Indeed. Very slow...
MedSaver's Journal
Re: MedSaver's Journal
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
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
Re: MedSaver's Journal
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)
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)
Re: MedSaver's Journal
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)
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)
Re: MedSaver's Journal
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.
Spend a little less and you could likely ERE today. No point though if you enjoy your work and lifestyle.
Re: MedSaver's Journal
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
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
Re: MedSaver's Journal
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.
Re: MedSaver's Journal
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
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
Re: MedSaver's Journal
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.
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.
Re: MedSaver's Journal
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
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
Re: MedSaver's Journal
You're getting really close to the 3M. Nice. Any ideas on how to celebrate and mark the occasion?
Re: MedSaver's Journal
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
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
Re: MedSaver's Journal
Ah man, I had thought May would be the month where you'd pass the big 3M. But not. Okay, maybe next month...
Re: MedSaver's Journal
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.
Re: MedSaver's Journal
Thanks for explaining your story!MedSaver wrote: ↑Fri Jun 02, 2023 12:07 amHi. 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.
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?
Re: MedSaver's Journal
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
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