MedSaver's Journal

Where are you and where are you going?
MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

DutchGirl wrote:
Fri Sep 30, 2022 10:43 am
Progress once again! Albeit slow.
Indeed. Very slow...

MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

Nov 2022 Update

Assets:

IRA/Brokerage/403b/457/cash: $2,382,539
Estimated Home Worth: $1,150,000

Liabilities:
Mortgage: $685,010@ 2.75% fixed

Net:$2,847,529

MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

Annual Update

MedSaver gross W2 income 2022: $717,850 (2021: $977,769), down 26%.
Net income 2022: $390,011 (2021: $499,775), down 22%.
Monthly net: $32,500

Mrs. MedSaver gross W2 income 2022: $180,932 (2021: $169,696), up 7%.
Net income 2022: $25,980 (2021: $22,153), up 17%.
Monthly net: $2,165

Inheritance: $100,000

Tax Refund: $7,710

As expected, my income dropped in line to something resembling "normal". Due to a variety of factors related to my business, my income will probably drop significantly for 2023, but then rise back in 2024. Our expenses for 2022 were massive, largely in part to home improvements, some of which were necessary and some are just nice to have. We also bought a new car. Total home improvement costs: $214,000. New Car: $74,000

Spending breakdown (monthly):
Food: $1700 (No change)
Mortgage: $4300 (up from $4200 due to change in taxes)
Insurance: $800 (No change)
Utilities: $240 (up from $200)
Gas: $570 (previously $380)
Internet: $85 (no change)
Cleaning service: $320 (No change)
Cell phone: $125 (No change)
Travel: $3950 (previously $2000) - traveled a lot, prepaid for some trips for 2023
Other: $8100 (previously $9500)

Total monthly recurring expenses 2022: $21,190 (previously $19,310)

December 2021:

Assets:
IRA/Brokerage/403b/457/cash: $2,253,091 (Jan 2022 $2,452,091 )
Estimated Home Worth: $1,150,000

Mortgage: Mortgage: $683,669 (2021: $699,530) @ 2.75% fixed

Net Assets: $2,403,091(Jan 2022 $2,865,561 ), which is -$38,539/month (previously +$89,952/month)

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Alice_AU
Posts: 136
Joined: Fri Aug 09, 2019 2:42 am
Location: Sydney Australia

Re: MedSaver's Journal

Post by Alice_AU »

Hi!
Just out of curiosity - you're not including value of the new car into your Assets?
(I don't bother myself, but my car is like $6K not $74K haha)

thedollar
Posts: 257
Joined: Tue Feb 21, 2017 4:07 am

Re: MedSaver's Journal

Post by thedollar »

The figures are amazing... and unlike anything else on this board.

Spend a little less and you could likely ERE today. No point though if you enjoy your work and lifestyle.

MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

Jan 2023 Update

Assets:

IRA/Brokerage/403b/457/cash: $2,401,682
Estimated Home Worth: $1,150,000

Liabilities:
Mortgage: $682,329@ 2.75% fixed

Net:$2,869,353

MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

Alice_AU wrote:
Thu Jan 05, 2023 4:31 am
Hi!
Just out of curiosity - you're not including value of the new car into your Assets?
(I don't bother myself, but my car is like $6K not $74K haha)
I guess I could, but I just don't like to list depreciating assets.

MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

thedollar wrote:
Sat Jan 14, 2023 1:43 pm
The figures are amazing... and unlike anything else on this board.

Spend a little less and you could likely ERE today. No point though if you enjoy your work and lifestyle.
We could probably pull off ERE right now. The biggest sticking point is healthcare though, ironically enough. Figuring out how much we need to fund insurance until medicare kicks in is a black box.

That being said, I will be working a few weeks less this year and I have a plan for a glide path to about .5 FTE (1 week on, 1 week off) in about 4 years if I want, which would come out to about $360k per year - more than enough to live off of and then some. I could probably do that indefinitely as my job is not physically taxing.

MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

Feb 2023 Update

Assets:

IRA/Brokerage/403b/457/cash: $2,376,824
Estimated Home Worth: $1,150,000

Liabilities:
Mortgage: $681,000 @ 2.75% fixed

Net:$2,845,824

MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

March 2023 Update

Assets:

IRA/Brokerage/403b/457/cash: $2,448,975
Estimated Home Worth: $1,150,000

Liabilities:
Mortgage: $679,635 @ 2.75% fixed

Net:$2,919,340

I think this is a record high, which is a little weird given the current state of the economy/stock markets.

DutchGirl
Posts: 1646
Joined: Tue Sep 06, 2011 1:49 pm
Location: The Netherlands

Re: MedSaver's Journal

Post by DutchGirl »

MedSaver wrote:
Mon Apr 03, 2023 9:03 pm
I think this is a record high, which is a little weird given the current state of the economy/stock markets.
Well yeah, but you've got a big shovel, that helps.

It is the biggest number you've posted here :-) . Well done & congrats.

MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

April 2023 Update

Assets:

IRA/Brokerage/403b/457/cash: $2,473,509
Estimated Home Worth: $1,150,000

Liabilities:
Mortgage: $678,335 @ 2.75% fixed

Net:$2,945,174

DutchGirl
Posts: 1646
Joined: Tue Sep 06, 2011 1:49 pm
Location: The Netherlands

Re: MedSaver's Journal

Post by DutchGirl »

You're getting really close to the 3M. Nice. Any ideas on how to celebrate and mark the occasion?

MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

May 2023 Update

Assets:

IRA/Brokerage/403b/457/cash: $2,467,935
Estimated Home Worth: $1,150,000

Liabilities:
Mortgage: $676,984 @ 2.75% fixed

Net:$2,940,951

lillo9546
Posts: 136
Joined: Sun May 22, 2022 12:17 pm
Location: Italy

Re: MedSaver's Journal

Post by lillo9546 »

MedSaver wrote:
Thu Jun 01, 2023 12:46 am
May 2023 Update
Hi there! Very well done!
It would be nice to know if you've followed a careen in medicine for the high pay, or if you chose a particular occupation, over another one, for the high pay

DutchGirl
Posts: 1646
Joined: Tue Sep 06, 2011 1:49 pm
Location: The Netherlands

Re: MedSaver's Journal

Post by DutchGirl »

Ah man, I had thought May would be the month where you'd pass the big 3M. But not. Okay, maybe next month...

MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

DutchGirl wrote:
Thu May 04, 2023 12:45 am
You're getting really close to the 3M. Nice. Any ideas on how to celebrate and mark the occasion?
Actually, we hadn't thought about it until you brought it up. We decided we are going to get sushi and have a date night in a few weeks.

MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

lillo9546 wrote:
Thu Jun 01, 2023 4:41 am
Hi there! Very well done!
It would be nice to know if you've followed a careen in medicine for the high pay, or if you chose a particular occupation, over another one, for the high pay
Hi. Thanks for your interest.

I had a few other jobs in high school, college and just after college in areas that I thought might have been good fits, but were definitely not. I was part of a field research team in high school which was science focused and allowed me to work a lot in the wilderness, which was fun. However, there was a component of manual labor which definitely sucked. In college, I got a taste of what being a PhD or post doc in hard science with teaching responsibilities would be like and again, I liked the teaching part, but the benchwork sucked. And after college I worked in a private lab and that all around was a terrible fit for my personality. That being said, I'm grateful for each of those experiences because I learned what i didn't like at a relatively young age.

I took a leap of faith in medicine and it has mostly worked out, but I do not recommend this path for those only looking for money; it takes too long, is too uncertain and is too stressful if you don't like doing it. I am also in a niche practice in a niche specialty that happens to pay way more than the average doctor, so my financial situation is pretty unusual even among doctors. College, med school, and residency have all gotten so competitive I doubt I would be able to replicate everything if I were to try it again.

lillo9546
Posts: 136
Joined: Sun May 22, 2022 12:17 pm
Location: Italy

Re: MedSaver's Journal

Post by lillo9546 »

MedSaver wrote:
Fri Jun 02, 2023 12:07 am
Hi. Thanks for your interest.

I had a few other jobs in high school, college and just after college in areas that I thought might have been good fits, but were definitely not. I was part of a field research team in high school which was science focused and allowed me to work a lot in the wilderness, which was fun. However, there was a component of manual labor which definitely sucked. In college, I got a taste of what being a PhD or post doc in hard science with teaching responsibilities would be like and again, I liked the teaching part, but the benchwork sucked. And after college I worked in a private lab and that all around was a terrible fit for my personality. That being said, I'm grateful for each of those experiences because I learned what i didn't like at a relatively young age.

I took a leap of faith in medicine and it has mostly worked out, but I do not recommend this path for those only looking for money; it takes too long, is too uncertain and is too stressful if you don't like doing it. I am also in a niche practice in a niche specialty that happens to pay way more than the average doctor, so my financial situation is pretty unusual even among doctors. College, med school, and residency have all gotten so competitive I doubt I would be able to replicate everything if I were to try it again.
Thanks for explaining your story!
Experiences are very important for us. This can confirm.

What's your advice from your POV, to someone who'd like to FIRE, or just live FI, and it's thinking about swapping career, or just start a career that never started?

MedSaver
Posts: 153
Joined: Tue Nov 24, 2015 1:04 am

Re: MedSaver's Journal

Post by MedSaver »

June 2023 Update

Assets:

IRA/Brokerage/403b/457/cash: $2,621,157
Estimated Home Worth: $1,150,000

Liabilities:
Mortgage: $675,630 @ 2.75% fixed

Net: $3,095,527

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