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

[burritos]

I'm always confused. Does primary home equity count when calculating if you're in the 8 digit club? It really shouldn't, should it? I don't know. Just asking.

[IlliniGopher]

Uhhhh….I feel like a couple making 650k with one working 0.5 FTE and the other working what sounds like <1FTE is a pretty big shovel….

I work more than 1.0. I just trade evenings out for days and give up nights as much as possible

[Dusn]

Maybe by building a large practice with surgery center and selling it to private equity.

But purely through the practice of medicine… no, I don’t think I know anyone who will accomplish this by 50.

[TheDangerZone]

I would guess something like 5% and that most are private practice owners and/or “innovators” with industry ties.

[jhwkr542]

I'd say less than 1%. We should get there relatively easily, but we're both frugal, I own a share of the practice, and I got incredibly lucky.

[FireBall]

Was never a goal but we may get there as we still have few years before either of us hit 50. Currently around 7-8m (cash, securities, paid off home and paid off business) with about 40% of that in home and business. Started at -1.75m about 10yrs ago with student loan, mortgage, practice loan. Could have been better if I put money in to the market along the way rather than paying off debt as only 1m of our NW is in the market. We are not big spenders to start with so our savings rate is high.

[AR]

I'm always confused. Does primary home equity count when calculating if you're in the 8 digit club? It really shouldn't, should it? I don't know. Just asking.

It depends on the phrasing and context, in my opinion.

For example if someone says, "I need 10 million to retire", then home equity doesn't count.

If someone asks "What is your net worth?", then it counts.

[Random1]

I always considered my home a place to eat and sleep, I don’t consider it in my NW, because I have to live somewhere, and I don’t think I will sell it and live off housing dividends anytime soon.

[8arclay]

I am on track to, if desired. As a high earner, Im actually on track to hit $5M by 40, getting to $10M by 50 would simply mean continuing to work, earn, and save.

I'm not sure if the desire to continue grinding will be there over the next couple decades, I've actually decided to try and slow down a touch this year. Combined with ever increasing overhead (necessary bloat due to more cumbersome insurance policies), decreasing reimbursement, etc lots can change. But for now, it's very much a realistic projection.

Saving $150-200k/yr is a lot, I acknowledge that, but a high earner living reasonably could do so quite easily imo

[wideopenspaces]

Total net worth as a couple. No home equity included in calculation

I won’t reach it, but I’ll try. The reason being: I want to be able to walk away from medicine if I want and it changes the psychology of why I work. Currently I've been ok without burnout as long as I can take my family on trips (4-6x a year, not extravagant). I work minimal nights and evenings (<7 a year). I pick up work during the school year (days) and free summers up for my little one. My wife (also physician) works 0.5 FTE. We’re internal medicine so not big shovel sub-speciality ($600-650K/year gross over the past 7 years), just both happened to be young when we started. Had >$400K student loans together, paid.

I’ve calculated that with a 7% return and $200K/yr investment across all pre/post tax buckets I can maybe reach $8 mm. Nothing crazy or exciting (crypto, private equity, real estate), just boring old brokerage account. We drive decent cars ($50-60K each, one paid, one with 1% loan), above avg house ($1 mm). I don't want to clip coupons or keeping the house 50 degrees, anything ultra frugal.

I think my biggest advantage is only having to pay for 1 kid and finishing at 29 years old. Wife and I are both immigrant kids, I grew up below the poverty line.

I also want the option to walk away from medicine to something else at 50 ( 10 years from now) but I just need 4M and paid off house to do it.

[CordMcNally]

Maybe by building a large practice with surgery center and selling it to private equity.

But purely through the practice of medicine… no, I don’t think I know anyone who will accomplish this by 50.

It's certainly possible. Saving $240k/year for 20 years at 6.5% is right around $10M. We're on pace for right around $10M at that time assuming we'll get around 6% (I'm projecting lower returns) or so and I still work full time. I make very good money for my specialty but there's plenty of docs making more than me.

[abds]

Never let another man kiss your hand after pouring an unknown powdery substance on it?

Other way around. Kiss then the lye.

[AR]

Never let another man kiss your hand after pouring an unknown powdery substance on it?

I'm not sure you were paying attention. You may need a re-watch.

[abds]

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

I know several that have accomplished this. Nothing special to get there, just very high income (7-figures). If I don't get to 10 by 50, something will have gone terribly wrong in the next 11 years. Knock on wood.

[kayli69]

Mind sharing your story:

46 yo. Procedure based specialty, private practice, own our own bldg and procedure center
Started fresh out of fellowship at 32y/o, net worth of -200k

Was an associate for 2 yrs before becoming partner, making 250-350K. Moonlighted at VA for an extra 5k per month
Reached partner after 2 years, salary has ranged from 500k-1.1million

We live simply, but are deprived of nothing. Our house was a new build and less than 1/2 of yearly income. Have always saved appx 50-70% of takehome
Max out 401K/profit sharing each year as well as defined benefit plan which is another 105K. My goal (which I have achieved each year) is to save at least 300k post tax for total savings (pre and post tax) of at least 450k. All has been invested in simple index fund portfolio 80%stck/20% bond. Nothing fancy, nothing sexy--it just plain works and has worked phenomenally

I have been lucky and avoided all the doctor financial death traps--no divorce, no fancy husband/wife foreign cars, no multi-million dollar McMansion etc. Our everyday cars are Toyotas, always bought new with cash and kept for 10 years.

Current net worth at 46 is 8.2 million, not including real estate which would include paid off primary residence (500k), 146 acres of timber land and cabin (200k)-paid off, and lake cottage (450k)--paid off. Also not included is practice bldg and other equity, as well as 3 collector cars. If you add all of this I suspect I am very close to or over 10 million