Announcement

Collapse
No announcement yet.

What’s your biggest “aha” moment on WCI?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • What’s your biggest “aha” moment on WCI?

    Lest we overlook an important milestone, it’s WCI’s 10th birthday and I was thinking it would be fun to hear the following from readers -
    1. What year did you discover WCI?
    2. What led you here (internet search, colleague, hearing Jim speak, etc)?
    3. What has been your biggest lesson, impact, aha moment, surprise?
    I’ll post my answers later if this gains any traction - hope to learn more about you guys and our common interest!
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

  • #2
    I will start if off.
    1. Not sure but I would guess 7-8 years ago.
    2. I saw the blog referred to in another personal finance blog. Something on Forbes.
    3. Biggest Aha moment was realizing there are other docs around the country and across specialities who are interested in personal finance. Most people I know are conspicuous consumers and likely behind in the net worth game.

    Comment


    • #3
      2017

      Internet search looking for a financial advisor lol

      Financial independence is an achievable thing and not just for the mega wealthy. It seems crazy that there was a point that I did not know that.

      Comment


      • #4
        2016

        Word of mouth/colleague

        Not so much an aha moment but more amazement that financial success comes from application of principles not found in any fancy degree pathway but more in empowering yourself with knowledge outside those pathways. In sum, a janitor with no degree can be financially successful by picking up a free copy of a personal finance book at a library and reading free blogs while those with fantastic riches/big shovels can find themselves in financial ruin.

        Comment


        • #5
          1) 2017

          2) not sure exactly how I found the site but I was one-year into a new job at a new company and I had taken that job because I wasn't getting promoted at my previous company mainly because I was getting a new boss every ~9 months or so. During the interview process at the new company I asked my to-be-boss why she liked working there and her answer was "stability" which really spoke to me as I felt I'd have a greater chance at promotion if I could prove to my boss my worth over the course of 18-24 months. I took the job. Well, the boss who hired me quit 9 months later. I got along with her really well and she even confided in me that she would be quitting about a month before she put in her notice. While I totally understood why she left, I said "here we go again" and realized I'd have to prove myself yet again to someone. I was done doing that. I needed a plan to stop the cycle and I found this website and it helped me build a really solid plan. I stayed at that company for 2.5 more years, and sure enough in that time I had 4 different bosses. I wasn't stressed out though because I wasn't even trying to prove myself to them since I thought it would all be moot. Sticking to my financial plan was far more beneficial. And it's going to get me to change career paths mid-career to what I probably should have done out of college, and do it about 10 years sooner than I expected (as the change will entail a significant salary hit).

          3) While accumulation is great, for me personally the most valuable posts were around the themes of it being important to enjoy the journey to FI rather than trying to get to FI ASAP, and also the post which I think talked a lot about Bill Bernstein and the idea that when you've won the game, stop playing. Or, the concept of "enough": https://www.whitecoatinvestor.com/how-much-is-enough/

          Comment


          • #6
            1. 2013
            2. I was reading everything I could on the FI subreddit, someone linked here and of course everything here resonated
            3. Early on it was learning as much as I could during training so that I would be prepared once I had an attending salary. The "Aha" came from both MMM and WCI, between the 'Shocking Simple Math of Early Retirement' post and WCI saying any doc is never more than 10 yrs from retirement. Now, a couple years out of training, I have done much of the heavy lifting and have effectively reached CoastFI. Finding a balance and loosening the purse strings is proving to be quite difficult for me

            Comment


            • #7
              1. 2011 during our first failed attempt to have doctors for clients. We had just seen such sh1tty work from other CPAs that we knew doctors were going to that we thought we could do better. I actually reached out to WCI to share info at one point, but he hadn’t monetized and didn’t have the readers to do so. Local was a bust b/c they saw me as every other hustler in our profession and I got so discouraged that we just quit and moved on. When the forum opened in Jan 2016 i signed up within a day or 2 and the rest is history.
              2. Random internet search (much less sophisticated back then).
              3. That doctors are so nice (at least most of them lol), once you get to know them. You just have to find a way to develop a personal relationship. The forum cuts out the ‘gatekeeper’ and I credit it for a complete180 in both practices. It just feels like this is home.
              Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

              Comment


              • #8
                1. What year did you discover WCI? my guess would be 2010? i think i was a very early adopter.
                2. What led you here (internet search, colleague, hearing Jim speak, etc)? fear about $265k in student loans
                3. What has been your biggest lesson, impact, aha moment, surprise? non-negotiable 20% for retirement from day #1. now that i am about 10 years out of residency i see why that's so important.

                for the lurkers and newbies, start saving 20% on your first attending paycheck, don't wait. there are 2 things that will come faster than you think
                • the age of 40
                • $1M in the bank
                as our fearless leader says, the first milly is the hardest. over the last few years we regularly had months where the growth on our investments was more than our paychecks.

                Comment


                • #9
                  1) Whenever that first CNN article came out.
                  2) That CNN article
                  3) Not all doctors are money morons. (It's just that the handful that aren't seem to all be on this forum.)

                  Comment


                  • #10
                    1. What year did you discover WCI? Probably around 2012.
                    2. What led you here (internet search, colleague, hearing Jim speak, etc)? Bogleheads if I remember correctly. I think Jim also posted a decent amount on Student Doctor Forums at that time. I was also reading a lot of MMM, too.
                    3. What has been your biggest lesson, impact, aha moment, surprise? That people who make a lot of money can be really bad with money.
                    Last edited by CordMcNally; 05-28-2021, 08:10 AM.

                    Comment


                    • #11
                      1. What year did you discover WCI? 2018
                      2. What led you here (internet search, colleague, hearing Jim speak, etc)? Internet search for info on Own occupation disability policies. I had been referred to a “specialist” at my insurance company. The options as explained were less than comprehedable. Posted a question on the blog, Jim suggested posting on the Forum. Would have never signed up for the Forum without Jim’s response.
                      3. What has been your biggest lesson, impact, aha moment, surprise? My daughter is the physician was in last year of residency. Eye opener? I didn’t know what I didn’t know. Probably the most important for her was the retirement at 20%. Do that and avoid debt and anyone can be “rich”. The next was the retirement savings options to optimize taxes. So few professions have the income to more than fiii the tax preference space. Do those 3, insure, save, and taxes and you (she) will succeed.

                      Comment


                      • #12
                        1. Around 2016
                        2. I was looking at personal finance books on Amazon and stumbled on Jim's book. The reviews all talked about how great the website was, so I checked it out. I never even bought his book (shh).
                        3. The biggest thing for me is having a place to learn about/discuss personal finance for people in my situation. Dave Ramsey, etc. is great for beginners, but really skewed toward folks who have credit card debt, no savings, low income. He's not talking about what to do after you've maxed out pre-tax retirement accounts and still have money left to save/invest. This is a great community for folks who make good money and are beyond the basics.

                        Comment


                        • #13
                          Looks like I joined the forum in 2017 so probably around there.

                          I think on reddit or bogleheads I saw mention of the WCI book and ultimately ended up here on the forums.

                          Learning that I can manage my money better than my prior financial advisor. Also, there's many roads to dublin.

                          Comment


                          • #14
                            1. Not sure. Sometime between 2012 and 2017?
                            2. I looked up some articles including on backdoor Roth intermittently but wasn’t a regular reader. I think I searched for something once and a thread from the forum came up and I found it interesting so joined.
                            3. I was already set in my financial ways by the time I joined. I can’t say I greatly altered anything because of WCI. I guess my biggest aha was that even very wealthy people stress about money if that is how they are built, and that working on managing your mindset about finances is just as important as managing the finances themselves if you want to have a happy life with a healthy relationship with money.

                            Comment


                            • #15
                              1. I want to say 2013 or so.
                              2. Likely by seeing WCI post on Student Doctor. That was before I'd heard of bogleheads or any other good resources. The first books I'd read on investing were crap.
                              3. Probably realizing that being a full time employee doesn't make sense on so many levels. Life is too short to spend 240 days a year doing something you don't like, and paying insane amounts of taxes, especially when you've already saved more money than you'll probably spend. I think once I realized that I could put a lot more money in retirement accounts by being self-employed that made it a lot easier to justify financially.

                              Comment

                              Working...
                              X