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I made a promise to myself that I would live like a resident for 5 years after I started really working ( full time hours) which started in Dec 2016 since i took 6 months post residency off to do boards, travel, work on business related things which i would eventually start.
We are in Mid 2019 so I am 2.5 years into this plan but it is tough to sorta change these type of habits. I went from live like a resident and then discovered the FIRE movement and thoughts of a potential retirement by the end of 2029 when i would be in my early 40s seem to kinda hold me back from spending even though I would at worst be part time in 2030 under the best scenario since balance and structure are key to a healthy life.
Through hard work in residency doing extra shifts like moonlighting like a madman in 3rd/4th year i started attending life completely debt free. I honestly in my last year of residency was getting a monthly stipend of 3100-3300 monthy not counting my side work and found it difficult to spend. Even now as an attending being single in the midwest I still don't spend more than 3500 a month and let me add that at least 1000 a month of that is non essentials things like amazon purchases, restaurants/shows with the gf, tennis, amusement parks etc. However major expenses are coming like i see myself in 3 years living in a 500k-700k house which scares me but it really shouldn't,20k ring, 50k wedding stuff.
I used to think i'd want to lease a BMW/mercedes as a business vehicle or buy an SUV which qualifies for the suv deduction but i'm not sure i come out ahead compared to leasing a 4runner/camry which costs about 500 total a month since it snows here. It does feel weird when i pulled up in my camry to meet a recent hospital admin rep and he was driving a better car than me which doesn't bother me from a personal standpoint but rather i have been told to some reasonable degree you need to present yourself as a successful person be it in your attire/vehicle which will motivate others to work and go further in any business arrangements.
I used to think the opposite as in not being flashy may make people feel sorry for you like oh he is just a psychiatrist driving a camry he must be struggling so we will def be trying to send him all the patients we can or legally will your patients try and sue you more if you show up in a tesla/maserati vs a simple camry. I wonder what the research would show on that.
Was it difficult for you guys to grow out of the "live like a resident mantra"? I think my situation is further complicated because I am really into the FIRE movement not because I would actually retire in 10 years but it just seems like such an amazing mental relief/peace to say hey I could stop working right now and keep my lifestyle and do whatever i want. Almost like I beat the work game in life. I struggle with extremes. So while I am really good at over saving, I worry I could fall into the other extreme but if i have already reached FI status its alot safer to "loosen the purse strings" as that white coat investor guy would say. I wish sometimes I was less cautious like that WCI says shoot for 25x yearly exenses saved but for me I think early retirement and the chance of a bear market right when you do that it should be 50x expenses.. just in case.
We are in Mid 2019 so I am 2.5 years into this plan but it is tough to sorta change these type of habits. I went from live like a resident and then discovered the FIRE movement and thoughts of a potential retirement by the end of 2029 when i would be in my early 40s seem to kinda hold me back from spending even though I would at worst be part time in 2030 under the best scenario since balance and structure are key to a healthy life.
Through hard work in residency doing extra shifts like moonlighting like a madman in 3rd/4th year i started attending life completely debt free. I honestly in my last year of residency was getting a monthly stipend of 3100-3300 monthy not counting my side work and found it difficult to spend. Even now as an attending being single in the midwest I still don't spend more than 3500 a month and let me add that at least 1000 a month of that is non essentials things like amazon purchases, restaurants/shows with the gf, tennis, amusement parks etc. However major expenses are coming like i see myself in 3 years living in a 500k-700k house which scares me but it really shouldn't,20k ring, 50k wedding stuff.
I used to think i'd want to lease a BMW/mercedes as a business vehicle or buy an SUV which qualifies for the suv deduction but i'm not sure i come out ahead compared to leasing a 4runner/camry which costs about 500 total a month since it snows here. It does feel weird when i pulled up in my camry to meet a recent hospital admin rep and he was driving a better car than me which doesn't bother me from a personal standpoint but rather i have been told to some reasonable degree you need to present yourself as a successful person be it in your attire/vehicle which will motivate others to work and go further in any business arrangements.
I used to think the opposite as in not being flashy may make people feel sorry for you like oh he is just a psychiatrist driving a camry he must be struggling so we will def be trying to send him all the patients we can or legally will your patients try and sue you more if you show up in a tesla/maserati vs a simple camry. I wonder what the research would show on that.
Was it difficult for you guys to grow out of the "live like a resident mantra"? I think my situation is further complicated because I am really into the FIRE movement not because I would actually retire in 10 years but it just seems like such an amazing mental relief/peace to say hey I could stop working right now and keep my lifestyle and do whatever i want. Almost like I beat the work game in life. I struggle with extremes. So while I am really good at over saving, I worry I could fall into the other extreme but if i have already reached FI status its alot safer to "loosen the purse strings" as that white coat investor guy would say. I wish sometimes I was less cautious like that WCI says shoot for 25x yearly exenses saved but for me I think early retirement and the chance of a bear market right when you do that it should be 50x expenses.. just in case.
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