Where I am and a farewell.

[Kamban]

Dont_know_mind wrote:

I thought about going part-time in 2011. That was before I lost 1M, then another 1M. I even thought about leaving medicine in residency when I made my first 1M, and that is embarrassing when I think back on it. Maybe you have made it. Likely, setbacks are waiting for you. I think it is part of the education of an investor.

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I also did not want to rain on a parade of well wishers. I want to wish all the best but one thing I learned.

- Put the money in Index funds and if the market goes down 75%, you lose only 75% and are left with the rest 25%.

- Invest in business and real estate. You are investing only 25-30% but carry the risk of the full 100%. Suddenly the easy money from the banks with only a 5-6% interest rate is not all that appealing, especially if that interest is front loaded. And they have a clause that if your business does not perform well or you don't pay the mortgage on time you are hit with higher interest rate on the loan, additional penalties or they can take the business away from you. Suddenly you lose everything.

It is easy to earn $1.4M quickly. It is just as easy to lose $1.4M quickly.

So don't ease up too much from the medical job, which not only pays you well but also helps fund these investments.

[Complete_newbie]

abds wrote:

I’m curious as to why you feel the need to announce this; it’s an anonymous Internet forum… if you are going to stop posting then just stop posting. Nobody cares.

Why not instead give some insight into your multiple successful ventures?

Sure seems like a blatant humble brag to me.

As an aside I thought you were an intern like 2 years ago?

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Sorry. I can see why you see it that way. I've been a poster for a while, and mostly this was general post for the PMs I've gotten and didn't bother to reply individually due to time constraints.

Tough to give insight - its like asking WCI to give insight how he sets up affiliate deals or is doing conference, getting CME, payign speakers, and P&L statement. Still let me attempt to give you "insight" into one of the lines of business that I got involved with (yes got)

Lending business was not something I initially had in mind or even thought of, however the more I got involved in the real estate deals and the couple of the e-commerce businesses that I am partners with, I came in contact with business owners. These guys are NOT doctors or salaried employees. They speak a different language. Majority are franchise owners, serial entrepreneurs or own one big business with many sub-business lines. What I noticed is when they close on a deal/location/construction there is usually short fall of money they need to make up that the bank doesn't finance. Be it inventory, 2ndery land purchase $, or construction expense or websites (banks dont roll these due to inherent risk and lack of tangible asset as lien). While they are asset rich, their cash flow is constantly under stress. That where I thought I could lend short term (or even reasonable term) loans to businesses. Its a win win as they get their deal done and I get handsome profit as interest. The rest if legal structuring (note payment, lien on assets etc etc). You may ask what do I look at; well there are ratios, ability to pay, their income taxes. I kinda made it as I got experienced and have my own criteria.

So there is the brief insight in a summary version. Where to find such groups of people? I can say that the more you start doing deals in RE, or online business or any business really, you would (should?) run into folks who are business owners or related to some service/product line you are offering. There is also a poster here @kamban who can "validate" or add to what I'm saying: basically, for example, folks who are into hotels, franchises etc - they tend to handshake and not get into details initially to close a project, but mostly based on trust. Details come later, but closing the deal and pouncing on opportunity come first. There is leap of faith and stuff they do thats not really by the book, but they are successful. The Patels come to mind.

Anyways, none of this was to humble brag but to sincerely bid adieu from WCI regular forum posting and acquaintances made here. Again, thanks to all. Very helpful community.

hatton1 wrote:

Great to hear from you.  I had wondered what happened.  Good luck and all the best.

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How are you hatton1? how is the blog rolling?

jfoxcpacfp wrote:

Wow – best of luck with your multiple endeavors. Take time for yourself and wifey and don’t let up on the romance effort! Little things mean a lot to a woman. And keep us posted when you have a few spare minutes. Take care and God bless.

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Thank Johanna - you can count me to ask you some stupid or complicated tax question in the future

 

[Complete_newbie]

Vagabond MD wrote:

Glad to hear from you.  Best of luck in the future.

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hope things are well with you Vagabond. You still doing Rads ?

[jfoxcpacfp]

Complete_newbie wrote:

Thank Johanna – you can count me to ask you some stupid or complicated tax question in the future

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I'll be here for you ?!

[fatlittlepig]

I didn’t understand a word of that post.

[treesrock]

This is quite the turnaround from your first post in January 2017, in which you were in intern who didn't know the difference between a 401k and a IRA and were asking questions on how to invest in real estate.  Solid work!  You should consider blogging about how you went about amassing your real estate portfolio, and resources that helped guide you along the way without making too many big mistakes.

[fatlittlepig]

treesrock wrote:

This is quite the turnaround from your first post in January 2017, in which you were in intern who didn’t know the difference between a 401k and a IRA and were asking questions on how to invest in real estate.  Solid work!  You should consider blogging about how you went about amassing your real estate portfolio, and resources that helped guide you along the way without making too many big mistakes.

so he was an clueless intern 2 years ago and now he’s lending money to business owners (where’s the money coming from and why would you ever want to lend money to people who can’t get a traditional loan) makes no sense.

[EntrepreneurMD]

I was just like you at your age. You're definitely going places. I've succeeded beyond my expectations, have cut back direct patient care and spend much more time with the kids now. Given the real estate/offshoot/ancillary/mid-level revenue the income only continues to grow.

I've struggled to show others here they have options beyond just complaining about employers, contracts, turf wars and medical politics all the time. Sweating the small stuff, they never get to the big stuff. Hopefully this mindset one day will change.

[treesrock]

EntrepreneurMD wrote:

I was just like you at your age. You’re definitely going places. I’ve succeeded beyond my expectations, have cut back direct patient care and spend much more time with the kids now. Given the real estate/offshoot/ancillary/mid-level revenue the income only continues to grow.

I’ve struggled to show others here they have options beyond just complaining about employers, contracts, turf wars and medical politics all the time. Sweating the small stuff, they never get to the big stuff. Hopefully this mindset one day will change.

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One of you two need to start a blog, or a forum post sharing your journey.  Perhaps I’ve missed it, but would be an interesting read.