Partner wants to buy a Super Car worth 150k

[Panscan]

In reality it's just a bad tax dodging attempt.

[G]

You /your partner should purchase a formula one car for this purpose.

[I Find This Humerus]

So my partner posed this question to me:

 

Is it possible to purchase the car under the practice LLC to tax deduct the ownership costs (maintenance, interest if he finances, etc). We do routinely drive to the hospital, visit other practices to advertise, give talks, etc. so it would function as a "company car."

 

If this is feasible this might be the smart play here?

 

 

[I Find This Humerus]

fatlittlepig wrote:

jacoavlu wrote:

I hate to bump this thread after it’s died down but it seem appropriate to add here that based on some comments I reached out to EntrepreneurMD with an offer to / in hopes of verifying his identity and he provided photos (cars, houses, screencaps from accounts) that support the general veracity of his claims. I asked for and he provided a photo of the Ferrari with a current newspaper laying on the hood. I believe that he’s a real doc with a crazy giant house and a Ferrari and money in the bank and at least two mutual fund holdings with 10yr annualized returns exceeding 30%.

Click to expand…

Thanks for the verification. FLP stands by his comments regarding the wisdom (or lack thereof) of his personal finance habits.

Click to expand...

I think we are all waiting for the apology....

[Dont_know_mind]

Reality is a lot weirder than a Bogle 3 fund portfolio.
I got to 12M NW age 45 with 1-2M debt and a heavily concentrated portfolio of negative cashflow, land investments.

Personally, I would rather spend 500k losing and learning about bad investments than on a supercar.
There was an interesting fellow here called crazyroadtodublin who had a margined stock portfolio and NW in ?20-30M range.

The risks that some people take are interesting. Some would find my portfolio quite horrific, but I’m comfortable with it.

I drive a 30k Japanese car.
Leverage, risk, gambling. I think about these a lot.
The only other person I know with my investing strategy is a guy in his 50’s who has accumulated acreages and attempts to market time them. He has a car collection, one of them is a pink ice cream van.

[HumbleInvestor]

@q-school I second on the stealth wealth scenario. I would not have believed if some one told me a decade ago the finacial situation I would be in today. Even though am far from what EMD or any one achieved, I understand now that there are opportunities and possibilities out there that can change your financial life over time and it's not restricted to one or two successful people. You just have to step outside of your comfort zone and work towards it.

[q-school]

Zaphod wrote:

jacoavlu wrote:

I hate to bump this thread after it’s died down but it seem appropriate to add here that based on some comments I reached out to EntrepreneurMD with an offer to / in hopes of verifying his identity and he provided photos (cars, houses, screencaps from accounts) that support the general veracity of his claims. I asked for and he provided a photo of the Ferrari with a current newspaper laying on the hood. I believe that he’s a real doc with a crazy giant house and a Ferrari and money in the bank and at least two mutual fund holdings with 10yr annualized returns exceeding 30%.

Click to expand…

Seems ridiculous to think otherwise? Why are people so shocked?

Owner at my old practice has several beach front mansions and about every single supercar that has been desirable, have personally seen them. These people exist and they absolutely think differently about money and such, and it seems to do fine for them.

Click to expand...

i can also tell you there are plenty of 'stealth' 10+millionaire senior physicians that i am confident exist in my travels.  i'm not sure how many exist at age 45 however.  that is pretty uncommon.  i do think (without intending any disrespect to those who have achieved it), that they have an unusual combination of risk tolerance, circumstance, and luck.

it has been my experience that many (most?) physicians choose medicine as a career in part because of job security.  they like knowing (within boundaries) that they won't get fired and that their income will be in a certain range.  by the time they have enough money to take some risks, they are old enough that they don't want to put things at risk.   i'm not sure how the current crop will view things-starting attending life with 400k in debt probably will make it even less likely for vast majority to take on high risk/high reward option investing or real estate investments.  even if they pay it off by age 32, they may then either have practice buyouts or else in employment position and get tapped to spend their energy on administrative crap.

so in a way it's not surprising to me that the majority of physicians have trouble seeing outside of their own box.  but i think it's clear that the young 10mil plus crowd are owners/inventors/creators, not employees.  the high end money doesn't come from their practice of medicine, although most? of the time the income from medicine funds the opportunities.

jmo

ymmv

 

[Kamban]

Zaphod wrote:

Seems ridiculous to think otherwise? Why are people so shocked? Owner at my old practice has several beach front mansions and about every single supercar that has been desirable, have personally seen them. These people exist and they absolutely think differently about money and such, and it seems to do fine for them.

Click to expand...

I know physicians in FL who mint millions.

An Indian cardiologist in Mid FL has his own free standing cath center where many other cardiologists and vascular people perform procedures. I don't know much much of extra money the others make but this guy earns >2-3M /year, has a 20,000 sq foot house and has multiple high end cars. No idea about his stock or other real estate investments.

Another one started as an hospitalist years ago, then employed people and later sold it to a national chain. After working for a few years he built an urgent care center where he and his wife worked and he now has 3 centers employing physicians, NPs and PAs. He is waiting for the right opportunity to sell those too. He too ha shigh end cars ( Mercedes, not Ferrari) and is worth $20M+, as per some people who know him.

So I would never doubt that people like EMD exist with their wealth and cars.

[childay]

Thread needs more Ferrari drifting videos

[xraygoggles]

Not surprised either. EntrepreneurMD writes long, elaborate posts with a lot of detail and some words of wisdom scattered throughout.

It's good to hear opinions that are against the herd, especially if they come from a financially successful person.

[fatlittlepig]

jacoavlu wrote:

I hate to bump this thread after it’s died down but it seem appropriate to add here that based on some comments I reached out to EntrepreneurMD with an offer to / in hopes of verifying his identity and he provided photos (cars, houses, screencaps from accounts) that support the general veracity of his claims. I asked for and he provided a photo of the Ferrari with a current newspaper laying on the hood. I believe that he’s a real doc with a crazy giant house and a Ferrari and money in the bank and at least two mutual fund holdings with 10yr annualized returns exceeding 30%.

Click to expand...

Thanks for the verification. FLP stands by his comments regarding the wisdom (or lack thereof) of his personal finance habits.

[Zaphod]

jacoavlu wrote:

I hate to bump this thread after it’s died down but it seem appropriate to add here that based on some comments I reached out to EntrepreneurMD with an offer to / in hopes of verifying his identity and he provided photos (cars, houses, screencaps from accounts) that support the general veracity of his claims. I asked for and he provided a photo of the Ferrari with a current newspaper laying on the hood. I believe that he’s a real doc with a crazy giant house and a Ferrari and money in the bank and at least two mutual fund holdings with 10yr annualized returns exceeding 30%.

Click to expand...

Seems ridiculous to think otherwise? Why are people so shocked?

Owner at my old practice has several beach front mansions and about every single supercar that has been desirable, have personally seen them. These people exist and they absolutely think differently about money and such, and it seems to do fine for them.

[jacoavlu]

I hate to bump this thread after it's died down but it seem appropriate to add here that based on some comments I reached out to EntrepreneurMD with an offer to / in hopes of verifying his identity and he provided photos (cars, houses, screencaps from accounts) that support the general veracity of his claims. I asked for and he provided a photo of the Ferrari with a current newspaper laying on the hood. I believe that he's a real doc with a crazy giant house and a Ferrari and money in the bank and at least two mutual fund holdings with 10yr annualized returns exceeding 30%.

[Kamban]

Vagabond MD wrote:

I like EMD’s posts. He provides some perspectives that are missing from this forum. While I cannot personally vouch for EMD’s posts about his income, wealth, businesses and possessions, I certainly know people at this level and higher and surely there are docs at this level. So even if you do not believe EMD’s story, it is surely someone’s story and is worthy of consideration.

Click to expand...

I know 2 physician couples who have multiple medical and non medical businesses who are worth in the $50-100M range. I don't know what their worth was at age 46 but I suspect it could not be that much far off from where EMD is now, in yesterday's dollars.

If the investments pan out, it is easy to get wealthy. But just as easily you can also go broke.

 

[Kamban]

EMD and FLP

I like you both and enjoy reading your perspectives. But in this thread you have been sniping at each other and sometimes going for each others throats and it gets tiresome after a while. Can we stop that. Thanks.