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

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  • #46
    Originally posted by IlliniGopher View Post
    For anyone near or close to it (>$7), mind sharing the story?
    Not near or close, but I think we are on trajectory

    36, $4+

    1 husband, 2 kids

    We are both physicians, we are both hospital employed, we have been with the same hospital systems since finishing training. <100K combined in loans which helps a lot

    We try to save 50% of take home / ~30% of gross (PoF's live on half challenge), we are very fortunate to have >7 digits in combined household income starting our 2nd year out of training

    conservative investors at vanguard, 3 fund portfolio

    if we count home equity, we are there. Better to be lucky than to be good, we moved shortly before the pandemic, we moved to a boom town where property values are skyrocketing, the value of the house has doubled in the 3 years we have moved in

    We don't really have a target number in mind as we both like our jobs and are already working <1 FTE with good lifestyle (no nights, minimal call, 7 weeks PTO). We have indulged in the very fancy house but are otherwise relatively frugal (this often feels like saying "I think I'm a good person except for the fact I'm an axe murderer”): don't really eat out at restaurants, don't like to travel, I drive a 10 yr old manual transmission Honda because I like it, etc...
    Last edited by shombra; 02-07-2022, 09:17 AM.

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    • #47
      Originally posted by shombra View Post

      Not near or close, but I think we are on trajectory

      36, $4+

      1 husband, 2 kids

      We are both physicians, we are both hospital employed, we have been with the same hospital systems since finishing training. <100K combined in loans which helps a lot

      We try to save 50% of take home / ~30% of gross (PoF's live on half challenge), we are very fortunate to have >7 digits in combined household income starting our 2nd year out of training

      conservative investors at vanguard, 3 fund portfolio

      if we count home equity, we are there. Better to be lucky than to be good, we moved shortly before the pandemic, we moved to a boom town where property values are skyrocketing, the value of the house has doubled in the 3 years we have moved in

      We don't really have a target number in mind as we both like our jobs and are already working <1 FTE with good lifestyle (no nights, minimal call, 7 weeks PTO). We have indulged in the very fancy house but are otherwise relatively frugal (this often feels like saying "I think I'm a good person except for the fact I'm an axe murderer): don't really eat out at restaurants, don't like to travel, I drive a 10 yr old manual transmission Honda because I like it, etc...
      It’s a crying shame you can’t find stick shifts anymore…

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      • #48
        Originally posted by kayli69 View Post
        [I]...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
        You are doing well... good work. You would generally count all RE besides a primary residence in net worth.

        As the other person asked before you, the house you live in doesn't count since living is always going to cost you money. If you sell the house you live in, you need to buy another (and most people don't downsize... quite the opposite), or you need to spend $ to go rent. You also wouldn't count your business space which you use to produce your income for same reasoning... you'd immediately need to buy/rent another.

        The other RE you own (or have equity in) do count... a vaca home, rental duplex or house or commercial space, land, etc are potentially able to be turned completely into cash (without immediately spending most/all of the money from the sale). Collector cars and coins (besides basic silver/gold value) and baseball cards and art and such are pretty variable in subjective value and final sale value, but I guess that's anyone's choice if they count them and what they value them as in net worth. Either way, good work on making your training pay dollars and cents.

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        • #49
          Very few. It's 10% of total docs that are $5M+. So I'd guess 1-3%.
          Helping those who wear the white coat get a fair shake on Wall Street since 2011

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          • #50
            Originally posted by shombra View Post

            Not near or close, but I think we are on trajectory

            36, $4+

            1 husband, 2 kids

            We are both physicians, we are both hospital employed, we have been with the same hospital systems since finishing training. <100K combined in loans which helps a lot

            We try to save 50% of take home / ~30% of gross (PoF's live on half challenge), we are very fortunate to have >7 digits in combined household income starting our 2nd year out of training

            conservative investors at vanguard, 3 fund portfolio

            if we count home equity, we are there. Better to be lucky than to be good, we moved shortly before the pandemic, we moved to a boom town where property values are skyrocketing, the value of the house has doubled in the 3 years we have moved in

            We don't really have a target number in mind as we both like our jobs and are already working <1 FTE with good lifestyle (no nights, minimal call, 7 weeks PTO). We have indulged in the very fancy house but are otherwise relatively frugal (this often feels like saying "I think I'm a good person except for the fact I'm an axe murderer): don't really eat out at restaurants, don't like to travel, I drive a 10 yr old manual transmission Honda because I like it, etc...
            With your inexpensive (in relative terms) lifestyle, what are you going to spend all that money on in retirement?

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            • #51
              Originally posted by VentAlarm View Post

              It’s a crying shame you can’t find stick shifts anymore…
              Drove a 1999 honda civic stick until 2016.
              Now have a used 2013 civic. I miss the stick sometimes but everything is computerized now and the automatic gets better gas mileage. In the 90’s the standards
              = manual transmission cars got better gas mileage and costed less. Now they are extinct.

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              • #52
                Originally posted by VentAlarm View Post

                It’s a crying shame you can’t find stick shifts anymore…
                I always had fun with my stick shift cars, but I gave the last one up due to stop and go traffic. Just for fun I still sometimes manually shift with my steering wheel paddles, especially for engine breaking at highway speeds. Though I have to admit the automatic transmissions (and cruise control) outperform my manual efforts, and it isn’t even close.

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                • #53
                  I will caution some of you. It is very easy to count your money before you even make it. Lots of things can derail a young physician. If you work for someone else this can become a problem. Reimbursements can change and turn your profitable practice based on one or two money-making procedures upside down. You can be sued. You can get divorced. You can lose your license. Health issues.

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                  • #54
                    Originally posted by CordMcNally View Post

                    You can but you'll either need significant contributions or significant growth.
                    The personal capital and financial capital from wRVU c rate Ike shifts alone will not support the goal. Geographic arbitrage probably won’t either. Renting a cheap place won’t either. Driving a beater won’t either. It takes income for contributions. WCI is probably the clearest example. It’s not from shifts in the ED. Smart business with a good return for his work.

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                    • #55
                      Originally posted by Larry Ragman View Post

                      I always had fun with my stick shift cars, but I gave the last one up due to stop and go traffic. Just for fun I still sometimes manually shift with my steering wheel paddles, especially for engine breaking at highway speeds. Though I have to admit the automatic transmissions (and cruise control) outperform my manual efforts, and it isn’t even close.
                      I gave mine up a few years after I got married. My wife can’t drive a stick. She said she didn’t care what car I bought so long as 1) we could afford it 2) it had 4 doors and 3) it wasn’t a stick. It was hard for me to push back given how reasonable her requests were.

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                      • #56
                        A few ways one can achieve it before age 50

                        1. No student loans and maybe having parents help out with house/ trust fund.

                        2. Two high earning -physician or non-physician couple - who are both frugal.

                        3. Invent something, start a unique business that can be sold or a blog that can be monetized and sold.

                        4. Own practice, own ASC, own other real estate and put in 200K+ each year and reinvest everything.


                        On top of all this, pray for a market bull run like the 2009-22 run. Compounding works well later on so it is easier to hit 10M+ after age 55-60 than before 50. I know a couple who have hit $10M+ before age 50 but they were 2 physician couples and great entrepreneurs and real estate investors.

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                        • #57
                          Originally posted by VentAlarm View Post

                          It’s a crying shame you can’t find stick shifts anymore…
                          Drove a stick for 12+ years but the combination of trying to answer a pager using those monstrous Motorola cell phones cradled between my right ear/shoulder with one hand on the wheel and one hand on the stick shift became too much. There were no bluetooth in those days and the hospital expected us to call back within a couple of minutes.

                          When that car met with an accident I reluctantly went with an automatic Honda Accord and later with CVT transmission of a hybrid. I am not sure if I can still drive a stick after all these years without gnashing through the gears.
                          Last edited by Kamban; 02-07-2022, 10:16 AM.

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                          • #58
                            OP,

                            I traded money for free time. (Apparently we will disagree on what NW means.)

                            I agree with Kamban and whomever did the math above; I bet mid-50s is when the savvy, high-earners start hitting 8 digits.

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                            • #59
                              Hadn't driving stick(college buddy's) since mid 90's. Pre pandemic a stick mini cooper was the only think you could rent on Bora Bora. It was fun. Did stall going up a residential hill. The locals were looking at us kind of funny.

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                              • #60
                                Common underlying answer. Real estate investment gets you there. Mostly in what you know. ASC.

                                Big shovel income gets most to win. Real estate and business is what gets you to this marker, not medicine itself.​​​​​​

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