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

[fire2026]

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

🤣😂

[billy]

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

Already happening.

I actually had my old stick shift broken into and attempted to be stolen (attempted hot wire). Yet there it was a few days later when I returned from a trip, although it was a pain in the butt to reconnect all the wires.

My car now is a stick but with everything that happened I'm about to trade it in for an SUV so I'll be joining the automatic crowd. Thinking new cx5 turbo. I still like to rent nicer cars while on vacation (use sixt), not buy them. But pre pandemic, knowing stick came in handy when traveling in europe.

[VagabondMD]

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.

Excellent point. Bad things can happen.

Two of my close friends from training were dead by age 50, cancer in both cases. Not sure if they got to $10M (probably not, one battled a brain tumor for the last five years or so and was out of work by his mid-40's). I have talked about these guys before, and how they changed my perspective on work and my career.

More recently, I lost two friends from my med school class in the last 6 weeks, both in their mid-50's, one by depression/suicide and the other cancer.

Some do not stay in the game long enough to get to retirement, $10M, grandchildren, etc.

[childay]

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.

Appear to be plenty of people doing similar savings around here.

https://forum.whitecoatinvestor.com/personal-finance-and-budgeting/215374-poll-how-much-did-you-save-in-2019

Now general doc pop I agree 1-3%
We will probably be on track, if spouse can continue the grind. Saved a ridiculous amount last year. How much money can you spend in a pandemic?

[Tim]

Appear to be plenty of people doing similar savings around here.

https://forum.whitecoatinvestor.com/personal-finance-and-budgeting/215374-poll-how-much-did-you-save-in-2019

Now general doc pop I agree 1-3%
We will probably be on track, if spouse can continue the grind. Saved a ridiculous amount last year. How much money can you spend in a pandemic?

20 years in a row would be a different distribution. Particularly for a max age limit below 50. Most would actually structure wealth accumulation as unrealized appreciation to defer taxes rather than income, pay tax and contribution. Think the conclusion is a little stretch.

[GasFIRE]

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

Pardon my manners for quoting myself but I had to tell this. I just went to the car wash which took 10 minutes longer than necessary. The woman in the brand new SUV ahead of me couldn’t figure out how to get her transmission into neutral. Several employees were trying to help including the manager on his phone searching Google. After everyone gave up she drove through with everything off not getting her car washed. I need to edit my original comment to “getting to ‘N’ is not always intuitive or obvious.”

[uksho]

Excellent point. Bad things can happen.

Two of my close friends from training were dead by age 50, cancer in both cases. Not sure if they got to $10M (probably not, one battled a brain tumor for the last five years or so and was out of work by his mid-40's). I have talked about these guys before, and how they changed my perspective on work and my career.

More recently, I lost two friends from my med school class in the last 6 weeks, both in their mid-50's, one by depression/suicide and the other cancer.

Some do not stay in the game long enough to get to retirement, $10M, grandchildren, etc.

These change your priorities. Sorry to hear about your loss .

[StarTrekDoc]

Excellent point. Bad things can happen.

Two of my close friends from training were dead by age 50, cancer in both cases. Not sure if they got to $10M (probably not, one battled a brain tumor for the last five years or so and was out of work by his mid-40's). I have talked about these guys before, and how they changed my perspective on work and my career.

More recently, I lost two friends from my med school class in the last 6 weeks, both in their mid-50's, one by depression/suicide and the other cancer.

Some do not stay in the game long enough to get to retirement, $10M, grandchildren, etc.

That sucks. Sorry to hear that. Does make me wonder if we want to go back for our 25 yr reunion to find out lives changed (both wife and I are 25 yr due to covid -- very unique opportunity to celebrate two classes of that). Carpe diem.

[childay]

20 years in a row would be a different distribution. Particularly for a max age limit below 50. Most would actually structure wealth accumulation as unrealized appreciation to defer taxes rather than income, pay tax and contribution. Think the conclusion is a little stretch.

Not sure I follow your point. Unrealized appreciation =/= savings. Poll was not about net worth.
Well that was a different one

https://forum.whitecoatinvestor.com/general-investing/311565-poll-how-much-did-your-net-worth-increase-in-2021

[Kamban]

Pardon my manners for quoting myself but I had to tell this. I just went to the car wash which took 10 minutes longer than necessary. The woman in the brand new SUV ahead of me couldn’t figure out how to get her transmission into neutral. Several employees were trying to help including the manager on his phone searching Google. After everyone gave up she drove through with everything off not getting her car washed. I need to edit my original comment to “getting to ‘N’ is not always intuitive or obvious.”

Late one night after a party I volunteered to help someone drop off a pickup of a person who had left early in another vehicle. The person wanted me to drive his new BMW-5 series and he to drive the pickup. I tried for more than a minute trying to figure out how to put the d*mn car in reverse and then drive. I also could not figure out where the headlight controls were since it was not in the usual position. I gave up and asked him to drive his car and I drove the old pick up.

Some of the modern vehicles are so fancy and too tech that a newcomer cannot figure it out intuitively.

[HikingDO]

Late one night after a party I volunteered to help someone drop off a pickup of a person who had left early in another vehicle. The person wanted me to drive his new BMW-5 series and he to drive the pickup. I tried for more than a minute trying to figure out how to put the d*mn car in reverse and then drive. I also could not figure out where the headlight controls were since it was not in the usual position. I gave up and asked him to drive his car and I drove the old pick up.

Some of the modern vehicles are so fancy and too tech that a newcomer cannot figure it out intuitively.

I love my old Tundra pickup, key in the ignition, no crazy buttons to figure out.

[Tim]

Not sure I follow your point. Unrealized appreciation =/= savings. Poll was not about net worth.
Well that was a different one
https://forum.whitecoatinvestor.com/...crease-in-2021

And none of the polls asks the question:
Did anyone contribute $250k contributions for 30-50?

[shombra]

With your inexpensive (in relative terms) lifestyle, what are you going to spend all that money on in retirement?

We don't have a great answer for that. We love the idea of FI but don't plan on RE (for now) for that reason. I guess an easy answer is ever-more-expensive housing but at a certain point, it does make us worry. We may be able to afford the house but all the ancillary charges (property taxes, maintenance, utilities, insurance, etc) seem like they could be crippling

Currently, I think we strike a nice balance currently of enjoying our jobs and loosening the purse strings (saving 30% of gross on 7 digits still allows for plenty of discretionary spending even with a large mortgage payment) where heaven forbid I were to drop dead at a young age, I don't think I would look back with regret (on financial matters at least: did I work for too long? did I spend too little? etc)

[Hoopoe]

I’m generally on that path but only on the 30 yard line with 70 yards to go. So many opportunities for things to go wrong, and as others have posted the more well established you get the easier it is to cut back or look for other less lucrative opportunities. We are an MD/DDS couple. I make well above norm for my specialty but also work a ton…kind of becoming a problem really. Income right around 1MM, actually about 1.15 last year but this is a recent increase over the last few years. Was making 350-400k before but made full partner and started working more plus various admin positions. Expenses around 10k/mo, 120k/yr. No loans. 37 and 38 years old, about 2.3MM NW. Saved over 500k last year. My wife is already going 2-3 days a week from full time and I’ll likely pull back a bit. I figure net family income of 600-800 and controlled expenses with more time together is worth the trade off even if it means 8MM at 50 instead of more.

[Tim]

I’m generally on that path but only on the 30 yard line with 70 yards to go. So many opportunities for things to go wrong, and as others have posted the more well established you get the easier it is to cut back or look for other less lucrative opportunities. We are an MD/DDS couple. I make well above norm for my specialty but also work a ton…kind of becoming a problem really. Income right around 1MM, actually about 1.15 last year but this is a recent increase over the last few years. Was making 350-400k before but made full partner and started working more plus various admin positions. Expenses around 10k/mo, 120k/yr. No loans. 37 and 38 years old, about 2.3MM NW. Saved over 500k last year. My wife is already going 2-3 days a week from full time and I’ll likely pull back a bit. I figure net family income of 600-800 and controlled expenses with more time together is worth the trade off even if it means 8MM at 50 instead of more.

This. There comes a point where financial capital pulls the wagon. 4% of $8m is $320k -$120k =$200k savings. But if it gains 25% that is $10m.

Financial capital is clearly the big driver. Of course $8m could turn into $6m. Regardless,, you will be fine in the long term.