Where were you financially when you turned 40? 45?

[jacksonhole]

There is a similar post floating around on the bogleheads site right now for 30 years old.  Since docs and dentists are a little later in starting I thought I would pose that question here, but a little later.  I'll go first.

 

At 40, married with three kids under 6

private practice radiologist

$189,000 left on a 15 year mortgage-currently in year 4.  Conservative home estimate is $750,000.

no other debt. educational debt was the first thing to go.

income between $650,000-700,000. stable group with declining reimbursements, like with decreasing income over the next several years.

retirement savings;

tax deferred: $250,000

taxable: $200,000

emergency fund: $30,000

 

[DMFA]

Are those retirement savings annual or total?

[jacksonhole]

total.

 

Also out of training 3 years at 40.

[Hatton]

Not sure what the figure was at 40 but at 43 it was 3.3 mill in total savings with no educational debt and less than 100k on the mortgage.  I remember this well because then the dot com bubble burst and I lost about a million.

[Hatton]

(duplicate post deleted)

[Hatton]

(duplicate post deleted)

[canadianoutlaw]

Holy sh*t @hatton. do you mind telling us how you got to that level of financial security. And @jacksonhole, I didn't realize rads pulled in that much, wow

[Hatton]

I got lucky!  I was one of the first female Ob/gyns in my area so my practice became immediately busy.  My peak earning years coincided with the late nineties which was a sustained bull market. The power of compound interest is the rest of the story.  I have been a slacker since I reached financial independence.  I realized that I had the option to not accept every patient etc because I made some good decisions in my 30s. I now no longer do Ob and work 3 days per week.  My net worth is close to 7 mill. I turned 59 yesterday.

[Hatton]

Sorry about the triplicate post. Not sure what happened.

[GXA]

At 40 we had approximately 3m in savings, and approximately 800k in debt (includes primary mortgage and some investment properties).

Still working full time in emergency medicine.  Plan to pay off debt and retire by age 50

[The White Coat Investor]

I think most people know where I was at at 40. < $300K debt, multi-million net worth with a low 7 figure retirement portfolio, working full time with a side gig which still has rising income.

[slippingsloth]

Man as a newly minted radiologist I have to admit those salary figures are pretty eyepopping. Don't think I will ever see that based on the offers I've seen.  Congrats on that

[YYjames]

2 mill at 36.

I expect to be at 5 mill at 40.

Like WCI it's not medicine but business income that turbo charges this.

[dragonfruit]

@yyjames what kind of businesses bring in more income than medicine? Do you do real estate?

[YYjames]

- That decouple hours from income

- Scale

- Actually your premise is wrong. Medicine is probably average when taking into account long training, ROI, stability etc etc.

- Real estate as a business is great. As an investment its no better (despite leverage) than stocks and bonds.

- This guy is doing pretty well. There you go. More than medicine.

 

A bit tongue in cheek, but hopefully you get the point. Also understand that if everyone is doing the same thing, returns aren't great. Example: index/passive portfolio investing.