Announcement

Collapse
No announcement yet.

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

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • bean1970
    replied
    By themselves, slim. A two physician couple....completely doable.

    Leave a comment:


  • Ceychu
    replied
    I might have done it if a few things were different. 1) Wife started out in high income speciality, changed to med income speciality then went part time, now in low-income non-medical field. If she had stayed in original speciality, no problem (though QOL would've been much worse) or 2) Incidentally had series A opportunity that at one time would have netted $3 mil, but restricted from selling at that time, now worth much much less.

    But including home equity, 60%+ at target age. Ain't complaining

    Leave a comment:


  • benign_user
    replied
    I’m surprised by the low numbers

    Leave a comment:


  • A nony mous
    replied
    Procedure based specialty. HPSP and active duty till age 35. Net worth was $100-300k.

    Found a very lucrative private practice gig. I made ~1.2M in two years as an associate.

    I bought in just before my 38th birthday. Income was over a million, purely on clinical income.

    Did a calculation and when I was 40 I was worth ~$1.5M.

    Brought in an associate and got more efficient. I quit working Fridays by mid 2020. Brought in second associate in 2021.

    Sold practice. Age 44. Net worth at time of sale was ~6M.

    Current net worth is ~12M. Income decreased after sale. Gross income is still 2x expenses.

    Anticipate ~20M at age 50 with income and appreciation. It'll keep growing as I'll still cover most expenses on 2-3 days per week. My goal at that point is to work ~100 days per year until it stops being fun.
    Last edited by A nony mous; 02-14-2022, 09:27 AM.

    Leave a comment:


  • FunkDoc83
    replied
    Originally posted by Hospitalist View Post
    I reached 8 figures NW at 44 years, no procedures, ancillary service, etc. wife worked also but never made more than $50k per year. I was the only one in my class of residents without a student loan because I did my med school out of USA (also grew up there). Made a lot, saved a lot and with the help of the market, compounding did the miracle. We retired almost 3 years ago when we hit the 8 figure milestone.
    You are the exception, not the norm. Congrats, so you didn't go part time at all? Completely left medicine?

    Leave a comment:


  • Hospitalist
    replied
    I reached 8 figures NW at 44 years, no procedures, ancillary service, etc. wife worked also but never made more than $50k per year. I was the only one in my class of residents without a student loan because I did my med school out of USA (also grew up there). Made a lot, saved a lot and with the help of the market, compounding did the miracle. We retired almost 3 years ago when we hit the 8 figure milestone.

    Leave a comment:


  • WorkforFIRE
    replied
    Originally posted by ACN View Post
    I have friends in PP ortho making 1.5-2m and they're in late 30s and early 40s. Doable, but depends on spending and saving rates. Also depends on practice loans and buyins.
    1.5-2 million?? Wth

    Leave a comment:


  • Ronan
    replied
    Originally posted by Tangler View Post

    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.
    I have 3 now. Will get a fourth next year when one of my kids graduates from college

    Leave a comment:


  • Ronan
    replied
    Originally posted by TXDoc21 View Post
    Posts like this make me wonder what Entrepreneur MD is up to right now. He would have been all over this one!

    Projections don’t really mean much since I’m on the 20 yard line of the journey. But with 7% return I’m on pace for about 8 million by then. That’s not including primary house or anything else. If I add the house onto this then I’ll bet I will make it or get close as I also plan to pay the house off over this time period as well.
    Right, none of my homes or practice are included.

    Leave a comment:


  • ACN
    replied
    I have friends in PP ortho making 1.5-2m and they're in late 30s and early 40s. Doable, but depends on spending and saving rates. Also depends on practice loans and buyins.

    Leave a comment:


  • TXDoc21
    replied
    Posts like this make me wonder what Entrepreneur MD is up to right now. He would have been all over this one!

    Projections don’t really mean much since I’m on the 20 yard line of the journey. But with 7% return I’m on pace for about 8 million by then. That’s not including primary house or anything else. If I add the house onto this then I’ll bet I will make it or get close as I also plan to pay the house off over this time period as well.

    Leave a comment:


  • beagler
    replied
    What percentage of previous 50yos have ever had a stock market runup (bubble) like the current one?

    Last time I remember everyone feeling rich was 2007-2008.

    What is the prospect for continued very high physician pay?

    Leave a comment:


  • Ronan
    replied
    Originally posted by wideopenspaces View Post
    Are we talking NW, combined with a partners? Or just the physician on their own hitting 10M invested? Small number either way. How many even want to hit that number at that age? It's definitely not a goal for me. . .
    Never had a specific number in mind. Just saved as much as I could, and as I got older could save a larger percentage of earnings. It helps that both my wife and I earn very well. We've chosen to lead a balanced life and enjoy (not extravagantly) it.

    Leave a comment:


  • Ronan
    replied
    Originally posted by Hatton View Post
    Much easier to hit 10 mill by 60.
    most likely me in 6 years.

    Leave a comment:


  • Ronan
    replied
    Originally posted by IlliniGopher View Post
    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.
    I know one who has. He works very hard and dedicated to his practice.

    Leave a comment:

Working...
X