agree and also worth noting- hedonic adaptation.