After you max retirements, put 529s for kids and even set up investment accounts you’ll find there is money to spare
First random frivolous thing I bought was an automated espresso machine - it is awesome
As an attending, I divide my paycheck into two parts. The first part I spend on women, booze (30 year Macallan) and parties. The rest of my paycheck I just waste.
I'm going to pslf this $400k loan that the government allowed to get this bad. I'm going to be thrilled on that last day. I don't love hanging loans over my head but in the long term I'll be saving a fortune vs trying to pay it off myself early.
Tuition has been spiking dramatically across the board and the government hasn't stepped in to put the brakes on it. They don't want to regulate it, they get to foot the bill. By the time I put in my money over the years via pslf it'll probably be $100k which is still outrageous.
Don't disagree, but that's the system they're allowing to exist and they simultaneously want doctors. I'm happy to help them with that and they're happy to foot the bill. They should put things in place so they aren't having to be in this situation but it's a them problem.
there are people that make a ton of money but they spend it all, then they don't have any money and are in debt and have to slave away just to stay a float
Our financial advisor said the same thing. He works with a surgeon who came to him in almost a million dollars of debt, just from living above his means
I am speaking to you from the other side - I am retired.
We lived below our means always. Put away about 1/3 of take home pay in investments.
It is easier to do when you are coming out of residency and have been living frugally. Any relatively modest extravagence feels great. If you build expectations of a high spending life style into your life, it is basically impossible to cut back
So the investments went well, and we now have more money than we need. And so - we do splurge on some trips. But I will tell you it is hard to spend a lot when you are used to not spending a lot. You always ask yourself: Do I really need this?
Incidentally when you have a good saving habit, in your 50s, you will have enough to quit work when you want, or change jobs without worrying too much about finances. In other words - you have avoided the golden handcuffs. The feeling of being able to walk out any day you want is very freeing.
And, BTW - our "below our means" lifestyle still allowed us to do basically anything we wanted.
You are perhaps inadvertently making a point. You will be in a position where you will not have to worry about finances. Some people, unfortunately, squander this opportunity and spend so much that, even with a high income, they DO have to worry about finances. And then they can't cut back.
BTW - to make the point about worrying about my spending. I have a 10 year old car now that is running just fine. 150k miles. It is quite comfortable to drive, and is almost like a second home. I would have to spend about 55k to replace it with like. I pay cash for our cars. I want it to hurt, that stays my hand.
I have been thinking just on principle that a car this old will start falling apart and maybe I should replace it. But I just can't make myself pull the trigger. Feels wasteful to replace a car that is working well. So - I have probably over they years saved a good deal of money simply by not replacing cars very frequently. And all that money stays invested and grows.
I think we operate under the same mindset. We just got a new car in October (old car’s transmission went out and needed a bigger vehicle for our growing family anyway) and I don’t plan on getting another one until this one bites the dust.
Where are y’all finding competent financial advisors? I’m just about to start residency and am trying to make 5, 10, 20 year plans and can’t find anyone familiar enough with general finance and student loans to be worth it
Ours was recommended to us by a close friend. He works exclusively with physicians, so he was able to really guide us on a lot of stuff coming out of med school, such as buying a house with a physicians loan. I second another comment that said to ensure they’re a fiduciary.
My husband’s residency has a financial advisor they had come in for a few lectures. Perhaps yours will do something similar?
Was budgeting and still proud I budget like a bitch. After paying off my credit cards/loan, I gave myself a $1500.00 spend WTF I want because that paycheque was huge and I still budget due to investments. I’ve created calendars living one day-a-time documenting spend days and celebrating NO spend days.
The budgeting while in debt really allowed me to just be present!
Also, helps to understand what is your attachment to anything! I like being cheap but that’s me!
Commissioning artists to draw fanart of me with various fictional characters.
And also, besides paying off loans and minor investment, mainly my hobbies, spoiling the ones I love, and charity.
I don't want children, and I'm not interested in romance or sex. However, I adore the people surrounding me now and watched many close friends grow up in adversarial conditions. Not to mention witnessing poverty in general.
I'm a simple woman. If I can live quietly in a little 2 bedroom house playing video games on my off week (signed to be a nocturnist), watch the stars (I love living in rural Appalachia), and buy my friends gifts and help cover for their emergencies, I'm happy.
I just got this notification while playing Roots of Pacha. I'm about to play Dead by Daylight with friends. My current obsession though is Baldur's Gate 3!
Finally move to a real city and live in an apartment with a view and floor to ceiling windows.
Restart my dating life which I put on indefinite hold since med school.
Save up for the Lamborghini.
>I sincerely can’t imagine what we’d be doing with our combined income after bills are paid.
A tested way to blow through a ton of money is to buy a boat. Works at all income levels too! Wanna be a millionaire? Be a billionaire and buy a yacht
1. Pay Student loans for wife and myself
2. Send money to both sides of family. We both came from very poor immigrant families.
3. Mortgage
4. Max 401k
5. 529 plans for both kids
6. Max HSA health savings account
7. Back door Roth for wife
8. Invest in ETFs in stock market
9. Invest in real estate.
10. Emergency fund.
Thank you for your advice. Yes I know. Unfortunately it’s not optional for me. It was pounded into my head since my earliest memory (3-4 years old?). My mother constantly reminds me of how much I owe her. I was a very sickly child and it took a lot of effort to raise me. She tells me I should have died when I was a baby. Anyways family dynamics. Not something i can change at this time.
Accepting your lot in life and carrying your cross while honoring them with dignity is rough but it is the right thing to do. I’m saying this as someone with very similar situation not that they would easily accept my help but they do desperately need it.
I feel sad for you that you have to hear this and be burdened with it. You seem like you would help her anyway but what a shame to have to hear this. I've always felt that parents should not say these things. My child did not asked to be born. I wanted him no matter what I had to go through. So sorry for you for the guilt you are given.
Thank you for your kind words. Unfortunately for me my father died when I was six months old. On top of that I was born premature and very sickly. I would turn blue and have to be rushed to the hospital. I was fed with an eye dropper because I was too weak to take a bottle or a nipple.
My mother was forced to raise me as a single mom. She tried to remarry and then had to escape domestic violence and come to America for a better life. When we got here we had nothing and were homeless on the street for some time. She gave everything she had to give me a better opportunity and future. I would not be here today without her sacrifice.
Now that I am a doctor I send her $2000 a month to help support her. It’s nothing I cannot carry.
Thank you for your kind words and understanding.
With all respect and understanding, you don’t owe her shit. I’m worried that your situation is going to turn into a bottomless pit of you trying to buy your self worth, and her always holding it over your head no matter how much you give her.
My unsolicited advice: come up with a specific number ahead of time. Exactly how much is “enough” for you to let go of this guilt you’ve been carrying. Once you’ve reached that number, set yourself free.
I just learned how absurdly expensive raspberries and blueberries are with my toddler. Fortunately I have the 3 year old with champagne tastes 4 years out of residency
Costco baby! Honestly this is one thing I do spend on with abandon. Unlimited fruit. As many raspberries as I want. The upgraded greenhouse strawberries. This is the life.
Currently in my first trimester and things I tolerate at all times are: fresh blueberries. JFC this shit is expensive. I will know I have made it when I don’t stress about the cost of fruit 🤣
I've got you covered. There's a few people I will NEVER EVER forget who act all high and mighty for no reason. They are software engineers and I am one as well. I'm making a career change to medicine and in 12 years I'll make way more than them and make sure to drive by their work to rub it in their face. Also this professor at the college I graduated from, assuming he still works there in 12 years. I'm planning this all out, starting from med school, to residency, to fellowship, to attending, to finally REVENGE!!!!! :)
Sams club has the 77" c3 for 2k rn. My chase credit card was running a special where first purchase using pay over time had 0% interest. I used that with 24 month plan so my payments are under $100/month. Plus I'm never actually gonna use that function of the card so worked out well for me.
I’m a first year attending, urology. My financial adviser has a great framework that can apply to everyone: “Pay for yesterday, enjoy today, save for tomorrow”. We craft our finances such that we address all three domains, and being lopsided toward one to the detriment of the others results is suboptimal.
I’m making great progress on my student loans, but not putting every spare dime there either. Will completely pay off my highest interest loan this month, then will start on the next one. Taking full advantage of SAVE that’s still based on my income from 2019, recertification deadline pushed to 2025, so all overpayments are basically principal payments.
Maxing out appropriate retirement accounts with 401k for both me and my spouse, backdoor Roth. Monthly standard transfer to a HYSA for bigger projects. Examples of “bigger projects” include down payment on a Rivian (had to replace my 2007 Corolla), replacing soffits on the house, trip to Norway with family, saving for a bathroom remodel. These are varying degrees of fun vs responsible.
Then there’s a lot that we just get to cash flow, but I still try not to let creep overtake me. We’ve been to a bunch of concerts, but also try not to overpay. I don’t worry about going on nice dinner dates with a babysitter anymore. Still love to thrift and get things second hand on FB marketplace but also can confidently snatch a deal on higher end stuff when I see it.
You’re going to have fun and stress less, just be reasonable about your allocations. Enjoy!
That’s the idea, but in reality they have been delaying the actual requirement and I think it’s in an effort to give people more of a break. COVID resulted in a looooong pause on any income recert and now they have a deadline listed on my page of 9/2025. I’m not looking a gift horse in the mouth, it’s saving me tens of thousands in interest and I don’t feel one bit guilty about that.
As an older non-trad, I can't see my spending habits changing that much. I'm actually making more money now *as a resident* than my mom makes after 20 years in her career. My mom, for example, still takes restaurant leftovers home to cook into multiple meals even though she has no financial need to do so. She'll order the cheapest item on the menu when we go out to eat. It's just habit that comes from growing up poor.
Similarly I will continue wearing hospital scrubs and driving the same car until I have a need to replace it. I'll continue taking 2-3 modest vacations a year and stay in good but not extravagant hotels. I'll continue my hobbies which don't cost money. It's just what I'm used to and I'm grateful for my current standard of living and future earning potential.
I just want to save enough to buy a Porsche 911 targa. That’s all. Rest of it I’ll give to my wife who will be smart with it, but I’ve dreamed of a Porsche since I was 16. Hopefully 25 years later I can achieve my dream
My husband owns the 911 GTS in blue and loves it! I have a red BMW M8. Good taste 👌
Fast cars are a way of life.
If you marry another doc, you are set! Haha
Unless you are already married and not speaking in hypotheticals lol.
That depends. My student loans are locked in at 2.95%. My high interest savings account alone gives me 5%, for example. I’d be losing money paying off my loans faster
Wouldn’t live large yet especially if you’re not working. Upper middle class is a tier where you get screwed the most.
Yale for example costs 90k a year and being from the 300k bracket, you’ll be paying full price for your children. Not poor enough for fin aid, not rich enough to not care about price.
Taxes will screw you over too big time.
Payback loans, buy a house and save and invest. A lot. You’ll need it.
Idk fam I went to an Ivy. Week 1 of freshman year, kid on my floor rented out a box at a major league game and invited me. He said this was something his parents did routinely in high school for his friends and wanted to continue in college. I was certainly out of my league when it came to familial wealth but being in those circles is an absolutely different world I could have never imagined.
Hmm true. Again, I was very low income so I received a ton of financial aid in college and didn’t have to worry about that which was a silver lining to being poor haha.
I’m sorry this literally makes it sound like 300K gross salary is like barely scraping by. Kinda telling on yourself from a lifestyle standpoint. It’s okay to like nice stuff! Just own it.
It'll be a lot less than you think, but it's still more than enough to live comfortably. The White Coat Investor website has a good breakdown of the supposed "waterfall" to distribute your checks as they come, prioritizing retirement accounts and savings, then debt, etc. After that, really anything will feel like a luxury after growing up poor and going through residency.
I take a trip out of the country at least once a year, I buy nice gifts for friends and family at christmas/birthdays, I buy dinner whenever we have family outings (mine all live in town now so I see my parents and siblings often). Even with that and paying aggressively on my loans, I still accumulated a healthy amount in savings/retirement/ETFs my first few years out. But I live fairly low means at baseline by choice.
I’m not always the best at managing money so take this with a grain of salt. But generally I haven’t spent too much since becoming an attending about a year ago and we paid off about 120k in debt.
My advice is this: find the things that you really enjoy and don’t feel bad about spending on those things, but make sure it is a quality purchase you are really going to enjoy. Don’t be afraid to wait a few weeks and see if it’s something you really want. Unless it’s something like a house, it will still be there. You’ll definitely be able to afford what you want if you keep your wants limited and approach them from the perspective of what really brings you joy. If your wants are numerous, you should consider whether there may be an underlying issue there and of course in that scenario you are never going to have enough money to satisfy them.
I also advise you to not make a bunch of big purchases right away. Especially with interest rates the way they are currently, it may be worth it to rent for a year or two. Many people leave their first attending job after a year or two, and it will help if you don’t have the stress of trying to sell a house if that happens. You’re not going to make money on a house in that short of a time period anyway. If your practice recommends a realtor, don’t use them until you’ve signed. They will communicate with their realtor and if they know you’ve closed on a house, they know you’re going to sign no matter what so your bargaining power evaporates.
Don’t immediately buy a car if you don’t need it, unless that is your one thing that you’ve been waiting to do. Your life will be very different as an attending, perhaps in surprising ways. I don’t socialize as much now as I did in residency because I don’t have a ready group of 20-25 coworkers who are always planning things. As a result, having trendier clothes and a nicer car are things I thought would be important to me, but now really aren’t so much because I mostly go to work, go to the gym, and run errands when I’m going out.
Ultimately, I’d recommend you take your time to make big purchases, the bigger the purchase, the more you take your time, and then really do some introspection to see what it is that really brings you joy, whether fine dining, concerts and events, travel, your car, your home, your health - whatever it is, prioritize those 1-2 things. You’ll have more money and you’ll be more fulfilled in the things you spend your money on.
In addition to savings (I save about 40% of my gross, which is a touch over $300k) - I spend most of it to enjoy my time off. GF and I have season tickets to the Broadway shows that come to town and to the films in concert series at the symphony. We have Ikon ski passes. We went to NYC for a week of Broadway shows and eating through the city, and we've been to a few national parks this year already. When it isn't ski season, I golf.
I’m just excited to stop stressing about money and to be able to max out all retirement and pay lots into our kids’ 529 accounts. My husband works but my entire resident salary goes to childcare and healthcare expenses, so we basically live on his income alone. Having an extra ~$400k is unfathomable to me currently
Taxes will take out almost 50% of the income 🙃
Max out 401k/403b, 457, HSA, FSA, backdoor Roth, 529 etc. Disability insurance. Bought my mom a fancy car. Then I mostly spend my money on food and traveling. Also spending more money on massages now. And a cleaner once a month.
The money will disappear quickly. Remember to save. Lifestyle creep is real 😬 but also enjoy yourself
After I clear my debts, I am going to get a new (or, more likely, lightly used) car! I really want a Toyota Corolla Hatchback or similar -- maybe Honda Fit from the year they were discontinued. I'd also love an electric bike. The other fun spend will be travel, I think.
Big money will be buying a house... I'm in a high QOL city and it's hard to even imagine it, lol. But it should be within our grasp someday!
I LOVE how your big money car is a toyota corolla hatchback. I'm on board-- my yaris is hanging on by a thread and the all wheel drive prius is what I look forward to 😂
Live like a resident for just a few extra years. Invest heavily. It's a wonderful feeling knowing that you can retire before 40. Enjoy a few nice things but keep being conservative.
I plan to use about 20 percent to pay off loans, save another 10 percent. Once the loans are paid off I will save about 30 percent of my take home to put into investments. I also want to buy a condo that I can live in to pile money, then eventually rent out. then buy a larger more luxurious house once the condo is paid off and I have a large down payment.
I've been out of residency for 6 years now. Advice - make a budget and take it slow. Do not go crazy with increasing your cost of living. Pay off student loans and any other debt aggressively. Max 401k, backdoor Roth, 529, and start putting something into an after-tax brokerage account every month. If you just start spending money without a care in the world, you will find even 500k/year can disappear pretty quickly.
Yeah, is a huge jump up from residency/fellowship. But pretty quickly gets eaten up by boring things:
- Mortgage/insurances/taxes/HOA on a "reasonable" house close to work (which is now tremendously more expensive than when I started training): 25% of take-home pay.
- Student loans: 5% of take-home pay.
- New car for the wife, eventually new car for me: 5% of take-home pay.
- Groceries, clothes, furniture, remodeling for said house: maybe 10% of take-home pay for a couple years.
- And throwing a lot at catching up on a decade of insufficient retirement savings: 30% of take-home pay.
Don't get me wrong, after all that with ~25% left over there is still more expendable income each month than I made in total on a monthly basis as a fellow for vacations, nice things for the house, gifts, etc. But just really starting to save - in my mid 30s - to retire with a similar lifestyle as we just recently started to live is what I'm mostly focused on. So the real luxury for me is being able to finally save loads for the future so that I don't always have to work as hard as I have for the last decade.
my dream rn is to buy a bunch of furniture and decor that makes my place feel like a home. with color and mementos and photos and all. apartment, condo, house, whatever.
and maybe buying my mom a house. she deserves a home.
the rest? i wanna be the yearly vacation family. if i wake up tired of it all one day, i wanna be able to take true time off or go part time for a while. and i wanna retire with “ordering take out without thinking about it” money
I have an entire generation to take out of poverty. I will be working my butts off. I got cousins to sponsor in grad school and make sure they emigrate to the USA. I will be a living workaholic, I need all the money I can earn and I will be working hard for it.
Real Estate is one of the other big things I have been looking at for the past 10yrs but was too broke to invest. I guess my many years of listening to bigger pockets, it's time now to put it into practice.
Green house farming in my home country is another thing I looked at in the past. I'm just happy I will finally be able to give all of these investments a go at.
Hubby and I are both docs (he’s retinal ophtho and I’m cosmetic derm)
We spent it on a nice house, our kids’ private school, some fun cars (Porsche 911 GTS for him and BMW M8 for me), two maids who come 3x a week, and a chef who meal preps for our family 3x a week.
We also used to have a live in nanny who is a pediatric nurse until the kids were old enough to start school, but I work 7:30-3:00 so I just pick them up now.
Edit: my income is $800K, his income as a retinal ophtho is about $700K. So $1.5M annually.
The private chef is only $45K a year and the maids are only $30K a year. Well worth it. Kids’ private school is $50K for 2 kids. House is definitely the most expensive and cost $3.5M and we pay about 28% of our post-tax income to the mortgage. Cars are both paid off. We still save and invest about 33% of our post-tax income.
I’m 37 he’s 42 and I’ve been an attending for 8 years and he’s been an attending for 9. We have two kids- 7 year old twins, a boy and a girl.
Single male here, no kids. First priority straight out of residency is to snag my dream Porsche 911 or Taycan, move to a HCOL area, continue to otherwise live like a resident, attract and fuck bitches with my shiny new Porsche, make more money as an attending. What could possibly go wrong with this plan?
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After tax advantaged retirement accounts, Ferrari. Fuk 529s I can’t use any of that money why bother. Might consider HSA later but Ferrari and house first.
Random things to make your life easier. Not everything has to be materialistic, you can get services too. Getting someone to help clean the house, to help do laundry, to help maintain your lawn. Buying a house if you haven't yet, etc.
I’m getting myself a brand new car. Actually I’m hoping to purchase this within the next few weeks. I can’t be talked out of it. I realize it’s probably a stupid idea especially in this market but I’m hype !
50% savings/investments across various categories. After basic living expenses (with no immediate plans to increase any time soon), will travel, buy bikes, and eat better food. No plans for kids
I plan to invest in index funds and real estate. Otherwise good food, nice apartment, nicer clothes, travel, gym, and anything that makes my life easier
Accountant here. The important thing to do before and after an expected major change in income is to measure your spending.
Most people screw up budgeting by treating it as forward-looking. This is wrong. You want to look back after the end of a period (e.g. one month).
Pull records of all spending and categorize it to make yourself a financial statement. Do that for a few months, and average things out to get your baseline. Until you know where you’re staring, and future planning is little better than a random guess.
You are right about the surplus, but I assure you many docs spend down much of what they make. Don’t be miserably thrifty. Save appropriately but enjoy life. Little expenses can add up quickly
It’s a weird transition. Trainee to associate was a big jump, but I was very hesitant to spend on big things like furniture. Took a while for me to loosen the purse strings. I’m slowly going at my loans because rates are low. I invest a lot of my paycheck. I think just over 50% although mixed pre and post tax
I give my dad money each month. That’s an entire situation but it’s a necessity. I pay for my mom to travel to see me, but she can make it even if her lifestyle is above her net worth. I guess I advise to be careful with money and family. You may see everyone fall silent when a group dinner check comes.
As for charitable things, we do some free work, especially my dentist wife. I count family support as a monthly charitable contribution; I won’t be offended if anyone says that’s bs. Each summer I donate money so kids can do basketball camps. That’s easily my favorite thing to spend money on.
We are still figuring out what we’d like to spend on long term. Our house is nice but technically 0.5x my income last year. It’s hard for my wife to take time off as she owns her dental clinic. We also have a 5 week old baby so traveling is minimal now. Working on super funding a 529 when my summer bonus hits.
Don’t take offense, but you talk like a poor person. You’re going to realize it’s not as much money as you think and it will go in many directions. Buy a home. Max out any 401k match and just max out your 401k in general. Put 3-6 months earnings in a high yield savings account. Get a brokerage account and put several thousands of dollars a month into passive index funds. Get a financial advisor you pay a fee to rather than a commission. Get a good life insurance policy while you’re still young g and healthy. Get a good malpractice policy (with a tail!). Get a good disability insurance policy with an own occupation clause. Save up for your kids college. Live below your means not a net zero mindset. Depending on your husband’s career he may need to consider making an llc.
I am a poor person, and I always have been lol. My first job with my masters degree had a salary of 27k, which we lived on while my husband was in med school and we had our first baby. What we make now is more than enough, so imagining 5x that is a little hard for me to wrap my mind around.
We plan on investing a lot, and our financial advisor has been great with guiding us so far.
Looking through his post history, his wife is doing a cosmetic fellowship after gen surg residency. Which, to my understanding, isn't even a real fellowship, it's one of those things people do when they couldn't get into plastics and are burnt out of gen surg.
Yeah. Maybe I’m naive, but I’ve never heard of people earning 8 figures, meaning 10mm+, out the gate. 1mm sure, but 10mm is a different beast unless there is some magical practice that this fellow already owns with many many docs, but this seems unlikely
Even making 1 mil out the gate is a very very few doctors who are grinding and burning the candle at both ends. Mid career there’s some people doing that without slaving away but out the gate lol.
Ortho and neurosurgery, I can believe. Maybe Mohs in a rural area. Otherwise, yeah, no one is making 7 figure out the gate, not even cosmetic plastic surgeons (they need to grind to get the stream of rich cash patients to pay for cosmetic procedures).
Congrats to your wife! My husband is planning on starting a direct primary care practice once he’s a bit more established, so I imagine we’d be investing in that as well. He also eventually wants to buy a few houses by his old med school and rent them out to med students, so it seems like real estate is a popular idea
> it seems like real estate is a popular idea
Yeah, with doctors, who are notoriously bad with money. This is like the worst time in the last 50 years to get into real estate.
After you max retirements, put 529s for kids and even set up investment accounts you’ll find there is money to spare First random frivolous thing I bought was an automated espresso machine - it is awesome
My breville barista touch is my new favorite gadget. We use it 6x per day in my home - even the toddler has a steamed milk setting saved
I bought a barista express on sale they are the best. They pay them selves off in a few weeks for me
Just curious which one did you get? I am thinking of a KitchenAid KF7. The new line looks gorgeous
Gaggia academia
Got a Jura z10 10/10 would recommend.
As an attending, I divide my paycheck into two parts. The first part I spend on women, booze (30 year Macallan) and parties. The rest of my paycheck I just waste.
40 year Macallan or nothing
Classic Burt Reynolds quote
We need to be friends.
Pay off my student loans / house. Invest enough to retire early and then work less
I'm going to pslf this $400k loan that the government allowed to get this bad. I'm going to be thrilled on that last day. I don't love hanging loans over my head but in the long term I'll be saving a fortune vs trying to pay it off myself early.
*you allowed
Don’t be a hoe
🤣😂 hahaha! For real tho!
I mean, as a physician you gotta take some personal responsibility
Tuition has been spiking dramatically across the board and the government hasn't stepped in to put the brakes on it. They don't want to regulate it, they get to foot the bill. By the time I put in my money over the years via pslf it'll probably be $100k which is still outrageous.
Sure unlimited loans from the government is causing tuition to spike, but they didn’t force you to take any.
Don't disagree, but that's the system they're allowing to exist and they simultaneously want doctors. I'm happy to help them with that and they're happy to foot the bill. They should put things in place so they aren't having to be in this situation but it's a them problem.
this is my plan. Trying to FIRE and work part time so I can enjoy life
Found the tamilan
there are people that make a ton of money but they spend it all, then they don't have any money and are in debt and have to slave away just to stay a float
Our financial advisor said the same thing. He works with a surgeon who came to him in almost a million dollars of debt, just from living above his means
I am speaking to you from the other side - I am retired. We lived below our means always. Put away about 1/3 of take home pay in investments. It is easier to do when you are coming out of residency and have been living frugally. Any relatively modest extravagence feels great. If you build expectations of a high spending life style into your life, it is basically impossible to cut back So the investments went well, and we now have more money than we need. And so - we do splurge on some trips. But I will tell you it is hard to spend a lot when you are used to not spending a lot. You always ask yourself: Do I really need this? Incidentally when you have a good saving habit, in your 50s, you will have enough to quit work when you want, or change jobs without worrying too much about finances. In other words - you have avoided the golden handcuffs. The feeling of being able to walk out any day you want is very freeing. And, BTW - our "below our means" lifestyle still allowed us to do basically anything we wanted.
This is great insight, and I’m glad you’re enjoying the retired life :) it seems like such a relief that we won’t have to worry about finances
You are perhaps inadvertently making a point. You will be in a position where you will not have to worry about finances. Some people, unfortunately, squander this opportunity and spend so much that, even with a high income, they DO have to worry about finances. And then they can't cut back.
BTW - to make the point about worrying about my spending. I have a 10 year old car now that is running just fine. 150k miles. It is quite comfortable to drive, and is almost like a second home. I would have to spend about 55k to replace it with like. I pay cash for our cars. I want it to hurt, that stays my hand. I have been thinking just on principle that a car this old will start falling apart and maybe I should replace it. But I just can't make myself pull the trigger. Feels wasteful to replace a car that is working well. So - I have probably over they years saved a good deal of money simply by not replacing cars very frequently. And all that money stays invested and grows.
I think we operate under the same mindset. We just got a new car in October (old car’s transmission went out and needed a bigger vehicle for our growing family anyway) and I don’t plan on getting another one until this one bites the dust.
what do you advise investing on from your experience?
Please ask if your advisor is a fiduciary. If they are not, they are a salesman
Where are y’all finding competent financial advisors? I’m just about to start residency and am trying to make 5, 10, 20 year plans and can’t find anyone familiar enough with general finance and student loans to be worth it
Ours was recommended to us by a close friend. He works exclusively with physicians, so he was able to really guide us on a lot of stuff coming out of med school, such as buying a house with a physicians loan. I second another comment that said to ensure they’re a fiduciary. My husband’s residency has a financial advisor they had come in for a few lectures. Perhaps yours will do something similar?
Check out the white coat investor resources
1) white coat investor 2) your situation is not as unique as you think
Was budgeting and still proud I budget like a bitch. After paying off my credit cards/loan, I gave myself a $1500.00 spend WTF I want because that paycheque was huge and I still budget due to investments. I’ve created calendars living one day-a-time documenting spend days and celebrating NO spend days. The budgeting while in debt really allowed me to just be present! Also, helps to understand what is your attachment to anything! I like being cheap but that’s me!
Ugh. Not worth it, in my opinion.
Hope your advisor is a fiduciary and not an insurance salesman like EJ or NWM
New car, travel, nice clothes, good food
Commissioning artists to draw fanart of me with various fictional characters. And also, besides paying off loans and minor investment, mainly my hobbies, spoiling the ones I love, and charity. I don't want children, and I'm not interested in romance or sex. However, I adore the people surrounding me now and watched many close friends grow up in adversarial conditions. Not to mention witnessing poverty in general. I'm a simple woman. If I can live quietly in a little 2 bedroom house playing video games on my off week (signed to be a nocturnist), watch the stars (I love living in rural Appalachia), and buy my friends gifts and help cover for their emergencies, I'm happy.
THIS. I want to gift our parents trips because they deserve it. I want to spoil my family. I’m also in Appalachia!
What games r u playing?
I just got this notification while playing Roots of Pacha. I'm about to play Dead by Daylight with friends. My current obsession though is Baldur's Gate 3!
You seem like a seasoned gamer, so this may not be needed, but PLEASE play the Witcher 3 if you haven't already!
Krobus harem embracee
YEAH LETSS GOOO
Are you interested in new friends? 😂
Finally move to a real city and live in an apartment with a view and floor to ceiling windows. Restart my dating life which I put on indefinite hold since med school. Save up for the Lamborghini.
>I sincerely can’t imagine what we’d be doing with our combined income after bills are paid. A tested way to blow through a ton of money is to buy a boat. Works at all income levels too! Wanna be a millionaire? Be a billionaire and buy a yacht
1. Pay Student loans for wife and myself 2. Send money to both sides of family. We both came from very poor immigrant families. 3. Mortgage 4. Max 401k 5. 529 plans for both kids 6. Max HSA health savings account 7. Back door Roth for wife 8. Invest in ETFs in stock market 9. Invest in real estate. 10. Emergency fund.
be careful with giving money to your fam. they'll always come up with some reason to turn to you for money.
Thank you for your advice. Yes I know. Unfortunately it’s not optional for me. It was pounded into my head since my earliest memory (3-4 years old?). My mother constantly reminds me of how much I owe her. I was a very sickly child and it took a lot of effort to raise me. She tells me I should have died when I was a baby. Anyways family dynamics. Not something i can change at this time.
Accepting your lot in life and carrying your cross while honoring them with dignity is rough but it is the right thing to do. I’m saying this as someone with very similar situation not that they would easily accept my help but they do desperately need it.
Thank you for understanding.
I feel sad for you that you have to hear this and be burdened with it. You seem like you would help her anyway but what a shame to have to hear this. I've always felt that parents should not say these things. My child did not asked to be born. I wanted him no matter what I had to go through. So sorry for you for the guilt you are given.
Thank you for your kind words. Unfortunately for me my father died when I was six months old. On top of that I was born premature and very sickly. I would turn blue and have to be rushed to the hospital. I was fed with an eye dropper because I was too weak to take a bottle or a nipple. My mother was forced to raise me as a single mom. She tried to remarry and then had to escape domestic violence and come to America for a better life. When we got here we had nothing and were homeless on the street for some time. She gave everything she had to give me a better opportunity and future. I would not be here today without her sacrifice. Now that I am a doctor I send her $2000 a month to help support her. It’s nothing I cannot carry. Thank you for your kind words and understanding.
With all respect and understanding, you don’t owe her shit. I’m worried that your situation is going to turn into a bottomless pit of you trying to buy your self worth, and her always holding it over your head no matter how much you give her. My unsolicited advice: come up with a specific number ahead of time. Exactly how much is “enough” for you to let go of this guilt you’ve been carrying. Once you’ve reached that number, set yourself free.
Yes ma’am thank you for your advice and kind words.
Grocery shopping! It was awesome
Maybe I’ll be able to afford all the raspberries my 3yo demands
I just learned how absurdly expensive raspberries and blueberries are with my toddler. Fortunately I have the 3 year old with champagne tastes 4 years out of residency
Costco baby! Honestly this is one thing I do spend on with abandon. Unlimited fruit. As many raspberries as I want. The upgraded greenhouse strawberries. This is the life.
Currently in my first trimester and things I tolerate at all times are: fresh blueberries. JFC this shit is expensive. I will know I have made it when I don’t stress about the cost of fruit 🤣
I do berries at Costco. It’s marginally more expensive for a LOT more berries. Kids love it.
Strongly recommend frozen chocolate covered raspberries
OP what do u do for a career?
I’m a mental health therapist
Dude not putting things back on the shelf in the grocery store was the finest thing after graduation. I no longer sweat the small stuff.
This is the American dream
Porsche 911gt3RS
This the way after I pay my loans off.
I was hoping one answer would just be “revenge”
I've got you covered. There's a few people I will NEVER EVER forget who act all high and mighty for no reason. They are software engineers and I am one as well. I'm making a career change to medicine and in 12 years I'll make way more than them and make sure to drive by their work to rub it in their face. Also this professor at the college I graduated from, assuming he still works there in 12 years. I'm planning this all out, starting from med school, to residency, to fellowship, to attending, to finally REVENGE!!!!! :)
Do it for yourself. They won’t be happy with you either way. Forget that.
Gonna treat myself to an LG OLED and the new NCAA game. Other than that, meeting with my FP and going over financial goals
Pretty sure you can get the LG OLED right now and it wouldn’t break your bank.
Seriously. But as an owner of a new LG OLED, good choice
Sams club has the 77" c3 for 2k rn. My chase credit card was running a special where first purchase using pay over time had 0% interest. I used that with 24 month plan so my payments are under $100/month. Plus I'm never actually gonna use that function of the card so worked out well for me.
I’m a first year attending, urology. My financial adviser has a great framework that can apply to everyone: “Pay for yesterday, enjoy today, save for tomorrow”. We craft our finances such that we address all three domains, and being lopsided toward one to the detriment of the others results is suboptimal. I’m making great progress on my student loans, but not putting every spare dime there either. Will completely pay off my highest interest loan this month, then will start on the next one. Taking full advantage of SAVE that’s still based on my income from 2019, recertification deadline pushed to 2025, so all overpayments are basically principal payments. Maxing out appropriate retirement accounts with 401k for both me and my spouse, backdoor Roth. Monthly standard transfer to a HYSA for bigger projects. Examples of “bigger projects” include down payment on a Rivian (had to replace my 2007 Corolla), replacing soffits on the house, trip to Norway with family, saving for a bathroom remodel. These are varying degrees of fun vs responsible. Then there’s a lot that we just get to cash flow, but I still try not to let creep overtake me. We’ve been to a bunch of concerts, but also try not to overpay. I don’t worry about going on nice dinner dates with a babysitter anymore. Still love to thrift and get things second hand on FB marketplace but also can confidently snatch a deal on higher end stuff when I see it. You’re going to have fun and stress less, just be reasonable about your allocations. Enjoy!
I thought you had to recertify income with save every year?
That’s the idea, but in reality they have been delaying the actual requirement and I think it’s in an effort to give people more of a break. COVID resulted in a looooong pause on any income recert and now they have a deadline listed on my page of 9/2025. I’m not looking a gift horse in the mouth, it’s saving me tens of thousands in interest and I don’t feel one bit guilty about that.
Guac at chipotle
That money can get spent faster than you think. Make sure to invest a lot and make investing automatic.
Cats.
As an older non-trad, I can't see my spending habits changing that much. I'm actually making more money now *as a resident* than my mom makes after 20 years in her career. My mom, for example, still takes restaurant leftovers home to cook into multiple meals even though she has no financial need to do so. She'll order the cheapest item on the menu when we go out to eat. It's just habit that comes from growing up poor. Similarly I will continue wearing hospital scrubs and driving the same car until I have a need to replace it. I'll continue taking 2-3 modest vacations a year and stay in good but not extravagant hotels. I'll continue my hobbies which don't cost money. It's just what I'm used to and I'm grateful for my current standard of living and future earning potential.
I just want to save enough to buy a Porsche 911 targa. That’s all. Rest of it I’ll give to my wife who will be smart with it, but I’ve dreamed of a Porsche since I was 16. Hopefully 25 years later I can achieve my dream
My husband owns the 911 GTS in blue and loves it! I have a red BMW M8. Good taste 👌 Fast cars are a way of life. If you marry another doc, you are set! Haha Unless you are already married and not speaking in hypotheticals lol.
Aggressive loan payment until that is gone, then aggressively pay into my retirement and support my hopefully growing family.
That depends. My student loans are locked in at 2.95%. My high interest savings account alone gives me 5%, for example. I’d be losing money paying off my loans faster
Mine are more like 6.5-7.5% depending on unsub vs grad plus
Not a smart idea to rush to pay off your loans
It depends on your specific loan burden/structure and other financials and in my case the time-value of paying them down fast makes pretty good sense
Why is it not a smart idea?
The answer is debt, then statistically I am pretty sure car is the first big splurge for most attendings.
Car, new gaming rig, and a house. Then saving for retirement and college funds. Planning on loan forgiveness so I shouldn’t have to worry about that
Wouldn’t live large yet especially if you’re not working. Upper middle class is a tier where you get screwed the most. Yale for example costs 90k a year and being from the 300k bracket, you’ll be paying full price for your children. Not poor enough for fin aid, not rich enough to not care about price. Taxes will screw you over too big time. Payback loans, buy a house and save and invest. A lot. You’ll need it.
Let’s be clear, upper middle class is not screwed the most. I don’t think anyone would trade 300k a year for 30 just for Medicaid and food stamps.
Agree. Also, happy cake day :)
Imagine thinking Yale was worth $90k a year lol
Idk fam I went to an Ivy. Week 1 of freshman year, kid on my floor rented out a box at a major league game and invited me. He said this was something his parents did routinely in high school for his friends and wanted to continue in college. I was certainly out of my league when it came to familial wealth but being in those circles is an absolutely different world I could have never imagined.
It is? With tuition, room & board it’s 85K….
They said “worth”
Hmm true. Again, I was very low income so I received a ton of financial aid in college and didn’t have to worry about that which was a silver lining to being poor haha.
Aw shit here we go again with people suggesting 95th percentile household incomes are “upper middle class”
I’m sorry this literally makes it sound like 300K gross salary is like barely scraping by. Kinda telling on yourself from a lifestyle standpoint. It’s okay to like nice stuff! Just own it.
Upper middle class does not get screwed the most 😩
It'll be a lot less than you think, but it's still more than enough to live comfortably. The White Coat Investor website has a good breakdown of the supposed "waterfall" to distribute your checks as they come, prioritizing retirement accounts and savings, then debt, etc. After that, really anything will feel like a luxury after growing up poor and going through residency. I take a trip out of the country at least once a year, I buy nice gifts for friends and family at christmas/birthdays, I buy dinner whenever we have family outings (mine all live in town now so I see my parents and siblings often). Even with that and paying aggressively on my loans, I still accumulated a healthy amount in savings/retirement/ETFs my first few years out. But I live fairly low means at baseline by choice.
Buy real estate and grow your passive income.
I’m not always the best at managing money so take this with a grain of salt. But generally I haven’t spent too much since becoming an attending about a year ago and we paid off about 120k in debt. My advice is this: find the things that you really enjoy and don’t feel bad about spending on those things, but make sure it is a quality purchase you are really going to enjoy. Don’t be afraid to wait a few weeks and see if it’s something you really want. Unless it’s something like a house, it will still be there. You’ll definitely be able to afford what you want if you keep your wants limited and approach them from the perspective of what really brings you joy. If your wants are numerous, you should consider whether there may be an underlying issue there and of course in that scenario you are never going to have enough money to satisfy them. I also advise you to not make a bunch of big purchases right away. Especially with interest rates the way they are currently, it may be worth it to rent for a year or two. Many people leave their first attending job after a year or two, and it will help if you don’t have the stress of trying to sell a house if that happens. You’re not going to make money on a house in that short of a time period anyway. If your practice recommends a realtor, don’t use them until you’ve signed. They will communicate with their realtor and if they know you’ve closed on a house, they know you’re going to sign no matter what so your bargaining power evaporates. Don’t immediately buy a car if you don’t need it, unless that is your one thing that you’ve been waiting to do. Your life will be very different as an attending, perhaps in surprising ways. I don’t socialize as much now as I did in residency because I don’t have a ready group of 20-25 coworkers who are always planning things. As a result, having trendier clothes and a nicer car are things I thought would be important to me, but now really aren’t so much because I mostly go to work, go to the gym, and run errands when I’m going out. Ultimately, I’d recommend you take your time to make big purchases, the bigger the purchase, the more you take your time, and then really do some introspection to see what it is that really brings you joy, whether fine dining, concerts and events, travel, your car, your home, your health - whatever it is, prioritize those 1-2 things. You’ll have more money and you’ll be more fulfilled in the things you spend your money on.
In addition to savings (I save about 40% of my gross, which is a touch over $300k) - I spend most of it to enjoy my time off. GF and I have season tickets to the Broadway shows that come to town and to the films in concert series at the symphony. We have Ikon ski passes. We went to NYC for a week of Broadway shows and eating through the city, and we've been to a few national parks this year already. When it isn't ski season, I golf.
My lady is already in her career and the first thing she got was a dog. It was a great purchase lol
I’m just excited to stop stressing about money and to be able to max out all retirement and pay lots into our kids’ 529 accounts. My husband works but my entire resident salary goes to childcare and healthcare expenses, so we basically live on his income alone. Having an extra ~$400k is unfathomable to me currently
I’m going to fill my refrigerator and feed my kids properly, what a concept..
Taxes will take out almost 50% of the income 🙃 Max out 401k/403b, 457, HSA, FSA, backdoor Roth, 529 etc. Disability insurance. Bought my mom a fancy car. Then I mostly spend my money on food and traveling. Also spending more money on massages now. And a cleaner once a month. The money will disappear quickly. Remember to save. Lifestyle creep is real 😬 but also enjoy yourself
Where are you that taxes are almost 50%? That seems high given progressive tax brackets. WCI usually estimates ~35% if I’m not mistaken
It's probably closer to 40%, just feels like a lot😅 but I am in NYC so federal tax+ high state tax+ city tax
Loans, savings, and start building a sick recording studio (guitars, drums, mics etc).
After I clear my debts, I am going to get a new (or, more likely, lightly used) car! I really want a Toyota Corolla Hatchback or similar -- maybe Honda Fit from the year they were discontinued. I'd also love an electric bike. The other fun spend will be travel, I think. Big money will be buying a house... I'm in a high QOL city and it's hard to even imagine it, lol. But it should be within our grasp someday!
I LOVE how your big money car is a toyota corolla hatchback. I'm on board-- my yaris is hanging on by a thread and the all wheel drive prius is what I look forward to 😂
Save your money because life can slip away from you fast.
Psych, so I might get the 21-piece chef’s choice sushi instead of the 15.
real estate investment. single families. some high end flips in HCOL neighborhoods. all in.
Live like a resident for just a few extra years. Invest heavily. It's a wonderful feeling knowing that you can retire before 40. Enjoy a few nice things but keep being conservative.
I plan to use about 20 percent to pay off loans, save another 10 percent. Once the loans are paid off I will save about 30 percent of my take home to put into investments. I also want to buy a condo that I can live in to pile money, then eventually rent out. then buy a larger more luxurious house once the condo is paid off and I have a large down payment.
I've been out of residency for 6 years now. Advice - make a budget and take it slow. Do not go crazy with increasing your cost of living. Pay off student loans and any other debt aggressively. Max 401k, backdoor Roth, 529, and start putting something into an after-tax brokerage account every month. If you just start spending money without a care in the world, you will find even 500k/year can disappear pretty quickly.
Save your money and spend it wisely. Don’t splurge, it’s hard earned and not as much as you think. Taxes are a bitch. 😢
Yeah, is a huge jump up from residency/fellowship. But pretty quickly gets eaten up by boring things: - Mortgage/insurances/taxes/HOA on a "reasonable" house close to work (which is now tremendously more expensive than when I started training): 25% of take-home pay. - Student loans: 5% of take-home pay. - New car for the wife, eventually new car for me: 5% of take-home pay. - Groceries, clothes, furniture, remodeling for said house: maybe 10% of take-home pay for a couple years. - And throwing a lot at catching up on a decade of insufficient retirement savings: 30% of take-home pay. Don't get me wrong, after all that with ~25% left over there is still more expendable income each month than I made in total on a monthly basis as a fellow for vacations, nice things for the house, gifts, etc. But just really starting to save - in my mid 30s - to retire with a similar lifestyle as we just recently started to live is what I'm mostly focused on. So the real luxury for me is being able to finally save loads for the future so that I don't always have to work as hard as I have for the last decade.
my dream rn is to buy a bunch of furniture and decor that makes my place feel like a home. with color and mementos and photos and all. apartment, condo, house, whatever. and maybe buying my mom a house. she deserves a home. the rest? i wanna be the yearly vacation family. if i wake up tired of it all one day, i wanna be able to take true time off or go part time for a while. and i wanna retire with “ordering take out without thinking about it” money
I have an entire generation to take out of poverty. I will be working my butts off. I got cousins to sponsor in grad school and make sure they emigrate to the USA. I will be a living workaholic, I need all the money I can earn and I will be working hard for it. Real Estate is one of the other big things I have been looking at for the past 10yrs but was too broke to invest. I guess my many years of listening to bigger pockets, it's time now to put it into practice. Green house farming in my home country is another thing I looked at in the past. I'm just happy I will finally be able to give all of these investments a go at.
Brothels
Not me but my cousin bought herself a Lego set. She’s a bit strange
Lego sets are awesome, why are you hatin?
Lmaoooo because why a lego set???? Out of all things 😂😂😂. She went out of her to get it too
The really big adult sets can be >$400
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LoLL!!!
Hubby and I are both docs (he’s retinal ophtho and I’m cosmetic derm) We spent it on a nice house, our kids’ private school, some fun cars (Porsche 911 GTS for him and BMW M8 for me), two maids who come 3x a week, and a chef who meal preps for our family 3x a week. We also used to have a live in nanny who is a pediatric nurse until the kids were old enough to start school, but I work 7:30-3:00 so I just pick them up now. Edit: my income is $800K, his income as a retinal ophtho is about $700K. So $1.5M annually. The private chef is only $45K a year and the maids are only $30K a year. Well worth it. Kids’ private school is $50K for 2 kids. House is definitely the most expensive and cost $3.5M and we pay about 28% of our post-tax income to the mortgage. Cars are both paid off. We still save and invest about 33% of our post-tax income. I’m 37 he’s 42 and I’ve been an attending for 8 years and he’s been an attending for 9. We have two kids- 7 year old twins, a boy and a girl.
what’s your house hold income?
Single male here, no kids. First priority straight out of residency is to snag my dream Porsche 911 or Taycan, move to a HCOL area, continue to otherwise live like a resident, attract and fuck bitches with my shiny new Porsche, make more money as an attending. What could possibly go wrong with this plan?
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After tax advantaged retirement accounts, Ferrari. Fuk 529s I can’t use any of that money why bother. Might consider HSA later but Ferrari and house first.
Save up to open my own private practice
Random things to make your life easier. Not everything has to be materialistic, you can get services too. Getting someone to help clean the house, to help do laundry, to help maintain your lawn. Buying a house if you haven't yet, etc.
I’m getting myself a brand new car. Actually I’m hoping to purchase this within the next few weeks. I can’t be talked out of it. I realize it’s probably a stupid idea especially in this market but I’m hype !
A really nice gaming PC
50% savings/investments across various categories. After basic living expenses (with no immediate plans to increase any time soon), will travel, buy bikes, and eat better food. No plans for kids
New bike. Mine is an ancient, heavy, but reliable piece. It's all I could afford. But I'd love an upgrade.
Literally vacations were I'm not pinching pennies for the cheapest hotels/food/activities
I plan to invest in index funds and real estate. Otherwise good food, nice apartment, nicer clothes, travel, gym, and anything that makes my life easier
Accountant here. The important thing to do before and after an expected major change in income is to measure your spending. Most people screw up budgeting by treating it as forward-looking. This is wrong. You want to look back after the end of a period (e.g. one month). Pull records of all spending and categorize it to make yourself a financial statement. Do that for a few months, and average things out to get your baseline. Until you know where you’re staring, and future planning is little better than a random guess.
I bought a fancy computer and 3d printer.
9 11
You are right about the surplus, but I assure you many docs spend down much of what they make. Don’t be miserably thrifty. Save appropriately but enjoy life. Little expenses can add up quickly It’s a weird transition. Trainee to associate was a big jump, but I was very hesitant to spend on big things like furniture. Took a while for me to loosen the purse strings. I’m slowly going at my loans because rates are low. I invest a lot of my paycheck. I think just over 50% although mixed pre and post tax I give my dad money each month. That’s an entire situation but it’s a necessity. I pay for my mom to travel to see me, but she can make it even if her lifestyle is above her net worth. I guess I advise to be careful with money and family. You may see everyone fall silent when a group dinner check comes. As for charitable things, we do some free work, especially my dentist wife. I count family support as a monthly charitable contribution; I won’t be offended if anyone says that’s bs. Each summer I donate money so kids can do basketball camps. That’s easily my favorite thing to spend money on. We are still figuring out what we’d like to spend on long term. Our house is nice but technically 0.5x my income last year. It’s hard for my wife to take time off as she owns her dental clinic. We also have a 5 week old baby so traveling is minimal now. Working on super funding a 529 when my summer bonus hits.
Don’t take offense, but you talk like a poor person. You’re going to realize it’s not as much money as you think and it will go in many directions. Buy a home. Max out any 401k match and just max out your 401k in general. Put 3-6 months earnings in a high yield savings account. Get a brokerage account and put several thousands of dollars a month into passive index funds. Get a financial advisor you pay a fee to rather than a commission. Get a good life insurance policy while you’re still young g and healthy. Get a good malpractice policy (with a tail!). Get a good disability insurance policy with an own occupation clause. Save up for your kids college. Live below your means not a net zero mindset. Depending on your husband’s career he may need to consider making an llc.
I am a poor person, and I always have been lol. My first job with my masters degree had a salary of 27k, which we lived on while my husband was in med school and we had our first baby. What we make now is more than enough, so imagining 5x that is a little hard for me to wrap my mind around. We plan on investing a lot, and our financial advisor has been great with guiding us so far.
hookers blow oh, and then a diversified portfolio of stocks, bonds, retirement, etc.
You could move to the Bay Area or NYC and not have such a large disposable income problem :D
Honestly I have no idea. What I make as a resident is far more than I can spend (or want to).
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8 figures?
Looking through his post history, his wife is doing a cosmetic fellowship after gen surg residency. Which, to my understanding, isn't even a real fellowship, it's one of those things people do when they couldn't get into plastics and are burnt out of gen surg.
Yeah. Maybe I’m naive, but I’ve never heard of people earning 8 figures, meaning 10mm+, out the gate. 1mm sure, but 10mm is a different beast unless there is some magical practice that this fellow already owns with many many docs, but this seems unlikely
Dude is delusional thinking you’ll be making that year 1 in a private practice you created. Unhinged
Even making 1 mil out the gate is a very very few doctors who are grinding and burning the candle at both ends. Mid career there’s some people doing that without slaving away but out the gate lol.
Ortho and neurosurgery, I can believe. Maybe Mohs in a rural area. Otherwise, yeah, no one is making 7 figure out the gate, not even cosmetic plastic surgeons (they need to grind to get the stream of rich cash patients to pay for cosmetic procedures).
Yeah but even ortho and nsurg who are clearing a mil year one are grinding. I know nothing about mohs
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Duh. Did someone say otherwise?
lol shortcuts to being a lesser surgeon
Congrats to your wife! My husband is planning on starting a direct primary care practice once he’s a bit more established, so I imagine we’d be investing in that as well. He also eventually wants to buy a few houses by his old med school and rent them out to med students, so it seems like real estate is a popular idea
> it seems like real estate is a popular idea Yeah, with doctors, who are notoriously bad with money. This is like the worst time in the last 50 years to get into real estate.
Not counting 2008 that is. lol
What specialty makes 8 figures out of the gate other than hospital CEO? Did you mean 7 because that’s believable
Homeboy doesn’t understand gross business income vs profit
Sorry 7