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End of Year Net Worth

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  • Kkhanmd Kkhanmd 
    Participant
    Status: Physician
    Posts: 29
    Joined: 01/08/2016
    Earnest refinancing bonus

    41 y.o

    2014: Not sure but think around 1.4-1.5 million

    2015: 1.7 Million

    2016: 2.2 Million (bought an 80K boat)

    Most money saved with brute savings rate, though I did buy a boat. Boat, cars, rugs, etc not included in net worth. 529 and house value is.

    #33170 Reply
    Avatar StuRedman 
    Participant
    Status: Physician
    Posts: 35
    Joined: 01/09/2016

    According to Mint…

    2012 -380k first year tracking

    2013 -350k found WCI/bogleheads started to clean things up

    2014 +8000(yay + net worth) changed jobs, sold big ass house, started renting, living like a resident.

    2015 +341k continued to clean things up

    2016 +558k things are on auto pilot now

    2017 ?? I hope another couple hundred thousand.

    It is kind of hard to believe my progress after typing this out.

    #33173 Reply
    Avatar Med0000 
    Participant
    Status: Physician
    Posts: 10
    Joined: 02/09/2016

    3.5 years out of training

    12/2013 -226K

    12/2014 -$81K

    12/2015 $58K

    12/2016 $313K

    Includes house and two vehicles

    Agree with folks who say house value doesn’t feel as “real” as money in the bank as it factors into net worth.

    #33186 Reply
    Liked by Craigy
    Avatar squirrel 
    Participant
    Status: Physician
    Posts: 78
    Joined: 01/26/2016

    29% increase in 2016 WOOHOO!!  No magic.  Good saving, auto investing, maxing out tax deferred.  Dont feel comfortable posting exact numbers personally, but it is in the positive and in the 6 figures.  That even includes twins being born in 2016!

    Hoping for same or more in 2017.

    #33284 Reply
    Live Free MD Live Free MD 
    Participant
    Status: Physician
    Posts: 98
    Joined: 01/03/2017
    In response to StuRedman:

    Those numbers are getting really big, really fast.  Can’t wait to get to “Auto-pilot” as you say.

    Sports Medicine Physician. Athlete. Big Mountain Enthusiast. Blogger at http://www.LiveFreeMD.com

    #33346 Reply
    Arkad Arkad 
    Participant
    Status: Physician
    Posts: 113
    Joined: 07/27/2016

    You can potentially learn something from everyone you meet/blog site you visit. Regarding personal finance bloggers, sure it’s nice to look to higher net worth individuals for guidance as they’ve “made it” but the newbies may very well know about newer approaches to old methods or completely novel methods that you could still benefit from. Ally Bank and other HYSAs come to mind. Furthermore, it’s nice to know about donor-advised funds but if you’re deeply net negative it’s more beneficial to look to the slightly net negative to net positive bloggers as they’re closer to where you are and their lived and written experiences may be more helpful to you.

    Click to expand…

    I do not disagree. That said, I would be more likely to go to the cardiologist who has done a thousand caths than the one who has read extensively about caths and has a lot of great, new approaches to them, but very little first hand experience. Or, to take the procedural aspect out of the discussion, go to the cardiologist who has been specializing in cardiomyopathy disorders for 10 years for my (hypothetical) cardiomyopathy evaluation, rather than someone who has little experience but a lot of novel ideas or approaches, at least for the first pass.

    I think that there is some threshold of experience that gives one credibility. I once was introduced to a financial planner to potentially manage my account as part of my group’s retirement plan. She was a young woman, very smart and personable, but clearly very inexperienced, and it was quite obvious that her questions and conclusions were not appropriate or realistic. (I think the projected that we would retire with a $60M nest egg, but might only be $45M if our children, then under 5, went to private college vs. state college, so we better decide quickly…).

    Finally, I have been reading financial books, forums and blogs for 20+ years, and while there are occasionally actionable nuggets of information that may benefit me, usually to a minor degree, it’s mostly for entertainment and to reinforce the same, age-old lessons, over and over again. Ultimately, it comes down to human behavior and math, and the principles are evergreen (https://en.wikipedia.org/wiki/The_Richest_Man_in_Babylon_(book) ).

    Click to expand…

    It probably would be more accurate to say that this list would be more informative if it contained some type of index comparing net worth relative to yearly income and time spent in the workforce. A 50 year old plastic surgeon with a 7 figure income and a 2 million dollar net worth is much less impressive that a 30 year old who has reached 250k on a 75k salary.

    #33348 Reply
    Liked by hatton1
    Avatar jjandjab 
    Participant
    Status: Physician
    Posts: 34
    Joined: 10/19/2016

    OK, I’ll take the bait from the last post. Not only income, but also area where practicing and family size have huge impacts.

    Current net worth – around 2.4 M with cash accounts, retirement accounts, 529s and net-of-mortgage home value. Not including cars or house contents. I include 529s since if they get scholarships or go state, that money will still be usable. It is still an asset until spent, as you never know what kids may choose.

    Married to stay at home mom with three teens. Live in moderate to high cost of living northeast – rural, but expensive college town.

    Age mid 40s, just under 12 year practice. Salary has ranged from 200-550k based on  multiple factors.

    Biggest boons to getting to be FI – finding sites like this and Bogleheads, and, at least for the theory if not practice, Mr. Money Mustache. Getting finances in order and looking at the whole financial picture we have been creating. Making sure to max all retirement accounts every year even before finding these sites. Wife now also on-board with becoming totally FI after wathcing her parents deal with ramifications of bad financial choices earlier in life

    Biggest barriers to getting to FI – our first 8 years or so thinking I busted my a**, so I deserve the nice lifestyle, although we did obviously still save. But spent alot and made some questionable choices – mainly moving to three different houses in 8 years, always paying lots of interest and not gaining much ground on paying down the actual loan. Installing not one, but Two pools – ugh – for four months of use per year. Still in a way too big house with a mortgage of almost 800k, but wife now totally on-board with downsizing as our kids get ready for college. It is our last big barrier to really being FI.

    #33465 Reply
    Liked by hatton1
    Avatar FIREshrink 
    Participant
    Status: Physician
    Posts: 1032
    Joined: 01/11/2017

    age 43, 13 years out – three million end of year, excluding any home price appreciation and any possessions. Just liquid investments and equity in property gained through repayment. two working parents, 2 kids in school, household income $200k-$350k, typically $300k. you can guess my specialty by my handle, not a high-paying specialty. when I graduated residency I had a net worth of $50,000. Gifts and inheritance a little under $100k during that time. Now working 4 days per week and goal is 3 days per week in 2 years. Probably 2 days a week by 50. I do really like my job, but wish I didn’t have to do it quite so often.

    #35697 Reply
    Liked by avoOB, Antares, hatton1
    Avatar csciora 
    Participant
    Status: Small Business Owner
    Posts: 86
    Joined: 08/17/2016

    Great numbers!

    Where you are now is basically my 15 year plan ($300K annual income => $100K annual savings), but $3M is much higher than expected. It makes me wonder whether my projections are too pessimistic. Plugging things into an investment calculator is different than hearing from someone who’s actually done it.

    What portion of the $3M do you think came from direct savings vs portfolio growth?

    #35705 Reply
    Avatar FIREshrink 
    Participant
    Status: Physician
    Posts: 1032
    Joined: 01/11/2017

    Great numbers!

    Where you are now is basically my 15 year plan ($300K annual income => $100K annual savings), but $3M is much higher than expected. It makes me wonder whether my projections are too pessimistic. Plugging things into an investment calculator is different than hearing from someone who’s actually done it.

    What portion of the $3M do you think came from direct savings vs portfolio growth?

    I woud say probably 60% is pure savings, and the other 40% is growth. The first year our gross HHI was over $300k was 9 years after training. We have saved between 100k-150k every year. We lived like residents for 5-7 years after graduation. I have to admit that my investments also did well. I market timed around the 07-09 market crash and was fully invested on the way up. Our net worth tripled from around $750k to around $2.25M between 2008 and 2013.

    I went to the least expensive good medical school I could and graduated with only $7000 of debt. My parents paid for college.

    #35714 Reply
    EJ at Dads, Dollars, and Debts EJ at Dads, Dollars, and Debts 
    Participant
    Status: Physician
    Posts: 229
    Joined: 12/01/2016

    Congrats White Coat Investor!

    We do not include any material possessions except our house equity. I do not account for appreciation on the house, because I think it is variable. Who knows what the market will be in 10 to 30 years when we sell. I do include my son’s 529s. We had some costly items this year including a cross country move, a $25 K loss on a home sale, and a purchase of a new home with the problems and furniture that comes with it. I do include 401K matches (and I lost some of this due to not being fully vested when I left my job in 2016).

    So here it is and this is why I am still a HENRY- Higher Earner Not Rich Yet

    June 2014 Started tracking and 2 years out of training- $-249K

    Jan 2015 $-225K

    Jan 2016 $-104K (I was transiently positive in 2016 but the loss on the home and the purchase of a new home hosed me)

    Jan 2017 $-15,000

    By the end of 2017 this will hopefully be much more positive.

    - EJ @ DollarsandDebts.com

    Cardiologist. Trying to help dads with personal finance so they can focus on the frest of life. Blogger at DollarsandDebts.com

    #35719 Reply
    Liked by adventure, hatton1
    Avatar kingsnake 
    Participant
    Status: Physician
    Posts: 70
    Joined: 01/04/2017

    $5 million if you include $300k equity in our house (still owe $300k), early 40s….10 years out of fellowship at which point I was $65,000 in debt. I just told my group I’m going part time sometime in 2018!!  😎

    #35729 Reply
    Liked by avoOB, adventure
    Avatar csciora 
    Participant
    Status: Small Business Owner
    Posts: 86
    Joined: 08/17/2016

    Thanks, that’s very helpful!

    With a short timeframe like 15 years, I’ve been estimating that 2/3 of our portfolio is going to come from savings. That’s in line with yours. It was pretty disappointing realizing I’d mostly missed the boat on compound interest, but at least my kids will have Roth accounts before age 10.

    #35780 Reply
    Avatar FIREshrink 
    Participant
    Status: Physician
    Posts: 1032
    Joined: 01/11/2017

    basically, we always save more than we spend, sometimes a lot more. It’s hard to go wrong doing that.

    #35798 Reply
    Liked by Dicast, Zaphod
    Avatar Dicast 
    Participant
    Status: Physician
    Posts: 415
    Joined: 01/09/2016

    I started this thread just about a year ago. Here’s the updated numbers.

    End of Year Net Worth:

    2014: no accurate records but it was significantly less than 0

    2015: $25k

    2016: $246k

    2017: $570k

    I don’t include our 529s or any household items/cars. The 529s would add about 30k if I did, up by 15k this year since we added a second 529! The most disappointing finding is that our home equity only contributed 20k to this year’s increase (total of 130k equity for the house). For 2017 our combined dual physician income was around $560k as I cut back a little but my wife finally had a full year’s attending salary.

    Market return was a substantial number but still less than our overall savings and debt repayment. We’re looking to finish off my wife’s student loans this year and then start hitting taxable investments.

    Get outside of your bubble.

    #94286 Reply

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