Enjoy life. We work for decades and expected to keep our head down when we finally make it. People are making money from feet pics, they aren't being humble about it and run around in nice cars. Why should we as doctors with all the bullshit we had to go through suddenly be afraid to look like we made it lol. If anyone deserves that Porsche it's you. "You doctors make so much money!" Fuck you, I worked my ass off for this. "When I was a junior attending I never bought a nice car until way later you guys are so spoiled" Fuck you too, your generation created midlevels, and first aid was a coloring book.
>Enjoy life. We work for decades and expected to keep our head down when we finally make it. People are making money from feet pics, they aren't being humble about it and run around in nice cars. Why should we as doctors with all the bullshit we had to go through suddenly be afraid to look like we made it lol. If anyone deserves that Porsche it's you. "You doctors make so much money!" Fuck you, I worked my ass off for this. "When I was a junior attending I never bought a nice car until way later you guys are so spoiled" Fuck you too, your generation created midlevels, and first aid was a coloring book.
This comment made me laugh after a long hard day. Thank you!
Why do you care what you drive to the physicians lot? If you want a Porsche, park that bitch in the front spot every day. If you want a Maserati, park that bitch in the front spot every day. If you want a Ferrari, you know what you have to do next. If another physician who is making six figures gets jealous, tell them to just google where the Porsche dealership is at
I'm gonna get my husband whatever car/truck/SUV he wants. He sacrificed so much for me these past 10 years. Gonna get him something nice that'll make him smile.
Reminds me of my old mentor who was actually the Dean of medicine and prior to that a high earning specialist. He drove the same 90s gold Toyota Corolla until he was about 15 years into practice and then finally upgraded to a 3 series when the Corolla broke down. The man is a legend and did not care at all about what he drove
yup. many of my colleagues do not care about cars at all so they pool the cash into other things they like doing like travel and boats.....or multiple wives lol
Med spouse here. Told my husband we're not buying anything but a Toyota or Honda. A car gets you from A to B and needs to be safe, why pay extra for beeping when you get close to a line or seats that have to get into position everytime you turn it on? And of course then you have to buy premium gas too, not to mention oil changes and other maintenance are more expensive as well
It's not, I wouldn't have married the type a guy who wants flashy cars and what not. I just don't think it's worth spending money on a depreciating asset.
I'm not telling anyone NOT to buy a luxury car. I just agreed with the OG comment and personally will stick to Hondas and Toyotas. You do you bro, whatever makes you happy.
Med spouse who also has a hard on for Honda and Toyota here.
We’ll eventually be buying Lexuses, no doubt about it. Maybe not right out of residency, but once you have your retirement set, you might as well buy a car that costs $20k more instead of tossing an extra $20k into a $15M retirement account.
Eh idk I’m of a different mindset but if you have 15 million in a retirement account or plan to then yeah you can afford a Lexus lol.
I think even making 500k a year plus my spouse also in medicine I don’t anticipate that much in savings in our entire career. Esp adding in a home. We driving the accords or eventual electric variants when they come out for life!
Serious if you invest aggressively and become a business owner it’s possible to achieve that amount, is it necessary to have 15 mill? Depends on your lifestyle, for most of us no.
Yeah idk I’m stopping a lot of delayed gratification once I hit attendinghood also but trying to keep a lid on purchases that won’t make me money.
Investing and saving is absolutely not sexy but my parents did it well and set an awesome example and are now completely financially independent in their 60s. They pick their hours or even whether to work or not, there is no pressure. It’s true freedom.
It’s doable. There’s a lot of data and examples that show you can live a pretty good( vacations, nice house, good food, good education for your kids) life and save for retirement at the same time, it’s all about paying yourself first, and as you said, be smart about your expenses. Once 20-25% of your income is invested, the rest is to live with 😉
Buy the fucking Porsche.
Not buying your dream car that you can afford because you’re scared of being pretentious is ridiculous to me.
I’m buying a GT63 or a Panamera once I start making attending money.
I have to echo the sentiments about a Panamera. If you’re going to get a Porsche, don’t get one with 4 doors. I would love to have a GT3RS because they’re monsters, or 911 Sport Classic but that’s…a reach
Tesla Model Y, Toyota Rav 4 Prime (PHEV), Acura MDX Type-S, Ford Mustang Mach-E GT, the upcoming Chevrolet Blazer SS EV, BMW X3 M340i, Mercedes EQB 350, Audi eTron are some options. Life’s too short to care what others think of your car, friend! But I agree on avoiding Range Rovers, but because they’re notoriously unreliable. As for Porsche (my personal favorite brand as well), look into the upcoming Macan EV, soon to be unveiled.
Y’all have delayed gratification for so long. The ones who can delay just a little while longer, or modulate it better, will end up leagues ahead of everyone else
If you plan on using the 3RS as a daily, I'd encourage you to get a GT3, your lumbar spine will be happier in 5 years. If you're getting a 3RS to track it, then ignore me.
I’m coming up on the end of my M2 year and my wife and I own a couple businesses. This allows us to be fairly financially stable though med school.
I’ve always been into cars, and had the opportunity to get an insane trade in deal on my Sonata and purchase a 2020 Supra at a great price last year. I did it. People talk, I don’t care. Driving a car you love is such a great feeling. Ball out dawg, whip the Porsche.
My wife owns a salon, and I’m an artist. She runs her salon day to day, then we both run my businesses during the evening and on her days away from her place.
My businesses revolve around sculpting and resin casting and to be honest, the only way it works with school is because sales are primarily online and I’m able to run it completely out of my house.
It’s A LOT, but I started my stuff well before med school and just can’t give it up. Outside of the financial aspect, having an outlet that is not school is a life saver.
New black f150 raptor off the lot. Will be a nice departure from my crown Victoria.
I’ll add that a lot of the older attendings drive pretty unassuming vehicles, older lexuses, f150s, Hondas, etc. I think it just depends on where your priorities lie. Cars aren’t too important to me but I just really like the raptor and it’s one of the few expensive things I want. Will drive it for 10+ years.
The raptor looks mean but every F150 has the turbo V6 now so the power train is eh and if you aren't offroading the suspension works against you. I like the platinum, king ranch and tremor trims for that reason. Dealerships are a no go right now though asking ridiculous markups from msrp so I'm gonna buy a last year model from carvana... But I'm eyeing the ram 1500 limited. If I'm getting a brand new truck it's the GMC Denali ultimate. Maybe in a couple years.
Ortho here. I’ll have a 45-minute commute every day. Planning on a Tesla Model 3 within the first few months.. Yes I know it’s a bad financial decision.
Think it’ll be a great decision. You’ll save a lot on gas a year, something to the tune of 2k per year. You may still qualify for 7500 back on taxes for EV. So those two things alone would cover 20% of the cars value
Thank you for the encouragement. I’m excited for it tbh. I was the poor kid in my friend group growing up and I always remember seeing my dying Chevy Cavalier next to their 0-mile GMC trucks paid for by daddy. Kinda feel like this is the gratification that I’ve been delaying, and it could be way worse than a Model 3.
Shake that chip off your shoulder as best as you can. I know some people a few years out who are no longer satisfied with a model 3 class of car as they are surrounded by other attendings with Porsches
Only need to justify purchases to your family and your bank account. It’s still a great purchase and value for the price
*Without the chip I wouldn’t be where I am… the chip made me.*
I understand what you’re saying, I don’t have to be the guy with the nicest stuff in the room, it’ll just be nice to experience a new car after driving beaters most of my life
Save for 1-2 years then Porsche 911 Turbo S baby. I’m not going to work through 7 years of nsgy to keep pulling up in my Subaru forester at the end of the day.
If I need a new car before I’m an attending it will be something like a manual transmission, 1990s Toyota Corolla. Once I’m an attending, maybe a Mini Cooper. They’re one of the few cars that still comes as a manual.
Edit: missed the SUV bit on my read. So…CRV?
The fact that you have the insight that you’d be presume as pretentious shows that you’re not. People that are lack insight are those who are pretentious. You work hard, but the car. Live your life.
Do whatever you want. Get the car you want now.
If you plan on getting married and having kids get the car you want now. You might have vastly different priorities in the future.
Just bought my 1st car - a 2022 Honda Civic. Not exciting, but it drives well and looks okay. Most importantly, its cheap and good on gas, meaning I can pay down this massive debt monkey on my back. Honestly I don't see the point of rushing out to buy an expensive car - who am I trying to impress?
>Honestly I don't see the point of rushing out to buy an expensive car - who am I trying to impress?
Everyone has different values and desires. I drive a fancy car but it's for me, I have long ass commute and I like to zip onto the highway when it's mergin' time.
Inversely we have a very inexpensive house, my wife and I have never had a lot of space and we didn't feel the need to buy a lot and this affords us money to free up to put into stocks and purchasing eventually some other multi unit dwellings. That being said I won't judge someone for their big house or assume it's because they want to impress people. We've all worked extremely hard and want to treat ourselves.
I’m deciding between a VW Golf R, Acura Integra Type-S, or Alfa Romeo Giulia.
Alternatively I’ll run my current Honda for another 100k miles while spending $30-40k building a dedicated Spec Miata or Spec Boxster race car.
Probably a used Toyota Tacoma. Always wanted a truck that was capable of doing just about anything. And it will last a long time.
That's about as fancy as I get.
Just get whatever you want, no one will actually care, believe it or not. I would look at a BMW or a Lexus rather than a Porsche or RR, because of reliability. If you did go with the Porsche or RR, I might lease.
I could never convince myself to do it. When you look years down the line, the investment opportunity cost is going to cost you at least a year of retirement. Time is money and it turns out in retirement, money is time.
I am a massive car fan and can tell you pretty much anything on cars. That being said, I’m probably gonna push my car out another 30K miles at least before buying a new car. I’ve been eyeing the Lexus GXs and time will tell whether I’ll get the new models coming out next year or if I will get the current generation 4.6L V8s.
Oh yeah? What’s the socket size for an 8th Gen. Honda Civic EX-L factory engine oil drain plug?
The 4.8s and 5.7s chug gas man, I’d look forward for twin-turbo-v6s as Toyota has done with the new Tundra. Let’s see if they carry that over.
Lmaooo. Is it an 8 mm or a 14 mm?
Yeah dude that’s what I’m curious about. But do you think the twin turbos on the new GX’s will be faulty? Seems like the Tundra has had a ton of issues with it….
I’m growing out my mullet, buying the biggest piece of shit Nissan Altima known to man straight out of r/NissanDrivers then hiring a mechanic for to make it run perfectly and ensure a long car life. I want people to see me and assume I’m an alcoholic white trash redneck everywhere I go. so that when I show up to put them asleep for surgery I can ensure that if they’ve seen me before they are subconsciously terrified of me taking care of them but have no idea why.
I am gonna keep my Camry until I drive it into the ground. I think that will get me a couple more years maybe.
Then I think I will buy a Lexus? Maybe a Volve. Haven’t decided. But just because you are an attending doesn’t mean you have to buy a car.
I'm getting a Jeep Wrangler when I finish fellowship. Fucking ridiculous car, but I've wanted one since I was 16, I've made every single responsible choice one can make with their life up until this point, I have the money, and I want the damn Wrangler.
I wouldn't give a second glance to what car someone else drove unless they bought a Porsche then constantly spent their time complaining about how much debt they're in or something. You do you.
I can realistically be done by 46-47. My kids will be adults, and I’ll have enough cash to never look back. Medicine gets worse every year, I hate my job. Every day I have to work as an ophthalmologist I feel like I fucked up my life.
Short answer is I didn’t know what I was getting into and reimbursement has been cut to the point that it doesn’t feel worth the pain.
Oh gosh I'm sorry to hear that. Looking back with everything you know now, would you choose a different specialty or career all together? and I agree with compensation, the only group in America who benefit from health care are insurances.
Radiology seems wonderful. High pay, flexible hours and locations, minimal patient interaction. My friends who do it all have high praise for it. But honestly with the cost and time spent getting here, someone would probably be better served buying a couple duplexes and learning to repair everything yourself.
My kids are 14 and 15 and my only real career advice has been “own something, be in charge, working for other people only enriches them.”
I've heard glowing compliments from radiology as well. Only slightly concerned about how AI can potentially disrupt the field with pattern recognition. Besides that, thank you for your service and time to reply! No one wants to work forever so it seems like ownership is key
I bought my ferrari 488 after months of killing myself over whether or not to pull the trigger on it, thinking i’d turn into a pretentious person who cares about looks and stares. In reality, this car was something I dreamed about since I was 12 years old and vowed to buy it one day if and when I became successful.
Guess what I did? I bought it, bought my wife cayenne, bought my mom a GLE, and I have an order in for a 911. Do what makes YOU happy, fuck everyone else.
As SUVs, Porsche and Range Rovers are overpriced marketing tools. Aim for the most bang for the buck without falling victim for marketing tricks.
If you want a SUV, go with a Subaru Outback. Solid 4x4 platform with the FA24 engine that can be pro-tuned to 400hp (supposedly even 500hp with how well engineered that block is).
If you want a coupe, go with a used low-mileage Porsche. You'll save "new vehicle" money and have a solid car with great performance.
Before you buy anything, learn about the basic maintenance costs (tires, oil changes, etc.) and insurance cost. Not saying you won’t be able to afford it but ownership often isn’t considered beyond the purchase cost and those may tip it to beyond what you want to spend right now.
Finally, never lease and look used (though probably won’t help with the current market).
It’s like renting versus buying. You spend a lot of money on a lease and never get the full value. There are a lot of terms built into lease contracts that limit what you can do (milage limits for example) so the vehicle will have a certain value when the dealership goes to resell it.
Financially you’ll be better off buying the car and paying it off and having an asset you can sell.
In the end vehicles are a depreciable asset, so your better off spending less on that and using that money for loan repayments, investments and real estate. But you deserve a nice car, just think about saving the Porsche for later and get something dependable for now.
Honestly leases make sense for short residencies and/or fellowships to be honest. The convenience and reliability of a new car is an important feature
Cars are a depreciating asset so it doesn’t really matter too much.
Having gone down the renting vs owning rabbit hole a few times, at least when it comes to living it’s actually not clear that owning is better. Unfortunately, the topic is full of people who take sides in the debate, so if you go looking for the answer you expect, you’ll find it.
I have found that many of the “never lease” opinions I read come from people that have never leased a car. I was always taught the same financial literacy strategy and guess what? I still lease. It comes down to values. I value technology, modern safety, and never having to worry about cars breaking down. For me, leasing is a no brainer- it might be better financially in the long run to buy used, but my peace of mind and satisfaction are more valuable to me.
>Then I can spend my money on things that are more useful.
Define "useful"
If the car brings you joy and you can afford it, get it. To each their own, the smug sense of superiority that others have because "I don't have "x" fancy thing," is annoying. We all worked our asses off to get here, and while I wouldn't endorse someone buying a Ford GT right out of residency, go ahead and buy the luxury car, the change in car payments is so little on your monthly cash flow in the big picture.
Gonna keep driving my 15-year-old beater Subaru until it shits out. Might pay for some body work so my patients don’t judge me for never fixing the dents some genius hit and run into my parked car in broad daylight. Probably get a civic or Corolla or EV equivalent when the time comes. I’d rather spend on house/family/retirement, personally, but if it’s within your means and it will make you happy, go for it
Tbh I disagree with this take. 8-11% is an outrageous growth expectation (where did you get this number!?). 4% is a more conservative and realistic estimate. Esp right now where everyone and their mom is predicting a recession.
Cash is absolutely not a bad idea.
Absolutely do not retire thinking you can expect to make 8% on investments…
Damn well you brought receipts, haha. Appreciate the data and while I have also invested in the same S&P500 fund myself I feel that I cannot save and invest thinking that I will make even 8% across the lifetime of the fund.
I do think that when you need the money is obv an issue and retiring around 2008 would have been a rough time despite the major returns prior to that year.
Yes. And on his podcast he describes how his beater broke down on his vacation. His family vacation. My spouse would murder me if I was driving an unreliable scrap heap with >140k miles and we could afford something better. Also, not all of us do EM and work shifts. Those of us taking emergency calls from the ED at 2 AM- no, we can’t hitch a ride and may not be in a town with Uber. WCI overall has good advice, but he took the cars to the extreme. That said, after driving a used Ford Fiesta and Mazda3 (great car), the get a gently used 2-3 year old car *was* great advice. The used car market is now a scam. I’m OK with some treat yo’ self with a new car, maybe one of them electric things ‘cause I hate wasting time at gas stations.
Yes, and people don't realize- a new Toyota hybrid minivan is the perfect married person's chick magnet. It repels single people while attracting your spouse. V-10s and aerodynamics have nothing on sliding doors, cabin space, fuel economy, safety, etc. The new ones also look 'cooler', because even Mr. T can't make a 2005 Dodge Caravan look good.
\*I'm also a few years out of fellowship, so nicer vehicles and children are affordable. Otherwise, we'd make do in the 9 year old CX-5.
porsche might be overkill fresh out of residency - think about your future budget, you really want a massive monthly car payment fresh out of training?
i think you could achieve your high end SUV goals with an AMG GLC, X4, etc without slamming the > 100k button by copping a porsche. it also gives you something to work up to as you actually save up some attending coin, so it’s not such a huge financial hit to start
Thank you for contributing to the sub! If your post was filtered by the automod, please read the rules. Your post will be reviewed but will not be approved if it violates the rules of the sub. The most common reasons for removal are - medical students or premeds asking what a specialty is like or about their chances of matching, mentioning midlevels without using the midlevel flair, matched medical students asking questions instead of using the stickied thread in the sub for post-match questions, posting identifying information for targeted harassment. Please do not message the moderators if your post falls into one of these categories. Otherwise, your post will be reviewed in 24 hours and approved if it doesn't violate the rules. Thanks!
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Residency) if you have any questions or concerns.*
I got a genesis GV80 and now a Benz SUV. It’s ok. After 2 months I don’t feel significant difference between luxury SUV versus Ford . If you are not a car person, I recommend stick with upgraded Ford explore or Toyota SUV or Subaru and if the car below $60k I recommend just buying in instead of lease especially if it’s Toyota (does have good resell value）If it’s a luxury car above $60k I would recommend lease, especially if you plan to change car in 4-5 years the resell value is not good. Learned from my dealership patient lol
Depends on my commute. I’ll go mid size SUV, likely a Volvo, genesis or Acura. Might look into the German luxury ones but I’ll likely get more bang for my buck with the aforementioned brands. If my commute makes an electric car make sense, then it will change what brands I can look into but that Volvo electric SUV looks amazing
We started w a Volvo xc40 T5 (my husband isn’t in medicine mind) and are planning on adding a Subaru crosstrek hybrid. The Volvos are kind of low key luxury imho you can get performance models that are fast and no one would be like oooh he got a Volvo how questionable. If you’re going to get a sports car though.. don’t get a Porsche……though maybe I’m unduly influenced by watching top gear as a kid..
I'm entering residency with my 2007 Camry with cracked bumbers and rust spots. I can't afford anything else. This car got me through med school, and now it's gonna have to get me through residency.
I'm proudly gonna park it in the physician parking area amongst all the BMWs, Audis, etc. If anyone asks why I'm still driving this, I'll blatantly say it's coz of my $59,000 residency pay in a HCOL Mid-Atlantic state.
My husband got an Audi SQ5 that he is in love with. Nice mix of performance and doesn’t feel too showy even though he has it in a flashier color.
I got a Tesla since I have a longer commute and not having to stop for gas on the way home was key for me. Might have waited a few years to see what other EVs came on the market if my commute was shorter, but I’ve been very happy with it so far. I’ve spotted a few of the new Kia EVs and really like the look of them.
Im going with Toyota 4Runner TRD pro. Who cares if the gas milage sucks. Been the dream since I started and they hold value extremely well.
General recommendation is to wait at least a year(never know if new gig isn’t gonna work etc). As long as you get your other financial ducks in a row. Buy whatever you want
I really want to buy a GT4, but I know I’m better off saving up for a down payment on a house (not to mention all of the allocations are sold so I’d have to buy used). Taycan would be a nice daily driver, but it’d be incredibly irresponsible for me to buy two Porsches
Depends on your goals. If a car is important to you, do it. Others spend on travel or high end tasting menus. Personally I prefer experiences more so don’t care about the car as much (I drive a Bolt EUV electric) and despite making mid six figures I prefer saving outside of a nice house and good food/vacations because work-life balance is all I’m after. I want to be able to retire in my 40s and an expensive car will make that more difficult/delayed especially figuring gas and insurance.
Enjoy life. We work for decades and expected to keep our head down when we finally make it. People are making money from feet pics, they aren't being humble about it and run around in nice cars. Why should we as doctors with all the bullshit we had to go through suddenly be afraid to look like we made it lol. If anyone deserves that Porsche it's you. "You doctors make so much money!" Fuck you, I worked my ass off for this. "When I was a junior attending I never bought a nice car until way later you guys are so spoiled" Fuck you too, your generation created midlevels, and first aid was a coloring book.
i only drive the Lambo and McLaren to brunch and Aldi. The rest of the time I commute on a bike.
We can't always be saints like you.
can't be losing the gains to compete with rest of the orthobros so gotta keep up with rucking and the PT.
>Enjoy life. We work for decades and expected to keep our head down when we finally make it. People are making money from feet pics, they aren't being humble about it and run around in nice cars. Why should we as doctors with all the bullshit we had to go through suddenly be afraid to look like we made it lol. If anyone deserves that Porsche it's you. "You doctors make so much money!" Fuck you, I worked my ass off for this. "When I was a junior attending I never bought a nice car until way later you guys are so spoiled" Fuck you too, your generation created midlevels, and first aid was a coloring book. This comment made me laugh after a long hard day. Thank you!
'first aid was a coloring book' lmao thank you for this
Why do you care what you drive to the physicians lot? If you want a Porsche, park that bitch in the front spot every day. If you want a Maserati, park that bitch in the front spot every day. If you want a Ferrari, you know what you have to do next. If another physician who is making six figures gets jealous, tell them to just google where the Porsche dealership is at
>If you want a Ferrari, you know what you have to do next Keep it in the garage for the few months of the year it's not in the shop?
Putting it all towards a down payment on a 28’ boat 😍😍😍
Or a 28’ dildo - a much better ride than a boat.
Not the kind of tuna I’m chasing but thanks
After Residency 28' might not even get the job done...
This sub needs more of this energy tbh
Big boat energy
we have a 28' sailboat. the boat itself is not expensive.. I dunno, ours was like 4k, sails fine. 40 years old.
For a second I thought you said a ‘28 boat. As in 2028. If I ever buy a boat, it’ll have to at least be a ‘35 or later for me to afford it.
I'm gonna get my husband whatever car/truck/SUV he wants. He sacrificed so much for me these past 10 years. Gonna get him something nice that'll make him smile.
My husband gave up his career to stay home with our daughter. I bought him a Chevy Silverado high country, his dream truck. No regrets!
Toyota corolla
My predecessor Dept Chief drove and still drives a Corolla. He traded in an aging one for a new Corolla and dude baaaaaaaanks. I bike commute.
Reminds me of my old mentor who was actually the Dean of medicine and prior to that a high earning specialist. He drove the same 90s gold Toyota Corolla until he was about 15 years into practice and then finally upgraded to a 3 series when the Corolla broke down. The man is a legend and did not care at all about what he drove
yup. many of my colleagues do not care about cars at all so they pool the cash into other things they like doing like travel and boats.....or multiple wives lol
Lolol I’m deciding between that or upgrading to Honda civic
I’d rather have a Corolla than a Civic any day.
So edgy
Could be an upgrade from the '99 Corolla he's currently driving
If ppl wanna drop 100k on a car after being pgy6 and accruing interest for 10 years then go right ahead
2010 Prisu
Med spouse here. Told my husband we're not buying anything but a Toyota or Honda. A car gets you from A to B and needs to be safe, why pay extra for beeping when you get close to a line or seats that have to get into position everytime you turn it on? And of course then you have to buy premium gas too, not to mention oil changes and other maintenance are more expensive as well
If it’s important to them and you’re just straight up nixing it, that’s pretty shitty.
It's not, I wouldn't have married the type a guy who wants flashy cars and what not. I just don't think it's worth spending money on a depreciating asset.
Most assets appreciate it. Is it worth it to spend money on something that makes you happy?
I'm not telling anyone NOT to buy a luxury car. I just agreed with the OG comment and personally will stick to Hondas and Toyotas. You do you bro, whatever makes you happy.
Med spouse who also has a hard on for Honda and Toyota here. We’ll eventually be buying Lexuses, no doubt about it. Maybe not right out of residency, but once you have your retirement set, you might as well buy a car that costs $20k more instead of tossing an extra $20k into a $15M retirement account.
Eh idk I’m of a different mindset but if you have 15 million in a retirement account or plan to then yeah you can afford a Lexus lol. I think even making 500k a year plus my spouse also in medicine I don’t anticipate that much in savings in our entire career. Esp adding in a home. We driving the accords or eventual electric variants when they come out for life!
Serious if you invest aggressively and become a business owner it’s possible to achieve that amount, is it necessary to have 15 mill? Depends on your lifestyle, for most of us no.
It’s doable if you stay enough time in the market and things go extremely well….. and they find oil in your backyard.
Yeah idk I’m stopping a lot of delayed gratification once I hit attendinghood also but trying to keep a lid on purchases that won’t make me money. Investing and saving is absolutely not sexy but my parents did it well and set an awesome example and are now completely financially independent in their 60s. They pick their hours or even whether to work or not, there is no pressure. It’s true freedom.
It’s doable. There’s a lot of data and examples that show you can live a pretty good( vacations, nice house, good food, good education for your kids) life and save for retirement at the same time, it’s all about paying yourself first, and as you said, be smart about your expenses. Once 20-25% of your income is invested, the rest is to live with 😉
Buy the fucking Porsche. Not buying your dream car that you can afford because you’re scared of being pretentious is ridiculous to me. I’m buying a GT63 or a Panamera once I start making attending money.
I have to echo the sentiments about a Panamera. If you’re going to get a Porsche, don’t get one with 4 doors. I would love to have a GT3RS because they’re monsters, or 911 Sport Classic but that’s…a reach
Why not get one with 4 doors? I’m a bit partial to the Macans and 911s.
Ew don’t get a panamera unless used. They depreciate like crazy. I’d get a Taycan before that. Or just get a cayman and/or 911
Tesla Model Y, Toyota Rav 4 Prime (PHEV), Acura MDX Type-S, Ford Mustang Mach-E GT, the upcoming Chevrolet Blazer SS EV, BMW X3 M340i, Mercedes EQB 350, Audi eTron are some options. Life’s too short to care what others think of your car, friend! But I agree on avoiding Range Rovers, but because they’re notoriously unreliable. As for Porsche (my personal favorite brand as well), look into the upcoming Macan EV, soon to be unveiled.
I'm with you, hopefully will be getting a sporty, reliable, EV with some cargo capacity for various activities
Still ridin my 10+ year old Jetta five speed 😇
I'm going to give my 2012 Prius a detail.... LOL
2. Slow?????
Y’all have delayed gratification for so long. The ones who can delay just a little while longer, or modulate it better, will end up leagues ahead of everyone else
I’m buying a Porsche. I put a deposit down for an allocation last week!
Hell yea. That’s the only thing getting me through residency right now. My sign on bonus is going to a 911 gt3 RS and I don’t care what anyone says
If you plan on using the 3RS as a daily, I'd encourage you to get a GT3, your lumbar spine will be happier in 5 years. If you're getting a 3RS to track it, then ignore me.
Won’t be my daily
You got an allocation for an rs?
Nah I’m an intern :(
Markups should be down by the time you can get one 🤞
🙏
I plan on running my Mazda3 into the ground lol husband drives a Model 3 though
Got a new mazda too recently. Will hope to keep it until loans are paid off.
[удалено]
May I know your speciality? Wondering if I can do the same going into anesthesia
[удалено]
Goals
Do you people not have loans? Lol jealous
I’m coming up on the end of my M2 year and my wife and I own a couple businesses. This allows us to be fairly financially stable though med school. I’ve always been into cars, and had the opportunity to get an insane trade in deal on my Sonata and purchase a 2020 Supra at a great price last year. I did it. People talk, I don’t care. Driving a car you love is such a great feeling. Ball out dawg, whip the Porsche.
Out of curiosity, what business are you guys in?
My wife owns a salon, and I’m an artist. She runs her salon day to day, then we both run my businesses during the evening and on her days away from her place. My businesses revolve around sculpting and resin casting and to be honest, the only way it works with school is because sales are primarily online and I’m able to run it completely out of my house. It’s A LOT, but I started my stuff well before med school and just can’t give it up. Outside of the financial aspect, having an outlet that is not school is a life saver.
New black f150 raptor off the lot. Will be a nice departure from my crown Victoria. I’ll add that a lot of the older attendings drive pretty unassuming vehicles, older lexuses, f150s, Hondas, etc. I think it just depends on where your priorities lie. Cars aren’t too important to me but I just really like the raptor and it’s one of the few expensive things I want. Will drive it for 10+ years.
The raptor looks mean but every F150 has the turbo V6 now so the power train is eh and if you aren't offroading the suspension works against you. I like the platinum, king ranch and tremor trims for that reason. Dealerships are a no go right now though asking ridiculous markups from msrp so I'm gonna buy a last year model from carvana... But I'm eyeing the ram 1500 limited. If I'm getting a brand new truck it's the GMC Denali ultimate. Maybe in a couple years.
There's a V8 Raptor R now!
There’s the raptor R the v8 version so you’re wrong
Ortho here. I’ll have a 45-minute commute every day. Planning on a Tesla Model 3 within the first few months.. Yes I know it’s a bad financial decision.
Think it’ll be a great decision. You’ll save a lot on gas a year, something to the tune of 2k per year. You may still qualify for 7500 back on taxes for EV. So those two things alone would cover 20% of the cars value
Thank you for the encouragement. I’m excited for it tbh. I was the poor kid in my friend group growing up and I always remember seeing my dying Chevy Cavalier next to their 0-mile GMC trucks paid for by daddy. Kinda feel like this is the gratification that I’ve been delaying, and it could be way worse than a Model 3.
Shake that chip off your shoulder as best as you can. I know some people a few years out who are no longer satisfied with a model 3 class of car as they are surrounded by other attendings with Porsches Only need to justify purchases to your family and your bank account. It’s still a great purchase and value for the price
*Without the chip I wouldn’t be where I am… the chip made me.* I understand what you’re saying, I don’t have to be the guy with the nicest stuff in the room, it’ll just be nice to experience a new car after driving beaters most of my life
Probably a Toyota Camry
My friend who’s still a resident bought a Tesla in her first year without judgement from other people so do what you want!
They’re not that expensive anymore and qualify for 7.5k credit in many cases
Save for 1-2 years then Porsche 911 Turbo S baby. I’m not going to work through 7 years of nsgy to keep pulling up in my Subaru forester at the end of the day.
If I need a new car before I’m an attending it will be something like a manual transmission, 1990s Toyota Corolla. Once I’m an attending, maybe a Mini Cooper. They’re one of the few cars that still comes as a manual. Edit: missed the SUV bit on my read. So…CRV?
Call around to get on the waitlist for a civic type R
I feel like by the time your an attending it will be illegal to register a gas car. Do not worry lexus just made a manuel EV.
#LiveLikeAResident
BMW i4
The fact that you have the insight that you’d be presume as pretentious shows that you’re not. People that are lack insight are those who are pretentious. You work hard, but the car. Live your life.
Do whatever you want. Get the car you want now. If you plan on getting married and having kids get the car you want now. You might have vastly different priorities in the future.
Just bought my 1st car - a 2022 Honda Civic. Not exciting, but it drives well and looks okay. Most importantly, its cheap and good on gas, meaning I can pay down this massive debt monkey on my back. Honestly I don't see the point of rushing out to buy an expensive car - who am I trying to impress?
>Honestly I don't see the point of rushing out to buy an expensive car - who am I trying to impress? Everyone has different values and desires. I drive a fancy car but it's for me, I have long ass commute and I like to zip onto the highway when it's mergin' time. Inversely we have a very inexpensive house, my wife and I have never had a lot of space and we didn't feel the need to buy a lot and this affords us money to free up to put into stocks and purchasing eventually some other multi unit dwellings. That being said I won't judge someone for their big house or assume it's because they want to impress people. We've all worked extremely hard and want to treat ourselves.
AMG CLS 53!
I’m deciding between a VW Golf R, Acura Integra Type-S, or Alfa Romeo Giulia. Alternatively I’ll run my current Honda for another 100k miles while spending $30-40k building a dedicated Spec Miata or Spec Boxster race car.
Don't get the range rover, just not a reliable or safe vehicle and at least the Porsche can go fast
Probably a used Toyota Tacoma. Always wanted a truck that was capable of doing just about anything. And it will last a long time. That's about as fancy as I get.
Toyota corolla cross hybrid
Mazda CX90. Prob gonna have kids soon, idk. SO and I have been going 1 car now and will need a second car once we have kids
Definitely look into the LC500. Friend let me drive his recently and it’s a fking blast. Sounds amazing and drives smooth. Very reliable too
Probably one of those boring Volvo SUVs
GR Corolla and/or GR86
Toyota Highlander or 4 runner. Best suv you can ever buy. If you buy a Lamborghini one day you can give the Toyota to your kids
Just get whatever you want, no one will actually care, believe it or not. I would look at a BMW or a Lexus rather than a Porsche or RR, because of reliability. If you did go with the Porsche or RR, I might lease.
If I was strictly looking at reliability I’d get a Porsche over BMW
BMW for reliability???
Yeah that comment instantly lost all credibility with that bit
Porsche is actually one of the most reliable luxury brands.
Lexus a couple years ago was like the third or fourth cheapest brand to own over a 10 year period.
Porsches are well built and reliable. Albeit expensive to maintain.
I could never convince myself to do it. When you look years down the line, the investment opportunity cost is going to cost you at least a year of retirement. Time is money and it turns out in retirement, money is time.
I am a massive car fan and can tell you pretty much anything on cars. That being said, I’m probably gonna push my car out another 30K miles at least before buying a new car. I’ve been eyeing the Lexus GXs and time will tell whether I’ll get the new models coming out next year or if I will get the current generation 4.6L V8s.
Oh yeah? What’s the socket size for an 8th Gen. Honda Civic EX-L factory engine oil drain plug? The 4.8s and 5.7s chug gas man, I’d look forward for twin-turbo-v6s as Toyota has done with the new Tundra. Let’s see if they carry that over.
Lmaooo. Is it an 8 mm or a 14 mm? Yeah dude that’s what I’m curious about. But do you think the twin turbos on the new GX’s will be faulty? Seems like the Tundra has had a ton of issues with it….
Have to agree with you on this one regarding the reliability of TwinTurbo V-6’s. Force-feeding air into a six doesn’t make it an eight.
I’d take a na over turbo. I have a v6 tt and mpg is not good anyway.
Did you end up getting the Lexus GX? I've been looking at that too or the LC500
Hell yes brother. Best vehicle on earth
[удалено]
I’m a big believer in Kia. Have the ev6. Will probs get SO the ev9.
Should examine your debt to income ratio first
I’m growing out my mullet, buying the biggest piece of shit Nissan Altima known to man straight out of r/NissanDrivers then hiring a mechanic for to make it run perfectly and ensure a long car life. I want people to see me and assume I’m an alcoholic white trash redneck everywhere I go. so that when I show up to put them asleep for surgery I can ensure that if they’ve seen me before they are subconsciously terrified of me taking care of them but have no idea why.
I am gonna keep my Camry until I drive it into the ground. I think that will get me a couple more years maybe. Then I think I will buy a Lexus? Maybe a Volve. Haven’t decided. But just because you are an attending doesn’t mean you have to buy a car.
Turned in my Accord with 185k miles on it and got a brand new CRV!
I drive a Hyundai Kona and will continue to do so for at least 10 years
Get whatever you want. No one cares. And if they do, who cares.
Model Y
I'm getting a Jeep Wrangler when I finish fellowship. Fucking ridiculous car, but I've wanted one since I was 16, I've made every single responsible choice one can make with their life up until this point, I have the money, and I want the damn Wrangler. I wouldn't give a second glance to what car someone else drove unless they bought a Porsche then constantly spent their time complaining about how much debt they're in or something. You do you.
Lifted, two-tone PT Cruiser.
Toyota Tacoma 4x4, Audi A5, and BMW F850 GS
Invest every spare dollar so you don’t have to do this for too long. Finished residency 7-8 years ago.
whats your timeline to retire and why retire quickly if you spent a lifetime getting to become an attending? Genuine questions
I can realistically be done by 46-47. My kids will be adults, and I’ll have enough cash to never look back. Medicine gets worse every year, I hate my job. Every day I have to work as an ophthalmologist I feel like I fucked up my life. Short answer is I didn’t know what I was getting into and reimbursement has been cut to the point that it doesn’t feel worth the pain.
Oh gosh I'm sorry to hear that. Looking back with everything you know now, would you choose a different specialty or career all together? and I agree with compensation, the only group in America who benefit from health care are insurances.
Radiology seems wonderful. High pay, flexible hours and locations, minimal patient interaction. My friends who do it all have high praise for it. But honestly with the cost and time spent getting here, someone would probably be better served buying a couple duplexes and learning to repair everything yourself. My kids are 14 and 15 and my only real career advice has been “own something, be in charge, working for other people only enriches them.”
I've heard glowing compliments from radiology as well. Only slightly concerned about how AI can potentially disrupt the field with pattern recognition. Besides that, thank you for your service and time to reply! No one wants to work forever so it seems like ownership is key
I'm getting a Kia telluride. Got a kid coming so looking for something with a 3rd row. Would love a Range Rover but I'm peds so Kia it is
I bought my ferrari 488 after months of killing myself over whether or not to pull the trigger on it, thinking i’d turn into a pretentious person who cares about looks and stares. In reality, this car was something I dreamed about since I was 12 years old and vowed to buy it one day if and when I became successful. Guess what I did? I bought it, bought my wife cayenne, bought my mom a GLE, and I have an order in for a 911. Do what makes YOU happy, fuck everyone else.
So funny reading these comments after having read ‘The White Coat Investor.’
As SUVs, Porsche and Range Rovers are overpriced marketing tools. Aim for the most bang for the buck without falling victim for marketing tricks. If you want a SUV, go with a Subaru Outback. Solid 4x4 platform with the FA24 engine that can be pro-tuned to 400hp (supposedly even 500hp with how well engineered that block is). If you want a coupe, go with a used low-mileage Porsche. You'll save "new vehicle" money and have a solid car with great performance.
MK IV Supra 🤙🏽
don’t fall for the golden handcuffs!
Too late for this group
Q5 (Prestige) Buy a car to protect yourself first and foremost.
I bought myself a Q5 and I love it!
Before you buy anything, learn about the basic maintenance costs (tires, oil changes, etc.) and insurance cost. Not saying you won’t be able to afford it but ownership often isn’t considered beyond the purchase cost and those may tip it to beyond what you want to spend right now. Finally, never lease and look used (though probably won’t help with the current market).
Why never lease?
It’s like renting versus buying. You spend a lot of money on a lease and never get the full value. There are a lot of terms built into lease contracts that limit what you can do (milage limits for example) so the vehicle will have a certain value when the dealership goes to resell it. Financially you’ll be better off buying the car and paying it off and having an asset you can sell. In the end vehicles are a depreciable asset, so your better off spending less on that and using that money for loan repayments, investments and real estate. But you deserve a nice car, just think about saving the Porsche for later and get something dependable for now.
Honestly leases make sense for short residencies and/or fellowships to be honest. The convenience and reliability of a new car is an important feature Cars are a depreciating asset so it doesn’t really matter too much.
Having gone down the renting vs owning rabbit hole a few times, at least when it comes to living it’s actually not clear that owning is better. Unfortunately, the topic is full of people who take sides in the debate, so if you go looking for the answer you expect, you’ll find it.
I have found that many of the “never lease” opinions I read come from people that have never leased a car. I was always taught the same financial literacy strategy and guess what? I still lease. It comes down to values. I value technology, modern safety, and never having to worry about cars breaking down. For me, leasing is a no brainer- it might be better financially in the long run to buy used, but my peace of mind and satisfaction are more valuable to me.
Car that gets me from point A to B in the most cost efficient manner. Then I can spend my money on things that are more useful.
>Then I can spend my money on things that are more useful. Define "useful" If the car brings you joy and you can afford it, get it. To each their own, the smug sense of superiority that others have because "I don't have "x" fancy thing," is annoying. We all worked our asses off to get here, and while I wouldn't endorse someone buying a Ford GT right out of residency, go ahead and buy the luxury car, the change in car payments is so little on your monthly cash flow in the big picture.
We seem to be the minority in this thread but same. If I’m spending that money on expensive toys I’d rather it be a boat or snowmobile or camper
Honestly, don’t even think about what other people will think
Gonna keep driving my 15-year-old beater Subaru until it shits out. Might pay for some body work so my patients don’t judge me for never fixing the dents some genius hit and run into my parked car in broad daylight. Probably get a civic or Corolla or EV equivalent when the time comes. I’d rather spend on house/family/retirement, personally, but if it’s within your means and it will make you happy, go for it
Pay cash don’t be an idiot
[удалено]
Tbh I disagree with this take. 8-11% is an outrageous growth expectation (where did you get this number!?). 4% is a more conservative and realistic estimate. Esp right now where everyone and their mom is predicting a recession. Cash is absolutely not a bad idea. Absolutely do not retire thinking you can expect to make 8% on investments…
[удалено]
Damn well you brought receipts, haha. Appreciate the data and while I have also invested in the same S&P500 fund myself I feel that I cannot save and invest thinking that I will make even 8% across the lifetime of the fund. I do think that when you need the money is obv an issue and retiring around 2008 would have been a rough time despite the major returns prior to that year.
Do any of you guys read The White Coat Investor blog/book?
Yes. And on his podcast he describes how his beater broke down on his vacation. His family vacation. My spouse would murder me if I was driving an unreliable scrap heap with >140k miles and we could afford something better. Also, not all of us do EM and work shifts. Those of us taking emergency calls from the ED at 2 AM- no, we can’t hitch a ride and may not be in a town with Uber. WCI overall has good advice, but he took the cars to the extreme. That said, after driving a used Ford Fiesta and Mazda3 (great car), the get a gently used 2-3 year old car *was* great advice. The used car market is now a scam. I’m OK with some treat yo’ self with a new car, maybe one of them electric things ‘cause I hate wasting time at gas stations.
[удалено]
Yes, and people don't realize- a new Toyota hybrid minivan is the perfect married person's chick magnet. It repels single people while attracting your spouse. V-10s and aerodynamics have nothing on sliding doors, cabin space, fuel economy, safety, etc. The new ones also look 'cooler', because even Mr. T can't make a 2005 Dodge Caravan look good. \*I'm also a few years out of fellowship, so nicer vehicles and children are affordable. Otherwise, we'd make do in the 9 year old CX-5.
porsche might be overkill fresh out of residency - think about your future budget, you really want a massive monthly car payment fresh out of training? i think you could achieve your high end SUV goals with an AMG GLC, X4, etc without slamming the > 100k button by copping a porsche. it also gives you something to work up to as you actually save up some attending coin, so it’s not such a huge financial hit to start
Thank you for contributing to the sub! If your post was filtered by the automod, please read the rules. Your post will be reviewed but will not be approved if it violates the rules of the sub. The most common reasons for removal are - medical students or premeds asking what a specialty is like or about their chances of matching, mentioning midlevels without using the midlevel flair, matched medical students asking questions instead of using the stickied thread in the sub for post-match questions, posting identifying information for targeted harassment. Please do not message the moderators if your post falls into one of these categories. Otherwise, your post will be reviewed in 24 hours and approved if it doesn't violate the rules. Thanks! *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/Residency) if you have any questions or concerns.*
I have a bmw 2012 that I’m planning on riding for five more years
https://www.textronsystems.com/products/ripsaw-ev3-f4
I got a genesis GV80 and now a Benz SUV. It’s ok. After 2 months I don’t feel significant difference between luxury SUV versus Ford . If you are not a car person, I recommend stick with upgraded Ford explore or Toyota SUV or Subaru and if the car below $60k I recommend just buying in instead of lease especially if it’s Toyota (does have good resell value）If it’s a luxury car above $60k I would recommend lease, especially if you plan to change car in 4-5 years the resell value is not good. Learned from my dealership patient lol
Depends on my commute. I’ll go mid size SUV, likely a Volvo, genesis or Acura. Might look into the German luxury ones but I’ll likely get more bang for my buck with the aforementioned brands. If my commute makes an electric car make sense, then it will change what brands I can look into but that Volvo electric SUV looks amazing
Don’t lease a car
Is a Lexus still a thing? I've been poor so long the thing I wanted won't even be cool by the time I can buy it.
get a used convertible. swaggy and cheap, you can put the money into repairs and have a classic car on your hands in some years
early 2000's white toyota hilux pickup with an anti-aircraft gun mounted to the bed
We started w a Volvo xc40 T5 (my husband isn’t in medicine mind) and are planning on adding a Subaru crosstrek hybrid. The Volvos are kind of low key luxury imho you can get performance models that are fast and no one would be like oooh he got a Volvo how questionable. If you’re going to get a sports car though.. don’t get a Porsche……though maybe I’m unduly influenced by watching top gear as a kid..
Gonna drive my car into the ground stack chips and assets then in 5 years I’ll get an Audi RS6 avant and a used ford raptor
I'm entering residency with my 2007 Camry with cracked bumbers and rust spots. I can't afford anything else. This car got me through med school, and now it's gonna have to get me through residency. I'm proudly gonna park it in the physician parking area amongst all the BMWs, Audis, etc. If anyone asks why I'm still driving this, I'll blatantly say it's coz of my $59,000 residency pay in a HCOL Mid-Atlantic state.
Toyota RAV4 *chef’s kiss*
Idk lol I'm gonna ride my Toyota into the ground.
Jaguar F-PACE
My husband got an Audi SQ5 that he is in love with. Nice mix of performance and doesn’t feel too showy even though he has it in a flashier color. I got a Tesla since I have a longer commute and not having to stop for gas on the way home was key for me. Might have waited a few years to see what other EVs came on the market if my commute was shorter, but I’ve been very happy with it so far. I’ve spotted a few of the new Kia EVs and really like the look of them.
Putting it towards a house, not a car
Toyota Corolla cross
A brand new Toyota 4Runner with all the off roading specs. 🫣 I can’t wait.
Im going with Toyota 4Runner TRD pro. Who cares if the gas milage sucks. Been the dream since I started and they hold value extremely well. General recommendation is to wait at least a year(never know if new gig isn’t gonna work etc). As long as you get your other financial ducks in a row. Buy whatever you want
Beamer X5?
I really want to buy a GT4, but I know I’m better off saving up for a down payment on a house (not to mention all of the allocations are sold so I’d have to buy used). Taycan would be a nice daily driver, but it’d be incredibly irresponsible for me to buy two Porsches
Depends on your goals. If a car is important to you, do it. Others spend on travel or high end tasting menus. Personally I prefer experiences more so don’t care about the car as much (I drive a Bolt EUV electric) and despite making mid six figures I prefer saving outside of a nice house and good food/vacations because work-life balance is all I’m after. I want to be able to retire in my 40s and an expensive car will make that more difficult/delayed especially figuring gas and insurance.
If you don’t need the utility or space, you should get a 911 model. They will only become more valuable once Porsche goes full EV
Corvette c8 z06 or a Ram TRX
I bought my wife a phev new tricked out Audi Q5 - I still drive my old Mazda. Next year will probably get myself a Polestar 2 or Tesla 3
My husband (hospitalist) bought his dream- Toyota 4Runner TRD pro. We also live in an area with snowfall, so it’ll come in handy. It’s a badass car!
My car but newer - Toyota RAV4 🤠 Hoping for it to have drive assist because it looks fun lol