Job in Irvine?

[medgator]

I have a hard time believing someone who entered practice in 2000 and got paid on an eat what you kill basis and invested 50% of their take home consistently in the s&p is not in the 8 figure portfolio range, likely a lot more. The IMRT reimbursement of the 00s combined with the bull market run of the 10s, must have been nice. If you’re not very wealthy under that scenario you really did something wrong (spending all of your take home, multiple divorces, investing with madoff, etc)

Edit: I ran a simple backtest on this. Investing 10k per month into SPY starting in 2000 and reinvesting dividends, adjusting future contributions for inflation to be worth 10k in 2000 dollars results in a current portfolio value of 16M. Putting away 20k per month leaves you with 32M. Investing in the nasdaq instead of the s&p leaves you with 57M. Depressed yet? You got another 10 years to go, repeating the past 10 year performance would leave you with 321M in 2034. Add leveraged funds and things really get wacky. All from an early start just saving most of your money every month in an index fund. I have no reason to expect current grads where have anywhere near this level of wealth building opportunity due to cost of living, interest rates, tapped out economic growth, and income not keeping up with inflation.

https://www.portfoliovisualizer.com/backtest-portfolio

Probably more gen X than boomers at that point, but the math is solid. Was thinking more of grads from 2005+ But can't argue with that math if you can save 50% of your take home

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[RadOncDoc21]

This thread just became even more depressing.

 

[metallica81788]

I have a hard time believing someone who entered practice in 2000 and got paid on an eat what you kill basis and invested 50% of their take home consistently in the s&p is not in the 8 figure portfolio range, likely a lot more. The IMRT reimbursement of the 00s combined with the bull market run of the 10s, must have been nice. If you’re not very wealthy under that scenario you really did something wrong (spending all of your take home, multiple divorces, investing with madoff, etc)

Edit: I ran a simple backtest on this. Investing 10k per month into SPY starting in 2000 and reinvesting dividends, adjusting future contributions for inflation to be worth 10k in 2000 dollars results in a current portfolio value of 16M. Putting away 20k per month leaves you with 32M. Investing in the nasdaq instead of the s&p leaves you with 57M. Depressed yet? You got another 10 years to go, repeating the past 10 year performance would leave you with 321M in 2034. Add leveraged funds and things really get wacky. All from an early start just saving most of your money every month in an index fund. I have no reason to expect current grads where have anywhere near this level of wealth building opportunity due to cost of living, interest rates, tapped out economic growth, and income not keeping up with inflation.

https://www.portfoliovisualizer.com/backtest-portfolio

And so many of the RadOncs that lived in this environment are still around working, providing archaic patient care (if they see patients at all), taking jobs from new grads (or taking patient volume from younger attendings), and creating the resident supply issue for the future.

 

[MidwestRadOnc]

And so many of the RadOncs that lived in this environment are still around working, providing archaic patient care (if they see patients at all), taking jobs from new grads (or taking patient volume from younger attendings), and creating the resident supply issue for the future.

I have experienced the hell of working under/with a 70+ yr old with near 9 figure net worth levels who refuses to quit because $$$.

I suspect I am not alone.

 

[Mandelin Rain]

I have a hard time believing someone who entered practice in 2000 and got paid on an eat what you kill basis and invested 50% of their take home consistently in the s&p is not in the 8 figure portfolio range, likely a lot more. The IMRT reimbursement of the 00s combined with the bull market run of the 10s, must have been nice. If you’re not very wealthy under that scenario you really did something wrong (spending all of your take home, multiple divorces, investing with madoff, etc)

Edit: I ran a simple backtest on this. Investing 10k per month into SPY starting in 2000 and reinvesting dividends, adjusting future contributions for inflation to be worth 10k in 2000 dollars results in a current portfolio value of 16M. Putting away 20k per month leaves you with 32M. Investing in the nasdaq instead of the s&p leaves you with 57M. Depressed yet? You got another 10 years to go, repeating the past 10 year performance would leave you with 321M in 2034. Add leveraged funds and things really get wacky. All from an early start just saving most of your money every month in an index fund. I have no reason to expect current grads where have anywhere near this level of wealth building opportunity due to cost of living, interest rates, tapped out economic growth, and income not keeping up with inflation.

https://www.portfoliovisualizer.com/backtest-portfolio

I know rad oncs who were early career around 2000 making $1M+/year gross. You almost couldn't spend $1M/year income in 2000 without being a total idiot, so a lot of that got invested. There's been ups and downs, but if you were savvy or had good guidance, you could have capitalized on all the down turns as well. Those dudes are sitting on generational wealth those of us who came through a decade or so later won't achieve. Certainly, no one now.

 

[Mandelin Rain]

Just following: Medicine as a whole should be seen as a dead end career for the best-of-the-best type students. Just too many lost years of earning potential at the most critical juncture. Just too much debt to incur, unless already wealthy. Salaries artificially constrained by very powerful lobbies. Very limited opportunity for any kind of significant ownership. Much of the work has become bureaucratic/administrative as opposed to noble service.

 

[MidwestRadOnc]

I know rad oncs who were early career around 2000 making $1M+/year gross. You almost couldn't spend $1M/year income in 2000 without being a total idiot, so a lot of that got invested. There's been ups and downs, but if you were savvy or had good guidance, you could have capitalized on all the down turns as well. Those dudes are sitting on generational wealth those of us who came through a decade or so later won't achieve. Certainly, no one now.

At that level of income, you should be able to contribute 30k/month. Simply investing that in the S&P for a 30 year career from 1994-2024 results in a final portfolio value of $83.5M. This would allow you to spend about 3.5M per year in retirement. Nuts. Of course, most people probably didn't do that, but the point is they could have.

Remember, this is the generation of rad oncs that is presently trying to screw over small rad onc with their supervision bullying of those not in their low-RVU-employment-for-all model.

 

[Mandelin Rain]

At that level of income, you should be able to contribute 30k/month. Simply investing that in the S&P for a 30 year career from 1994-2024 results in a final portfolio value of $83.5M. This would allow you to spend about 3.5M per year in retirement. Nuts. Of course, most people probably didn't do that, but the point is they could have.

Remember, this is the generation of rad oncs that is presently trying to screw over small rad onc with their supervision bullying of those not in their low-RVU-employment-for-all model.

I think 30k/month is optimistic. But yeah, probably should've been doing at least 20k.

Of course those salaries didn't last long. Probably only like an 8 year stretch. So before and after those contributions likely lower. Especially if there was lifestyle bloat during the boom times.

 

[radiaterMike]

MidWestRadonc is spot on ... but the concept of FIRE (or just FI for the Rad Onc's in their 60s-80s) is relatively recent. A quick Google search shows it started in 1992 but I'd guess it took >20 years to hit mainstream - aided (specifically for physicians) by WCI on Physician on Fire social media. The Bogglehead group apparently started in 1998. So many if not most of those that rode the IMRT wave in the early 2000s were probably burning through cash and expecting decades of limitless reimbursement. Perhaps there were some financially prudent ones who invested heavily in index funds or stocks that would stand the test of time (AAPL. MSFT ...) - though doctors notoriously make bad investments. The dot.com bubble probably hurt a lot of doctors who tried to time their investments. I am genuinely thankful that there are people like Jim Dahle out there doing what they are doing. I am never going to be able to afford one of Paul Wallner's homes (and I do not plan to work as long as he has) but I'll be able to retire when I want and maintain the lifestyle I currently have.