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CYAI is back – $1M NYC apartment as a new attending?

Home Personal Finance and Budgeting CYAI is back – $1M NYC apartment as a new attending?

  • jfoxcpacfp jfoxcpacfp 
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    While this week’s topic (with a shout out to Jim Dahle in my analysis) sounds especially far-fetched, don’t make up your collective minds quite yet. This resident is thinking far ahead and his current financial affairs will probably surprise you. And, whether he gets a thumbs up or down, he has plenty of time to adjust course, if necessary.

    If you like what you see, you can submit your dream goal for analysis. It’s free, anonymous, and will give you helpful tips to make it happen.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #232279 Reply
    hatton1 hatton1 
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    Wow!  Thumbs down.  This doc is over-planning.  Too many variables left in life.  RENT.

    #232282 Reply
    jfoxcpacfp jfoxcpacfp 
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    Forgot to add: I chose Dr. K. L. Dare for my doctor – can anybody guess who that is without viewing XRAYVSN’s link? Was hoping to add a little intrigue but he spoiled it lol.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #232288 Reply
    hatton1 hatton1 
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    Dr Kildare of course.  A TV show from the 60s.

    #232289 Reply
    Liked by jfoxcpacfp
    hatton1 hatton1 
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    I just googled Dr Kildare.  I did not know about the movies from the 30s.  Richard Chamberlin was Dr Kildare.

    #232290 Reply
    Avatar ZZZ 
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    I know a few elementary school kids who ran a lemonade stand this summer who hope to buy a house in 2035.

     

     

    #232291 Reply
    fatlittlepig fatlittlepig 
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    Status: Physician
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    I like your title: “wealth management expert.”
    It has a nice ring to it.

    #232293 Reply
    Avatar Panscan 
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    First it says they live on 20k then it says 12k which there is no way. I guess they dont live in nyc now?

    Why is an apartment in Manhattan going to make them 10/10 happy?

    #232298 Reply
    Lordosis Lordosis 
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    Status: Physician
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    This might be the most far-fetched one I have seen. How is he going to save 20% for a down payment while making 60k a year?

    Looking to buy a 1 bedroom apartment for 1 million. 4x his hopeful salary. Also wants to retire early at 50. In NYC and live on 60 k a year?
    Nah this doesn’t add up.

    Not to mention if kids ever come into the picture the whole plan is shot because it is a 1 bedroom. He might say never ever to kids now but he is only half the vote.

    Please knock some sense into this resident or he will be back in 10 years and still not paid off his 40k loans.

    “Never let your sense of morals prevent you from doing what is right.”

    #232302 Reply
    jfoxcpacfp jfoxcpacfp 
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    This might be the most far-fetched one I have seen. How is he going to save 20% for a down payment while making 60k a year?

    Click to expand…

    Well, I takes them as I gets them 🙂

    To be fair, I am not calculating the 20% down payment fund until he becomes an attending. Otherwise, I agree and hope the suggestions will be helpful to him.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #232303 Reply
    Liked by Lordosis
    wonka31 wonka31 
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    Status: Physician
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    Too many unknowns, the potential 3.2 mortgage:income (assuming a 20% down payment) is not good. Also, living in Manhattan is not cheap. 250k/year doesn’t get you an extravagant lifestyle and a large mortgage payment won’t help that situation.

    In fairness, the low debt and only 40k in student loans is a huge plus.

    #232305 Reply
    Liked by hatton1, Peds, Anne
    Avatar Anne 
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    Way too many future variables to consider. He could end up meeting an orthopedic surgery resident and their projected household income could quadruple. Said spouse could also convince him to move back to the LCOL state that they are from. He could suffer a medical issue that completely changes his entire outlook on life.

    This is an exercise in financial daydreaming, not financial planning. The best laid plans of mice and men….

    #232306 Reply
    Vagabond MD Vagabond MD 
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    Yeah, I agree with the consensus, too. The dude should be working on building his skill set and his network, not working on justifying a pie-in-the-sky real estate purchase 15 years from now.

    I stayed in a friend’s NYC condo last summer for a few days, a few blocks from the NYU medical school. I noticed docs coming in and out of the building. I truly do not know how people life like that. Our friends owned a 2 BR unit, probably about 1000 sq feet, valued at $1.2-1.5M, and they only stayed there when he was working in the City. Most of their “stuff” was elsewhere. It seemed very small and confined, and we quickly realized that we were so accustomed to a different lifestyle that living in NYC was a complete no-go for us.

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #232326 Reply
    Liked by wonka31, hatton1
    Avatar Peds 
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    Status: Physician
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    So they are going to do it anyways then…..

    #232327 Reply
    jfoxcpacfp jfoxcpacfp 
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    So they are going to do it anyways then…..

    Click to expand…

    It’s a “him”, not a “they”, but curious as to why you say that. Hoping he wanted the analysis purely to get an opinion that will make a difference. Maybe not…

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
    http://www.fox-cpas.com/for-doctors-only ~ [email protected]

    #232333 Reply

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