quote:
We currently put just under $70,000/year into 401k, 403b, 457, and her pension. We also max our backdoor Roth IRAs. That alone is $1,68mm in contributions for the next 24 years. If that doubled once I would be happy but I've got 24 years to go, so I'm hoping for it to at least double twice. Who knows?!? Calculators say we will have $5.8-$6.2mm, if I recall correctly. Maybe it was $6.8mm.

I'll also get a "raise" when we pay off med school and don't have a nanny. That will be an extra $5,000 a month to dump into taxable which is not part of the above calculation.

Good job. It's unfortunate, but most physicians are pure shite with money. Partly arrogance, but to some degree I think many are demoralized by having so much debt late in life and just decide they are tired of sacrificing and just say "frick it". I hate it, but other than some old school guys that made their bank in the seventies, eighties and early nineties, just about every doctor...regardless of specialty...is broke as frick and can never retire. I had the good fortune of having a dad and several older cousins that were physicians. Now, I didn't grow up rich. My Dad was 16 when I was born and neither him nor my mom came from money. In fact, we are old school poor.

So, I made a point to keep my debt to a minimum and prioritize saving/investing over all else. I also educate myself financially and was always business oriented. I learned from mistakes my dad and others made instead of having to piss on the electric fence myself to learn the lesson. Keep up the good work.

What field you in? Age? Just curious. Don't have to answer.

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Posted by Stateguy

Baton Rouge

Member since Dec 2006

891 posts

Posted on 1/2/21 at 8:10 pm to SmackoverHawg

quote:
I hate it, but other than some old school guys that made their bank in the seventies, eighties and early nineties, just about every doctor...regardless of specialty...is broke as frick and can never retire.

You serious? I am late to getting into medicine. Finished training at 38 (7 years behind friend who went straight thru). I will retire fine. Certainly don’t know all my friends personal finances - but pretty sure nearly all are fine handling their debts acquired in school and setting up to have a good retirement. Yes - if they are dumb with money now - they won’t retire like they should. But that is anyone
Agree with several of the things you said in your rants, but disagree with that one

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Posted by TheWiz

Third World, LA

Member since Aug 2007

11694 posts

Posted on 1/3/21 at 7:32 am to SmackoverHawg

I'm riding my wife's coat tails. Lol. She's a pediatric allergist/immunologist. She's also part of an academic institution so pay cuts are significant. The work/home balance is worth it though and most importantly she's happy.

I'm a VP at a private company.

In 2021, I'll be 37 and she 36. She got a late start to the game but I think we have it figured out now. She has access to so much (403b, 457, and a state pension). Plus our IRAs. We try to live within our means. We are still in our starter home; while most friends seemingly all have $600k-$1mm homes. Whatever floats your boat but I wanted student loans gone before the next big house. Originally student loans were $248,000. By the end of the month, they will be at $107,000. Our most outrageous expense is child care but that was a choice.

This post was edited on 1/3/21 at 8:00 am

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