Net Worth at age 55

[makemoney2024]

Trump is not that young either and sounds just as delirious as the 92 year old hip fracture patient I did GA on yesterday. He’s also more likely to die in office because he’s fat. Fat people don’t live long. At least Biden isn’t fat.

He’s lived this long though. Normal life expectancy for American men.

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[makemoney2024]

Inflation is a YOU problem. Your portfolio and salary has been inflated as well. Are you seriously feeling that couple hundred dollars extra at the grocery store the past couple years? You are a physician making well over half a million dollars a year. If you are noticing your grocery bill then you need to re-evaluate your financial plan.

My Trump flag flying neighbor hires more illegal immigrants to landscape his yard than I thought was possible. I swear, half of Honduras is at his house on a Saturday morning leaf blowing for hours. You would think a true-Trumper would mow his own lawn.

Or higher an American!!!

 

[makemoney2024]

You were talking about the price of eggs. As a physician making half a million dollars a year, you should be able to splurge for the free range, extra special brown eggs and not even flinch. My suspicion is you are spending a lot of time watching a certain channel or getting fed a lot of articles on a feed and are more outraged by the thought of inflation than by actually feeling inflation. If you are truly feeling inflation then you should revisit your spending habits and financial plan because it should not phase you at your income level. If you are looking to buy a house then this is a good time to really think about your “wants and needs” when it comes to a home so that you do not overspend. Not buying the “doctor McMansion” was one of the best decisions I ever made.

As for myself, I am far richer now than I was 3 years ago. My savings rate has hovered around 40% in a HCOL area and I still buy the fancy eggs (though I may get chickens soon).

Damn!! You are getting chickens!! I am soo jealous!!!

 

[Splenda88]

https://www.cnn.com/2024/04/28/politics/cnn-poll-trump-biden-matchup/index.html

 

[aneftp]

I just got it a year ago so prob 450K. There are more benefits than just appreciation relative to the market.

Say I have 100K to invest.

1. Put in S&P for a 8% return. After year 1 its worth 108K, 2nd year 116K, 3rd yr 126K, 4th 136K. You sell and assume 20% cap gains you end up with 128K to invest in something

2. Put 100K into a 400K property with 25% down. Lets assume your NOI is zero just to keep things simple and 3% RE appreciation. After yr 1 its worth 412K, yr 2 424K, Yr 3 437K, Yr 4 450K. Assume you sell and there is no closing cost. I know this is not realistic but I think this balances out my zero NOI. If you are going to do RE investment, your NOI should be positive. I have never bought a RE property and be negative ROI.

I forgot to add that in the 4 yrs of RE ownership, I am paying down my mortgage too with the income.

You sell the home and your 100K investment is now worth 150K. You can do a 1031 exchange and rinse/repeat avoiding taxes.

Once you get enough rentals and it starts to become a business, I have 8, then there are so much deductions. Take a trip to Florida, spend a few hrs a day driving looking at home, write off the trip. Buy a car, write that off as business expense. Once you get deeper into RE, there are more write offs

I 100% agree with ur points. It’s just getting started and the pitfalls. Duplex is the way to go when starting out. Than expand from there.

There is no magic formula. Just play the long game. Some renters may not pay (hint don’t try to rent in blue states where it’s hard to evict can literally take 6 months and u lose so much rental income)

 

[MirrorTodd]

Or higher an American!!!

lol was that intentional?

 

[makemoney2024]

lol was that intentional?

Nah. I was probably typing in a hurry and not paying attention but clearly my mind knew what it was doing. 😂😂

 

[pgg]

There's a lot negative to say about Trump, but putting him on Biden's level of cognitive decline is just dishonest.

“You go back 10 years, I mean Israel was protected by Congress. And now, Congress is just doing numbers that are unbelievable with I think a very, very small group of people within Congress and it’s gotta stop. But we have to go back to the roots. We have to protect, we have to stop the antisemitism that’s just pervading our country right now and Biden has to do something.”

 

[anonperson]

CPI Inflation Calculator

CPI calculator.
$1000 in 2016 has the same buying power as $1089 in 2020.

$1000 in 2020 has the same buying power as $1210 in 2024.

20% loss in purchasing power. Remind me again why this is a me problem. Oh wait, TVs are cheaper so it's all good.

I don't see any deflation happening at this point.

 

[We'llBeDoneIn15Minutes]

“You go back 10 years, I mean Israel was protected by Congress. And now, Congress is just doing numbers that are unbelievable with I think a very, very small group of people within Congress and it’s gotta stop. But we have to go back to the roots. We have to protect, we have to stop the antisemitism that’s just pervading our country right now and Biden has to do something.”

Overall sounds fairly accurate when you figure out what's he trying to say. I'm not sure if you're referring to the rambling unorganized nature of the quote, but that's just how he speaks. Whether you want to label that dumb, uneducated and/or incoherent, I don't see anything that it a decline from his previous ramblings. Joey Mumbles on the other hand.... good God is there an obvious decline listening to him struggle to speak.

 

[MirrorTodd]

Overall sounds fairly accurate when you figure out what's he trying to say. I'm not sure if you're referring to the rambling unorganized nature of the quote, but that's just how he speaks. Whether you want to label that dumb, uneducated and/or incoherent, I don't see anything that it a decline from his previous ramblings. Joey Mumbles on the other hand.... good God is there an obvious decline listening to him struggle to speak.

Are you aware of the term "cognitive bias"? Asking for a friend.

 

[We'llBeDoneIn15Minutes]

Are you aware of the term "cognitive bias"? Asking for a friend.

Have your friend directly message me. I don't like this party conversations. Too much gets lost in the messaging.

 

[We'llBeDoneIn15Minutes]

Overall sounds fairly accurate when you figure out what's he trying to say. I'm not sure if you're referring to the rambling unorganized nature of the quote, but that's just how he speaks. Whether you want to label that dumb, uneducated and/or incoherent, I don't see anything that it a decline from his previous ramblings. Joey Mumbles on the other hand.... good God is there an obvious decline listening to him struggle to speak.

Personally I think the Always after me Lucky Charms version of the Battle of Gettysburg was more comical/ludicrous.

'Never fight uphill, me boys, never fight uphill.' They were fighting uphill, he said, 'Wow, that was a big mistake,' he lost his great general. 'Never fight uphill, me boys,' but it was too late," Trump added.

 

[pgg]

Overall sounds fairly accurate when you figure out what's he trying to say. I'm not sure if you're referring to the rambling unorganized nature of the quote, but that's just how he speaks. Whether you want to label that dumb, uneducated and/or incoherent, I don't see anything that it a decline from his previous ramblings. Joey Mumbles on the other hand.... good God is there an obvious decline listening to him struggle to speak.

That's precisely it though - he didn't used to be so incoherent.

He's always been a turd, but he wasn't like this when he was campaigning in 2016. I can't believe you don't see the difference.


Even if one was to grant the ridiculous notion that Biden and Trump are comparably demented, the mere fact that Biden surrounds himself with competent people (who I disagree with on many subjects - don't get me wrong), while Trump surrounds himself with sycophantic incompetent yes-men, should be all you need to decide who is less likely to **** up the country and the world over the next 4 years.

How many chiefs of staff did this "genius" leader go through? How many people in his administration resigned or quit or were fired? If he's such a great leader and businessman, how is he so amazingly bad when it comes to hiring and appointing people?

The only non-screwups he appointed during his term (who didn't resign in protest after giving it a shot) were the judges, and that's only because he let the Federalist Society pick them. That is literally the only thing he delegated to competent people.

 

[pgg]

Personally I think the Always after me Lucky Charms version of the Battle of Gettysburg was more comical/ludicrous.

It's not funny when you say you want him to be the next president anyway.

He's ignorant and incoherent. Not to mention, a genuinely awful human being.

"B-b-b-b-b-b-but Biden" is a weak diversion.

 

[Splenda88]

CPI Inflation Calculator

CPI calculator.
$1000 in 2016 has the same buying power as $1089 in 2020.

$1000 in 2020 has the same buying power as $1210 in 2024.

20% loss in purchasing power. Remind me again why this is a me problem. Oh wait, TVs are cheaper so it's all good.

I don't see any deflation happening at this point.

Would it be the same if you had purchased your home before 2020?

 

[We'llBeDoneIn15Minutes]

It's not funny when you say you want him to be the next president anyway.

He's ignorant and incoherent. Not to mention, a genuinely awful human being.

"B-b-b-b-b-b-but Biden" is a weak diversion.

But but but... Biden IS exponentially worse

 

[Splenda88]

But but but... Biden IS exponentially worse

You truly think as human beings Biden is worse than Trump...

 

[pgg]

But but but... Biden IS exponentially worse

It's telling that you evaded comment on my comparison of the Biden vs Trump administration, and actually just replied with a one liner b-b-b-Biden b-b-bad.

 

[We'llBeDoneIn15Minutes]

all you need to decide who is less likely to **** up the country and the world over the next 4 years.

I've seen each for 4 years. I know which one has and will f*** up the country worse.

The left, some of which is Biden directly, some not, has given us pro-Hamas antisemitism campus uprisings (but but... I thought Trump was the Hitler? lol), BLM riots, diversity over merit, men I'm supposed to refer to as women, wide open borders, brilliant pro crime policies such as no cash bail and defunded police, buddy buddy policies with Iran that sure is aging well... I'm sure there are a good dozen more. Those are off the top of my head with digging into which I honestly don't care to do. I've seen enough. Both are completely financially irresponsible so I won't tag Biden/left as solely responsible for runway inflation.

I get it, you hate Trump. But it's preventing you from being honest about the two. Biden is gone. Cornpop gave him CTE and then canibals finished the job. All the excuses in the world can't hide the fact that Joey Mumbles won't take a cognitive test is because Joey Mumbles won't pass a cognitive test.

Come on, say it with me:
Trump, 4 More Years, PAUSE!
Trump, 4 More Years, PAUSE!
Trump, 4 More Years, PAUSE!

 

[We'llBeDoneIn15Minutes]

You truly think as human beings Biden is worse than Trump...

They both give each other a good run for their money. They both are despicable in many ways. Neither one wins a character contest, but one is clearly more demented with much worse policies and direction for the country. I'll vote for the guy that was better for the country... (probably, unless I sit it out entirely)

 

[We'llBeDoneIn15Minutes]

all you need to decide who is less likely to **** up the country and the world over the next 4 years.

While I'm at it, through in my disgust for obvious partisan justice, or should we still pretend 20 shell companies were on the up and up, yet paying that wh*** off deserved 34 indictments.

As well as add the media that refuses to report the sides objectively. If anybody was surprised by what the NPR editor had to say about their political tactics then one has really had their head in the sand.

I want this administration gone.

 

[Splenda88]

They both give each other a good run for their money. They both are despicable in many ways. Neither one wins a character contest, but one is clearly more demented with much worse policies and direction for the country. I'll vote for the guy that was better for the country... (probably, unless I sit it out entirely)

Come on. You don't truly believe that.

It's ok to prefer Trump's policies over Biden's, and think Biden policies are destructive but as human beings these two are not even close

What are the character flaws of Biden?

 

[We'llBeDoneIn15Minutes]

Come on. You don't truly believe that.

It's ok to prefer Trump's policies over Biden's, and think Biden policies are destructive but as human beings these two are not even close

What are the character flaws of Biden?

I don't mean to sound condescending, but if someone starts in disbelief with what are Biden's character flaws, it just isn't worth a follow-up. It's as ridiculous as me saying where could you possibly find fault in Trump's character?

 

[Splenda88]

I don't mean to sound condescending, but if someone starts in disbelief with what are Biden's character flaws, it just isn't worth a follow-up. It's as ridiculous as me saying where could you possibly find fault in Trump's character?

You name the ones that you think that are worse than Trump.

Again, it's ok to prefer Trump's policies over Binden's

Just like I would say to dems it ok to prefer Biden's policies over Trump's

But it's indisputable that Biden is more cognitively impaired than Trump.

 

[aneftp]

If someone can’t live off 200-250k per year post tax income x 25 years (5 million) they got bigger issues even if their home isn’t paid off.
3-4k luxury apt rent equals 40-48k rents a year in 90% of USA cities. Maybe cheaper in 50% of the USA.

Healthcare 30k a year (till Medicare age)

That’s 70-80k. You still have 130-170k cash to spend. More than 10k a month in spending. Again assuming kids out of the house.

 

[finalpsychyear]

Getting back on track for this thread.

What percent of your gross income do you guys spend a month on expenses not counting anything savings related?

I just did the math I'm at 16-17% counting cars, rental house payment, all credit cards. No kids now but will have in 12 months.

 

[rowsdower88]

Getting back on track for this thread.

What percent of your gross income do you guys spend a month on expenses not counting anything savings related?

I just did the math I'm at 16-17% counting cars, rental house payment, all credit cards. No kids now but will have in 12 months.

15-30% by month, maybe 25% over the course of the year. 1 kid.

 

[abolt18]

Getting back on track for this thread.

What percent of your gross income do you guys spend a month on expenses not counting anything savings related?

I just did the math I'm at 16-17% counting cars, rental house payment, all credit cards. No kids now but will have in 12 months.

Married, 3 kids, wife stays home with them, based on our budget, our spending is 25-30% of gross income.

 

[BLADEMDA]

Getting back on track for this thread.

What percent of your gross income do you guys spend a month on expenses not counting anything savings related?

I just did the math I'm at 16-17% counting cars, rental house payment, all credit cards. No kids now but will have in 12 months.

I think percentage based on income after taxes is a better reflection of spending. 40% of your income on expenses after all taxes removed better reflects what you have left over to invest/save. Retirement plans while working also are relevant so it’s important to look at % expenses after taxes/retirement as well. For some, that’s 60-70% of income.

 

[DocMcCoy]

Man, congrats to you all. With mortgage, loans, bills, kids, it’s challenging to keep spending under 50% sometimes.

 

[finalpsychyear]

I think percentage based on income after taxes is a better reflection of spending. 40% of your income on expenses after all taxes removed better reflects what you have left over to invest/save. Retirement plans while working also are relevant so it’s important to look at % expenses after taxes/retirement as well. For some, that’s 60-70% of income.

Ok yes your post tax idea is better i was just too lazy to calculate it since i dont have a set paycheck.

So my expenses are roughly 24% of my post tax monthly income on avg. Maybe 30% come Nov/dec holiday time of the year.

 

[partydoc]

Ok yes your post tax idea is better i was just too lazy to calculate it since i dont have a set paycheck.

So my expenses are roughly 24% of my post tax monthly income on avg. Maybe 30% come Nov/dec holiday time of the year.

Im sitting at about 40%

 

[sloh]

Getting back on track for this thread.

What percent of your gross income do you guys spend a month on expenses not counting anything savings related?

I just did the math I'm at 16-17% counting cars, rental house payment, all credit cards. No kids now but will have in 12 months.

About 11%

 

[We'llBeDoneIn15Minutes]

You name the ones that you think that are worse than Trump.

Again, it's ok to prefer Trump's policies over Binden's

Just like I would say to dems it ok to prefer Biden's policies over Trump's

But it's indisputable that Biden is more cognitively impaired than Trump.

I said they both have flaws, so I'm not looking to split hairs which is worse.
(as I get sucked down this rabbit hole again. but briefly to not get the board off track).
Both are pathologically liars. We all have known people that blatantly and consciously lie about us to degrade our character, and we never have anything to do with them again.

To repeatedly say Trump promises a (violent unrest) "bloodbath" if he loses is such a POS move when he knows (maybe he doesn't, he's braindead, but his handlers know) that Trump was referring to the economy and stock market.

To repeatedly say Trump promises to be a "dictator" if he wins is such a POS move when he knows (maybe he doesn't, he's braindead, but his handlers know) that Trump was referring to signing a bunch of executive orders that doesn't require Congress as being a dictator just for Day 1.

Character was John McCain (wasn't a fan of him either to be President) telling the crowd Obama is a decent man when their criticisms went personal and beyond political. That's not Biden. He'd rather just lie and slander.

Character is not having 20 shell companies, talking in millions from our enemies, and lying to the people regarding everything about it while having the media cover for him and Crackhead.

Character is not a history of racist comments, perverted actions, and constant lying going back decades. You can say you prefer him over Trump, but the character of Biden's son did not in any way fall far from that tree.

To bring this full circle I believe Hunter this coming February will have a very strong net worth as he turns 55. See, this really wasn't that far off topic.

 

[MirrorTodd]

Man I am trying hard to not get into the political aspect of this thread, but for those whole are full Trumpers, please realize that this is who you are aligning with...and yes, this is real.

 

[rowsdower88]

I said they both have flaws, so I'm not looking to split hairs which is worse.
(as I get sucked down this rabbit hole again. but briefly to not get the board off track).
Both are pathologically liars. We all have known people that blatantly and consciously lie about us to degrade our character, and we never have anything to do with them again.

To repeatedly say Trump promises a (violent unrest) "bloodbath" if he loses is such a POS move when he knows (maybe he doesn't, he's braindead, but his handlers know) that Trump was referring to the economy and stock market.

To repeatedly say Trump promises to be a "dictator" if he wins is such a POS move when he knows (maybe he doesn't, he's braindead, but his handlers know) that Trump was referring to signing a bunch of executive orders that doesn't require Congress as being a dictator just for Day 1.

Character was John McCain (wasn't a fan of him either to be President) telling the crowd Obama is a decent man when their criticisms went personal and beyond political. That's not Biden. He'd rather just lie and slander.

Character is not having 20 shell companies, talking in millions from our enemies, and lying to the people regarding everything about it while having the media cover for him and Crackhead.

Character is not a history of racist comments, perverted actions, and constant lying going back decades. You can say you prefer him over Trump, but the character of Biden's son did not in any way fall far from that tree.

To bring this full circle I believe Hunter this coming February will have a very strong net worth as he turns 55. See, this really wasn't that far off topic.

What do you think he meant when he said undocumented immigrants were "poisoning the blood of the nation"?

I think Trump has, on multiple occasions, opined on the strong likelihood of violence should he not be elected. So while I agree with you that the bloodbath and dictator comments can be explained to some extent if we extend a good amount of charitability; it isn't clear at all to me that he wouldn't be sitting at a desk after losing another election refusing to call down his mob if he loses... again.

 

[We'llBeDoneIn15Minutes]

Man I am trying hard to not get into the political aspect of this thread, but for those whole are full Trumpers, please realize that this is who you are aligning with...and yes, this is real.

That's it. That lady in the hat has done it. I'm voting with the AOC Pro-Hamas crowd.
Biden 24!!!!

 

[finalpsychyear]

Im sitting at about 40%

How many years you got left in the tank? Im saving a bit more due to more work as id like to be in a position to walk by 2030 and be mid 40s when i do.

 

[finalpsychyear]

About 11%

Great job. When i was single i only spent 4-5k/mo. Thats likely not possible since your in a hcol area u almost have to break 10k+ min/mo so even more impressive.

 

[sloh]

Great job. When i was single i only spent 4-5k/mo. Thats likely not possible since your in a hcol area u almost have to break 10k+ min/mo so even more impressive.

Thanks, yeah earnings are very high. Will be buying a 3 M house within the next year in the OC (Irvine) and likely having kids within 2 years, so will be spending considerably more per month. Hoping to hit 2M NW soon, then 3M before that burden of "I need to keep hustling hard" comes down a bit.

 

[partydoc]

How many years you got left in the tank? Im saving a bit more due to more work as id like to be in a position to walk by 2030 and be mid 40s when i do.

Im late 30s so I guess I got a while to go. I’d like to hit 6m then go to part time

 

[BLADEMDA]

Any of you young people, under 40, using budget software? There are so many companies out there for budget apps. I encourage my kids to start using them early in their careers to see how much they spend and what the money is spent on. I am curious as to what you all are using to track expenses.



Watch from 1 minute to 2 minutes. This video is too long

 

[abolt18]

Any of you young people, under 40, using budget software? There are so many companies out there for budget apps. I encourage my kids to start using them early in their careers to see how much they spend and what the money is spent on. I am curious as to what you all are using to track expenses.



Watch from 1 minute to 2 minutes. This video is too long

Been using YNAB for years. Started using it early in residency I believe.

 

[rick roller pump]

Any of you young people, under 40, using budget software? There are so many companies out there for budget apps. I encourage my kids to start using them early in their careers to see how much they spend and what the money is spent on. I am curious as to what you all are using to track expenses.



Watch from 1 minute to 2 minutes. This video is too long

I used to use Mint. That went away so now I use quicken simplifi and I like it about the same as mint. I don't budget though, never saw the point. I used it to track transactions, cash allocation, and net worth.

 

[teacher2md]

How do so many posters here have $250k in IRAs at 30yo??

Parents’ contributions?

 

[triggermaster]

How do so many posters here have $250k in IRAs at 30yo??

Parents’ contributions?

Rollover? SEP IRA?

 

[BLADEMDA]

How do so many posters here have $250k in IRAs at 30yo??

Parents’ contributions?

Age 30 would be impressive as most are still in residency or fresh out. So, I assume that money is from a side hustle, bitcoin, nvidia stock or most likely a gift from parents.

 

[emergentmd]

% saved doesn't tell me as much as amount saved a year.

Someone making 300K spending 25% is not doing as well as someone making 600K spending 50%.

 

[BLADEMDA]

What would you all recommend for a Resident in terms of budget apps? Do you find the app you used in Residency to be adequate as an Attending?
Are you surprised at what things cost in 2024? I know I can't believe my budget these days and I don't have a mortgage or a car payment. My eating out costs seem much higher, my food bill is higher, and insurance costs are way up.