I'd say to switch as few times as possible and as early as possible, if you want FI. Obviously, the more invested you are in a career path, the harder it is to switch. For example, very few doctors end up switching into completely different careers because they have committed serious time, money and effort. I know a few who did and don't regret it, but you need to hate your current job/career path very much AND be passionate about something different. One med student I know ended up dropping out because his family is extremely wealthy and the effort just wasn't worth it in the end.
MedSaver's Journal
Re: MedSaver's Journal
Re: MedSaver's Journal
Yeah, you crossed the $3M line... and immediately by a big margin, ha ha. Congrats, and well done!
Re: MedSaver's Journal
July 2023 Update
Assets:
IRA/Brokerage/403b/457/cash: $2,735,775
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $674,330 @ 2.75% fixed
Net: $3,211,445
Assets:
IRA/Brokerage/403b/457/cash: $2,735,775
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $674,330 @ 2.75% fixed
Net: $3,211,445
Re: MedSaver's Journal
Vreeeeoooommmm. Wait, what is that in the rear view mirror? Is that your target $3M? Yup, it is.
It is true, the first $1 million is the hardest. If you don't add another cent and just let this $3M (and cents) do its job in peace, it will probably be $4M by 2028, $5M by 2030 and $11M in 20 years.
Congrats and well done!
It is true, the first $1 million is the hardest. If you don't add another cent and just let this $3M (and cents) do its job in peace, it will probably be $4M by 2028, $5M by 2030 and $11M in 20 years.
Congrats and well done!
Re: MedSaver's Journal
August 2023 Update
Assets:
IRA/Brokerage/403b/457/cash: $2,700,751
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $673,030 @ 2.75% fixed
Net: $3,177,721
Assets:
IRA/Brokerage/403b/457/cash: $2,700,751
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $673,030 @ 2.75% fixed
Net: $3,177,721
Re: MedSaver's Journal
Thanks. We plan to spend it before it gets to $11 million though.DutchGirl wrote: ↑Wed Aug 02, 2023 12:48 amVreeeeoooommmm. Wait, what is that in the rear view mirror? Is that your target $3M? Yup, it is.
It is true, the first $1 million is the hardest. If you don't add another cent and just let this $3M (and cents) do its job in peace, it will probably be $4M by 2028, $5M by 2030 and $11M in 20 years.
Congrats and well done!
Re: MedSaver's Journal
Sept 2023 Update
Assets:
IRA/Brokerage/403b/457/cash: $2,633,207
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $671,730 @ 2.75% fixed
Net: $3,111,477
Assets:
IRA/Brokerage/403b/457/cash: $2,633,207
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $671,730 @ 2.75% fixed
Net: $3,111,477
Re: MedSaver's Journal
Oct 2023 Update
Assets:
IRA/Brokerage/403b/457/cash: $2,603,908
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $670,430 @ 2.75% fixed
Net: $3,083,478
Assets:
IRA/Brokerage/403b/457/cash: $2,603,908
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $670,430 @ 2.75% fixed
Net: $3,083,478
Re: MedSaver's Journal
Ah, your investments also went slightly down in value.
I had updated my investment valuations on Oct 25 or so, all looking good, and then on Oct 30 or so things took a small nosedive. So yeah, I also ended the month with red numbers compared to the month before. Oh well, it happens.
I had updated my investment valuations on Oct 25 or so, all looking good, and then on Oct 30 or so things took a small nosedive. So yeah, I also ended the month with red numbers compared to the month before. Oh well, it happens.
Re: MedSaver's Journal
Nov 2023 Update
Assets:
IRA/Brokerage/403b/457/cash: $2,802,440
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $669,100 @ 2.75% fixed
Net: $3,283,340
Assets:
IRA/Brokerage/403b/457/cash: $2,802,440
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $669,100 @ 2.75% fixed
Net: $3,283,340
Re: MedSaver's Journal
Yes. We are at the point where market swings are usually much greater than our salaries and/or spending any given month.DutchGirl wrote: ↑Thu Nov 02, 2023 7:05 amAh, your investments also went slightly down in value.
I had updated my investment valuations on Oct 25 or so, all looking good, and then on Oct 30 or so things took a small nosedive. So yeah, I also ended the month with red numbers compared to the month before. Oh well, it happens.
Re: MedSaver's Journal
Annual Update
INCOME:
MedSaver gross W2 income 2023: $686,000 (2022: $717,850 ), down 4%. Not down as much as expected for reasons I can’t get into. Nevertheless, the previously described income drop may occur in 2024 or 2025.
Net income 2023: $350,485 (2022: $390,011), down 10%. I may have over estimated deductions to compensate for wife's raise, but that’s fine. I’ll just get a return.
Monthly net: $29,207
Mrs. MedSaver gross W2 income 2023: $196,665 (2022: $180,932), up/down 9%.
Net income 2023: $28,514 (2022: $25,980), up 10%.
Monthly net: $2,376
Tax Refund (prior year): $8500
Retirement/Deferred comp/Pension/Dividends/Interest Income Not Already Specified: ~$209,000. This is a new line item I have included for this year, but it is very difficult to actually calculate given all the accounts at play.
Total gross annual earned income: $882,665
Total net income: $595,499
EXPENDITURES:
Spending breakdown (monthly):
Food (groceries+restaurants): $1800 (Up from $1700)
Mortgage (principal/interest/insurance): $4400 (up from $4300 due to change in taxes and homeowners insurance)
Other Insurance: $950 (Up from $800 due to new car)
Utilities: $270 (up from $240)
Gas: $150 (previously $570) - we expected some savings from the new EV, but this is crazy
Internet: $85 (no change)
Cleaning service: $360 (Up from $320)
Cell phone: $125 (No change)
Travel: $3000 (previously $3950) - traveled a lot, prepaid for some trips for 2023
Other: $6800 (previously $8100)
Total monthly recurring expenses 2023: $17,870 (previously $21,190)
Total annual expenses: $212,500. This is much less than last year, mainly because we have finished all the major improvements needed for the new home. I expect that this is close to our new baseline.
ASSETS:
IRA/Brokerage/403b/457/cash: $3,124,863 (Jan 2023 $2,253,091)
Estimated Home Worth: $1,150,000
Mortgage: Mortgage: $682,370 (2021: $683,669) @ 2.75% fixed
Total Net Worth: $3,592,493. (Jan 2023 $2,403,091), which is +$99,117/month (previously -$38,539/month)
INCOME:
MedSaver gross W2 income 2023: $686,000 (2022: $717,850 ), down 4%. Not down as much as expected for reasons I can’t get into. Nevertheless, the previously described income drop may occur in 2024 or 2025.
Net income 2023: $350,485 (2022: $390,011), down 10%. I may have over estimated deductions to compensate for wife's raise, but that’s fine. I’ll just get a return.
Monthly net: $29,207
Mrs. MedSaver gross W2 income 2023: $196,665 (2022: $180,932), up/down 9%.
Net income 2023: $28,514 (2022: $25,980), up 10%.
Monthly net: $2,376
Tax Refund (prior year): $8500
Retirement/Deferred comp/Pension/Dividends/Interest Income Not Already Specified: ~$209,000. This is a new line item I have included for this year, but it is very difficult to actually calculate given all the accounts at play.
Total gross annual earned income: $882,665
Total net income: $595,499
EXPENDITURES:
Spending breakdown (monthly):
Food (groceries+restaurants): $1800 (Up from $1700)
Mortgage (principal/interest/insurance): $4400 (up from $4300 due to change in taxes and homeowners insurance)
Other Insurance: $950 (Up from $800 due to new car)
Utilities: $270 (up from $240)
Gas: $150 (previously $570) - we expected some savings from the new EV, but this is crazy
Internet: $85 (no change)
Cleaning service: $360 (Up from $320)
Cell phone: $125 (No change)
Travel: $3000 (previously $3950) - traveled a lot, prepaid for some trips for 2023
Other: $6800 (previously $8100)
Total monthly recurring expenses 2023: $17,870 (previously $21,190)
Total annual expenses: $212,500. This is much less than last year, mainly because we have finished all the major improvements needed for the new home. I expect that this is close to our new baseline.
ASSETS:
IRA/Brokerage/403b/457/cash: $3,124,863 (Jan 2023 $2,253,091)
Estimated Home Worth: $1,150,000
Mortgage: Mortgage: $682,370 (2021: $683,669) @ 2.75% fixed
Total Net Worth: $3,592,493. (Jan 2023 $2,403,091), which is +$99,117/month (previously -$38,539/month)
Re: MedSaver's Journal
Jan 2024 Update
Assets:
IRA/Brokerage/403b/457/cash: $3,216,087
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $667,800 @ 2.75% fixed
Net: $3,698,287
Assets:
IRA/Brokerage/403b/457/cash: $3,216,087
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $667,800 @ 2.75% fixed
Net: $3,698,287
Re: MedSaver's Journal
Feb 2024 Update
Assets:
IRA/Brokerage/403b/457/cash: $3,349,249
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $664,686 @ 2.75% fixed
Net: $3,834,563
Assets:
IRA/Brokerage/403b/457/cash: $3,349,249
Estimated Home Worth: $1,150,000
Liabilities:
Mortgage: $664,686 @ 2.75% fixed
Net: $3,834,563
Re: MedSaver's Journal
You're going as a rocket, + 989K in 12 months!
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Re: MedSaver's Journal
Thanks for posting so consistently, and congrats on nearing $4mil!
Not that reducing this line item matters financially at your income level, but I am intensely curious how two people manage to spend $1800/month on food. Is there some waste reduction that could happen here?
Not that reducing this line item matters financially at your income level, but I am intensely curious how two people manage to spend $1800/month on food. Is there some waste reduction that could happen here?
Re: MedSaver's Journal
March 2024 Update
Assets:
IRA/Brokerage/403b/457/cash: $3,434,825
Estimated Home Worth: $1,200,000 (very similar comp recently sold)
Liabilities:
Mortgage: $663,386 @ 2.75% fixed
Net: $3,971,439
Assets:
IRA/Brokerage/403b/457/cash: $3,434,825
Estimated Home Worth: $1,200,000 (very similar comp recently sold)
Liabilities:
Mortgage: $663,386 @ 2.75% fixed
Net: $3,971,439