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

[GasFIRE]

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.

My last 2 vehicles have had paddle shifters and my impression is they’re fake, just giving you the impression of control. As noted, only useful for engine braking. If you need/want a stick shift Miata Is Always The Answer.

[Larry Ragman]

My last 2 vehicles have had paddle shifters and my impression is they’re fake, just giving you the impression of control. As noted, only useful for engine braking. If you need/want a stick shift Miata Is Always The Answer.

Plus one on Miatas. Loved my last one. Now too hard to get in an out of for my old bones.

[Tim]

Several recurring road conditions make stick shifts a PITA:

• Stop lights and stop signs on uphill slopes I hated people getting too close.
• Speed bumps- the ones that are so severe you not only drive slow, you come close to a stop!
• Repetitive stop signs in residential areas.

I learned to drive in a truck in a pasture. Grandpa took you out and walked back. You had to learn to get back. So much for that. After you learned to drive you went through the process. Shifting gears on a farm truck or tractor were simply skills.
No thrill involved. Automatics were nice.

[Eyemd356]

52 and I’m at 16-17M -1/2 in mutual funds 1/2 in industrial real estate
pathway was taking income and buying industrial real estate.

[Anne]

I learned to drive on a manual and only drove a stick shift for the first 8 or so years. I never attempted to drive an automatic transmission during that time. At age 24 I had my first rental car on an away rotation and had to ask the rental car guy how to operate it. That was embarrassing.

[Tim]

I learned to drive on a manual and only drove a stick shift for the first 8 or so years. I never attempted to drive an automatic transmission during that time. At age 24 I had my first rental car on an away rotation and had to ask the rental car guy how to operate it. That was embarrassing.

Put the red thing on “D” to go forward. Yada yada yada. You were probably “famous” when you turned the car in. The whole office was talking about you. Did you see people looking down trying not to laugh? Oh well. You survived.

[G]

I learned to drive on a manual and only drove a stick shift for the first 8 or so years. I never attempted to drive an automatic transmission during that time. At age 24 I had my first rental car on an away rotation and had to ask the rental car guy how to operate it. That was embarrassing.

LOL

[PWMDMD]

If I get to $10M and it wasn't from winning something or inheritance then I lived too little and worked too much.

[GasFIRE]

Put the red thing on “D” to go forward. Yada yada yada. You were probably “famous” when you turned the car in. The whole office was talking about you. Did you see people looking down trying not to laugh? Oh well. You survived.

Except nowadays many carmakers are using joysticks to replace AT levers. Getting to “D” is not always intuitive or obvious.

[uksho]

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.

This is so true, and makes me save whatever I can . If someone can assure me that I can work till 60 ( even with same salary), I won’t need to save one more dime and retire without any problem ( I don’t need 10 million to retire ! )

[fire2026]

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.

Wow, concise yet a profound post, insight gained only through experience

Those who are just starting out need to read and reread it multiple times

[JWeb]

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.

More physicians than you think fall into the #2 and #4 categories.

[Tim]

Except nowadays many carmakers are using joysticks to replace AT levers. Getting to “D” is not always intuitive or obvious.

Context: “At age 24 I had my first rental car on an away rotation ”.
For some of us fossils, “Where is the key?” “I pushed the button, it won’t start!”
”Where is the gas cap”. There is some catching up on the newer. cars.
First time through new construction lane changes is a hoot. Car is barking at you breaking or accelerating and the maps keep resetting and telling you that you screwed up. So helpful. How do I shut it off is helpful.

[Lordosis]

10M is a lot. I plan to punch out long before I get there.

But the other issue is in order to save that much you would have to save 250K a year for 20 years at 6%. You can fiddle with those numbers a bit but it s a large chunk of change for those of us who make less than 400-500K.

[CordMcNally]

I learned to drive on a manual and only drove a stick shift for the first 8 or so years. I never attempted to drive an automatic transmission during that time. At age 24 I had my first rental car on an away rotation and had to ask the rental car guy how to operate it. That was embarrassing.

One of these days cars with manual transmissions will be nearly theft-proof as younger generations won’t know how the ************************ to drive them.