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  • Originally posted by Tim View Post

    Congratulations. Throwing in the towel? That is not how the game of life is played. You know that.
    Enjoy the thrill and satisfaction, but it’s time to drop back and rekindle the goals and self motivation needed to achieve them. Success is more emotional satisfaction, you want more satisfaction.
    The score tomorrow is zero to zero. That is how life works.
    https://www.jjbirden.com/catching-up...-zero-to-zero/
    https://www.inc.com/mandy-antoniacci...your-game.html
    Well played. My guess is you underestimated with $5m. The score is still zero to zero tomorrow. Get after it.
    Lol when you said score is 0-0 I thought you meant we’ll all die at the end where the score will again be 0-0.

    Regardless of whether you’re a Billionaire or earning median income, that is the ultimate fact. So money should never be the ultimate pursuit.

    I honestly don’t care for Ferraris or big homes. In fact I see them as kind of a burden.

    Comment


    • Originally posted by benign_user View Post

      Lol when you said score is 0-0 I thought you meant we’ll all die at the end where the score will again be 0-0.

      Regardless of whether you’re a Billionaire or earning median income, that is the ultimate fact. So money should never be the ultimate pursuit.

      I honestly don’t care for Ferraris or big homes. In fact I see them as kind of a burden.
      Never said money should be. the ultimate pursuit.
      Actually, money as a goal would eliminate a Ferrari or a big house., you think? It’s your life, make of it as you choose. Definitely have talent there.

      Comment


      • Originally posted by benign_user View Post
        Happy to say that my net worth reached $5 million today (excluding my residence). I feel less stressed knowing this and the fact, and that I can stop working if I choose to. I’m still in my 30s so I’m not ready to throw in the towel yet, but it’s good to know that I can, if I wanted to.
        Why don’t you include your residence in your net worth calculation? I know some do it differently but it’s definitely an asset and the mortgage is a debt. So I always listed my net worth with residence-mortgage included.

        For instance I sold my house and now just rent. The difference is now in my pocket.

        When figuring out your fire number you need to keep liquid net worth and swr in mind though.

        Comment


        • Originally posted by Nysoz View Post

          Why don’t you include your residence in your net worth calculation? I know some do it differently but it’s definitely an asset and the mortgage is a debt. So I always listed my net worth with residence-mortgage included.

          For instance I sold my house and now just rent. The difference is now in my pocket.

          When figuring out your fire number you need to keep liquid net worth and swr in mind though.
          Two main reasons:
          1. It will motivate me to buy a less expensive house. I don’t believe the house you live in is a good investment due to the costs of maintaining an expensive house.
          2. I need a home to live in and being forced to leave my home to cover expenditures is not something I want to be forced to do.

          Comment


          • Originally posted by Tim View Post

            Never said money should be. the ultimate pursuit.
            Actually, money as a goal would eliminate a Ferrari or a big house., you think? It’s your life, make of it as you choose. Definitely have talent there.
            lol you’re absolutely correct on the Ferrari/Money pursuit.

            Comment


            • Originally posted by okayplayer View Post
              Year | Age | Net Worth
              ----------------------
              12/2014 | 30 | -$638,000
              12/2015 | 31 | -$382,000
              12/2016 | 32 | -$178,000
              12/2017 | 33 | $111,000
              12/2018 | 34 | $452,000
              12/2019 | 35 | $824,000
              12/2020 | 36 | $1,299,000
              06/2021 | 36 | $1,650,000


              Fun updating when market has been on fire, not as much fun otherwise.

              Hopefully these updates give hope to other young docs who started off in a big hole like my wife and I did. But also, don’t underestimate the value of luck in one’s good financial fortune.
              Thanks for sharing. My fiancee and I are looking at a similar number in loans right now. She's been practicing as a PA for 3 years, steadily paying her debt down. I just finished fellowship in July and am starting my journey towards broke! Planning for 7 years to have it all paid off.

              Comment


              • Update on our 2 physician household.

                Year | Age | Net Worth
                ----------------------
                12/2014 | 30 | -$638,000
                12/2015 | 31 | -$382,000
                12/2016 | 32 | -$178,000
                12/2017 | 33 | $111,000
                12/2018 | 34 | $452,000
                12/2019 | 35 | $824,000
                12/2020 | 36 | $1,299,000
                12/2021 | 37 | $1,951,000

                Same thing I said a year ago, but it’s more fun to post these updates when the market has been on fire.

                Comment



                • I think I am in the 1% among physicians. My net worth is crazy high these days. I still work doing a variety of things (both clinical medicine and CEO type stuff for the health care company I started) but I get to design my work week however I decide to structure it. Where else can you say this personal financial stuff and brag out loud? (nothing humble about this brag) Well, that would be on an anonymous physician forum, right?

                  Some things that I did over the years:
                  *I invested in tax deferred accounts to the max, every year.
                  *I invested in taxable accounts, whatever was left after maxing out tax deferred and after RE investment downpayments were made.
                  *We always spent carefully in our younger years and although we enjoyed nice vacations and a nice home, we were very careful with optimizing everything financial.
                  *I developed multiple income streams, moonlighting as a resident to build up an emergency fund, to max tax deferred, and to have a downpayment for RE investments, a consulting side gig as an attending, and most importantly, I took a leap of faith, quit academic medicine and started a healthcare related business start up that became increasingly successful with time.
                  *My marital partner was 100% on board with optimizing spending and investing.
                  *We started investing in real estate early on, buying our first investment property when I was still a resident.

                  Net worth progression (I tracked the net worth progression on a monthly basis on paper at various times in the old days, and on spreadsheets in more recent years. But alas, I lost the records from some of the years and I stopped tracking for a while during certain unfortunate periods of national economic meltdowns):

                  1984: 16,000
                  1985: 27,000
                  1986: 45,000
                  1987: 51,000 (bought first RE investment property as I was completing my residency)
                  1988: 79,000
                  1989: 125,000
                  1990: 166,000 (finished fellowship and became an attending)
                  1991: 229,000 (paid off student loans, bought primary home)
                  1992: 272,000 (bought additional RE investment property)
                  1993: 307,000
                  1994: 664,000
                  1995: 866,000
                  1996: 933,000
                  1997: 1,031,000 (made the milestone of a 7-figure net worth in 7th year out of training)
                  1998: 1,307,000
                  1999: 1,606,000
                  2000: 1,940,000
                  2000: 2,001,000 (2nd million took only 4 years, as opposed to 7 years for the first million)
                  2001: ? (lost track of some of the old spreadsheets)
                  2002: ? (lost track of some of the old spreadsheets)
                  2003: ? (lost track of some of the old spreadsheets)
                  2004: 3,053,000 (3rd million also took 4 years)
                  2005: ? (lost track of some of the old spreadsheets)
                  2006: 3,656,000
                  2007: 4,596,000 (4th million took around 2.5 years)
                  2008: ? didn't track, depressing stock market meltdown and RE meltdown, but held on to all holdings through thick and thin
                  2009: ?
                  2010: 4,048,000
                  2011: 4,146,000
                  2012: 4,741,000 (started a health care related company, off to a slow start)
                  2013: 5,583,000 (5th million took around 5 years in a period of terrible economic conditions)
                  2014: 6,586,000 (now each extra million started rolling over every year)
                  2015: 7,230,000
                  2016: 8,600,000
                  2017: 16,507,000 (both business income and business value take flight into low earth orbit)
                  2018: 17,776,000
                  2019: 20,234,000
                  2020: 40,021,000 (business income and value take flight into outer space)
                  2021: 48,728,000 and growing (now the million dollar increases can happen every month or two, whoa!!!)

                  We have loosened the purse strings. We donate a ton to charity. But we still fly commercial....

                  And finally, holy moly, how did this level of wealth happen to a simple, hard working guy like me?




                  Comment


                  • Net worth up about 19%. Without exact numbers, there are multiple commas involved. We are both only W2 though so it's a little more struggle from a tax standpoint where most of our income goes.....
                    our kid is 18 credits away of finishing college right now so most of the 529 has been depleted for his housing over the last couple years so that 19% includes the 529 account on the downswing.

                    Comment


                    • 12/2017: $37k
                      12/2018: $208k
                      12/2019: $502k
                      12/2020: $2.44M
                      12/2021: $6.12M

                      My trajectory is definitely abnormal and likely not reproducible due to a variety of reasons lol. I have made posts about how I've accomplished this though. Took a lot of risks and some leverage to get here. I have way more than I need to be happy, but I like seeing the numbers go up and having new high scores.

                      Comment


                      • Originally posted by bean1970 View Post
                        Net worth up about 19%. Without exact numbers, there are multiple commas involved. We are both only W2 though so it's a little more struggle from a tax standpoint where most of our income goes.....
                        our kid is 18 credits away of finishing college right now so most of the 529 has been depleted for his housing over the last couple years so that 19% includes the 529 account on the downswing.

                        Do people typically include 529 in net worth calculation?

                        Comment


                        • Originally posted by TXDoc21 View Post


                          Do people typically include 529 in net worth calculation?
                          There really isn't that great of a reason not to if you are the owner of the account. Its your money. Its liquid. There are lots of other money pots "owned" by you that will go towards expenses before retirement for instance. Do you not include other money in your accounts that go to pay your bills throughout the year? The expenses in the 529 are really no different than other expenses I pay through the year for my kid (part of our healthcare premiums, etc....). I include the money pots for other expenses for him in our net worth. So basically why treat the 529 any different. You know there is money leaving your NW all the time......

                          i think don't confuse net worth with the pots of money for retirement. They are not one in the same.

                          Comment


                          • these posts confirm the experience of many: the first million is the hardest for sure

                            Comment


                            • Originally posted by Caduceus View Post
                              I think I am in the 1% among physicians. My net worth is crazy high these days. I still work doing a variety of things (both clinical medicine and CEO type stuff for the health care company I started) but I get to design my work week however I decide to structure it. Where else can you say this personal financial stuff and brag out loud? (nothing humble about this brag) Well, that would be on an anonymous physician forum, right?

                              Some things that I did over the years:
                              *I invested in tax deferred accounts to the max, every year.
                              *I invested in taxable accounts, whatever was left after maxing out tax deferred and after RE investment downpayments were made.
                              *We always spent carefully in our younger years and although we enjoyed nice vacations and a nice home, we were very careful with optimizing everything financial.
                              *I developed multiple income streams, moonlighting as a resident to build up an emergency fund, to max tax deferred, and to have a downpayment for RE investments, a consulting side gig as an attending, and most importantly, I took a leap of faith, quit academic medicine and started a healthcare related business start up that became increasingly successful with time.
                              *My marital partner was 100% on board with optimizing spending and investing.
                              *We started investing in real estate early on, buying our first investment property when I was still a resident.

                              Net worth progression (I tracked the net worth progression on a monthly basis on paper at various times in the old days, and on spreadsheets in more recent years. But alas, I lost the records from some of the years and I stopped tracking for a while during certain unfortunate periods of national economic meltdowns):

                              1984: 16,000
                              1985: 27,000
                              1986: 45,000
                              1987: 51,000 (bought first RE investment property as I was completing my residency)
                              1988: 79,000
                              1989: 125,000
                              1990: 166,000 (finished fellowship and became an attending)
                              1991: 229,000 (paid off student loans, bought primary home)
                              1992: 272,000 (bought additional RE investment property)
                              1993: 307,000
                              1994: 664,000
                              1995: 866,000
                              1996: 933,000
                              1997: 1,031,000 (made the milestone of a 7-figure net worth in 7th year out of training)
                              1998: 1,307,000
                              1999: 1,606,000
                              2000: 1,940,000
                              2000: 2,001,000 (2nd million took only 4 years, as opposed to 7 years for the first million)
                              2001: ? (lost track of some of the old spreadsheets)
                              2002: ? (lost track of some of the old spreadsheets)
                              2003: ? (lost track of some of the old spreadsheets)
                              2004: 3,053,000 (3rd million also took 4 years)
                              2005: ? (lost track of some of the old spreadsheets)
                              2006: 3,656,000
                              2007: 4,596,000 (4th million took around 2.5 years)
                              2008: ? didn't track, depressing stock market meltdown and RE meltdown, but held on to all holdings through thick and thin
                              2009: ?
                              2010: 4,048,000
                              2011: 4,146,000
                              2012: 4,741,000 (started a health care related company, off to a slow start)
                              2013: 5,583,000 (5th million took around 5 years in a period of terrible economic conditions)
                              2014: 6,586,000 (now each extra million started rolling over every year)
                              2015: 7,230,000
                              2016: 8,600,000
                              2017: 16,507,000 (both business income and business value take flight into low earth orbit)
                              2018: 17,776,000
                              2019: 20,234,000
                              2020: 40,021,000 (business income and value take flight into outer space)
                              2021: 48,728,000 and growing (now the million dollar increases can happen every month or two, whoa!!!)

                              We have loosened the purse strings. We donate a ton to charity. But we still fly commercial....

                              And finally, holy moly, how did this level of wealth happen to a simple, hard working guy like me?



                              Welcome to the forum. I hope sometime in the future you will share more about your decision to leave clinical medicine and start a business. No identifying details…more like how long was the idea brewing in your head/how well developed was it before you started, did you start while still in academic medicine and then quit that once it reached a certain level or did you truly make a complete leap of faith and quit one and start the other, did you continue to maintain your medical license and board certification (although you are probably in the generation of doctors with lifetime certification), did you continue some clinical work on the side, etc.

                              Comment


                              • Originally posted by TXDoc21 View Post


                                Do people typically include 529 in net worth calculation?
                                I do. It’s still my money even if it’s earmarked for something else and would have a penalty if I withdrew it. Same can be said for retirement accounts to an extent as well.

                                Comment

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