Net Worth at age 55

[finalpsychyear]

For the more seasoned folks here, what has been your sweet spot in terms of percentage of income saved every month to allow for FIRE?

You have to define your timeline i.e. 32 yo new gas attending and what age you would like to FIRE or be able to FIRE at i.e. 52 what your current expenses are and if you anticipate them increasing or staying where they are.

Sample Scenario: single income, married, but plans for 2 kids in next 3-4 years. Current expense 100k anticipates future expenses 150k.
Its widely accepted somewhere between 25x yearly expenses to 33x yearly expenses should be your target or a SWR of 3-4 % range.
In this example basing it on future expenses of 150k/yr your nest egg would be somewhere 3.7-5m depending on 3-4% SWR.

In the above example to reach that goal in a 20 year horizon one would have to invest 120k/yr or 10k/month, get a 7% return avg yearly return to hit those number. The 120k/yr includes all retirement vehicles along with post tax money you put in a brokerage (post tax acct).

Edit: your finishing residency and applying for fellowship with no loans and HHI of 170k you are golden my friend!

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[bigfootisreal]

You have to define your timeline i.e. 32 yo new gas attending and what age you would like to FIRE or be able to FIRE at i.e. 52 what your current expenses are and if you anticipate them increasing or staying where they are.

Sample Scenario: single income, married, but plans for 2 kids in next 3-4 years. Current expense 100k anticipates future expenses 150k.
Its widely accepted somewhere between 25x yearly expenses to 33x yearly expenses should be your target or a SWR of 3-4 % range.
In this example basing it on future expenses of 150k/yr your nest egg would be somewhere 3.7-5m depending on 3-4% SWR.

In the above example to reach that goal in a 20 year horizon one would have to invest 120k/yr or 10k/month, get a 7% return avg yearly return to hit those number. The 120k/yr includes all retirement vehicles along with post tax money you put in a brokerage (post tax acct).

Edit: your finishing residency and applying for fellowship with no loans and HHI of 170k you are golden my friend!

Thanks for the great breakdown! Way easier to make sense of it with a tangible example.

 

[sevoflurane]

Let me give you some real advice: the key to being able to retire by age 55 or 50 is to work hard during your 30's.

Obviously a million ways to skin a cat. Biggest thing is to make a plan early and stick to it. Working hard early was key for us.
Our first year out 15+ years ago was 700K x2 FTE's.
Now that we are working 50%, we realize this was the right move even though working in BFE was soul sucking.

Our Plan:

1. Move to BFE straight out of residency at > 85% MGMA. No buy in, immediate partner. Get rid of heavy debt. Establish a FU account.
2. Take the time to find Dream 2nd job after 6 years. No rush here. Time is on your side.
3. Move to Dream location and buy your dream house.
4. No kids = No inheritance to leave
5. Dual income
6. Invest early. Max out retirements and get into real estate.

Fast foward 15+ years:
Retirement numbers at 50 y/o. Work is about .5 FTE. Dual income means we are still about 1 FTE.
Real Estate: Good place to diversify early. Lot's of people (even on this board) suggested against it.
Not only does it provide significant "mail box" money when you are retired, but it also reduces your SWR. Pick places where you want to spend a few months a year during retirement. If market drops 40%, you still have RE mailbox money coming in.

This is a generalization of our starting plan, but we stuck to it and are there.

 

[finalpsychyear]

Obviously a million ways to skin a cat. Biggest thing is to make a plan early and stick to it. Working hard early was key for us.
Our first year out 15+ years ago was 700K x2 FTE's.
Now that we are working 50%, we realize this was the right move even though working in BFE was soul sucking.

Our Plan:

1. Move to BFE straight out of residency at > 85% MGMA. No buy in, immediate partner. Get rid of heavy debt. Establish a FU account.
2. Take the time to find Dream 2nd job after 6 years. No rush here. Time is on your side.
3. Move to Dream location and buy your dream house.
4. No kids = No inheritance to leave
5. Dual income
6. Invest early. Max out retirements and get into real estate.

Fast foward 15+ years:
Retirement numbers at 50 y/o. Work is about .5 FTE. Dual income means we are still about 1 FTE.
Real Estate: Good place to diversify early. Lot's of people (even on this board) suggested against it.
Not only does it provide significant "mail box" money when you are retired, but it also reduces your SWR. Pick places where you want to spend a few months a year during retirement. If market drops 40%, you still have RE mailbox money coming in.

This is a generalization of our starting plan, but we stuck to it and are there.

Congrats on your success. But 700k is an insane amt of capital now let alone 15 years ago between 2 incomes or if you meant 700 each for a HHI of 1.4m thats insane now let alone 15 years ago!! Then you also have no kids.
Also your timing of the bull market was nearly perfect with your earning capital and real estate crashes to scoop up on the cheap.

Dual income over 7 figs, an insane bull market, cheap RE, and no kids = Unicorn scenario.


Fresh attendings today are going to have to save way more than in the past along with costs of everything esp housing through the roof. Don't get started on college tuition etc. To add salt to the wounds one can dream that inflation is 2% again and what real returns will be in the market going forward.

I suggest the only way to do it is live like a resident for 3-5 years depending on debt since docs are so damn behind on compounded growth we need a jump start in those precious early 30s to catch up and 5-10 years if you want to retire sub 50.

 

[sevoflurane]

Congrats on your success. But 700k is an insane amt of capital now let alone 15 years ago between 2 incomes or if you meant 700 each for a HHI of 1.4m thats insane now let alone 15 years ago!! Then you also have no kids.
Also your timing of the bull market was nearly perfect with your earning capital and real estate crashes to scoop up on the cheap.

Dual income over 7 figs, an insane bull market, cheap RE, and no kids = Unicorn scenario.


Fresh attendings today are going to have to save way more than in the past along with costs of everything esp housing through the roof. Don't get started on college tuition etc.

I suggest the only way to do it is live like a resident for 3-5 years depending on debt.

Moving to BFE was a choice back then. It wasn't the only high paying job in the middle of nowhere. Location was terrible (price to pay).
In today's market, you can easily make 1 mil/year doing locums and base 550-600Kish jobs are fairly easy to find.
One of my ex-partners pulled 1.2 mil last year. This is the BEST anesthesia market in 20 years. I would call today's rates unicorn rates.
Not having kids is also a choice. I've mentioned that here before. Nothing unicorn about it. Just a personal choice to get to retirement early.
You are right however, housing has gone through the roof. There will be other opportunities, you just have to be ready when that time comes.
Purchasing during RE housing bubble was def. a good move, but I was positioned to take advantage of that. Circles back to BFE job which was basically living like a resident as our expenses were extremely low=more investment opportunity.
Nothing magical, and absolutely still attainable in today's market. Work hard early and have a plan and stick to it.

 

[finalpsychyear]

Moving to BFE was a choice back then. It wasn't the only high paying job in the middle of nowhere. Location was terrible (price to pay).
In today's market, you can easily make 1 mil/year doing locums and base 550-600Kish jobs are fairly easy to find.
One of my ex-partners pulled 1.2 mil last year. This is the BEST anesthesia market in 20 years. I would call today's rates unicorn rates.
Not having kids is also a choice. I've mentioned that here before. Nothing unicorn about it. Just a personal choice to get to retirement early.
You are right however, housing has gone through the roof. There will be other opportunities, you just have to be ready when that time comes.
Purchasing during RE housing bubble was def. a good move, but I was positioned to take advantage of that. Circles back to BFE job which was basically living like a resident as our expenses were extremely low=more investment opportunity.
Nothing magical, and absolutely still attainable in today's market. Work hard early and have a plan and stick to it.

RE will cycle and there will be opportunities again so hope people have capital to pounce on that in the future. Right now there are def opportunities but most are going to miss it. Will see what happens in the coming years.

 

[GravelRider]

Moving to BFE was a choice back then. It wasn't the only high paying job in the middle of nowhere. Location was terrible (price to pay).
In today's market, you can easily make 1 mil/year doing locums and base 550-600Kish jobs are fairly easy to find.
One of my ex-partners pulled 1.2 mil last year. This is the BEST anesthesia market in 20 years. I would call today's rates unicorn rates.
Not having kids is also a choice. I've mentioned that here before. Nothing unicorn about it. Just a personal choice to get to retirement early.
You are right however, housing has gone through the roof. There will be other opportunities, you just have to be ready when that time comes.
Purchasing during RE housing bubble was def. a good move, but I was positioned to take advantage of that. Circles back to BFE job which was basically living like a resident as our expenses were extremely low=more investment opportunity.
Nothing magical, and absolutely still attainable in today's market. Work hard early and have a plan and stick to it.

This is not the best anesthesia market in 20 years. Sure, the floor is a little higher for everyone, but the ceiling is much lower. Your $700k 15 years ago is probably about $900k-$1M today. That $500k job that anyone can find now is probably $350k 15 years ago. In order to make $1million now (again, equivalent to your $700k 15 years ago), you have to live out of a suitcase and spend all of your free time chasing rates at desperate hospitals. That’s arguably much worse than sucking it up for a few years as a married couple in some Midwest Nowheresville. You probably had 10-12 weeks vacation as a job perk at that BFE place.

I am not arguing against your sentiment about making certain frugal financial decisions early on that will carry you forward. However, I am challenging the notion that this is some amazing anesthesia market. Sure, there are less used car salesmen practices selling fake partnership tracks, but the reality is that the market of 2012-2019 was probably artificially depressed by AMCs and scammy private practices.

 

[Hoya11]

This is not the best anesthesia market in 20 years. Sure, the floor is a little higher for everyone, but the ceiling is much lower. Your $700k 15 years ago is probably about $900k-$1M today. That $500k job that anyone can find now is probably $350k 15 years ago. In order to make $1million now (again, equivalent to your $700k 15 years ago), you have to live out of a suitcase and spend all of your free time chasing rates at desperate hospitals. That’s arguably much worse than sucking it up for a few years as a married couple in some Midwest Nowheresville. You probably had 10-12 weeks vacation as a job perk at that BFE place.

I am not arguing against your sentiment about making certain frugal financial decisions early on that will carry you forward. However, I am challenging the notion that this is some amazing anesthesia market. Sure, there are less used car salesmen practices selling fake partnership tracks, but the reality is that the market of 2012-2019 was probably artificially depressed by AMCs and scammy private practices.

True. Many PP Partners making 500-600 during that time. Today 500 is the new rate for the old 350 AMC job.

What I gather from this thread though is that the biggest influencers of financial success from those in our field are those decisions we make about our life choices.

No Kids, Wife also a high earner, family living in VHCOL area vs BFE, those are going to move the needle a lot more than picking up an extra weekend call here and there..

I can not imagine the situation where I have a high earning spouse and no kids, especially in low cost of living area - totally different reality for me

 

[finalpsychyear]

This is not the best anesthesia market in 20 years. Sure, the floor is a little higher for everyone, but the ceiling is much lower. Your $700k 15 years ago is probably about $900k-$1M today. That $500k job that anyone can find now is probably $350k 15 years ago. In order to make $1million now (again, equivalent to your $700k 15 years ago), you have to live out of a suitcase and spend all of your free time chasing rates at desperate hospitals. That’s arguably much worse than sucking it up for a few years as a married couple in some Midwest Nowheresville. You probably had 10-12 weeks vacation as a job perk at that BFE place.

I am not arguing against your sentiment about making certain frugal financial decisions early on that will carry you forward. However, I am challenging the notion that this is some amazing anesthesia market. Sure, there are less used car salesmen practices selling fake partnership tracks, but the reality is that the market of 2012-2019 was probably artificially depressed by AMCs and scammy private practices.

700 x 2 is like 2 m today for hhi

 

[sevoflurane]

I am not arguing against your sentiment about making certain frugal financial decisions early on that will carry you forward. However, I am challenging the notion that this is some amazing anesthesia market. Sure, there are less used car salesmen practices selling fake partnership tracks, but the reality is that the market of 2012-2019 was probably artificially depressed by AMCs and scammy private practices.

I agree with this. I also believe the market is desperate for anesthesiologists and this need will continue to grow.

Locums alone is btw 350-450+/hr. Having done locums in the past I can say those are historically great hourly rates.

You don’t have to look far to see what some places are willing to pay for an FTE.

 

[DoctwoB]

You have to define your timeline i.e. 32 yo new gas attending and what age you would like to FIRE or be able to FIRE at i.e. 52 what your current expenses are and if you anticipate them increasing or staying where they are.

Sample Scenario: single income, married, but plans for 2 kids in next 3-4 years. Current expense 100k anticipates future expenses 150k.
Its widely accepted somewhere between 25x yearly expenses to 33x yearly expenses should be your target or a SWR of 3-4 % range.
In this example basing it on future expenses of 150k/yr your nest egg would be somewhere 3.7-5m depending on 3-4% SWR.

In the above example to reach that goal in a 20 year horizon one would have to invest 120k/yr or 10k/month, get a 7% return avg yearly return to hit those number. The 120k/yr includes all retirement vehicles along with post tax money you put in a brokerage (post tax acct).

Edit: your finishing residency and applying for fellowship with no loans and HHI of 170k you are golden my friend!

A lot also depends on how flexible you are with your spending. Remember the vast majority of the time with a 4% withdrawal rate you die with more money then you started with. But if you are inflexible with your spending habits, you need that buffer to account for risk in sequence of returns. If you have the ability to either minimize spending or add income during market bad times, you can withdraw a higher percentage during market good times and retire with a smaller nest egg.

For me I have trouble seeing myself saying I'm done at age 50 and never seeing a patient again. I could easily see myself going to 1/2 time, or picking up 6-10 weeks of locums/year or something like that.

 

[sevo00]

Lol do peoples financial plan really include to not have kids? Wow. Ok you have all the money in the world but don’t leave any legacy and never see the joy of seeing your kids grow up. Damn folks you do realize you can’t take money with you to the grave? No wonder the population is on a decline. I also love money but damn not to that extent there are things more Important

 

[BLADEMDA]

 

[BLADEMDA]

Variable percentage withdrawal - Bogleheads

www.bogleheads.org

FI Calc

ficalc.app

I like the financial retirement app- it's free

 

[triggermaster]

Variable percentage withdrawal - Bogleheads

www.bogleheads.org

FI Calc

ficalc.app

I like the financial retirement app- it's free.

If you take out 5% per year you will never run out of money.

 

[pgg]

Lol do peoples financial plan really include to not have kids? Wow. Ok you have all the money in the world but don’t leave any legacy and never see the joy of seeing your kids grow up. Damn folks you do realize you can’t take money with you to the grave? No wonder the population is on a decline. I also love money but damn not to that extent there are things more Important

Yeah, well, that's just, like, your opinion, man.

 

[anaesthetic]

Lol do peoples financial plan really include to not have kids? Wow. Ok you have all the money in the world but don’t leave any legacy and never see the joy of seeing your kids grow up. Damn folks you do realize you can’t take money with you to the grave? No wonder the population is on a decline. I also love money but damn not to that extent there are things more Important

Speaking as a loving and present father, maybe there are things more important than worrying about your legacy and raising kids who could grow up to be real a**holes? There are currently 8 billion people in the world. You want more? I love people in general but not to that extent.

 

[2019medstudent]

Yea with 8 billion people on earth, a slowdown of population growth would be beneficial

 

[finalpsychyear]

A lot also depends on how flexible you are with your spending. Remember the vast majority of the time with a 4% withdrawal rate you die with more money then you started with. But if you are inflexible with your spending habits, you need that buffer to account for risk in sequence of returns. If you have the ability to either minimize spending or add income during market bad times, you can withdraw a higher percentage during market good times and retire with a smaller nest egg.

For me I have trouble seeing myself saying I'm done at age 50 and never seeing a patient again. I could easily see myself going to 1/2 time, or picking up 6-10 weeks of locums/year or something like that.

I agree the vast majority of times a 4 percent return is safe. We r not even getting into social security at some point even for the early retiree or some inheritance down the road.

Once you hit expenses being covered with 4 percent withdrawal i think if you get past the first 5 years into retirement without any major correction/recession you are golden and you escape the SORR.

Again, I think its a guideline to shoot for. The mere fact of being able to retire may motivate you to just work for fun without wknd and calls etc.

Again i think reaching 4 percent SWR and then working for 5 years PT is plenty good.


I think a variable withdrawal rate is what everyone is basically going to do anyways. For me, i'll probably have a 1 year buffer of returns before i withdraw it just feels better to me to psychologically withdraw like that.

 

[sevo00]

Yea with 8 billion people on earth, a slowdown of population growth would be beneficial

lol what? Do you even realize how much of earth is not inhabited. There is a population decline. Look at countries likes Japan and South Korea

 

[sevo00]

Speaking as a loving and present father, maybe there are things more important than worrying about your legacy and raising kids who could grow up to be real a**holes? There are currently 8 billion people in the world. You want more? I love people in general but not to that extent.

Basic biology. The primary goal is a species is to reproduce. To answer your question , no there aren’t more important things than having kids.

 

[sevo00]

Yeah, well, that's just, like, your opinion, man.

No it’s not. Each species primary goal is to reproduce that’s like basically biology “man”

 

[triggermaster]

No it’s not. Each species primary goal is to reproduce that’s like basically biology “man”

Mark it 8 sevo00.

 

[sevo00]

And before people @ me I’m not referring to People who have problems reproducing and fertility issues. That’s a diffenrt issue. But if you’re a grown person now and have no desire to start a family and have kids just because you think it’s too expensive (esp as a physician) then I’m sorry you’re just a selfish a-hole

 

[sloh]

No it’s not. Each species primary goal is to reproduce that’s like basically biology “man”

Our natural impulse is to gorge on sugar and fat. Ergo, we should follow that impulse, hopefully one day ending up as one of those 40+ BMI patients you guys cringe at putting under anesthesia.

 

[sevo00]

Our natural impulse is to gorge on sugar and fat. Ergo, we should follow that impulse, hopefully one day ending up as one of those 40+ BMI patients you guys cringe at putting under anesthesia.

Huh? This counter makes zero sense.

 

[MirrorTodd]

Basic biology. The primary goal is a species is to reproduce. To answer your question , no there aren’t more important things than having kids.

You've never been with two chicks have you?

 

[hiltxan]

 

[2019medstudent]

lol what? Do you even realize how much of earth is not inhabited. There is a population decline. Look at countries likes Japan and South Korea

Yes and I am saying that is a good thing.

 

[2019medstudent]

And before people @ me I’m not referring to People who have problems reproducing and fertility issues. That’s a diffenrt issue. But if you’re a grown person now and have no desire to start a family and have kids just because you think it’s too expensive (esp as a physician) then I’m sorry you’re just a selfish a-hole

Lol that makes no sense. Agree to disagree

 

[anaesthetic]

No it’s not. Each species primary goal is to reproduce that’s like basically biology “man”

And before people @ me I’m not referring to People who have problems reproducing and fertility issues. That’s a diffenrt issue. But if you’re a grown person now and have no desire to start a family and have kids just because you think it’s too expensive (esp as a physician) then I’m sorry you’re just a selfish a-hole

Following this logic, the “primary goal” would be not only to reproduce, but to reproduce as much as possible so that your genetic line has the best chance of survival and longevity. Don’t even @ me unless you have at least 12 kids.

 

[Gern Blansten]

And before people @ me I’m not referring to People who have problems reproducing and fertility issues. That’s a diffenrt issue. But if you’re a grown person now and have no desire to start a family and have kids just because you think it’s too expensive (esp as a physician) then I’m sorry you’re just a selfish a-hole

I can't tell if this is a bit. Isn't it selfish to require that everyone conform to your way of thinking? There are a lot of people who have no desire to have kids and, if they feel that way, they absolutely should not have kids. I am not sure why that is any of your concern and you should not judge them as selfish a-holes because they disagree with you. Do you believe every female ("and able males") should constantly be pregnant and that every male should behave like Nick Cannon, impregnating every female he can find? What is the end game? The population will migrate to where it needs to be. Right now, I suspect most would believe a gradual slow down in population growth would not be a terrible thing, based on the limited resources of this planet.

 

[triggermaster]

I can't tell if this is a bit. Isn't it selfish to require that everyone conform to your way of thinking? There are a lot of people who have no desire to have kids and, if they feel that way, they absolutely should not have kids. I am not sure why that is any of your concern and you should not judge them as selfish a-holes because they disagree with you. Do you believe every female ("and able males") should constantly be pregnant and that every male should behave like Nick Cannon, impregnating every female he can find? What is the end game? The population will migrate to where it needs to be. Right now, I suspect most would believe a gradual slow down in population growth would not be a terrible thing, based on the limited resources of this planet.

I think the point is that having kids or not shouldn’t be part of retirement planning. It’s ridiculous to not have kids because it will lower your standard of living in retirement. Don’t have kids if you don’t want kids, but not because you can provide for them and be well off in retirement, but not rich in retirement. I mean do what you want, but you are overvaluing retirement travel if you forgo children that you otherwise want just to have a more lavish lifestyle in retirement.

I don’t think anyone actually does that, but I think it’s what they’re arguing past each other.

 

[sevo00]

I think the point is that having kids or not shouldn’t be part of retirement planning. It’s ridiculous to not have kids because it will lower your standard of living in retirement. Don’t have kids if you don’t want kids, but not because you can provide for them and be well off in retirement, but not rich in retirement. I mean do what you want, but you are overvaluing retirement travel if you forgo children that you otherwise want just to have a more lavish lifestyle in retirement.

I don’t think anyone actually does that, but I think it’s what they’re arguing past each other.

Exactly.

 

[rowsdower88]

Basic biology. The primary goal is a species is to reproduce. To answer your question , no there aren’t more important things than having kids.

Are you familiar with the concept of telos?

Do you think you and I could have different telos' or are they identical by virtue of being the same species?

 

[Fpg1245]

Looked more closely at my numbers and I was a little off:
35y single at the the moment
~500k salary past few years doing academics
Across accounts approx:
600K in brokerage
250K in Roth
300K in 403B/457B (some Roth, some not)
So 1.15M with just these accounts.

I also have ~450K in a Defined Contribution pension plan (if I stay at this job for the rest of my career I won’t get SS); but a good chunk of it should be made available to me if I leave my job.

Have a house with a mortgage at 2.75%
School loans are paid off (had some help from parents with this).

Have an itch to buy a new car at the moment, still driving a 2013 Honda. Something about a Lexus IS500/LC500 stirs my old spirit.

Wtf am I doing wrong?
When did you become an attending? 30?

 

[mdo1738]

Wtf am I doing wrong?
When did you become an attending? 30?

Too much Starbucks

 

[aneftp]

Wtf am I doing wrong?
When did you become an attending? 30?

45k (in 403b/457b) combined over 5 years equals 225k contribution alone. Most stock accounts have doubled the past 5 years. So even moderate growth can easily have 300k in those accounts

250k Roth is amazing. I suspect nvidia or even Tesla before the run up. My buddy has 4.6 million in his Roth alone and he’s only 39. Got super lucky with nvidia options. Too bad he’s divorce and having to split it up.

 

[Fpg1245]

45k (in 403b/457b) combined over 5 years equals 225k contribution alone. Most stock accounts have doubled the past 5 years. So even moderate growth can easily have 300k in those accounts

250k Roth is amazing. I suspect nvidia or even Tesla before the run up. My buddy has 4.6 million in his Roth alone and he’s only 39. Got super lucky with nvidia options. Too bad he’s divorce and having to split it up.

Isn’t there an income cap on the Roth?
Did they close the back door Roth.

 

[Iso4ane]

Wtf am I doing wrong?
When did you become an attending? 30?

Pretty much. Straight through, and summer birthday. Contribution to Roth IRA whenever I could, even during residency. And then because I was used to a 20% savings rate, it became super easy as an attending well,

 

[Iso4ane]

Isn’t there an income cap on the Roth?
Did they close the back door Roth.

There is and, they are trying to, or just did this year.

 

[anonperson]

There is and, they are trying to, or just did this year.

I am not aware of any legislation to end the backdoor Roth IRA or mega backdoor Roth.

I tried searching and didn't see anything in particular.

 

[pgg]

Mark it 8 sevo00.

This is not 'Nam. There are rules.

 

[finalpsychyear]

Do most of you have a set target to put away each year i.e. 100k counting all retirement contributions?
What do you do with the amount left just feel free to splurge as you see fit?

Maybe I'm wired a bit differently but if 100k was my yearly goal and i had a very good year I'll try and put an extra say 50k so in the following year in case its more expensive I only need to contribute 50.

 

[MirrorTodd]

Do most of you have a set target to put away each year i.e. 100k counting all retirement contributions?
What do you do with the amount left just feel free to splurge as you see fit?

Maybe I'm wired a bit differently but if 100k was my yearly goal and i had a very good year I'll try and put an extra say 50k so in the following year in case its more expensive I only need to contribute 50.

Got any interest in a yacht?

 

[finalpsychyear]

Got any interest in a yacht?

maybe to rent for some type of milestone party that's about it.

I'm all about getting the nest egg up as I have lost most of my fire for medicine due to the nonsense that goes on in the system. In an ideal case, once i've secured enough assets i wouldn't mind working PT at the VA or even volunteer at some mental health related agency.

The hamster doesn't want to be running on the wheel for much longer and wants to see what's outside of the cage.

 

[GravelRider]

Following this logic, the “primary goal” would be not only to reproduce, but to reproduce as much as possible so that your genetic line has the best chance of survival and longevity. Don’t even @ me unless you have at least 12 kids.

That’s true for fruit flies, but not organisms that have a parental instinct toward their offspring. There are plenty of animals that only have 1 or 2 offspring. There are also plenty of animals that are monogamous.

 

[abolt18]

Do most of you have a set target to put away each year i.e. 100k counting all retirement contributions?
What do you do with the amount left just feel free to splurge as you see fit?

Maybe I'm wired a bit differently but if 100k was my yearly goal and i had a very good year I'll try and put an extra say 50k so in the following year in case its more expensive I only need to contribute 50.

20% of gross goes to retirement (403b and 457b, then backdoor Roth for wife and I, then brokerage account). Then tithing to my church. Then we have a fixed spending budget, which we will increase a little every year. Everything left over gets set aside for student loans vs extra mortgage payments. Once those things are done, we will likely save and spend more baseline.

 

[aneftp]

20% of gross goes to retirement (403b and 457b, then backdoor Roth for wife and I, then brokerage account). Then tithing to my church. Then we have a fixed spending budget, which we will increase a little every year. Everything left over gets set aside for student loans vs extra mortgage payments. Once those things are done, we will likely save and spend more baseline.

The non fix budge is kids.

They get more expensive each year.

I put $1500 into 529 account each month on top of their monthly expenses. They cost me $3000-3500 each month (after school activities is like $1000 a month.

 

[abolt18]

The non fix budge is kids.

They get more expensive each year.

I put $1500 into 529 account each month on top of their monthly expenses. They cost me $3000-3500 each month (after school activities is like $1000 a month.

This is indeed with kids. Our budget is pretty fixed and we rarely spend more than we have allotted at the start of the month. We budget for kids activities, but when they want to do something that's beyond the budget, we tell them "sorry, not in the budget this month," allow them to give up something else to do that thing, or find them ways to earn money and pay for it themselves.

Still haven't started college savings. Will do that when my education is done being paid for.

I'll say, a lot of people are trying to save $10M so that they can spend zero principal and leave their kids a ton of money and I differ from that significantly. I've never felt this push to leave my kids any money, let alone millions of dollars. I do plan to help them get their lives started at the time it's most useful by paying for their education and helping with a lot of the bigger expenses in their 20s, but I'm planning on them being successful enough that they need zero inheritance from me whatsoever.

My financial planning is solely for me and my wife to live a comfortable and healthy life with plenty of travel, support our kids' launch into adulthood, gain the freedom to work as much or as little as I want, and hopefully give away a fair amount of money to local organizations that are doing good in our community.