Serious question about long term planning.

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Ace Midnight

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I find it hard to believe this guy is serious.
He wants to sell most everything he owns and invest it in gold, silver or cash because he doesn't trust the american economy. But he also has thirty years until he retires from the great job with a great income in the same economy he doesn't trust. hmmmmmmm

All good points guys and I guess I will need to provide a little more detail.

1. I am not interested in living in a country where I need ammunition, supplies, and a bunker. If things get that bad, I am out of here. (I do not think it will get that bad).

2. I am planning on buying a much smaller house and paying cash. Not living in a tent or anything like that. Just working a salaried job with a low cost home that I can essentially walk away from if the economy is trashed.

3. Both my wife and I are full time physicians. Our jobs will ALWAYS provide more than we need to live on, even in the most barren economy. I am not worried about making money to live on day to day. Not here or in any country. You would be surprised to know how easy it is for physicians to relocate to any country of our choice.

4. What I am trying to plan for is if we have a US Economic collapse. I know that will impact the world, but not every country equally. I would like to have a large LIQUID nest egg that the US government cannot touch to help me move to another country and practice medicine there. (this is all legal money that I have paid taxes on, I am hiding nothing at all).

5. My fear is that if the economy crashes, my bank would freeze all my cash, my index funds would be worthless, and I could not sell my house, office, condo, etc. I would be stuck here like everyone else.

Does that make more sense?

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Does that make more sense?

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It does make more sense but I still have to wonder what makes you think we will have a crash of the magnitude you imply.

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What I am trying to plan for is if we have a US Economic collapse. I know that will impact the world, but not every country equally.

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I think you are underestimating what impact a total collapse of the American economy would have on the entire worlds economies.

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My fear is that if the economy crashes, my bank would freeze all my cash, my index funds would be worthless, and I could not sell my house, office, condo, etc. I would be stuck here like everyone else.

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If this does happen then the NWO (NEW World Order) crowd has been right all along and I'm not sure where I'd rather be than the swamps of South La.

You and/or your wife will always be able to make money as doctors in many different countries. You are in great economic shape, so my advice is to diversify but loosen up and live a little bit. You only live once so stop worrying about a US economic collapse. You will be able to start over fairly easily if something crazy like that happens.

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Who paid for your med school? If you have ~30 yrs to retirement, then you are probably in mid 30s or early 40s. That is fast to have no debt and both of you are physicians.

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I did. Paid for college too. I worked 40 hrs a week for 4 years while in school full time and went every summer to finish in 4 years. I took out loans for med school but did a ton of moonlighting to pay them off by the first year out of residency. Wife was on full scholorship for college and medical school. She moonlighted as well to help pay off my med school loans.

We both grew up in very low middle class families and had to work to buy our own cars in high school. We just never stopped putting the nose to the grindstone.

Neither of has a hectic schedule now. This is the least I have ever worked in a weeks time but it is rewarding. I get to work in several free clinics (donate my time there) and plan on working into my 70's.

I agree we are financially well off but it's mainly because we just do not spend money. Never bought a new car. Never go on luxury trips. Etc. We give a great deal away to foundations for less fortunate but because we are a "pizza and diet soda" couple, the savings does accumulate. I just want a small parachute in case I need to suddenly stop and do this same kind of work in a different country if I can no longer do it here.

I appreciate the advice to "live it up" but I just am not geared to do that.

Thanks again for the advice.

Honestly, the most cost effective plan would be to make friends with a "prepper". If what you're expecting becomes reality, there will be anarchy, and you can grab all of the rocephin, other antibiotics, sutures, other supplies around the office, a gun, and use your skills/Meds to barter with others.

If its a catastrophic collapse, it will be worldwide.

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I do not want to call an investment banker

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Investment bankers don't do retail work, so you don't need to worry.

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We are debt free

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I want to sell most everything (stocks, house, condo, office bldg) and pocket the cash.

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Good grief, why? If you are afraid everything will collapse you should mortgage yourself to the hilt at today's low rates and buy even more gold.

I don't think the economy is collapsing anytime soon, but if you do at least be consistent. All you're proposing is to sell real assets (building, condo, etc.) for other real assets, which is hardly radical. Why not keep the properties and rent them out? They'll still do reasonably in a bad economy.

you are a doc quit worrying. you have nothing to worry about. you can survive everything and you know this. if anything goes to shite a doc is the best position to be in.

lets do a check list.

1. you have money.
2. you have assets.
3. you have a great profession.

you need nothing else but common sense. and i dont know if you have that.

1. Turn off Fox News;
2. Quit worrying about Obamacare.
3. Join a Country Club;
4. Have a kid or 2; (this will take care of any spare cash);
5. Eventually die like the rest of us.