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  • My old partners in a rural lcol area definitely increased their lifestyle more than I did (but I’m super cheap).

    One bought the big dumb doctor house right out of residency. Another bought a plane. Another bought a farm and has horses, goats, alpacas, chickens and who knows what else now.

    It’s easier to save in the lcol areas but you can always find stuff to buy or spend money on anywhere you go.

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    • Originally posted by eyecandy View Post
      Wow amazing numbers here. Mine isn’t as impressive as others, but I’m pretty proud of it. Happy New Year!

      2013 -225K
      2014-2015 edu loan pay down
      2016 zero
      2017 275K
      2018 540K
      2019 910K
      2020 1.3
      2021 2.0
      I am extremely impressed. Let me tell you the reason. Good fortune leads to really impressive off the wall numbers. Real estate, higher risk stock trading, private ventures etc. What does the smart money recommend? Having a plan and continue a savings plan, live within your mean and invest at an appropriate personal risk profile. Sound work for 8 years! Whatever you are doing, keep on doing it. Great job.

      Just a point, the absolute results of a plan are a better measure of a plan. Do you think the outsized gains were in anyone's plan? Your is a methodically well thought out path.

      Comment


      • Originally posted by Turf Doc View Post

        right, shouldve specified liquid net worth…. I think total net worth is far less important assuming you’re not planning on selling your house in the near future. Theoretically LCOL docs should have a much higher liquid net worth. But do they just buy bigger and fancier houses and cars and send their kids to private school?
        You can get underwater in a lcol area as well. You can easily spend a million on a monster home. You get way more for your money but you also have a ton of upkeep. And it is hard to sell.

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        • Keep on truckin’

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          • Originally posted by Eyemd356 View Post
            Keep on truckin’
            What happened toward the end of 2016?

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            • Originally posted by Eyemd356 View Post
              Keep on truckin’
              In 2016 you went from $2M to $8M. Did you earn 6M or did your stocks quadruple.

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              • Originally posted by Kamban View Post

                In 2016 you went from $2M to $8M. Did you earn 6M or did your stocks quadruple.
                i think he robbed a bank

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                • Originally posted by WorkforFIRE View Post
                  People on this forum are a rare breed. Most people I know don’t do back door Roth. I’m constantly told that 6k is “too little” money and won’t make a difference. and instead, they’ll spend the 6k on a $1200/night hotels. Not joking.

                  oh well. Hoping to reach FI, so I can have the choice to RE or not.

                  I continue to BDR, MBDR, max all HSA, etc. and pack my taxables.
                  i totally get what you are saying

                  that being said, for many in this group the backdoor Roth has become kind of a drop in the bucket.

                  don't get me wrong, i love doing it every year (assuming i still can), but at this point it's more of a dopamine hit than net worth progression.

                  Comment


                  • Originally posted by MPMD View Post

                    i think he robbed a bank
                    Also looks like he robbed a smaller one at the end of 2021 too...

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                    • Originally posted by MPMD View Post

                      i totally get what you are saying

                      that being said, for many in this group the backdoor Roth has become kind of a drop in the bucket.

                      don't get me wrong, i love doing it every year (assuming i still can), but at this point it's more of a dopamine hit than net worth progression.
                      Happy backdoor roth IRA day regardless!

                      Comment


                      • Originally posted by abds View Post

                        What happened toward the end of 2016?
                        won big in Vegas!!🤣

                        I finally combined all my investments into 1 account 🤷‍♂️🤦‍♂️
                        Last edited by Eyemd356; 01-04-2022, 10:44 AM.

                        Comment


                        • Originally posted by xraygoggles View Post

                          Also looks like he robbed a smaller one at the end of 2021 too...
                          Just sold a building and bought a building thru 1031

                          Comment


                          • Originally posted by East coast View Post

                            All offense intended....come on, man/woman, u gotta spend more. I really think this level of savings is more in line with a hoarder mentality. This assumes you aren't making $2m a year in income I guess and these jumps in NW are more savings than appreciation. But even then.
                            I'm in similar spot to OP, albeit a year or two behind. Thing is, with high income, it's very easy to save at a high rate without blinking an eye. Especially easing out of the "live like resident" phase.

                            ​​​​​​Seven figure income last two years after becoming a partner. We've built a very nice home (nicest in the neighborhood, but no mansion), and all other debt is paid off. We drive reliable cars, have cash set aside to buy my wife a 2 yr old luxury SUV. Good start on 529s but not complete. We hired a cleaning service last year. With the new home we spent a significant amount of money furnishing it, landscaping it, and buying new lawn equipment. We have a great home gym with a peloton. I feel like I'm living a life of luxury, and by almost any standard, I am.

                            And despite all of that, I saved 82% of my net income, 50% gross. I disagree with "u gotta spend more". Sometimes you are simply content, and spending more is simply giving diminishing returns
                            Last edited by 8arclay; 01-04-2022, 05:54 AM.

                            Comment


                            • Originally posted by MPMD View Post

                              i totally get what you are saying

                              that being said, for many in this group the backdoor Roth has become kind of a drop in the bucket.

                              don't get me wrong, i love doing it every year (assuming i still can), but at this point it's more of a dopamine hit than net worth progression.
                              Count me as one of those who did not do a backdoor Roth until 2021. I had a couple of messed up non deductible IRA, some non match 401K I had when I was employed and a SEP that I had for 1 year before I had full time employees. I concentrated more on building my practice than using time converting all to Roth ( which I did 2 months ago). In addition I did not have any tax advantaged retirement contributions for the past 2 decades due to total disinterest by my employees.

                              But as you said, it is the savings and frugal mentality that counts, not these 6K back door Roth's. In the big picture, they are small potatoes.

                              Comment


                              • Originally posted by 8arclay View Post

                                I'm in similar spot to OP, albeit a year or two behind. Thing is, with high income, it's very easy to save at a high rate without blinking an eye. Especially easing out of the "live like resident" phase.

                                ​​​​​​Seven figure income last two years after becoming a partner. We've built a very nice home (nicest in the neighborhood, but no mansion), and all other debt is paid off. We drive reliable cars, have cash set aside to buy my wife a 2 yr old luxury SUV with cash. Good start on 529s but not complete. We hired a cleaning service last year. With the new home we spent a significant about of money furnishing it, landscaping it, and buying new lawn equipment. We have a great home gym with a peloton. I feel like I'm living a life of luxury, and by almost any standard, I am.

                                And despite all of that, I saved 82% of my net income, 50% gross. I disagree with "u gotta spend more". Sometimes you are simply content, and spending more is simply giving diminishing returns

                                I don't earn seven figures from my work and sometimes barely make 6 figure income. But those years of early savings bring me a good amount of return, especially those invested in businesses that provide distributions. Except for an extravagant house with furnishing we have barely spent more than my work income in the past 4 years. So that excess cash has no other place to go except being reinvested after keeping aside money for taxes.

                                What is the point of NetJets when you can barely travel and have a good airport nearby. The bigger the plane, the better its safety, especially with the big US carriers. I prefer that to smaller planes where I don't know its safety record.

                                Comment

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