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The Proper Networth and Debt Survey

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  • #76







    So far 115 entries

    Median stats: Median age: 37, Years practicing: 5 years; portfolio value of 560k. Interestingly, house prices are 550K (not the 300-400K people talk about often) with around half in mortgage.

    Those are simple stats. Hopefully we get more inputs. Keep ’em coming!
    Click to expand…


    I am enjoying this, and I am not sure why. Is it interesting, useful information? Is it like watching the circus? I don’t know.
    Click to expand...


    lol

     

    Comment


    • #77
      So, I'm pretty positive that people misread the Expenses entry. There is no way that those figures are for total expenses INCLUDING taxes. $750k AGI and $120k expenses? $470k AGI and $100k expenses? I call shenanigans -- or else I demand to know the name of your accountant, because that's some fancy tax evasion you've got going on.  :lol:

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      • #78
        I put my living expenses without taxes. Whoops!

        At the moment I have high income and my tax bill is about 3 times my living expenses.  LOL!!!  Or should that be COL (crying out loud) when paying all those taxes?!?

        Comment


        • #79
          That's ok. I agree a lot is without taxes. Hard to do this clean but hopefully this will get people conditioned to fill better survey next year

          Comment


          • #80
            I will fix those with some logic something like

            Based on bracket if expenses are less than AGI-standard deduction * tax rate then adjust for it by doing so.

            Comment


            • #81




              I will fix those with some logic something like

              Based on bracket if expenses are less than AGI-standard deduction * tax rate then adjust for it by doing so.
              Click to expand...


              Wait wut? What figure are you trying to get here?  :?:

              Comment


              • #82
                Can I ask, what is the main purpose of this?

                 

                As a primary care physician, it takes a significant amount of mental will power, as it is, to look past the many posts or articles that talk about the extra 6 figure amounts specialists are able to put away, while I focus on what is pertinent to my financial picture, and doing the best job that I can do with what I have.  I really DO NOT want to compare, as it can (and let's be honest...  it WAS when I first started reading this website/forum) depressing to realize the pay differential between specialties.

                Maybe some people like this.
                I don't want to compare to others, I just want to do my best with what I have.

                 

                That being said I am very proud of what we have been able to do through a ton of hard work, sacrifice, and diligence.  If I posted my net worth, others might use it to feel like rockstars because their new worth is more. (and by all means- anyone who is hardworking and saving and reading this website - if they have more- yay!) - or maybe they would be wowed because I AM primary care- but I do not want to compare to anyone except my own potential.

                 

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                • #83
                  SPlum, this is the good old US of A.  So no matter how much you make, or how much your net worth, there will always be those out there with way more financial resources.  It is all a matter of who you compare yourself to.

                  The average primary care physician is way wealthier than the average American.  And the average American is way wealthier than the average citizen of this world.  And the average citizen of this world is way wealthier than the average citizen of the developing world.  Over 3 billion people on this planet live on less than $2.50/day.

                  So we are all extremely wealthy.  And fortunate.  And have enough to be giving back to others as much as we are comfortable and able to give.  Congratulations on your dedication to your patients as a primary doc, and kudos for your wealth and success.

                  Comment


                  • #84




                     

                    So we are all extremely wealthy.  And fortunate.  And have enough to be giving back to others as much as we are comfortable and able to give.
                    Click to expand...


                    Amen.

                    Add in health and loved ones and I can say, my life is rich beyond belief.

                     

                    Comment


                    • #85
                      One thing the survey has already accomplished.  I am feeling less bad about buying "too much house".  There are primary homes listed on the survey for 4MM and 5MM.  Maybe someone owns a nice 3 bedroom condo in NYC?  Or San Francisco?

                      Comment


                      • #86




                        So far 115 entries

                        Median stats: Median age: 37, Years practicing: 5 years; portfolio value of 560k. Interestingly, house prices are 550K (not the 300-400K people talk about often) with around half in mortgage.

                        Those are simple stats. Hopefully we get more inputs. Keep ’em coming!
                        Click to expand...


                        I can't speak for others but when we bought our house 3 years ago it cost 365k but values have gone crazy in my area and current value is 500k ( based on area comps and recent appraisal) so that is what I put down. I suspect this may be true for lots of people who have been in their houses for a while.

                        Comment


                        • #87




                          One thing the survey has already accomplished.  I am feeling less bad about buying “too much house”.  There are primary homes listed on the survey for 4MM and 5MM.  Maybe someone owns a nice 3 bedroom condo in NYC?  Or San Francisco?
                          Click to expand...


                          Yep that is one of the surprising trend here. Last I calculated average house value was 550K. I bet there are other trends that data will show.

                          Comment


                          • #88







                            I will fix those with some logic something like

                            Based on bracket if expenses are less than AGI-standard deduction * tax rate then adjust for it by doing so.
                            Click to expand…


                            Wait wut? What figure are you trying to get here?  a❓
                            Click to expand...


                            Well I would try to compensate for people not includign taxes in their expense. So i'd see if expenses are less than (AGI-deduction)*tax rate = taxes owed <- expense less than that? well then that user didn't include taxes in expense and I can then add it based on that.

                            Makes sense?

                            Comment


                            • #89




                              Can I ask, what is the main purpose of this?

                               

                              As a primary care physician, it takes a significant amount of mental will power, as it is, to look past the many posts or articles that talk about the extra 6 figure amounts specialists are able to put away, while I focus on what is pertinent to my financial picture, and doing the best job that I can do with what I have.  I really DO NOT want to compare, as it can (and let’s be honest…  it WAS when I first started reading this website/forum) depressing to realize the pay differential between specialties.

                              Maybe some people like this.
                              I don’t want to compare to others, I just want to do my best with what I have.

                               

                              That being said I am very proud of what we have been able to do through a ton of hard work, sacrifice, and diligence.  If I posted my net worth, others might use it to feel like rockstars because their new worth is more. (and by all means- anyone who is hardworking and saving and reading this website – if they have more- yay!) – or maybe they would be wowed because I AM primary care- but I do not want to compare to anyone except my own potential.

                               
                              Click to expand...


                              I am not trying to achieve or prove anything. Simply a good survey of users here. Think of it this way; people post but now they are "posting" figures and numbers.

                              I don't know about you, but as a physician I beleive more in objective data/data in general. This is sort of empirical evidence for all the debt crushers/WCI followers - backed by hard numbers.

                              Comment


                              • #90




                                Can I ask, what is the main purpose of this?

                                 

                                As a primary care physician, it takes a significant amount of mental will power, as it is, to look past the many posts or articles that talk about the extra 6 figure amounts specialists are able to put away, while I focus on what is pertinent to my financial picture, and doing the best job that I can do with what I have.  I really DO NOT want to compare, as it can (and let’s be honest…  it WAS when I first started reading this website/forum) depressing to realize the pay differential between specialties.

                                Maybe some people like this.
                                I don’t want to compare to others, I just want to do my best with what I have.

                                 

                                That being said I am very proud of what we have been able to do through a ton of hard work, sacrifice, and diligence.  If I posted my net worth, others might use it to feel like rockstars because their new worth is more. (and by all means- anyone who is hardworking and saving and reading this website – if they have more- yay!) – or maybe they would be wowed because I AM primary care- but I do not want to compare to anyone except my own potential.

                                 
                                Click to expand...


                                This seems a little off to me. I would much prefer to know exactly what everyone in my profession in general and my company specifically makes.  Information asymmetry only helps the employer.  You should know whether you are over or under compensated relative to your peers and whether such differences come from performance or negotiation.

                                The fact that you only learned about the pay differential of different specialties after reading an internet forum speaks to the need for better financial awareness for docs.  I think most non-docs even know that.

                                Regarding net worth, I also think it’s good to know the ramifications of your decisions.  Seeing what others save with higher incomes, better savings rates, and wise investments should only help you make better decisions in the future.

                                Comment

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