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

[disneydoc]

How much will it take for you to have an option to retire ?

Let me start, we have

- 5 1/4 million liquid investments, about 600k in Bank CDs - Asset Allocation 45% stocks & 55% (bonds + cash)

- Paid up house, both kids launched & a paid up Medical Office building

- 150k yearly expenses for me & my wife (& a spoiled dog)

- Solo Cardiologist close to retirement.

[q-school]

Welcome! Congrats on making it!

[The White Coat Investor]

disneydoc wrote:

How much will it take for you to have an option to retire ?

Let me start, we have

– 5 1/4 million liquid investments, about 600k in Bank CDs – Asset Allocation 45% stocks & 55% (bonds + cash)

– Paid up house, both kids launched & a paid up Medical Office building

– 150k yearly expenses for me & my wife (& a spoiled dog)

– Solo Cardiologist close to retirement.

Click to expand...

What are you asking? What someone's financial independence number is?

[disneydoc]

Yes, exactly

[Donnie]

Congrats on your success.  I’ll go ahead and weigh in that you have enough to retire!

I have problems setting a number.  As the number gets closer, I increase it.  I guess I just like the game.  My plans to achieve the ever increasing number are to earn a high wage, save a lot of it, and invest in equities in diversified index funds.  The best way to get rich is to earn a lot of money!

 

[disneydoc]

Donnie,

That is right, earning a lot of money is the way to do it, although we are all on a limited time on this planet. The equation of time left to do something with that hard earned money (A tool after all) needs to be in the back of one's mind, dying rich is no fun.

When you are past 60 you will get kind of a rough idea of your number. The number will just give you an option to retire, but the final call is all yours.

[Complete_newbie]

disneydoc wrote:

How much will it take for you to have an option to retire ?

Let me start, we have

– 5 1/4 million liquid investments, about 600k in Bank CDs – Asset Allocation 45% stocks & 55% (bonds + cash)

– Paid up house, both kids launched & a paid up Medical Office building

– 150k yearly expenses for me & my wife (& a spoiled dog)

– Solo Cardiologist close to retirement.

Click to expand...

Congrats Disneydoc. Thats a solid number!

However, we see iteration of these threads every month?

[VagabondMD]

I have put the number on ice until the kids launch. Until then, it seems like infinity.

[The White Coat Investor]

disneydoc wrote:

Yes, exactly

Click to expand...

I think we're good between $4-5M in investments + the paid off house + kid related money. That's either 3-5 years away or I could get it by selling the business.

But at a certain point, life isn't about hitting that number. I could just see patients half time and hit that number in a decade without ever adding to the nest egg again. Now life is more about "What do you want to do with the rest of your life?"

Same for you it sounds like. You have enough. What's next?

[q-school]

my plans to achieve the number are to work work work, and then after that convince my wife to work.

other than that, i'm not sure.  i don't have side hustles or desire to own real estate.

 

[toothcarpenter]

My number (I say it now, but who knows really) is 5 million in taxable account and paid off nice house.  3% rule = $150,000 a year - more than we would need to spend.  Then I'll see if I can cut back to 1-2 days a week.  Remember - you can't take it with you!

[q-school]

one of the doctors here is convinced that early retirement will kill you.  his brother retired at 65 and dead one year later.  he's sure that it's better to keep working.  unfortunately we don't have a part time option here, so it will either be locums or full time.  or convince the death star to change their policies.   but the lack of part time is to cull the herd, i think.  so it may take some serious negotiations. 

 

 

[disneydoc]

Hi WCI,

For now we have bought an RV(Towable Camper) & a bigger SUV with enough towing capacity and are travelling to places we never had a chance before,  recently Vancouver, Seattle, Yellowstone, Mount Rushmore and others, yes all the distance towing our small camper along, 7000 miles round trip from Florida.

The best part was, this was real leisure travel, nothing time bound, & nothing like the travel we do to attend the conferences, at least for me, when I fly in fly out, where the cell phone is ON always & back to the grind fast on Monday.

I also plan to volunteer in a local free clinic.

I have participated on many threads where you also had your input on Bogleheads Forum, I wonder what ever happened to a Doctors Sub Forum which you had initiated there, anyway I feel good to be on (your own) WCI Forum.

Best to everyone.

[SValleyMD]

Congrats on getting there!

If i hit your numbers I would be happy and would call it good too!

[The White Coat Investor]

disneydoc wrote:

Hi WCI,

For now we have bought an RV(Towable Camper) & a bigger SUV with enough towing capacity and are travelling to places we never had a chance before,  recently Vancouver, Seattle, Yellowstone, Mount Rushmore and others, yes all the distance towing our small camper along, 7000 miles round trip from Florida.

The best part was, this was real leisure travel, nothing time bound, & nothing like the travel we do to attend the conferences, at least for me, when I fly in fly out, where the cell phone is ON always & back to the grind fast on Monday.

I also plan to volunteer in a local free clinic.

I have participated on many threads where you also had your input on Bogleheads Forum, I wonder what ever happened to a Doctors Sub Forum which you had initiated there, anyway I feel good to be on (your own) WCI Forum.

Best to everyone.

Click to expand...

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?