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End of Year Net Worth

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  • Avatar janettebournes 
    Participant
    Status: Physician
    Posts: 191
    Joined: 03/05/2017

    So you come back because he divulged how much profit he made? I’d think the content, more than anything, should keep you coming back. He could still post a state of the blog without listing any of the financial information.

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    It’s the specificity in general

    How much profit off the blog, net worth, how much into retirement accounts every year (both % and actual amount), asset allocation %s, real estate holdings, etc

    I find these types of details helpful. I don’t think it’s necessary to run a successful blog (and I can understand why someone would want to keep that information private) but those are the details that also rope in readers.

    #95711 Reply
    Liked by hatton1
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3567
    Joined: 01/14/2017

    I could make the argument that details regarding amounts are a turnoff (which I think they are), but what I think can’t be ignored is the potential safety issue of divulging very personal financial data over the internet. Asset allocation and % going to whatever seems benign, but when you put numbers to it things just seem more about bragging to me – and they invite those who might try to do harm or stupidity based on jealousy.

    #95724 Reply
    Liked by Zaphod
    Avatar Overlap12 
    Participant
    Status: Accountant
    Posts: 14
    Joined: 04/01/2017

    I think th concrete details are what draw me in. I’m not interested in concepts without them being demonstrated.

    #95754 Reply
    Avatar Bmac 
    Participant
    Status: Physician
    Posts: 318
    Joined: 10/21/2017

    Over the last 5 years or so WCI has gone from a fairly anonymous financial blogger with a growing EM career to a pretty well known published and public empire creator named Jim Dahle who sidelines in the ED. (I’m intentionally downplaying his clinical work for dramatic effect) His annual income and net worth progression have grown at rates not typical of even most high earning medical professionals. And he has been unfailingly transparent throughout. I would not be at all surprised if that could make for somewhat awkward relationships with partners, other physicians and hospital staff not to mention, potentially increased medical legal liability risk. Therefore it comes as no surprise that he may have seriously entertained buyout offers last year as mentioned in his recent state of the WCI empire blog post.

    #95756 Reply
    Liked by Slav4ikMD, hatton1
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 6323
    Joined: 01/12/2016

    I think it was all well and fine in the beginning for a small relatively unknown community, and being of overall modest means. Now it is none of those things, and while it is very interesting and amazing to see how a business has progressed in real time…I do have concerns for WCI about it. I would probably start being a little more vague, stuff just happens. Money does strange things to people around you, not necessarily the audience or anything, but just anyone randomly coming across it. Envy, greed, thats powerful and can make you a target.

    I would not begrudge him keeping it closer to the vest and frankly would be less concerned, not that it matters, hes an adult and can choose his risk.

    #95760 Reply
    Liked by ENT Doc
    Avatar AlexxT 
    Participant
    Status: Physician
    Posts: 897
    Joined: 01/13/2016

    I think it’s unwise for WCI  to publish so much personal information on the internet.

    I also think that it’s not helpful  for WCI to publish financial information relating to income from the blog.  It’s not information that I can use, since not everyone can make money starting their own blog.

    I find it no more relevant than if a financial blogger told me that their net worth increased due to a lottery win or a large inheritance.  While I would be happy for them,  those are all income sources that most likely can’t be duplicated by many readers.  I suggest that he stop publishing that information.  Portfolio composition and ROI on investments is useful information, however.

    Just my 2 cents.

    #95774 Reply
    Liked by Zaphod, ENT Doc
    wideopenspaces wideopenspaces 
    Participant
    Status: Physician
    Posts: 1193
    Joined: 01/12/2016

    I don’t know, Forbes makes a list of the wealthiest people every year. I’m not sure why a small business owner like WCI would be a target more than any other small business owner. There are plenty of other wealthy people in his neighborhood I’m sure. It seems like every other person I meet in Utah was a trust fund kid and has used that money to start a clothing or restaurant chain or something. I don’t know why it would be awkward for co-workers to know how much he was worth, I know how much a lot of people make and it doesn’t change anything. This is just how I see it though. And you can see I didn’t share my net worth, so make whatever you want of it ????

    #95785 Reply
    MPMD MPMD 
    Participant
    Status: Physician
    Posts: 2582
    Joined: 05/01/2017

    I really can’t imagine what sort of risk he is taking on by posting it. His NW is well within what people expect for a mid career doc. Yeah it’s a bit higher but it’s still in the right order of magnitude of the lowish millions.

    I appreciate the transparency b/c I think he has really helped to spark a small revolution in our world. Lots of residents now know about WCI. I mean I think at some level of prominence within a space it’s reasonable to practice some accountability. There are other much higher profile financial gurus who are cagey to the point of dishonesty about their revenue streams and success. Some of what he’s doing on state of the blog is telling you a) how his incentives might not be aligned with your success and b) how much that is generating for him. I view it as basic disclosure, the same kind of thing I have to do every time I give a lecture at my shop.

     

    #95804 Reply
    Liked by LizOB
    Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1863
    Joined: 01/08/2016

    I wouldn’t mind seeing an anonymous poll, although the numbers alone are likely not that helpful given the many other variables (age, years since training, leverage perhaps, partner/spouse data, to name a few…).

    #95878 Reply
    Avatar Neuro-doc 
    Participant
    Status: Physician
    Posts: 180
    Joined: 02/16/2017

    I wouldn’t mind seeing an anonymous poll, although the numbers alone are likely not that helpful given the many other variables (age, years since training, leverage perhaps, partner/spouse data, to name a few…).

    Click to expand…

    WCI already has that data, at least for the conference attendees. There was a pre-Conference poll, including questions about career status, age, net worth.

    #95895 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4595
    Joined: 05/13/2011

    I love that you guys worry about financial bloggers revealing their net worth. Here are another 478 that reveal their net worth. The net worths range from $12 Million to -$532K.

    http://directory.rockstarfinance.com/blogger-net-worth-tracker

    Trust me. Every one just assumes that you and I are rich. Even if your net worth is -$400K, they think you’re rich. It’s the MD/DO that does it.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #95925 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4595
    Joined: 05/13/2011

    I wouldn’t mind seeing an anonymous poll, although the numbers alone are likely not that helpful given the many other variables (age, years since training, leverage perhaps, partner/spouse data, to name a few…).

    Click to expand…

    WCI already has that data, at least for the conference attendees. There was a pre-Conference poll, including questions about career status, age, net worth.

    Click to expand…

    No one would be surprised by the Net Worth data, at least if they’re paying any kind of attention around here.

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    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #96033 Reply
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3486
    Joined: 01/21/2016

    I wouldn’t mind seeing an anonymous poll, although the numbers alone are likely not that helpful given the many other variables (age, years since training, leverage perhaps, partner/spouse data, to name a few…).

    Click to expand…

    WCI already has that data, at least for the conference attendees. There was a pre-Conference poll, including questions about career status, age, net worth.

    Click to expand…

    No one would be surprised by the Net Worth data, at least if they’re paying any kind of attention around here.

    Click to expand…

    Cool, I love the data and the color scheme for conference attendees. It’s kind of like the Sneetches.

    If you are a royal blue and tell me so in PC, I will buy you a local brew. (PoF, don’t even try.) Or a hot chocolate, if you prefer.

    If you are powder blue or, especially, pink, I am available to be your guest for dinner at the Stein Eriksen Lodge restaurant (Glitretind).

     

    #96042 Reply
    Liked by hatton1, ACN, Neuro-doc
    Avatar Neuro-doc 
    Participant
    Status: Physician
    Posts: 180
    Joined: 02/16/2017
    If you are powder blue or, especially, pink, I am available to be your guest for dinner at the Stein Eriksen Lodge restaurant (Glitretind).

    Click to expand…

    Is @hatton1 looking for a dinner date?

     

    #96046 Reply
    ACN ACN 
    Moderator
    Status: Physician
    Posts: 666
    Joined: 01/08/2016

     

    I wouldn’t mind seeing an anonymous poll, although the numbers alone are likely not that helpful given the many other variables (age, years since training, leverage perhaps, partner/spouse data, to name a few…).

    Click to expand…

    WCI already has that data, at least for the conference attendees. There was a pre-Conference poll, including questions about career status, age, net worth.

    Click to expand…

    No one would be surprised by the Net Worth data, at least if they’re paying any kind of attention around here.

    Click to expand…

    Cool, I love the data and the color scheme for conference attendees. It’s kind of like the Sneetches.

    If you are a royal blue and tell me so in PC, I will buy you a local brew. (PoF, don’t even try.) Or a hot chocolate, if you prefer.

    If you are powder blue or, especially, pink, I am available to be your guest for dinner at the Stein Eriksen Lodge restaurant (Glitretind).

     

    Click to expand…

    Name tags with your net worth color border.  😛

    If you're ever having a bad day, just remember in 1976 Ronald Wayne sold his 10% stake in Apple for $2,300.

    #96054 Reply

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