Net Worth at age 55

[BLADEMDA]

What was your number?

It’s obvious based on this thread. I wanted a 2 percent withdrawal rate before semi retirement. Financial independence for me was the goal not early retirement. Each of you should set your own goals in terms of money and work because in the end you can’t take it with you. That means if you don’t enjoy going to work or find satisfaction with your career then FIRE may be your goal. I know a guy still happy as pie coming into work at age 75. He just can’t stay at home all day with his wife so he looks forward to 2-4 days per week at the hospital. Now, I only bring him up as an example of someone who wants to show up a few days per week. If that isn’t you I respect your decision to travel or do other things.

There will always be people with more money than you or better investments or a nicer car. What matters are your goals and achieving financial independence on your terms. I encourage you to design a plan to get yourself there. Every single Anesthesiologist can achieve financial independence by age 55 or age 65. The question is how much are you willing to give up or sacrifice to get there.

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[BLADEMDA]

What was your number?

10 Million Dollars: The Ideal Net Worth Amount For Retirement?

Curious to know the ideal net worth for retirement? As someone fake retired in 2012 at age 34 with $3 million, let me tell you. $10 million sounds like the ideal amount of money to retire with. I was talking to a tennis friend of mine who said his sister checked out once she cleared

www.financialsamurai.com

Earn Side Income In Retirement​

By now, we should all agree that 10 million dollars is enough to retire well. However, I still suggest generating additional side income in retirement to ensure your capital will last for another generation. Earning side income also brings about a sense of purpose.

 

[drmwvr]

"I was talking to a tennis friend of mine....." Stopped reading right here....

 

[aneftp]

It’s obvious based on this thread. I wanted a 2 percent withdrawal rate before semi retirement. Financial independence for me was the goal not early retirement. Each of you should set your own goals in terms of money and work because in the end you can’t take it with you. That means if you don’t enjoy going to work or find satisfaction with your career then FIRE may be your goal. I know a guy still happy as pie coming into work at age 75. He just can’t stay at home all day with his wife so he looks forward to 2-4 days per week at the hospital. Now, I only bring him up as an example of someone who wants to show up a few days per week. If that isn’t you I respect your decision to travel or do other things.

There will always be people with more money than you or better investments or a nicer car. What matters are your goals and achieving financial independence on your terms. I encourage you to design a plan to get yourself there. Every single Anesthesiologist can achieve financial independence by age 55 or age 65. The question is how much are you willing to give up or sacrifice to get there.

There is this late 60s ob gyn. He’s “retired” Lived in a very well known retirement community in the “villages” in Florida. He’s out here on the water still hustling with his side gig cause he can still do it.

Literally dude just delivered a baby today. Did an ectopic case with me.

He’s also got ski house Colorado worth 4 million

He’s in great shape. Doesn’t “need” to work. He works 5-10 days a month locums now. More power to him.

And he told me his son is anesthesia resident as well. He had no clue how good the anesthesia market was.

 

[partydoc]

It’s obvious based on this thread. I wanted a 2 percent withdrawal rate before semi retirement. Financial independence for me was the goal not early retirement. Each of you should set your own goals in terms of money and work because in the end you can’t take it with you. That means if you don’t enjoy going to work or find satisfaction with your career then FIRE may be your goal. I know a guy still happy as pie coming into work at age 75. He just can’t stay at home all day with his wife so he looks forward to 2-4 days per week at the hospital. Now, I only bring him up as an example of someone who wants to show up a few days per week. If that isn’t you I respect your decision to travel or do other things.

There will always be people with more money than you or better investments or a nicer car. What matters are your goals and achieving financial independence on your terms. I encourage you to design a plan to get yourself there. Every single Anesthesiologist can achieve financial independence by age 55 or age 65. The question is how much are you willing to give up or sacrifice to get there.

So, 10

 

[finalpsychyear]

So, 10

getting to just 5m inflation adjusted for a fresh grad 31-32 with loans and crazy housing prices plus high interest rates would be quite an accomplishment imo. Its like investing 200k/yr for 17-18 years while getting 5 percent real returns. Not sure everyone is quite ready to plow that much from the get go. we're due inevitably for some type of dot come or 08 type reset at some point which is the real kicker.

 

[Splenda88]

getting to just 5m inflation adjusted for a fresh grad 31-32 with loans and crazy housing prices plus high interest rates would be quite an accomplishment imo. Its like investing 200k/yr for 17-18 years while getting 5 percent real returns. Not sure everyone is quite ready to plow that much from the get go. we're due inevitably for some type of dot come or 08 type reset at some point which is the real kicker.

5% return is low. The S&P500 return for the last 40 yrs has been 11%+

 

[We'llBeDoneIn15Minutes]

A couple of observations from somebody towards the end of career and easing into occasional part time work.

1) Unless you can pack it away without huge sacrifice of life, 10 million seems unnecessarily too high. I have chosen to have a more modest retirement years, minimal older paid off renovated 2500 sq foot home for 2 of us, simple cars, no country club, no second homes etc combined with occasional easy outpatient work, social security, and investment income for the benefit of better years while younger. I worked 4 days a week and skied a minimum of 4 weeks a year for the past 15 as well as always having time for family, hobbies, and exercise. Don't blow the best young active years of your life killing yourself to have some lavish over the top 40 year retirement.

2) Don't blow the best young active years of your life killing yourself to have some lavish over the top 40 year retirement that may not even exist. You wouldn't be the first person to unexpectedly get cancer and die a couple of years into that retirement after sacrificing so much. What a travesty that would be. Or maybe those 4-5 weeks a year you plan to ski in retirement are suddenly a no-go with hip or knee problems. Again, you wouldn't be the first person to have health issues limiting all the cool things you planned to do in retirement that you put off while younger and more capable.

Basically I'm saying, my goal was to find a balance between living life to the fullest in the now while having responsibility to plan for the future. Keyword being balance between the two.

 

[BLADEMDA]

getting to just 5m inflation adjusted for a fresh grad 31-32 with loans and crazy housing prices plus high interest rates would be quite an accomplishment imo. Its like investing 200k/yr for 17-18 years while getting 5 percent real returns. Not sure everyone is quite ready to plow that much from the get go. we're due inevitably for some type of dot come or 08 type reset at some point which is the real kicker.

A retirement portfolio should include a stress test where the market drops 30% in a year. Any plan which doesn't include that isn't a real plan. This is why part time work can be important because it helps sustain the portfolio in bad stock markets. You need to run scenarios where the market is negative for 3 years with a total drop of 30-35% from the highs. That's why you should build in a cushion and reduce the SWR to 3%. Everyone has different goals in life but think twice before hanging it up completely because in this field its very easy to scale back rather than quit.

For example, you work full time until the portfolio reaches your milestone like $3 million or $5 million; then you scale back at work so your income covers all or 90% of your expenses. This way your portfolio continues to grow over time until you hit a number where true financial independence is reached.

 

[ERRES2288]

A retirement portfolio should include a stress test where the market drops 30% in a year. Any plan which doesn't include that isn't a real plan. This is why part time work can be important because it helps sustain the portfolio in bad stock markets. You need to run scenarios where the market is negative for 3 years with a total drop of 30-35% from the highs. That's why you should build in a cushion and reduce the SWR to 3%. Everyone has different goals in life but think twice before hanging it up completely because in this field its very easy to scale back rather than quit.

For example, you work full time until the portfolio reaches your milestone like $3 million or $5 million; then you scale back at work so your income covers all or 90% of your expenses. This way your portfolio continues to grow over time until you hit a number where true financial independence is reached.

This is my plan hopefully in 7-10 years at 42-45yo. I don’t mind the call just want larger chunks of time off( like 18 weeks or so).

 

[pgg]

5% return is low. The S&P500 return for the last 40 yrs has been 11%+

Not a lot of people expect that to be the case for the next 40 years.

Of course, nobody knows anything.

(Except over in the crypto thread, where everybody knows everything.)

 

[finalpsychyear]

A retirement portfolio should include a stress test where the market drops 30% in a year. Any plan which doesn't include that isn't a real plan. This is why part time work can be important because it helps sustain the portfolio in bad stock markets. You need to run scenarios where the market is negative for 3 years with a total drop of 30-35% from the highs. That's why you should build in a cushion and reduce the SWR to 3%. Everyone has different goals in life but think twice before hanging it up completely because in this field its very easy to scale back rather than quit.

For example, you work full time until the portfolio reaches your milestone like $3 million or $5 million; then you scale back at work so your income covers all or 90% of your expenses. This way your portfolio continues to grow over time until you hit a number where true financial independence is reached.

What your basically saying is even after you hit your portfolio numbers you need maybe 5 additional years to ensure it builds a cushion for the inevitable pullbacks that will occur and to avoid SORR. Let's say someone has 150k in expenses so wants a 5m portfolio at a 3% SWR. Even after they reach it you would say work part time and let that grow to 7m so even with a 30% correction your still at your 5m.

 

[finalpsychyear]

This is my plan hopefully in 7-10 years at 42-45yo. I don’t mind the call just want larger chunks of time off( like 18 weeks or so).

Exactly. I just keep it simple. I have my number in mind. When i reach it i need 5 years of PT work to ensure it ideally grows another 50% for cushion then taper back to work for fun only.

 

[finalpsychyear]

A couple of observations from somebody towards the end of career and easing into occasional part time work.

1) Unless you can pack it away without huge sacrifice of life, 10 million seems unnecessarily too high. I have chosen to have a more modest retirement years, minimal older paid off renovated 2500 sq foot home for 2 of us, simple cars, no country club, no second homes etc combined with occasional easy outpatient work, social security, and investment income for the benefit of better years while younger. I worked 4 days a week and skied a minimum of 4 weeks a year for the past 15 as well as always having time for family, hobbies, and exercise. Don't blow the best young active years of your life killing yourself to have some lavish over the top 40 year retirement.

2) Don't blow the best young active years of your life killing yourself to have some lavish over the top 40 year retirement that may not even exist. You wouldn't be the first person to unexpectedly get cancer and die a couple of years into that retirement after sacrificing so much. What a travesty that would be. Or maybe those 4-5 weeks a year you plan to ski in retirement are suddenly a no-go with hip or knee problems. Again, you wouldn't be the first person to have health issues limiting all the cool things you planned to do in retirement that you put off while younger and more capable.

Basically I'm saying, my goal was to find a balance between living life to the fullest in the now while having responsibility to plan for the future. Keyword being balance between the two.

I think making money while having a great lifestyle is everyone's dream. It may make sense in those first few years out of residency to get yourself debt free and if your single working some of those wknds/nights for a short time can exponentially get you there.

The best advice i got was slowly grow into your salary. I made 3000/mo in my final year of residency and was focused on paying off loans by moonlighting during that time. Then once an attending I gave myself a 50% monthly raise so i was spending up to 4500 a mo but often times i didn't. I did that for 4 ish some years but once i met my wife the spending doubled so i was glad i did what i could until then. I also refuse to work wknd, nights, holidays since married which i'm going to stick with long term.

Edit: I will agree it would be challenging if your first salary like it is in gas right now was 500 ish to try and live like a resident so mo money mo problems i guess.

 

[rick roller pump]

I think that younger anesthesiologists (such as myself) have a bit more of an uphill battle compared to the past (not trying to turn this into a generational battle). Of course, no one knows the future, but key challenges that I anticipate are:

1. Lower inflation adjusted earnings. Yes I know the market is hot now and salaries are high, but money is just not worth as much anymore. And do we really expect salaries to keep up with inflation given fixed reimbursements or potential switch to single payer in years to come?
2. Missing out on real estate boom. Those who bought in the last couple years or have not bought yet have missed out on ridiculous appreciation in housing and additionally missed out on locking in low interest rates. This could quite literally be worth $1 million over the course of the loan.
3. Missed out on stock market rally. Last few years have seen crazy increase in SP500. Will we really see this going forward?
4. Increased taxes. Speculation here. But we have growing national debt. Spending needs to be reduced, but also taxes will simply have to go up. Guess who always gets screwed with taxes? Not the super rich who earn their money by owning things. The will increase the taxes on those who work for their money (high earning W2 that is). I predict some form of higher taxes such as elimination of the social security cap or increased federal rate over 400k.

Not trying to complain. I make plenty and save plenty. I do not despise the older generations like many in my generation do. But I would not be surprised if the last few decades were the easiest years to accumulate and grow wealth that our nation will ever see.

 

[aneftp]

I think that younger anesthesiologists (such as myself) have a bit more of an uphill battle compared to the past (not trying to turn this into a generational battle). Of course, no one knows the future, but key challenges that I anticipate are:

1. Lower inflation adjusted earnings. Yes I know the market is hot now and salaries are high, but money is just not worth as much anymore. And do we really expect salaries to keep up with inflation given fixed reimbursements or potential switch to single payer in years to come?
2. Missing out on real estate boom. Those who bought in the last couple years or have not bought yet have missed out on ridiculous appreciation in housing and additionally missed out on locking in low interest rates. This could quite literally be worth $1 million over the course of the loan.
3. Missed out on stock market rally. Last few years have seen crazy increase in SP500. Will we really see this going forward?
4. Increased taxes. Speculation here. But we have growing national debt. Spending needs to be reduced, but also taxes will simply have to go up. Guess who always gets screwed with taxes? Not the super rich who earn their money by owning things. The will increase the taxes on those who work for their money (high earning W2 that is). I predict some form of higher taxes such as elimination of the social security cap or increased federal rate over 400k.

Not trying to complain. I make plenty and save plenty. I do not despise the older generations like many in my generation do. But I would not be surprised if the last few decades were the easiest years to accumulate and grow wealth that our nation will ever see.

Sounds a lot like those who got out of residency circa 2005/6.

Stock market rebounded from 2001 tech bubble burst. So those who finished around 2000 saw house prices appreciation like crazy from 2001-2005/6 as well. House interest rates 6% back than as well. I was getting 5% interest banking online savings as well.

Starting anesthesia salaries were around 220-240k back in 2004/7 in most parts of the country. Full call taking position.

It’s a long life. Things cycle.

 

[Splenda88]

Anyone who started investing in the stock market and real estate after 2010 is sitting pretty well now.

I have been saving cash thinking we were gonna to have another real estate crash this year or next year, but it does not seem like that will happen.

 

[triggermaster]

Anyone who started investing in the stock market and real estate after 2010 is sitting pretty well now.

I have been saving cash thinking we were gonna to have another real estate crash this year or next year, but it does not seem like that will happen.

Home prices should go down but people can just chose not to sell at the lower price, for a few years at least. At some point people have to sell or their estates have to sell and it’s hard to imagine there are enough rich buyers for all the pent-up inventory, unless that POS Larry Fink buys it all.

 

[pgg]

Home prices should go down but people can just chose not to sell at the lower price, for a few years at least. At some point people have to sell or their estates have to sell and it’s hard to imagine there are enough rich buyers for all the pent-up inventory, unless that POS Larry Fink buys it all.

What do you mean by pent up inventory?

Those couple years when mortgage rates were under 3% have created a large set of homeowners who can't afford to make even lateral moves in housing, because rates are so much higher now. That is artificially depressing inventory and is helping to keep prices high.

 

[BLADEMDA]

I think that younger anesthesiologists (such as myself) have a bit more of an uphill battle compared to the past (not trying to turn this into a generational battle). Of course, no one knows the future, but key challenges that I anticipate are:

1. Lower inflation adjusted earnings. Yes I know the market is hot now and salaries are high, but money is just not worth as much anymore. And do we really expect salaries to keep up with inflation given fixed reimbursements or potential switch to single payer in years to come?
2. Missing out on real estate boom. Those who bought in the last couple years or have not bought yet have missed out on ridiculous appreciation in housing and additionally missed out on locking in low interest rates. This could quite literally be worth $1 million over the course of the loan.
3. Missed out on stock market rally. Last few years have seen crazy increase in SP500. Will we really see this going forward?
4. Increased taxes. Speculation here. But we have growing national debt. Spending needs to be reduced, but also taxes will simply have to go up. Guess who always gets screwed with taxes? Not the super rich who earn their money by owning things. The will increase the taxes on those who work for their money (high earning W2 that is). I predict some form of higher taxes such as elimination of the social security cap or increased federal rate over 400k.

Not trying to complain. I make plenty and save plenty. I do not despise the older generations like many in my generation do. But I would not be surprised if the last few decades were the easiest years to accumulate and grow wealth that our nation will ever see.

1. I expect inflation to level off around 3% in 2025
2. My first home had a 6% mortgage but over time I was able to get to 4.5% (refinance) before paying it off. I expect mortgage rates to settle in around 6.5% maybe even 6%. So, despite the high prices buy a home.
3. Stock market can be fickle. There may be 5-10 years where returns are low. Keep saving and plugging away at it. Stay diversified.
4. Taxes- yes, they will be going up but Student loan forgiveness, free Covid money, social programs, wars, entitlements, etc are very expensive. If you want lower taxes, a stronger dollar then stop voting liberal since they spend even more than the conservative drunken sailors. The other way to save more money is by using the tax code for Independent Contractors (cash balance plan, defined benefit plan).

Finally, every generation looks back on the previous one and sees the golden years. With the correct policies in place the USA can be golden again.

The 14 U.S. states where you can still afford to buy a home if you earn less than $75,000

You'll need a median annual income of $110,871 to afford a home in the U.S., which is more than most Americans households earn.

www.cnbc.com

 

[Splenda88]

1. I expect inflation to level off around 3% in 2025
2. My first home had a 6% mortgage but over time I was able to get to 4.5% (refinance) before paying it off. I expect mortgage rates to settle in around 6.5% maybe even 6%. So, despite the high prices buy a home.
3. Stock market can be fickle. There may be 5-10 years where returns are low. Keep saving and plugging away at it. Stay diversified.
4. Taxes- yes, they will be going up but Student loan forgiveness, free Covid money, social programs, wars, entitlements, etc are very expensive. If you want lower taxes, a stronger dollar then stop voting liberal since they spend even more than the conservative drunken sailors. The other way to save more money is by using the tax code for Independent Contractors (cash balance plan, defined benefit plan).

Finally, every generation looks back on the previous one and sees the golden years. With the correct policies in place the USA can be golden again.

The 14 U.S. states where you can still afford to buy a home if you earn less than $75,000

You'll need a median annual income of $110,871 to afford a home in the U.S., which is more than most Americans households earn.

www.cnbc.com

Not to turn this into a repub vs dem, do you have any unbiased data on that?

I have seen data that show the economy has done better under the dems after WW II overall.

Self disclosure. The last time I voted in a presidential election was for a republican (The maverick, the great John McCain)

U.S. economic performance by presidential party - Wikipedia

en.wikipedia.org

 

[finalpsychyear]

1. I expect inflation to level off around 3% in 2025
2. My first home had a 6% mortgage but over time I was able to get to 4.5% (refinance) before paying it off. I expect mortgage rates to settle in around 6.5% maybe even 6%. So, despite the high prices buy a home.
3. Stock market can be fickle. There may be 5-10 years where returns are low. Keep saving and plugging away at it. Stay diversified.
4. Taxes- yes, they will be going up but Student loan forgiveness, free Covid money, social programs, wars, entitlements, etc are very expensive. If you want lower taxes, a stronger dollar then stop voting liberal since they spend even more than the conservative drunken sailors. The other way to save more money is by using the tax code for Independent Contractors (cash balance plan, defined benefit plan).

Finally, every generation looks back on the previous one and sees the golden years. With the correct policies in place the USA can be golden again.

The 14 U.S. states where you can still afford to buy a home if you earn less than $75,000

You'll need a median annual income of $110,871 to afford a home in the U.S., which is more than most Americans households earn.

www.cnbc.com

The only issue is that your 6-7 percent rates were not on astronomical housing costs relative to your physician income.

Its cheaper to rent my current house than buy it. Just the monthly interest alone on a loan with 20% down would be roughly what i pay for in rent on the same property. Add in the insurance, taxes, hoa, and my monthly mortgage payment would be almost 45% more than my rent and i didn't even add whatever maintenance costs per year. Its almost to the point where you need to put down 50% or buy the house almost outright.

 

[nimbus]

The only issue is that your 6-7 percent rates were not on astronomical housing costs relative to your physician income.

Its cheaper to rent my current house than buy it. Just the monthly interest alone on a loan with 20% down would be roughly what i pay for in rent on the same property. Add in the insurance, taxes, hoa, and my monthly mortgage payment would be almost 45% more than my rent and i didn't even add whatever maintenance costs per year. Its almost to the point where you need to put down 50% or buy the house almost outright.

https://www.wsj.com/economy/housing/housing-affordability-taxes-insurance-costs-rise-bca64df1

 

[finalpsychyear]

https://www.wsj.com/economy/housing/housing-affordability-taxes-insurance-costs-rise-bca64df1

exactly. I just ran the numbers on my current rental. I'd be paying a mortagage of $5550/mo counting all taxes, hoa, insurances but excluding maintenance costs. The rent is $3800.

A whopping $550 of that mortgage monthly payment ($5550) would be building equity. That's utterly insane. This is after putting 20% down on an 800k property which is the going rate in this area for a 3000 sq ft property in good but not the best school districts midwest.

 

[rick roller pump]

1. I expect inflation to level off around 3% in 2025
2. My first home had a 6% mortgage but over time I was able to get to 4.5% (refinance) before paying it off. I expect mortgage rates to settle in around 6.5% maybe even 6%. So, despite the high prices buy a home.
3. Stock market can be fickle. There may be 5-10 years where returns are low. Keep saving and plugging away at it. Stay diversified.
4. Taxes- yes, they will be going up but Student loan forgiveness, free Covid money, social programs, wars, entitlements, etc are very expensive. If you want lower taxes, a stronger dollar then stop voting liberal since they spend even more than the conservative drunken sailors. The other way to save more money is by using the tax code for Independent Contractors (cash balance plan, defined benefit plan).

Finally, every generation looks back on the previous one and sees the golden years. With the correct policies in place the USA can be golden again.

The 14 U.S. states where you can still afford to buy a home if you earn less than $75,000

You'll need a median annual income of $110,871 to afford a home in the U.S., which is more than most Americans households earn.

www.cnbc.com

All of your predictions are quite possible (I disagree somewhat with point 4, but I don't want to derail this thread, however you do make a good point that 1099 work is even more advantageous if taxes are to increase). I think this would be an optimistic prediction while mine was more pessimistic. The reality perhaps is somewhere in the middle.

Overall what I was getting at is that new anesthesiologists really need to be on top of their game if the goal is to retire early. Make hay while the sun shines - I have heard that many times. I think that phrase applies now more than ever. Avoid fellowship (unless you truly need it or will be unhappy without it), avoid the long partnership and make good money from day 1, spend reasonably, pick up some extra shifts or do locums, don't marry a golddigger, etc

 

[rowsdower88]

Not to turn this into a repub vs dem, do you have any unbiased data on that?

He doesn't.

 

[finalpsychyear]

All of your predictions are quite possible (I disagree somewhat with point 4, but I don't want to derail this thread, however you do make a good point that 1099 work is even more advantageous if taxes are to increase). I think this would be an optimistic prediction while mine was more pessimistic. The reality perhaps is somewhere in the middle.

Overall what I was getting at is that new anesthesiologists really need to be on top of their game if the goal is to retire early. Make hay while the sun shines - I have heard that many times. I think that phrase applies now more than ever. Avoid fellowship (unless you truly need it or will be unhappy without it), avoid the long partnership and make good money from day 1, spend reasonably, pick up some extra shifts or do locums, don't marry a golddigger, etc

This is the biggest reason i've worked harder than I probably need to because its unclear what the future earnings, returns, tax situations are in 5-10 years from now. Will mid levels continue to pump at record rates and eventually enough lobbying passes that they are 100% autonomous and salaries come down as a result who knows.

I'm not taking for granted that it's possible to FIRE for most docs by working harder in the current times esp for gas right now. It remains to be seen if that will always be the case. If i were a newbie today i'd be shooting for 40% gross savings but that's just me and i'll try by best to convince my graduating gas sibling to invest till it hurts but its hard dealing with the YOLO type of thinking in the newer gen.

 

[Splenda88]

He doesn't.

I was just curious because I don't presume to know. I vote (not presidential elections lately) for republicans due to social issues. I have looked at the data, I have noticed the republican spendings in term of GDP have been a little worse than the dems, it just the 2 parties spend $$$ in different things.

It could be just coincidence that the country economically has done slightly better under democrats. Then again, the economy is not my number 1 issue.

 

[BLADEMDA]

I was just curious because I don't presume to know. I vote (not presidential elections lately) for republicans due to social issues. I have looked at the data, I have noticed the republican spendings in term of GDP have been a little worse than the dems, it just the 2 parties spend $$$ in different things.

It could be just coincidence that the country economically has done slightly better under democrats. Then again, the economy is not my number 1 issue.

The debt followed by the Border/Immigration crisis are the 2 biggest real threats this nation faces. The debt is too high and spending must be curtailed. Second, there are about 1-2 million "gottaways" which have entered into the USA. A few thousand are likely here to do harm to the USA and its citizens.
When that happens, and it will happen, it will be too late for any of us to say "I told you so." The USA is a nation in decline because of our failed internal policies. This will be reflected in bond prices as investors demand a higher return for USA debt. Interest rates may also remain higher due to bad fiscal policies. All this "free money" has a big price attached to it for those who are newly minted attendings.

 

[BLADEMDA]

 

[BLADEMDA]

This is the biggest reason i've worked harder than I probably need to because its unclear what the future earnings, returns, tax situations are in 5-10 years from now. Will mid levels continue to pump at record rates and eventually enough lobbying passes that they are 100% autonomous and salaries come down as a result who knows.

I'm not taking for granted that it's possible to FIRE for most docs by working harder in the current times esp for gas right now. It remains to be seen if that will always be the case. If i were a newbie today i'd be shooting for 40% gross savings but that's just me and i'll try by best to convince my graduating gas sibling to invest till it hurts but its hard dealing with the YOLO type of thinking in the newer gen.

This is the time to save money as you have pointed out. For those willing to live out of a hotel, the income exceeds the most lucrative partnerships and there is no track. If you work just 3 years as a locums, you can save up enough money to be a millionaire which sets you up on a path to FIRE. Again, this is rare in anesthesia where a locums working 50 hours per week can earn more than partners in the most lucrative groups across the USA. Yet, most will take an underpaying job with a relatively low hourly wage (when calculated per hour) because of location. That's the biggest change I have seen in my career, It's not taxes or mortgage rates, it is the lost money due to the inability to change locations.

 

[BLADEMDA]

I was just curious because I don't presume to know. I vote (not presidential elections lately) for republicans due to social issues. I have looked at the data, I have noticed the republican spendings in term of GDP have been a little worse than the dems, it just the 2 parties spend $$$ in different things.

It could be just coincidence that the country economically has done slightly better under democrats. Then again, the economy is not my number 1 issue.

We need solutions to our problems. That means stop the spending, balance the budget and control the border. Blaming each other doesn't solve anything.

_________________________

On Thursday, the Wharton School's newsletter Budget Model released an analysis of the student loan debt relief provisions which Biden announced on Monday and added that sum to a previous analysis of Biden’s new Income-Driven Repayment ("SAVE") plan.

"We estimate that the New Plans will cost $84 billion in addition to the $475 billion that we estimated for President Biden’s SAVE plan, for a total cost of about $559 billion across both plans," said the analysis.

 

[Splenda88]

We need solutions to our problems. That means stop the spending, balance the budget and control the border. Blaming each other doesn't solve anything.

_________________________

On Thursday, the Wharton School's newsletter Budget Model released an analysis of the student loan debt relief provisions which Biden announced on Monday and added that sum to a previous analysis of Biden’s new Income-Driven Repayment ("SAVE") plan.

"We estimate that the New Plans will cost $84 billion in addition to the $475 billion that we estimated for President Biden’s SAVE plan, for a total cost of about $559 billion across both plans," said the analysis.

I agree with you on that. But my issue with your post was that you alluded that the dems are worst than the repubs when it comes to spending. The numbers, even the ones on your post #330, do not support that.

I used to use that as my number 2 issue, but after I realized it was all rhetoric (or even a lie), I chose not to vote on economic issues anymore

In my opinions, both parties are the same except for social issues.

 

[BLADEMDA]

I agree with you on that. But my issue with your post was that you eluded that the dems are worst than the repubs when it comes to spending. The numbers, even the ones on your post #330, do not support that.

I used to use that as my number 2 issue, but after I realized it was all rhetoric (or even a lie), I chose not to vote on economic issues anymore

In my opinions, both parties are the same except for social issues.

Both partis have been irresponsible with spending but I am hopeful one party will actually listen to its constituents who want fiscal responsibility and a balanced budget. Second, both parties are not the same in the make-up of their constituents but I do agree "pandering" is fact of political life in Washington.
Recently, the debt has exploded, inflation is still running hot at 4%, and investors want a higher return on USA debt. This has implications for the economy as many of you will be paying off this reckless spending. Rhetoric can't hide the facts or the numbers. When the financial crisis comes around again due to govt. spending/debt, there will be a day of reckoning where the quality of life gets diminished significantly. Those who have prepared for that day by saving up 50% more than the rosy projections of today will be able to weather the storm.

 

[triggermaster]

They aren’t cutting spending.
‘The trough is your entire reason for running a political party.’




Whatever you might think of Brett Weinstein, he’s absolutely right about the trough. Almost no one in government is there to make life better for citizens. They’re there to cash in.

 

[We'llBeDoneIn15Minutes]

View attachment 385507

Just say good night when that happens

 

[rowsdower88]

I agree with you on that. But my issue with your post was that you alluded that the dems are worst than the repubs when it comes to spending. The numbers, even the ones on your post #330, do not support that.

I used to use that as my number 2 issue, but after I realized it was all rhetoric (or even a lie), I chose not to vote on economic issues anymore

In my opinions, both parties are the same except for social issues.

He didn't back it up and walked it back. Now he's just "hopeful" one party will reduce the debt. Avoiding any factual analysis of which party has done more to reduce the debt/been better for the economy, which as he repeatedly states... is his number one or number two issue.

Edit:

Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio

Without the Bush and Trump tax cuts, debt as a percentage of the economy would be declining permanently.

www.americanprogress.org

Why would he vote for a party whose economic agenda consists exclusively of tax cuts? (It's hard to even call it an agenda anymore as the Republican party doesn't even put out a party platform after abandoning that practice in 2020.) If there is another R trifecta, you can bet there will be a big tax cut.

Edit 2:

We can pay for anything we want, including the "crippling" debt. We just need to tax for it.

 

[Splenda88]

He didn't back it up and walked it back. Now he's just "hopeful" one party will reduce the debt. Avoiding any factual analysis of which party has done more to reduce the debt/been better for the economy, which as he repeatedly states... is his number one or number two issue.

Edit:

Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio

Without the Bush and Trump tax cuts, debt as a percentage of the economy would be declining permanently.

www.americanprogress.org

Why would he vote for a party whose economic agenda consists exclusively of tax cuts? (It's hard to even call it an agenda anymore as the Republican party doesn't even put out a party platform after abandoning that practice in 2020.) If there is another R trifecta, you can bet there will be a big tax cut.

Edit 2:

We can pay for anything we want, including the "crippling" debt. We just need to tax for it.

You are correct but I did not want to change the topic of the thread by continuing to further engage in a discussion of repubs vs. dems.

One thing the Trump phenomenon has made me realized is that most republicans DO NOT care about the issues and they are easier to manipulate.

 

[BLADEMDA]

You are correct but I did not want to change the topic of the thread by continuing to further engage in a discussion of repubs vs. dems.

One thing the Trump phenomenon has made me realized is that most republicans DO NOT care about the issues and they are easier to manipulate.

Spending levels have not gone back to 2019 levels causing the deficits to skyrocket. This is due to a democrat controlled congress and Biden. The facts don't lie about the spending. Massive tax hikes are needed to keep up with the out of control spending.

2023 United States federal budget - Wikipedia

en.wikipedia.org

 

[BLADEMDA]

U.S. Budget vs. Family Budget - Federal Budget in Pictures

If a median-income American family spent money like the U.S. government, it would have spent all of its earnings, and then put $10,000 on the credit card in 2017 even though it was already $328,000 in debt.

www.federalbudgetinpictures.com

Congress has a spending problem not a revenue one

Growing Spending Is the Problem - Federal Budget in Pictures

Federal spending is growing faster than the economy. This isn't sustainable.

www.federalbudgetinpictures.com

 

[We'llBeDoneIn15Minutes]

U.S. Budget vs. Family Budget - Federal Budget in Pictures

If a median-income American family spent money like the U.S. government, it would have spent all of its earnings, and then put $10,000 on the credit card in 2017 even though it was already $328,000 in debt.

www.federalbudgetinpictures.com

Congress has a spending problem not a revenue one

Growing Spending Is the Problem - Federal Budget in Pictures

Federal spending is growing faster than the economy. This isn't sustainable.

www.federalbudgetinpictures.com

Voted for Trump before, probably vote for him again

....but

Let's be honest. Trump had both houses and did nothing about the debt. Made the situation worse actually. Democrats at least do what they say, meaning they have no intention of getting our finances under control and don't pretend to. In a way Republicans are worse, they lie to your face with how fiscal responsible they will be, and then never are.

 

[MirrorTodd]

Voted for Trump before, probably vote for him again

....but

Let's be honest. Trump had both houses and did nothing about the debt. Made the situation worse actually. Democrats at least do what they say, meaning they have no intention of getting our finances under control and don't pretend to. In a way Republicans are worse, they lie to your face with how fiscal responsible they will be, and then never are.

Bro...whiskey tango foxtrot?

 

[We'llBeDoneIn15Minutes]

You are correct but I did not want to change the topic of the thread by continuing to further engage in a discussion of repubs vs. dems.

One thing the Trump phenomenon has made me realized is that most republicans DO NOT care about the issues and they are easier to manipulate.

I think they care about issues. Speaking for Republicans, not myself:
Strong border, anti-abortion, police support, tax cuts, defense spending, no cuts to old people's entitlements etc

 

[anonperson]

He didn't back it up and walked it back. Now he's just "hopeful" one party will reduce the debt. Avoiding any factual analysis of which party has done more to reduce the debt/been better for the economy, which as he repeatedly states... is his number one or number two issue.

Edit:

Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio

Without the Bush and Trump tax cuts, debt as a percentage of the economy would be declining permanently.

www.americanprogress.org

Why would he vote for a party whose economic agenda consists exclusively of tax cuts? (It's hard to even call it an agenda anymore as the Republican party doesn't even put out a party platform after abandoning that practice in 2020.) If there is another R trifecta, you can bet there will be a big tax cut.

Edit 2:

We can pay for anything we want, including the "crippling" debt. We just need to tax for it.

What's wrong with a tax cut?

We need more tax cuts. Tax paying citizens are not some infinitely deep piggy bank that government officials can keep raiding for their stupid whims.

I don't even care about the national debt at this point. The number is essentially fantasy as neither party cares what happens. Our day to day lives don't change either.

What I do care about is getting nickle and dimed to death on bogus taxes for wasteful spending and numerous entitlement programs. I do know that if I vote Democrat, I can fully expect some type of tax increase and be vilified for making a six figure income and "not paying my fair share."

Forget that

 

[anonperson]

Bro...whiskey tango foxtrot?

I know a lot of people who plan on voting Trump this coming election if the only alternative is the Weekend at Bernies version of Joe Biden.

 

[We'llBeDoneIn15Minutes]

I know a lot of people who plan on voting Trump this coming election if the only alternative is the Weekend at Bernies version of Joe Biden.

I still think the corpse will be replaced. No way he is actually running. Can you believe his cognition almost 5 years from now when that term ends?

 

[triggermaster]

I still think the corpse will be replaced. No way he is actually running. Can you believe his cognition almost 5 years from now when that term ends?

The only thing worse than Biden refusing to debate Trump will be actually debating. After his dementia is on display for 2 hours in a debate he’ll be finished. If they had any principles he’d have been removed from office already.

 

[pgg]

I still think the corpse will be replaced. No way he is actually running. Can you believe his cognition almost 5 years from now when that term ends?

Have you listened to anything Trump has said in the last 6 months?

Set aside the stupid or unhinged things he's been saying for years. He's actually incoherent. If he was a family member I'd take him to a doctor. He can't even stay awake in his own criminal trial.

Full disclosure, I think and have always thought he's a giant piece of **** unfit to lead a dog on a leash, much less the country. But in the 90s, 00s, and even his 2016 campaign, he was reasonably articulate and coherent. Even if many of the things he said were dumb, obnoxious, or simply awful.

Completely apart from the issue of whose brain is in more decline, between Trump and Biden, it's also inarguable that one of them surrounds himself with laughably incompetent amateurs and convicted felons, and/or fires dozens of people. And one of them doesn't.

I disagree with Biden and democrats in general on a number of points of policy, but if you think Trump is fit to lead the country through any kind of crisis or unpleasant world events, at this point, unless you just woke up from a coma that started 8 years ago, you're an idiot.

If you're going to vote for Trump anyway because of "policy" reasons, rolling the dice that no serious world events will occur that demand competent leadership or a functional executive branch during his term, then you're a reckless idiot.

For the entirety of his term I gave his supporters the benefit of the doubt. But there's no excuse at this point and I can't respect that point of view any more.

 

[pgg]

The only thing worse than Biden refusing to debate Trump will be actually debating. After his dementia is on display for 2 hours in a debate he’ll be finished. If they had any principles he’d have been removed from office already.

Are you serious? Have you listened to Trump speak AT ALL the last year?

You don't even have to cherrypick anything.

That man has been sundowning 24/7. Everything he says is incoherent.

 

[triggermaster]

Are you serious? Have you listened to Trump speak AT ALL the last year?

You don't even have to cherrypick anything.

That man has been sundowning 24/7. Everything he says is incoherent.

I haven’t seen that, but that will make for an amazing debate. We’ll see.