500 results in 0.3567 seconds.
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My CPA handles a lot of physician practices. On his recommendation, I take 350k as W2 salary, which is in a somewhat reasonable mid-range for my specialty... -
My connections with patients and colleagues on a human level is what sustained me and kept me happy over the years. The medicine got so much easier with...Leave a comment:
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Hah, I would never spend that much on a car! I am older, with higher net worth and higher income, but I drove practical Japanese cars for many years...Leave a comment:
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I have one other question. How are you managing the risk of rising mortgage rates? Will you have a known fixed rate in advance with a construction loan...Leave a comment:
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Thanks for the update.
It would be interesting to hear how the building process goes. Typically there are some interesting things that...Leave a comment:
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The first thing you need to do is to understand that the stock market, on average, over time, delivers a better return than savings accounts or bonds....Leave a comment:
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First question. Did you run the numbers on the proposed rental home to see how it pencils out as a business in terms of cash flow, net operating income,...Leave a comment:
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Thinking about your situation a bit more, if you want to get your money out of that house, to reduce the risk of losing some of your equity, that could...Leave a comment:
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I like the reframing I saw some folks mention.
Inflation is 8% per year right now. Your mortgage is less than 3%. If inflation continues...Leave a comment:
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You need a place to live.
You are not ready to move to a LCOL area.
Your area has high rents due to being an Airbnb haven....Leave a comment:
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I’m speaking of my employee contributions on the one hand. My employee contributions, when totaled up, never exceeded the annual limit in any given year,...Leave a comment:
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We did the backpacking thing when we were young. Slow travel through Asia, sleeping in dark, dingy hotels, laughing a lot, meeting all kinds of unusual...Leave a comment:
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We both love to travel. But we don’t necessarily agree on how frequently to travel. We are at the stage of life where our kids are launched, and other...Leave a comment:
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Mortgages are a pretty sweet type of debt. Fixed mortgages have no possible increase in interest rates. If rates go up, you are sitting pretty. If...Leave a comment:
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If the property will be cash flow positive after paying principle, interest, property taxes, insurance, maintenance, repairs, and allowing 5% rental loss...Leave a comment:
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I have frozen my credit in the past when someone tried to open a credit card in my name. It was a hassle in terms of getting a credit check when purchasing...Leave a comment:
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I would be careful about gifting too much money at early adulthood. In particular since they are not yet married. I might hold onto the money and tell...Leave a comment:
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I crossed paths with Mehmet during his early years. He was an extremely talented cardiothoracic surgeon. He liked to use alternative medicine in conjunction...Leave a comment:
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Dear old Dad was very disappointed when said daughter came home freshman year and announced that the premed thing was out the window. I told her that...Leave a comment:
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The offers these young people are getting in tech are just crazy. My daughter's "significant other" is a software engineer in augmented reality...Leave a comment:
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I have had access to multiple 401k/403b plans at various times. Some were within the controlled group under my ownership. Others were with my outside...Leave a comment:
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Here is a link to a rental property calculator. It will remind you to account for all expenses. And it will give you an idea of potential returns....Leave a comment:
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If you cash out refinance, the money you receive is not taxable income as it is a loan. The interest that you will pay is considered interest on an investment,...Leave a comment:
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This choice is between fixed interest rates for 30 years at a modestly higher cost each month, vs lower costs for 10 years followed by a risk that rates...Leave a comment:
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She ended up staying for the counter offer. They gave her a signing bonus in the form of a staying bonus. They doubled her salary. Her CEO told her she...Leave a comment:
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Here is the follow up on the story.
Our tenant was anxious about the responsibilities of being an owner. I spent some time demonstrating...Leave a comment:
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There are laws stating that the hospital cannot pay you more than fair market value or they can be considered in violation of the stark laws for paying...Leave a comment:
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My apologies if I said something at some point that has offended you. I am not sure what that might have been, but apologies just the same....Leave a comment:
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As a point of reference:
...Leave a comment:
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My first home purchase was with a 10% mortgage. We refinanced every so often to get it down to around 8%, then 6.5%, then 5% until we paid it off. It...Leave a comment:
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Depends on your age, as in stage of life. If you are 15 years or more from retirement, I would take the mortgage and invest the difference. On the other...Leave a comment:
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It will take a few months for all of this to shake out.
Another aspect to consider is move up buyers staying put where they are due to...Leave a comment:
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Here is an entire blog post written by WCI very recently on this very topic. He makes several arguments for waiting.
https://www.whitec...Leave a comment:
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When an employer pays a bonus, they can instruct the payroll service to tax that bonus in 3 different ways.
Option 1: Employer says nothing...Leave a comment:
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Yes, an inflationary environment is a great time to own leveraged real estate, no question about it. A 10% increase in market value equals a 50% return...Leave a comment:
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I ride a regular mountain bike in the woods every morning. But I have a new ebike for commuting to the hospital. It takes me 5 minutes to drive, and...Leave a comment:
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Maybe I am getting to be an old curmudgeon.
Are any of you concerned about recent crazy inflation rates? This level of inflation is very...Leave a comment:
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Also a pet peeve of mine. Solution: Convert to pdf, complete and sign electronically and email back. No printing, no scanning, no faxing. This old...Leave a comment:
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I like it. Good excuse never to even consider NetJets. WCI was pondering whether he should check it out, but he’s still flying mostly economy when...Leave a comment:
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I worked as an ED doc for too many years, such that I have selective hearing. I no longer hear infants crying as my brain has filtered out that sound...Leave a comment:
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I have another question. At what net worth would any of you consider flying private? As in NetJets?
I have never tried it; I am too cheap....Leave a comment:
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I would definitely spring for a seat for the kiddo. That is quite a generous income, unless you live in San Francisco.
Having the child on your...
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My daughter is a millennial working in tech. She refused to ask or negotiate for pay comparable to the men in similar positions. It drove me crazy,...Leave a comment:
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In our younger years, we always searched for the cheapest seat on the cheapest flight. The money we saved went into investments. The investments grew...Leave a comment:
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This is normal stuff for the stock market. It goes down about 1/3 of the time. In recent times it had been going up more than normal as the interest...Leave a comment:
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When I was making specialty decisions, the internet did not exist. We tried to get guidance from the older docs who were our mentors. EM was in its infancy...Leave a comment:
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It's just a feeling, but I would guess we are at the tail end of the cycle of extreme price inflation for residential real estate. Mortgage rates are...Leave a comment:
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There is do it yourself investing and there is hiring a financial advisor. But there is also a good middle ground.
My daughter is a millennial...Leave a comment:
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I’m sorry I don’t have an answer to your question.
As I dig further into my real estate partnership K1, I am finding more and more...Leave a comment:
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If you meet the safe harbor minimum tax with your W2 withholding, there is no need to make quarterly estimated tax payments.
When I pay my...Leave a comment:
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One of our kids lives nearby with his spouse and their 7 month old baby. We help a lot with child care for our first granddaughter. It is as much a...Leave a comment:
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Remember that statistically speaking, there is a 50% chance for each of you that you will change jobs. So combined, there is a 75% chance that at least...Leave a comment:
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One more thought, make sure any buyer of your existing house can complete the purchase before you plunk down earnest money for a new home. In a rapidly...Leave a comment:
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Sorry for the long post, but I have a lot of experience with this issue over the years….
I am a physician entrepreneur and have started...Leave a comment:
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There are major shifts taking place in the economy right now. We are transitioning out of a low interest rate environment to a high interest rate environment...Leave a comment:
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If you plan on staying in the house for a long time, it’s probably ok to buy something you can afford at pretty much any time....Leave a comment:
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Best case scenario is you purchase the 350k home, it goes up in value and you trade up when you are ready.
Worst case scenario, inflation...Leave a comment:
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Mortgage rates are soaring. It seems plausible that housing prices are primed for a correction in the coming months. I just reviewed some of the latest...Leave a comment:
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The biggest challenge with your spreadsheet is the volatility and unpredictability of several things on your list. Appreciation of real estate is lumpy....Leave a comment:
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I would think it is too late for you to do anything regarding 2021. But you could start to plan now for what to do going forward. You can meet with...Leave a comment:
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Start by defining your goals for the money you have saved, both short term and long term. Your goals determine the next steps.
Do you want...Leave a comment:
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This particular moment in the market has people panic buying. Everyone who is thinking about buying a house some time in the next 2 years wants to buy...Leave a comment:
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Whatever you decide, I would recommend you don’t over reach with your budget. Having job flexibility with young kids and two working parents is more...Leave a comment:
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The devil is in the details. An email from a recruiter lacks the details of the job. You have to actually look to understand what is actually being...Leave a comment:
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You would need to have a background in psychiatry, some special training, or significant clinical experience to safely and appropriately manage the psych...Leave a comment:
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I assume you are referring to the tragedy that took place in Desert Hot Springs, California. This was actually a disgruntled patient who shot and killed...Leave a comment:
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Again, you don’t need malpractice insurance because providing an opinion when there is no doctor patient relationship does not constitute providing...Leave a comment:
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And how about the Emergency Medicine match this year? EM was only 3 to 4 years, shift work at 36 hours a week, with plentiful jobs paying 350 to 400k....Leave a comment:
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Seems like most of the OBs I know all want to transition to office gynecology. Covering deliveries at all hours for decades gets pretty taxing on the...Leave a comment:
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The only negative consequences I have heard about with respect to expert work is by the specialty societies. If you testify for a plaintiff and give...Leave a comment:
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Doing a 1031 is a great way to trade up without paying taxes on the gains of the sold property. But with a 1031, you have to have as much equity in the...Leave a comment:
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There is more to the business side of the practice than work RVUs. What is the payer mix, how are labor costs and other expenses for your practice? ...Leave a comment:
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My good friend is an embodiment of the American dream. He graduated from medical school while living under the oppression of a totalitarian Eastern European...Leave a comment:
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Appreciating @spiritrider
Just a quick shout out to thank spiritrider for sharing so much knowledge and wisdom over the years.
On another thread, a poster started... -
The 100k down payment as a young attending, followed by years of quite reasonable mortgage payments along with some serious market appreciation has us...Leave a comment:
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I stop looking when the market is down.
I rationalize in my mind that over time, 2 out of 3 days the market will go up, and 1 of 3 days...Leave a comment:
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It sounds like the finances will be very tight for you until you finish training. I would recommend you consider the 2 bedroom option or the longer commute...Leave a comment:
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The market may soften by next year. But the rise in mortgage interest rates means you will likely be paying more in monthly payments, even if you wait....Leave a comment:
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Yes, a loan is not taxable. Your stipend is not yet a stipend. Right now it is a loan, no tax.
There is something similar in real estate....Leave a comment:
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I would never give notice of resignation in an email first. I value my relationships with my colleagues too much. And most specialties in medicine are...Leave a comment:
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Yes, the house is way more expensive than it would have been a couple of years back. And yes, there could be a correction at some point. It is scary...Leave a comment:
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I have heard of W2 vs 1099, but I have not heard of a doc being paid via K-1 for employment. Usually I get K-1s from partnership related real estate...Leave a comment:
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Back in the day, when I moved for my residency training, I kept the old out of state plates on my car for a couple of years. At the time, I didn't know...Leave a comment:
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In general, if there is a very high likelihood that you will stay in the house for a very long time, and there is also a high likelihood that the monthly...Leave a comment:
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What would happen if they sell to private equity before you make partner? Do you have a non-compete?
I’m sorry to be negative, to point...Leave a comment:
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We did not pay our nanny through the company, but our accountant suggested that we do that and then declare the income.
Our accountant is...Leave a comment:
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I think he is saying each side of the duplex rents for 900/month, so total rent with an 800/month mortgage would be 1800.
Yes, house hacking...Leave a comment:
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You will pay capital gains and state taxes on the increase in value since the purchase, less any capital improvements that you made. In addition, you...Leave a comment:
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How much income are you talking about here? Does your LLC earn in the hundreds of dollars per year? Thousands? Tens of thousands?
If the...Leave a comment:
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To determine which is better, you have to run the numbers on a spreadsheet. Take the pay and then subtract all the various taxes and expenses under each...Leave a comment:
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This may create a penalty issue for you. Withholding can be done any time during the tax year and is automatically considered timely payment over the...Leave a comment:
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I have a set up where my medically focused CPA does our tax returns. Before they get filed, however, the returns get reviewed by my real estate focused...Leave a comment:
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This could potentially turn into a major problem. Sometimes the bank will be fine with a contract in hand with the new employer. This situation would...Leave a comment:
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It is often a good idea to have legal representation when you get involved in a lawsuit, even if you are not currently a party. Typically, your malpractice...Leave a comment:
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The cost of running the house will increase with inflation over the years. In 15 years, the cost of property taxes, utilities, and maintenance could...Leave a comment:
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Ah, I remember that 1st home anxiety well. And it all worked out just fine. I was so anxious about the jump in housing expense that I cut my own lawn...Leave a comment:
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Yep, still working and getting older. So yes, FI, but the rest, RE, no way.
Today, as I head to the mountains in the front of the plane as...Leave a comment:
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I have been a direct RE investor for decades. I am currently in the middle of my 1st 1031 exchange. It has been very easy so far.
Cost is...Leave a comment:
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Since there has been a lot of growth in the value of your account over the years (2k cost to 12k current value), you may have a 10k capital gain when...Leave a comment:
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This is a complicated situation with multiple aspects to consider.
There is current cost and responsibility sharing as far as you and Mom....Leave a comment:
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