Salary EM

[EctopicFetus]

Ok. Being the working rich is a quality problem to have. And where you land in the top 1% is also a quality problem.

Ultra rich isn't impossible - there are many investments that can gain more than 10%. My example was just your basic index fund - but there is real estate, business ventures, etc. I know plenty of people who earn more than 10% return on real estate. My family + many friends invest in rental properties for solid returns. You could even buy some smaller apartments with a few million capital + leverage (usually only need 25% down with proper debt to income ratio).

It's only impossible if you decide it to be. I know it's very possible, especially with capital - we've already outlined a path to having a few million in capital. Learning some investing skills, you can do some pretty amazing things - ask the WhiteCoatInvest guy if an investor pulling 10-12% is impossible. Hardly. It's ridiculous to say that an physician that can pull returns on investments greater than 8% is "in the wrong field" - it's far from impossible.

Also, we've been working off the average income - partner salaries can hit 400-450k, easily allowing the individual to invest double - i.e. $13,000 monthly - on an index fund (accounting for inflation too?!) = 12 million. with inflation? 9 million.

GOOD DAY SIR!!!!

You misunderstand me. I never said its impossible. Simply more risk means more reward. If you started investing in real estate in the last 3 years you may feel like a genius.

Simply put it is unlikely you will outperform the market over 20 years. If you do like I said you are doing better than 70% of mutual fund managers. I will repeat that Medicine is the wrong field for you. You are so gifted that you should go manage money. You will be the ultra rich. In 20 years if you can make 12% per yr you will be worth no less than 200 million. People will be throwing money at you like they did Bernie Madoff.

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[EctopicFetus]

- Someone please bump the 'EM doc's budget' thread.

- Saving so much after your loans/living expenses (LIVING expense, not LUXURY expenses) is a challenge.

I'll say it, straight up. It has been said by others here, but it bears repeating....

There's this 'mythical trap' of thinking - "I presently live on 900 dollars a month. LOLZ. When I make eleventeen thousand a month, life will be GRREEAT!"

I stepped into that trap.

Its not as easy as it seems. No waaaay. Maybe if you have zero loan-debt, sure... but otherwise. Be warned.

Precisely!

Look I save a lot. a heck of a lot.. i make a lot too. That being said I often wonder.. where did my money go?

Happy, are you an attending yet? Not trying to pull rank but rather asking what your perspective is?

Also, those jobs making 450k arent everywhere. They can be found for sure but if you limit yourself geographically, have a wife and kids and dont want to work all the time it ight not be as easy as you think.

Beyond that earning 11-12% a year isnt as easy as you think. Good luck trying to get that return.

 

[Arcan57]

Precisely!

Look I save a lot. a heck of a lot.. i make a lot too. That being said I often wonder.. where did my money go?

Happy, are you an attending yet? Not trying to pull rank but rather asking what your perspective is?

Also, those jobs making 450k arent everywhere. They can be found for sure but if you limit yourself geographically, have a wife and kids and dont want to work all the time it ight not be as easy as you think.

Beyond that earning 11-12% a year isnt as easy as you think. Good luck trying to get that return.

Amen. If you have an index fund that's reliably making 10% per year over the last 2-3 years, I would love to hear about it.