What percentage of all docs, all comers reach $10 mm by 50

[IlliniGopher]

Maybe appropriate for the lounge, so admin feel free to move it. I typically feel like this thread gets the most traffic. I have set a bench mark with myself and two friends recently about trying to get $10 mm by 50. What percentage of all docs do you think reach that, across all subspecialties. There are so many variables such as home cost, number of kids, COL. I started thinking about this because of the amazing NW that WBD has accumulated and makes me feel ambitious.

[VentAlarm]

I would guess almost none. If I can out at 32 with a NW of 0 it would take 160k a year at 12% to get there. Short of being an owner/entrepreneur or making 600+, seems unlikely. Even the hardcore FI folks would likely punch out or spend more before hitting that NW.

[Tangler]

Almost none. Maybe by 55, 60, or 70

[Nysoz]

You don't get to $10M through a typical physician salary and typical investing. You have to be a very high earner with high savings rate to get there before 50 due to later start in your investing life.

Otherwise you have to take increased risks for the increased rewards. Leverage in the stock market/real estate, or starting a successful business would get you there though. I got kinda close to $10M before 40 but unfortunately leveraged investing works both ways. I still have hopes and time to make it there though.

[StarTrekDoc]

<1%. Three+ s.d. away from norm
people with that tragectory typically will increase spend to match the fast climb and not reach that mark.

[StarTrekDoc]

You don't get to $10M through a typical physician salary and typical investing. You have to be a very high earner with high savings rate to get there before 50 due to later start in your investing life.

Otherwise you have to take increased risks for the increased rewards. Leverage in the stock market/real estate, or starting a successful business would get you there though. I got kinda close to $10M before 40 but unfortunately leveraged investing works both ways. I still have hopes and time to make it there though.

You're like that commercial I just saw. I'm a millionaire then a text later, not. Then again later in the day, yes. It was a Bitcoin type commercial for something but the name of company didn't take.....so a miss from the ad agency standpoint. Memeroable but not brand specific.

[FIREshrink]

Almost none, most are smart enough to recognize that trading so much life energy for money we'll never need is a bum deal.

[Anne]

<1%. Three+ s.d. away from norm
people with that tragectory typically will increase spend to match the fast climb and not reach that mark.

Or decrease income/investing recognizing that time is more valuable than money…and not reach that mark.

[IlliniGopher]

For anyone near or close to it (>$7), mind sharing the story?

[MPMD]

would bet my house that it's <5%, likely <1%, my guess would be around 0.01%

assumptions:

• my wife and i are well compensated hospital based procedural specialties
• traditional students
• single manageable loan burden
• min 20% savings rate since day #1
• she came out of residency w/ a bit of extra money in her 401k (dad helped support so she could max out x 4 years).
• hot markets basically ever year i've been out
• bought an affordable (to us) house in a rapidly increasing market and probably have >$500k in equity already

and still a lot would have to go right for us to hit $10M by 50.

i think for the vast, vast majority of docs you can just start crossing out those assumptions. i know for a fact that even for WCI you can cross out 4 of them.

[youngDoc]

According to this post, 6% above 5 mil. presumably higher percentage if you assume higher net worth people are less likely to respond because they're more likely too busy grinding and drowning in work to respond https://www.whitecoatinvestor.com/ph...-millionaires/

[Max Power]

Lol, I finished fellowship at age 33 with almost 400k debt (Ivy tuition and years and years of interests hurts, even with scholly).

Most of my co-grads from same and similar fellowship tracks were older with more debt. Sure, we have good earning power, but to hit $10M by 50,you had better do derm or ENT or something with short-ish residency and very good earnings.

The low earner or the late bloomers MD specialties won't even reliably do $5M by 50... maybe for a frugal single person I suppose?

[uksho]

Among my friends , likely 2 . One couple making a million and living like they make 100 K. The other couple making 1-1.5 million

so more than likely you have to be a dual high income family or be making minimum of 7-800 K

for me , if I reach 2.5M, that would be an accomplishment!

OP has an interesting goal .

[Hatton]

Much easier to hit 10 mill by 60.

[Notsobad]

I think it is higher it higher than these guesses. There was a poster on bogleheads I think who was probably a spine surgeon and lived on less than 100k a year. I know of several “power” couples — GI and radiology, vascular and anesthesia, specialist gone to industry plus MBA spouse, rad onc and GI, interventional cardiology and Derm, etc. The ones I know do not appear to be too spendy (I could be naive) and many of them could have accumulated this much, if not by 50, then close to it.