Announcement

Collapse
No announcement yet.

What is your number ? What are your plans to achieve the #

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

  • Hatton
    replied




    I find this such an interesting post because I thought long and hard about my number.  I constantly ran the numbers and obsessed how and when I would get there.  Reached the number several years ago and guess what-Its just a number.  Once I achieved it the angels did not come out and sing and there were no rainbows in the sky.  I put my shoes on the same way every morning, still strive to be more kind and humble and still practicing full time.

     

    For me at least it was not as magical as I believed it would be, but am grateful that I achieved it.
    Click to expand...


    I agree with crazy road to Dublin that once you hit your number no bells ring and no one gives you a watch.  When I hit mine I reassessed my situation and when one hospital started increasing unattached ob call I decided to retire from Ob and drop the hospital that wanted more unattached call. Becoming financially independent and then some gives you the ability to do this.

    Leave a comment:


  • DMFA
    replied


    It’s either going to be a yacht called Princess Amazon…..or a canoe with “F*ing amazon” spray painted on the side.
    Click to expand...


    This is brilliant.

    Leave a comment:


  • Crazyroadtodublin
    replied
    I find this such an interesting post because I thought long and hard about my number.  I constantly ran the numbers and obsessed how and when I would get there.  Reached the number several years ago and guess what-Its just a number.  Once I achieved it the angels did not come out and sing and there were no rainbows in the sky.  I put my shoes on the same way every morning, still strive to be more kind and humble and still practicing full time.

     

    For me at least it was not as magical as I believed it would be, but am grateful that I achieved it.

    Leave a comment:


  • Arkad
    replied
    I think your "number" depends a great deal on what your options are.  For most people, the number goes up as you get closer to it.  Mine actually went down.  As I got closer and it felt more real, I could no longer think about giving up the freedom I am hoping to have.  Once we picked a firm date, I told my wife I would rather cut back  on lifestyle if needed then think about working more to get more in the bank.

     

    We tend to look at the financial number and we let it creep up.  We forget that the more important number, the days you have left are going down at the same time and you don't get to go back and change that.

    Leave a comment:


  • q-school
    replied




    Our number is $5M and Debt free.  We will get a pension from my spouse that is estimated to be about $6K per month adjusted for inflation.  Plus my SS.

    Plan to retire around 52 when we can collect the pension. Plan $1-2M coming from my office sale–if practice values continue to rise i may just have to retire early…lol.

    Our portfolio for our taxable accounts and retirement accounts are nearly 100% stocks. I am 39 years old.   My logic is that the pension money is very safely invested (spouse is in retirement plan that is consistently ranked one of the best funded in the nation)… My practice value is pretty stable…..we have a lot of years still…..and we are dollar-cost-averaging into the market.  We plan to retire young….and if it doesn’t happen it’s not the end of the world.  Once we get to our number we will go to a much less aggressive portfolio.  I just feel like we have too long until retirement to put a lot into bonds… and emotionally prepared to be killed by a correction….knowing that we have time on our side still.

    we have a very high savings rate right now.   our biggest costs are retirement savings, college savings and house payment.   If we were debt free and didn’t have to save we’d have a hard time spending $10K per month.   Kids are a motivating factor in savings.  It’s getting harder and harder for young people with debt and I’d like my kids to have a head start.

    Luckily we’ve been thinking about buying a boat in retirement to sail around…..that should help us spend some of the money if we over-save.  the only single stock we own is Amazon (everything else is index funds).  The joke is that those shares are the boat money.  Whatever it is worth when we buy the boat is the budget.  It’s either going to be a yacht called Princess Amazon…..or a canoe with “F*ing amazon” spray painted on the side.
    Click to expand...


    when i lived in seattle, there were a lot of microsoft boats.

    there are some people who view pension like bond equivalent.  my wife and i are in same situation, with pension.  so we are higher than most with regards to regards stock: bond allocation.  who knows if we are right or wrong, but that's also what we decided.

    i get your name now-- retire by 52, rb52!

     

    Leave a comment:


  • Rb52dds
    replied
    Our number is $5M and Debt free.  We will get a pension from my spouse that is estimated to be about $6K per month adjusted for inflation.  Plus my SS.

    Plan to retire around 52 when we can collect the pension. Plan $1-2M coming from my office sale--if practice values continue to rise i may just have to retire early...lol.

    Our portfolio for our taxable accounts and retirement accounts are nearly 100% stocks. I am 39 years old.   My logic is that the pension money is very safely invested (spouse is in retirement plan that is consistently ranked one of the best funded in the nation)... My practice value is pretty stable.....we have a lot of years still.....and we are dollar-cost-averaging into the market.  We plan to retire young....and if it doesn't happen it's not the end of the world.  Once we get to our number we will go to a much less aggressive portfolio.  I just feel like we have too long until retirement to put a lot into bonds... and emotionally prepared to be killed by a correction....knowing that we have time on our side still.

    we have a very high savings rate right now.   our biggest costs are retirement savings, college savings and house payment.   If we were debt free and didn't have to save we'd have a hard time spending $10K per month.   Kids are a motivating factor in savings.  It's getting harder and harder for young people with debt and I'd like my kids to have a head start.

    Luckily we've been thinking about buying a boat in retirement to sail around.....that should help us spend some of the money if we over-save.  the only single stock we own is Amazon (everything else is index funds).  The joke is that those shares are the boat money.  Whatever it is worth when we buy the boat is the budget.  It's either going to be a yacht called Princess Amazon.....or a canoe with "F*ing amazon" spray painted on the side.

    Leave a comment:


  • bean1970
    replied
    For us the "number" is when we hAve enough passive income to throw in the towel working. I think we are close. Roughly kicking off 100k passive income now (dividends plus pension). Taxes are a [email protected]@ on four streams of income (two salaries, pension and dividend income). I'm 47 years old. Goal is to stop working by 50.

    Leave a comment:


  • The White Coat Investor
    replied
    It probably had more to do with me being asked to work on the Wiki and me spending a lot of time thinking about passive income at the same time. I'm too self-interested to work for free, although the income never turned out to be very passive.

    Leave a comment:


  • RogueDadMD
    replied
    I decided my number is 42


    Bogleheads forum ownership vetoed the Doctors Sub Forum and soon afterward The White Coat Investor was born. I look at your retirement plans and I can do all that (or at least as much of it as I want to) without retiring so I guess I haven’t really figured out anything to retire to yet. I can think of a few 3 week international trips that are tough for me to do now, but I could probably work those out too within the next year if I really wanted to. What are you going to do when the travel bug dies down?
    Click to expand...


    Just noticed this comment.

    So does the entire existence of WCI trace back to this?  Had they kept/approved that forum would this never have happened?

    Funny the way life works.

    Leave a comment:


  • Molar Mechanic
    replied
    Turn 40 this month.

    Target is no debt and  5 million invested by age 50.  At that point, I plan to drop to 20 clinical hours per week, which will cover expenses and still allow some savings, but savings won't be the goal. I'm not currently serving, but I've got 14 years of military service completed (5 reserve, 9 active) and I'd actually like to to one more reserve stint starting at 50.  That gets me a small retirement, solves healthcare issues, but most importantly, lets me feel I've completed something I've worked towards since I was 17 years old.

    I'd like to fully check out by age 55 with hopefully 7-10M after sale of practice and house.  Last kid will be done with school, which will be the end of the "known unknowns", and I hope to snowbird between a Colorado Ski town (my preference) and a Florida beach town (wife likes the beach, no income tax).  The known unknown at that point is where the kids live, if they have grand kids, and how much they tolerate the old folks hanging around.

    All in all, a pretty sweet life lived.

    Leave a comment:


  • CM
    replied







    My FI number is based on current spending but then the path there is tempered by a conservative real return on investment  (4%).
    Click to expand…


    I think that is an aggressive estimated total real return, especially if your allocation includes any bonds. It’s much lower than the historical average, but current valuations are higher than almost any point in history.

    The current dividend yield is 1.89% (http://www.barrons.com/public/page/9_0210-indexespeyields.html), and Shiller has reported that real earnings have grown 1.8% per year (though Siegel reported 1.25% per year for an overlapping, but slightly different long-term period). Therefore, it’s reasonable to estimate a 3.69% total real return (1.89%+ 1.8%)–if valuations never fall.

    However, when valuations are in the top historical decile, one’s base-case projection should include a valuation decline, and a conservative projection would include a decline to (at least) as low as the historical average. A truly conservative projection would include a bear market valuation at the end of your investment horizon.

    Any allocation to bonds will reduce the long-term estimated return even more. (The 30-year TIPS provides a real yield of 0.8%: https://www.bloomberg.com/markets/rates-bonds/government-bonds/us.)

    Of course, expenses and taxes reduce investor returns from there.
    Click to expand...


    .

    Leave a comment:


  • CM
    replied


    My FI number is based on current spending but then the path there is tempered by a conservative real return on investment  (4%).
    Click to expand...


    I think that is an aggressive estimated total real return, especially if your allocation includes any bonds. It's much lower than the historical average, but current valuations are higher than almost any point in history.

    The current dividend yield is 1.89% (http://www.barrons.com/public/page/9_0210-indexespeyields.html), and Shiller has reported that real earnings have grown 1.8% per year (though Siegel reported 1.25% per year for an overlapping, but slightly different long-term period). Therefore, it's reasonable to estimate a 3.69% total real return (1.89%+ 1.8%)--if valuations never fall.

    However, when valuations are in the top historical decile, one's base-case projection should include a valuation decline, and a conservative projection would include a decline to (at least) as low as the historical average. A truly conservative projection would include a bear market valuation at the end of your investment horizon.

    Any allocation to bonds will reduce the long-term estimated return even more. (The 30-year TIPS provides a real yield of 0.8%: https://www.bloomberg.com/markets/rates-bonds/government-bonds/us.)

    Of course, expenses and taxes reduce investor returns from there.

    Leave a comment:


  • Hatton
    replied


    i get that younger attendings may have more debt than those who graduated in the past.  but the starting salaries we are offering now are literally more than double starting salaries 15 years ago.  plus many more employed options without buy ins and also more income stability.
    Click to expand...


    Very true QSchool.  I wonder about how long these eye-popping salaries will last.  There is such pressure to reign in costs.  If you work for a salary then someone else controls it.

    Leave a comment:


  • q-school
    replied




    I think there are 2 numbers being mentioned here so we are talking past each other. My FI number is based on current spending but then the path there is tempered by a conservative real return on investment  (4%). (For those lurkers: REAL means inflation is factored in already)

    Most of the older members who sound like they have reached FI but don’t want to humble brag are giving numbers of what they want to reach before throwing in the clinical towel. These numbers are distracting because it makes young attendings think they will never make it. WCI is most likely FI since his yearly spending is 80% variable but I understand continuing if he is enjoying his jobs and can already envision spending a $5mil nest egg.

     

    FYI my current spending of $60-80k/yr is actually quite luxurious since unlike regular Americans it will not include my high savings rate, my tax rate, my mortgage, and my disability/life insurance. Plus then I suspect to have some morsel of social security gravy.
    Click to expand...


    it's always hard to know how different people perceive information, isn't it?  the numbers provided are just estimates of what people think they need to retire and maintain desired standard of living.  it's challenging if viewed with the prism of early retirement, which most older posters never really considered.  i think people provided those numbers with the idea that it was achievable and that it might inspire the younger docs that they could make it also if they planned.

    the incomes we have allow for us to make (many) mistakes.  imo the single biggest predictor of FI is ability to save, rather than ability to make.  budgets are very flexible.  it just takes planning and commitment.  worrying about this index fund versus that index fund is probably not what is going to make or break you.  it's just the icing on the cake.  it can be a distraction if you haven't controlled the spending.

    when i was a young attending, the number from all the senior partners was always 10 mil, and this was a long time ago.  now that seemed daunting.  but even if you missed, you were okay.  now people have changed their expectations of doctor lifestyle, and the number is markedly smaller.   but apparently still daunting.  i get that younger attendings may have more debt than those who graduated in the past.  but the starting salaries we are offering now are literally more than double starting salaries 15 years ago.  plus many more employed options without buy ins and also more income stability.

    try dealing with the worry of stock market swings, when your own income has 20-40% swings and plus healthcare spending drops when economy is doing poorly.  patients won't come in until they absolutely have to.



     

     

    Leave a comment:


  • docnews
    replied
    I think there are 2 numbers being mentioned here so we are talking past each other. My FI number is based on current spending but then the path there is tempered by a conservative real return on investment  (4%). (For those lurkers: REAL means inflation is factored in already)

    Most of the older members who sound like they have reached FI but don't want to humble brag are giving numbers of what they want to reach before throwing in the clinical towel. These numbers are distracting because it makes young attendings think they will never make it. WCI is most likely FI since his yearly spending is 80% variable but I understand continuing if he is enjoying his jobs and can already envision spending a $5mil nest egg.

     

    FYI my current spending of $60-80k/yr is actually quite luxurious since unlike regular Americans it will not include my high savings rate, my tax rate, my mortgage, and my disability/life insurance. Plus then I suspect to have some morsel of social security gravy.

    Leave a comment:

Working...
X