Thoughts on paying off a mortgage

[TheHappyPhilosopher]

Humans have this weird cognitive bias where we filter out all of the negative things of the past and worry about the future. It is actually a deeply rooted...

[TheHappyPhilosopher]

10,000 studies/rad per year actually seems pretty light to me, although since they are all MRI it would make sense. 35,000 studies per year borders on ...

[TheHappyPhilosopher]

There is approximately a 0.0% chance there will be socialized medicine in this country in 2020 or 2024. At most there would be a small amount of people...

[TheHappyPhilosopher]

In 2009 almost all of my investment career had been from 1999-2009. Go look at that chart! After accounting for the cost averaging my investments essentially...

[TheHappyPhilosopher]

We sold our residency house in a pretty frothy market and made a nice profit. One day about 10 years later I decided to see what happened to that house...

[TheHappyPhilosopher]

I'm all in

[TheHappyPhilosopher]

Someone will take the shifts, it's a matter of price. If I  wanted to get rid of all of my weekend and nights I could make it happen, just a matter of...

[TheHappyPhilosopher]

Definitely a sellers market for radiologists right now Vagabond. Does your group use PAs? Seems to me like there is no shortage of extenders and it would...

[TheHappyPhilosopher]

Every year since I started working in radiology I have heard abut how self-referal/physician extenders/Medicare cuts/artificial intelligence/etc. will...

[TheHappyPhilosopher]

I think the 5 year point is a reasonable time to start thinking about cutting back to part-time, especially if burnout is present or on the horizon. You...

[TheHappyPhilosopher]

I have only purchased 3 new cars in my lifetime. Sold the first at 16 years, the second is going on 15 and will likely be replaced soon. I've never hit...

[TheHappyPhilosopher]

It is likely there will be a shortage or radiologists for some time to come. The radiology workforce is not young, there are not enough being trained,...

[TheHappyPhilosopher]

I'm not sure I even have my first act figured out yet

[TheHappyPhilosopher]

I did. I've written about it here. I'm several years into it how, and I probably need to do a big write-up on what I have learned from the process. ...

[TheHappyPhilosopher]

I really like my house, although it is a little bit big and unnecessary (somewhere in the 3200-3500 sq ft range). On one hand it is nice to have a little...

[TheHappyPhilosopher]

I  still think there is some confusion about CB plans, and that the rate of return will be 3% because that is what the plan aims for. This is not true...

[TheHappyPhilosopher]

CB experts correct me if I'm wrong, but the 3% return is just what the guaranteed return will be. The real rate of return will be whatever the underlying...

[TheHappyPhilosopher]

Your biggest problem is spending. Unless you get this greatly reduced you will make little progress towards becoming financially independent some day....

[TheHappyPhilosopher]

Vagabond MD wrote: I missed this thread the first time around. I like the option of paying it off, over the next twelve months, in the least disruptive (to your portfolio and tax return) wa...

[TheHappyPhilosopher]

Teleradiology is a necessary evil for groups that don't have the volume at night to justify the expense of 2 FTEs covering that work. I wouldn't want...

[TheHappyPhilosopher]

ITEngineer wrote: TheHappyPhilosopher wrote:   3. Refinance to a fixed (maybe 15 year?) mortgage presumably at a rate closer to 4% based on the rates at the time I am writing this....

[TheHappyPhilosopher]

I know this question is endlessly debated on internet forums but I would appreciate any thoughts. I have thought about paying off my mortgage for some ti...

[TheHappyPhilosopher]

Math does not support warranties of any kind unless you have more information than the seller (ie: You know there is a much higher risk of repair than...

[TheHappyPhilosopher]

14 years, 6 months, 17 days...give or take

[TheHappyPhilosopher]

Shhhh! I need all those injections to hit my FIRE targets

[TheHappyPhilosopher]

A few observations: I  knew a couple of med school classmates that were there on their third try. I got in on my first try. They are both fantastic d...

[TheHappyPhilosopher]

Agree with the echo chamber effect. In reality the number of people that will actually retire early is vanishingly small. And keep in mind that the people...

[TheHappyPhilosopher]

1. Yes. It is OK. 2. Who cares if it is normal. It is your life and you owe it to yourself to shape it to create the job that will make you happy. If t...

[TheHappyPhilosopher]

4900 sq ft + a basement? That's a big house...I would hate to be the one to clean it. I would be very cautious buying a house this big for 2x salary r...

[TheHappyPhilosopher]

Long commutes are soul-sucking vampires to happiness. Mine is usually about 15 minutes by car, 35 by bike. If I had to do it all over I would get it down...

[TheHappyPhilosopher]

Well, using Vagabonds excellent chart (You should turn it into an info-graphic) I will be "early retired" unless something strange happens

[TheHappyPhilosopher]

Invest in what gives you the best risk/return with the lowest fees, then take the money you generate and do something with it that aligns with your values...

[TheHappyPhilosopher]

I like to keep my cars clean on the outside and inside for the simple reason that they feel newer. If they feel newer I am less likely to want to replace...

[TheHappyPhilosopher]

toothcarpenter wrote: TheHappyPhilosopher wrote: I have a bit of FOMO here. Sounds like a fun conference, maybe next year Click to expand… Actually – a few people wondere...

[TheHappyPhilosopher]

I have a bit of FOMO here. Sounds like a fun conference, maybe next year

[TheHappyPhilosopher]

I think the more important thing is how he responds to a discussion about finance. If he is dismissive and will not change, expect trouble. I would be...

[TheHappyPhilosopher]

WealthyDoc wrote: Vagabond MD wrote: WealthyDoc wrote: I just turned 50.  I dropped three medical directorship stipends and the associated leadership roles.  That left me at 0....

[TheHappyPhilosopher]

If I were coming out of training, I would take a hard look at total tax burden and compensation. States with high income taxes are especially punitive...

[TheHappyPhilosopher]

The amount your taxes are going to go up should be a rounding error to your total income. Shelter what you can don't worry about things not in your c...

[TheHappyPhilosopher]

This is such an awesome discussion. Although I think there is a spectrum and shades of gray, ultimately there are people who see medicine as a calling...

[TheHappyPhilosopher]

VagabondMD recently wrote a great guest post for me about his experience with physician burnout. It's good stuff if you have interest in the topic, or...

[TheHappyPhilosopher]

1. Open up a bunch of medical schools 2. Charge 70k for tuition 3. Help your students take out massive student loans and then teach them to game the ...

[TheHappyPhilosopher]

Will whole life insurance build wealth? Yes Is whole life insurance a good investment? It depends   Will a CD build wealth? Yes Is a CD a good i...

[TheHappyPhilosopher]

Home ownership does build wealth, the question should be is there a better way to build wealth instead. The way most of us make a purchasing decisions,...

[TheHappyPhilosopher]

The further I get in life, the more I realize that money and happiness are not necessarily correlated after a certain point. Yeah, I would always take...

[TheHappyPhilosopher]

I think this would be less fun for people that didn't have a blog or podcast, but there were a couple of people there that fit this bill.  But then again...

[TheHappyPhilosopher]

Hey, I just wanted to give a shout out to all the physician bloggers/podcasters/authors I had the pleasure to meet this last week at FinCon. I don't ha...

[TheHappyPhilosopher]

Rb52dds wrote: Can anyone recommend a coach who deals with professional burnout that they’ve personally worked with. Feel free to send me a private message if you don’t want to post her...

[TheHappyPhilosopher]

275/hr x 10 hours per year = $2750/yr. This really shouldn't price any physician (other than a resident) out of the market. If after 1 or 2 session the...

[TheHappyPhilosopher]

I have never worked formally with a coach, but I have had mentors that have nudged me in directions I needed to go. I spoke with a coach once for a half...

[TheHappyPhilosopher]

EJ, Thoughts are with you guys. The 'stuff' can all be replaced, but it is still a tough thing to go through. Look at it as a new beginning.   THP...

[TheHappyPhilosopher]

I've done several podcast interviews, all of them via skype which has a conference call feature I believe. It would be tougher with more people for sure,...

[TheHappyPhilosopher]

Many good suggestions. It would be interesting to hear MMM discuss how his philosophy may apply to physicians or other very high earning professions. K...

[TheHappyPhilosopher]

The White Coat Investor wrote: PhysicianOnFIRE wrote: After quite a few moves over the years, and a couple years of reading some minimalist blog posts and a b...

[TheHappyPhilosopher]

What a click bait title and pretty bad article. When mainstream magazines try and report on academic studies I usually stop reading. When is the last...

[TheHappyPhilosopher]

I will take the opposite side of that bet. Physician salaries will remain stable and there will be plenty of jobs for primary care docs.   The phy...

[TheHappyPhilosopher]

This thread is pretty hilarious. It doesn't matter if MMM is retired, because that is not the point of his blog. If you are arguing the semantics of retirement...

[TheHappyPhilosopher]

No.

[TheHappyPhilosopher]

10 million huh?   Step 1: Verify that it was not a banking error and that I actually have the money. Step 2: Immediately put in my resignation. Step 3: Sel...

[TheHappyPhilosopher]

The way services are priced in medicine is insane, and every time I drift through the system as a patient it makes me a bit angry. I don't know how people...

[TheHappyPhilosopher]

Lol, sorry to have taken this thread off the rails into personality types, but it seems people are quite interested. Here is a link to a survey about...

[TheHappyPhilosopher]

I recently listened to this podcast regarding cryptocurrency. It was pretty fascinating and I'm still not sure i completely understand it, but it se...

[TheHappyPhilosopher]

The White Coat Investor wrote: TheHappyPhilosopher wrote: I think this is the rule rather than the exception. Most people simply adjust their spending to their income. At some point many people slow dow...

[TheHappyPhilosopher]

I think this is the rule rather than the exception. Most people simply adjust their spending to their income. At some point many people slow down, but...

[TheHappyPhilosopher]

Radiology has an even lower percentage of women, and I don't really understand it. Last I  checked it was around 25%. If I had to hazard a guess, I would...

[TheHappyPhilosopher]

The question you ask is a good one, and almost unanswerable. There is no real model for predicting health care costs. For the early retiree, health insurance...

[TheHappyPhilosopher]

I'm not sure I completely understand, but I will throw some more of my thoughts out there.   I see paying off the house as kind of like an annuity...

[TheHappyPhilosopher]

Mathematically it is almost always advantageous to keep a mortgage at 3.5% and invest the difference over a long time horizon. In my mind there are only...

[TheHappyPhilosopher]

I've known many docs who custom built their homes, and they were all pretty happy with their decision. That said, it is usually never a great financial...

[TheHappyPhilosopher]

Hopefully she does not find my blog...

[TheHappyPhilosopher]

And I thought I was doing pretty good. Sheesh! Anyone who can earn 1.8 mil a year and spend 70k doesn't really need any kind of a plan. Those numbers...

[TheHappyPhilosopher]

These docs are willing to provide a level of customer service that the traditional medical model can't or won't. For the ultra wealthy this is probably...

[TheHappyPhilosopher]

Financial freedom solves a lot of problems. Radiology groups are pretty vulnerable to displacement, and I've heard of it happening. The cold truth is there...

[TheHappyPhilosopher]

A vault to hold all of their gold bullion and guns...

[TheHappyPhilosopher]

Sounds like a better use of my CME money that the usual conferences

[TheHappyPhilosopher]

The long-game is avoiding burnout and being happy. If you are in it for the long haul then the money doesn't matter. You will make plenty no matter the...

[TheHappyPhilosopher]

Great discussion. This is a topic I am pretty passionate and opinionated about. In short, you do not owe society anything. If you choose to go to medical...

[TheHappyPhilosopher]

I will take a bit of a contrarian approach here. We cannot make important decisions when we are feeling strong emotions. You said he was upset (maybe...

[TheHappyPhilosopher]

The biggest problem with the 4% rule is it is only a mathematical model. Math usually isn't the problem, real life and behavior is the problem. People...

[TheHappyPhilosopher]

Rogue Dad, M.D. wrote: wideopenspaces wrote: I think the term most people use now is SAHM or SAHP (stay at home mom/parent)  Click to expand… I thought about that ...

[TheHappyPhilosopher]

Knowing the tax code is powerful. I know many docs who still don't understand the difference between marginal and effective tax rates. Knowing the marginal...

[TheHappyPhilosopher]

I would definitely do the 7/1 arm. $6000 is nothing to sneeze at, even for a doc. If interest rates rise it's not like they will all of a sudden jump...

[TheHappyPhilosopher]

Miss Bonnie MD wrote: Welcome. I’d love to see more women doc blogs Click to expand... I've asked my wife to write for my blog but she claims she is too busy taking care of me because...

[TheHappyPhilosopher]

I contribute just enough to get my state income tax deduction. I'm guessing there will be about 50k or so per kid when all is said and done. I may end...

[TheHappyPhilosopher]

As a radiologist I'm not too worried about AI taking my job anytime soon. I will be long retired. Look at how long we have had CAD (computer aided diagnosis)...

[TheHappyPhilosopher]

For what it's worth here are my thoughts and experiences on purchasing a home in residency via a guest article I did over at PoF.   http://www.physi...

[TheHappyPhilosopher]

Striving to be in the top 1% or whatever is a multi-player competitive game. We are trying to win (even if we are doing so subconsciously). These are...

[TheHappyPhilosopher]

Vagabond MD wrote: FIREshrink wrote: This suggests you need almost $8,000,000 to be in the top 1% as of 2013. Probably higher now in 2017.   https://dqydj.com/net-worth-i...

[TheHappyPhilosopher]

For the same reason that we all refuse to believe that we suffer from all of the well studied cognitive biases (of course everyone else falls into those...

[TheHappyPhilosopher]

I was feeling really good today until I read this thread

[TheHappyPhilosopher]

Oh, I have a side hustle! http://thehappyphilosopher.com/     Oh, wait...you mean one that makes money. Never mind. :P...

[TheHappyPhilosopher]

I'm gonna take a stand on this one and say this is a terrible idea. There are just too many things that can go wrong here. If loans are needed the student...

[TheHappyPhilosopher]

Joshua has a fantastic blog. One of my favorites. He is a really smart guy, and a fantastic writer. He took some of the investing posts off I think for...

[TheHappyPhilosopher]

I want my kids to do something that they enjoy and can be happy doing. The one good reason to become a physician is if you cannot see yourself doing anything...

[TheHappyPhilosopher]

What a great topic. This is one of those issues that changes depending on how you look at it, kind of like the opt-in opt-out distinction. In short we...

[TheHappyPhilosopher]

Complete_newbie wrote: Here we are, first thing I did like right now after coming back home. I am excluding happyphilospher because well he is happy philospher and isn’t in...

[TheHappyPhilosopher]

As a physician blogger I see this as completely awesome. In my mind blogging is collaborative, not competitive (or maybe I'm just naive). I think there...

[TheHappyPhilosopher]

Good grief this thread got depressing really fast...but I think there are some really good points made here.   1. Try and avoid predatory groups. 2. A...

[TheHappyPhilosopher]

Rex wrote: Not really When you purchase a home usually there is also an agent involved getting an immediate big payday. In both situations “equity” slowly grows My point is though you won’t find non biased in...

[TheHappyPhilosopher]

Rex wrote: Money in a taxable account would also have taxes and other ongoing administrative costs but that would be part of the portfolio. If you are getting money out of it then it’s part of the equation. Look the...