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5 Million at Age 40 - Comparable to Surgeon Lifestyle?

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  • #46
    Originally posted by formerly_cn View Post

    The MO of every other Patel doc I know of. Heavy in Hotel/CRE - pretty industrious with their money. I have also seen people losing money with restaurant franchise (mismanagement, passive investor etc); not as easy as it looks. Overall, if you can do it, CRE / multi location of your own practice is pretty nice way to grow wealth.
    Thanks.

    What is a CRE?
    What is a Patel doc?

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    • #47
      Originally posted by scubamansergio View Post

      Thanks.

      What is a CRE?
      What is a Patel doc?
      CRE= commercial real estate

      Patel doc - a subset of Indians who come from the sate of Gujarat. They are quite business savvy and many of them own motels / hotels and using a combination of real estate and business they prosper and become quite rich. Patel is the most common last name in that community, like the Smiths used to be here.

      Many also own gas stations and convenience stores like 7-11. Many start with nothing when they immigrate there but by sheer hard work they own a piece of a motel and then buy out the other partners and then sell and use 1031 exchange to buy a bigger or 2 properties and so on. I had a thread about it 3 years or so ago.

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      • #48
        I have not been to an Arby's in 15 years. Last time I remember I was driving home from college and had to make a pit stop and it was all I could find.

        Cardiologist in the same building? Genius!
         

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        • #49
          Originally posted by childay View Post
          Aside from on this forum perhaps, $5M is indeed a big amount, probably even for the average surgeons. And I'm talking about at retirement age, not 40yo.
          What kind of investments are we talking about?
          $600k x 25 years = $15,000,000
          25 times compensation and adjust your cost of living is the mantra sold to common folks. Of course common folks don’t have $600k income. Rules of thumb can be so misleading.
          Multiply by 25
          The Multiply by 25 Rule is fairly simple: To determine how much money you’ll need in retirement, multiply your hoped-for annual income by 25.”
          I only mention this because it is extremely difficult to set target wealth goals for high income earners, in particular coming out of residency.
          To tell someone with student loans they need to hope and plan for $15m is such a big mountain it actually is a disincentive.
          To pick an amount for determining “success” has to be an individual choice. Would $5m or $10m be success if the goal was $15m? A parent uniquely can attempt to plant “responsible achievable goals” that are completely off target. Too bad Dad isn’t there when a kid with $5m wonders how to judge. Gold medal for each million.

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