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  • 2001, in residency. X
    2003, end of training. 5X
    2005. 17X
    2010. 90X
    2015. 200X
    2020. 360X

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    • Originally posted by FIREshrink View Post
      2001, in residency. X
      2003, end of training. 5X
      2005. 17X
      2010. 90X
      2015. 200X
      2020. 360X
      This is seriously impressive. Unless my frame of reference is way off.
      $1 saved = >$1 earned. ✓

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      • I wonder if anyone has made it to an 8 figure tax advantaged account at or around full retirement age. It's ambitious, but it seems within reach.

        Comment


        • Interestingly the Schwab RMD calculator will not calculate the amount above 7 million.

          Comment


          • I'm giving a shout out to those of us that might have a more typical progression by making mistakes and spending more than we should at times - unless you completely and royally mess up, hopefully none of us will go broke or have a crummy retirement money-wise.

            I finished radiology residency in 2005 with a wife and three kids - wife has stayed at home these 15 years. I'm guessing at least some of the progressions - the first post perhaps? - involve a high earning couple without kids in an area with high real estate return? If not, then even more kudos!

            But in the 15 years earning between 300-500k depending on the year, we have gone from roughly $50k in 2005 to about $2.5m 15 years later. Biggest "mistakes" have been moving three times in the same town, last one to a huge home. We put in two pools which are a huge money sink... While our area supports good prices (New England college town), they have remained pretty steady the last 10 years and I doubt we will make any money on it. We also stayed three years in our previous homes - probably the worst amount of time mortgage wise when it comes to interest payments, moving costs, new furniture, etc. We have almost always bought new cars. We travel quite a bit with our kids. We have a daughter in a very expensive boarding school of her choice which she loves but will be 200k+ by the end of high school. And are starting to deal with three college tuitions next year - which we plan to pay completely for all three kids.

            And I will definitely admit that I have been all over the map investment wise, with various funds and individual stocks. We've dumped it all back into cash at times, other times putting over 50% of our portfolio in one stock (yikes!). I've been way too conservative with the college accounts, usually just money market and bonds, while perhaps being way too aggressive with retirement funds. John Bogle and friends would not be impressed.

            But it is all a learning experience and I at least have a handle on my flaws and can make peace with the fact that my net worth coulda woulda shoulda been more. Because heck, even with the huge house and tuitions and numerous mistakes, we never want for anything basic, enjoy our life, could weather essentially any financial meltdown, and have a nest egg that will be more than enough - (as long as I don;t repeat too many more of the mistakes we've made... ). We make sure to max all retirement accounts and have additonal savings on automatic deposit each month.

            Bottom line for me is that as long as I don't dwell on the comparisons, wishing I had 10 million and not 2.5 - very first world problem - then I sleep well knowing that as long as we are learning and saving, it will turn out well as we enjoy the ride.

            Comment


            • Originally posted by Cubicle View Post

              This is seriously impressive. Unless my frame of reference is way off.
              Don't know about that ... x could be $1!

              Without knowing income, hard to speak to efficiency of wealth creation. That said, we made a lot of decisions along the way which contributed to early financial independence.

              Comment


              • Originally posted by FIREshrink View Post
                2001, in residency. X
                2003, end of training. 5X
                2005. 17X
                2010. 90X
                2015. 200X
                2020. 360X
                That is wild. I'd like to know what steps you took along the way that were not the norm (saving in taxable and retirement accounts). I'd imagine RE or biz helped you to multiply your NW by such a large amount?

                Comment


                • From personal capital. Not sure that it is correct as doesn't seem to account for old (paid off) student loans. Attending in 2014 so should have been negative

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                  • Originally posted by jjandjab View Post
                    I'm giving a shout out to those of us that might have a more typical progression by making mistakes and spending more than we should at times - unless you completely and royally mess up, hopefully none of us will go broke or have a crummy retirement money-wise.

                    I finished radiology residency in 2005 with a wife and three kids - wife has stayed at home these 15 years. I'm guessing at least some of the progressions - the first post perhaps? - involve a high earning couple without kids in an area with high real estate return? If not, then even more kudos!

                    But in the 15 years earning between 300-500k depending on the year, we have gone from roughly $50k in 2005 to about $2.5m 15 years later. Biggest "mistakes" have been moving three times in the same town, last one to a huge home. We put in two pools which are a huge money sink... While our area supports good prices (New England college town), they have remained pretty steady the last 10 years and I doubt we will make any money on it. We also stayed three years in our previous homes - probably the worst amount of time mortgage wise when it comes to interest payments, moving costs, new furniture, etc. We have almost always bought new cars. We travel quite a bit with our kids. We have a daughter in a very expensive boarding school of her choice which she loves but will be 200k+ by the end of high school. And are starting to deal with three college tuitions next year - which we plan to pay completely for all three kids.

                    And I will definitely admit that I have been all over the map investment wise, with various funds and individual stocks. We've dumped it all back into cash at times, other times putting over 50% of our portfolio in one stock (yikes!). I've been way too conservative with the college accounts, usually just money market and bonds, while perhaps being way too aggressive with retirement funds. John Bogle and friends would not be impressed.

                    But it is all a learning experience and I at least have a handle on my flaws and can make peace with the fact that my net worth coulda woulda shoulda been more. Because heck, even with the huge house and tuitions and numerous mistakes, we never want for anything basic, enjoy our life, could weather essentially any financial meltdown, and have a nest egg that will be more than enough - (as long as I don;t repeat too many more of the mistakes we've made... ). We make sure to max all retirement accounts and have additonal savings on automatic deposit each month.

                    Bottom line for me is that as long as I don't dwell on the comparisons, wishing I had 10 million and not 2.5 - very first world problem - then I sleep well knowing that as long as we are learning and saving, it will turn out well as we enjoy the ride.
                    Excellent post! Your experience is typical, perhaps even above average for radiologists. I am 10 years or so your senior in radiology, and many colleagues are behind you.

                    The two biggest factors affecting your net worth progression appear to be where you live and where you live. If you live in a low or medium cost of living area and live in affordable housing, you win the game. Having a high earning spouse, a high paying specialty and zero or few children puts the wind at your back. A divorce, especially mid or late in the career is a strong headwind - maybe even a hurricane. A pediatrician with five kids, a stay-at-home spouse (or worse, divorced), living in Manhattan, barring the backing of a wealthy family or a random windfall, will have trouble growing a nest egg.

                    Comment


                    • Originally posted by xraygoggles View Post

                      That is wild. I'd like to know what steps you took along the way that were not the norm (saving in taxable and retirement accounts). I'd imagine RE or biz helped you to multiply your NW by such a large amount?
                      No weird investments and minimal real estate return. Just the usual: solid income, high savings rate, pure Bogleheads investment strategy. Relatively modest cost of living. Old cars. Kept a budget. Kids go to public schools. No country clubs. Yada yada yada.

                      Comment


                      • Originally posted by FIREshrink View Post

                        No weird investments and minimal real estate return. Just the usual: solid income, high savings rate, pure Bogleheads investment strategy. Relatively modest cost of living. Old cars. Kept a budget. Kids go to public schools. No country clubs. Yada yada yada.
                        360X was definitely eye catching. I reached for my calculator... But compared to all the folks that posted from 2014, it seems about right for this crowd. But man, I only wish I could have talked my wife into public high schools for the kids!

                        Comment


                        • If X were only $100,000!

                          Comment


                          • Originally posted by EntrepreneurMD View Post
                            I wonder if anyone has made it to an 8 figure tax advantaged account at or around full retirement age. It's ambitious, but it seems within reach.
                            My projections were pointing there, especially if included CBP rollovers.

                            But dont think I'll get there as several things will affect that trajectory: 1) Part time to RE, so less contributions, 2) RE so moving to less aggressive portfolio, 3) likely start tapping at 59.5, 4) 10-25 years of Roth conversions 5) with SECURE Act, I am dialing back CBP contributions.

                            edit: I took the point as a pretax account?.

                            Comment


                            • Originally posted by forumuser View Post
                              So I saw this on bogleheads and I wanted to start a similar one here. Anyone care to share their net worth progression?

                              I'll start with mine:

                              01/2015: 100 K
                              01/2016: 400 K
                              01/2017: 1 MM
                              01/2018: 1 MM
                              01/2019: 1.5 MM
                              01/2020: 2.8 MM
                              ill bite:
                              1/2013: 1U
                              1/2020: 12U

                              glad to be of help.

                              Comment


                              • Originally posted by Peds View Post

                                ill bite:
                                1/2013: 1U
                                1/2020: 12U

                                glad to be of help.
                                Two data points. Love it. John Bogle always preached simplicity. 1/2027: 144U???

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