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Originally posted by Jon Miller
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I showed my math. Do you think a couple having assets of over $5 million (today's dollars) is rolling in it?I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891 -
They will be pretty well off (excluding nothing 'surprising' happens), when they are 65...
But the standard yearly expenses, 24k for 6 people is not rolling in it.
JMJon Miller-
I AM.CANADIAN
GENERATION 35: The first time you see this, copy it into your sig on any forum and add 1 to the generation. Social experiment.Comment
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"Pretty well off" looking back on $5 million in today's dollars?
My fellow Polytubbies, what say you to this? Does having $5 million in the bank make you rich?I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Oh come on, thats only 250K a year for 20 years of retirement. I mean, what kind of ocean going yacht am I going to get for that chump change?"The DPRK is still in a state of war with the U.S. It's called a black out." - Che explaining why orbital nightime pictures of NK show few lights. Seriously.Comment
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Dan, if I have $5,000,000 in the bank when I retire, yeah, I'll be rich. But between treating the urban poor, med school loans, malpractice insurance, mortgage, etc., I ain't holding my breath. And Gal and I are pretty ****ing far from what you might call lavish spenders.
Besides, we've strayed pretty far from the original point of the thread. Just staying in school and working hard is not a surefire way to being "rich". You'll be comfortable, sure; you'll have a roof over your head. And really, that's all I or most other people want. But saying that that's all the rich have done and we can all be rich by doing that is disingenuous."My nation is the world, and my religion is to do good." --Thomas Paine
"The subject of onanism is inexhaustable." --Sigmund FreudComment
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This thread is proof that people have wildly different notions about spending and saving.Originally posted by Guynemer View Post
It's pretty clear to me that if you max out your 401(k)s until retirement, you'll have a good chance of being rich. If saving that kind of money is beyond you by inclination, lack of self-control, or other circumstance like living in NYC or DC, then you may not be rich almost no matter how much you make.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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lavish spending = any more than 2000$ a month for 6 people in Dan's view
That includes needing two cars and gas for 2 different daily commutes
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Dude, I'm paying plenty into my 401k, and everything else goes into savings. I haven't taken a vacation in almost a year. My most frivolous spending is I'll buy a $50 game every two months or so. We might go out to eat once a week. I just don't think you have a grasp of how crushing student loans can be relative to how much one might get paid for all that education."My nation is the world, and my religion is to do good." --Thomas Paine
"The subject of onanism is inexhaustable." --Sigmund FreudComment
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Perhaps I wasn't clear. I have no idea how thrifty you are. Unfortunately, I can't take your word for it (as is proven in this thread), although admittedly it doesn't sound like you are a big spender.
Is that $1,000 a month payment for your education loans an actual figure or was it notional for purposes of this discussion? If you're willing to say, do you max out your 401(k)?Last edited by DanS; March 31, 2009, 14:38.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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Actual and I put in as much as will get matched.
EDIT: Also keep in mind that due to the length of schooling and training, most physicians don't even begin their true careers until age 30, at the absolute earliest."My nation is the world, and my religion is to do good." --Thomas Paine
"The subject of onanism is inexhaustable." --Sigmund FreudComment
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Here's how things work, as I see it. You may feel like $1,000 a month is a lot of money and a great burden and I agree that it is. But it is a decreasing burden. There will be a time in the coming years when you think it's no big deal. Because of how the math works, I suspect it will be in 5 or so years, assuming that you became a full-paid doctor maybe 2 years ago.
In year 1, the payments may be 15% of your gross income. In year 8, the payments may be 12% of your gross income. In year 15, the payments may be 9.6% of your gross income. And so on. Further, it is likely that some time in the future, you may be able to tuck your educational loans into your mortgage and thereby receive an almost full tax deduction for the payments -- making the payments even less of a burden.
Because of the choices that you have made (which I respect), you don't make a ton of money. But there is a very high chance that the checks will clear every pay period until you retire. The key to being rich is to save regularly in small chunks and then to rely on compounding -- a very powerful force.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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I'm not sure where you get the idea that I'm gonna be making more money in the years to come. That may be true in many industries, and in much of medicine, but not so in primary care.
Again, I'm actually complaining about my circumstances. I'm VERY, very happy, very comfortable. I was only trying to make a point about how it isn't as simple to get rich as many people think."My nation is the world, and my religion is to do good." --Thomas Paine
"The subject of onanism is inexhaustable." --Sigmund FreudComment
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I was only figuring that your wage would increase 3% per annum. 2% for inflation and 1% for productivity that spreads throughout the economy.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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That may be true. However, physician reimbursements have been in a steady decline for quite some time."My nation is the world, and my religion is to do good." --Thomas Paine
"The subject of onanism is inexhaustable." --Sigmund FreudComment
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Hasn't there been any productivity enhancement in the meantime?I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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