Menu

End of Year Net Worth

Home General/Welcome End of Year Net Worth

  • Avatar Physiciancouple.com 
    Participant
    Status: Physician
    Posts: 38
    Joined: 06/29/2017

    We started with a net worth of -$726,000 in 7/2014 upon finishing residency. We now have a net worth of +$150,000 in 12/2017 (conservatively…I am only valuing our home at the purchase price and not any speculative price like Zestimate, etc. It has probably appreciated $100,000 or so since we’ve owned it due to a hot market).

    Click to expand…

    I’m 33.

    #94444 Reply
    Avatar hankbb02 
    Participant
    Status: Resident
    Posts: 8
    Joined: 03/28/2017

    I’ll play.

    34 year old in last 6 months of fellowship. HPSP scholarship and 3 year payback complete. Married with spouse income between 60-90k. 108,000 in student loan debt paid during 3 year military payback. Planning to save 50% of post tax income and live like a resident as long as possible.

    2016: 126,000

    2017: 386,000 (sale of a home in PNW helped big time)

    #94455 Reply
    Avatar jayzsurgery 
    Participant
    Status: Physician
    Posts: 11
    Joined: 03/14/2017

    34 year old surgeon.

    Refinanced ~$500k of student loans on April, started aggressively paying off with any/all available post-tax income after maxing out all available retirement accounts (403b, 457, backdoor Roth x 2, Solo 401k).

    Current balance as of 12/31 <$50k. 2016: $140k 2017: $345k Plan to have remaining student loan balance paid in full by mid-February and start contributing considerably more funds to taxable accounts, 529, etc and hopefully more aggressively increase net worth number by this time next year Happy new year

    #94467 Reply
    Avatar Beginner MD 
    Participant
    Status: Physician
    Posts: 10
    Joined: 09/22/2017

    I’m currently 33 yo, married and live in a MCOL area.  Currently still in fellowship, as well as my spouse.  Didn’t really track overall net worth until recently, so these numbers only reflect money in retirement accounts and not med school loans, housing, etc.

    2013: 86,000

    2014: 150,500

    2015: 275,000

    2016: 405,000 (paid off student loans this year and worked 1 year as hospitalist)

    2017: 580,000

    Addendum: We inherited a house when we got married, so if that was included, we’re technically just over the 1 million mark.

    #94470 Reply
    squaredroot squaredroot 
    Participant
    Status: Physician
    Posts: 24
    Joined: 07/11/2017

    30 y/o, married, 6 months in as an attending…

    Also refinanced 150K in SL, maxed 403b’s and 457 with Roth’s

    Began at -110,000 after graduating residency.

    2017: -17,000

    Only a couple more months till we”re officially broke at 0!

    "The mass of men lead lives of quiet desperation" - HDT
    laraizcuadrada.com

    #94482 Reply
    Avatar Winkleweizen 
    Participant
    Status: Physician
    Posts: 57
    Joined: 01/28/2016

    30, 1.5 years out of residency.. Bring home upper 400s bw wife and I

    Dec 2016: 419k
    Dec 2017: 777k

    Includes equity in home. Don’t include home appreciation.

    Not too shabby.

    #94485 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3567
    Joined: 01/14/2017

    34 year old surgeon.

    Refinanced ~$500k of student loans on April, started aggressively paying off with any/all available post-tax income after maxing out all available retirement accounts (403b, 457, backdoor Roth x 2, Solo 401k).

    Current balance as of 12/31 <$50k. 2016: $140k 2017: $345k Plan to have remaining student loan balance paid in full by mid-February and start contributing considerably more funds to taxable accounts, 529, etc and hopefully more aggressively increase net worth number by this time next year Happy new year

    Click to expand…

     

    #94487 Reply
    Avatar EMscout 
    Participant
    Status: Physician
    Posts: 98
    Joined: 01/13/2016

    4 years as attending.
    2014: -330,000
    EOY 2017 +480,000
    45k left on the loans

    #94488 Reply
    Avatar shantster 
    Participant
    Status: Physician
    Posts: 116
    Joined: 01/16/2016

    6 months post-fellowship graduation, roughly -27K based on my standard calculations of retirement accounts minus debt. That’s a good improvement from -71K last year though I technically did not meet my goal of 0 net worth by end of 2017. I have not been counting my savings account towards my yearly net worth calculations and the total now is with that not calculated. I had refinanced my loans (~95K now) to < 3% variable rate a few months ago and have been saving the extra cash per month towards a home downpayment rather than towards my student loans. We are hoping to buy whenever something we like appears – we are happy renting and have no rush if we don’t find the perfect place. The amount in savings over my e-fund is roughly the same as my negative net worth so I’ll take it as a mental win.

    #94489 Reply
    DrMoneyTails DrMoneyTails 
    Participant
    Status: Resident, Physician
    Posts: 64
    Joined: 10/11/2016
    Earnest refinancing bonus

    31 yo

    6 months out of fellowship

    Combined income between wife and I now is 300k

    2016: 48k

    2017: 175k

    #94490 Reply
    Avatar hightower 
    Participant
    Status: Physician
    Posts: 1498
    Joined: 12/07/2016

    some of these are frankly a bit lower than i would have expected! makes me think that the forum skews younger than i would have thought.

    curious if many are leaving home equity off their figures.

    if mods decide it’s worthwhile a spot poll would be pretty interesting to see distribution of NW on the forum.

    Click to expand…

    Younger forum members yes, but I think you’re also seeing the effects of the high student loan burden that new docs are under these days.  It really makes a big impact on savings during the first few years or more of a career.

    #94495 Reply
    Liked by hatton1
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2640
    Joined: 05/07/2017

    this thread makes me feel really old.

    i mean older than dirt.

    my wife and i had what would be considered time appropriate crippling student loans as well.  and our starting salaries were much much much lower than what is currently being offered.  plus the ups and downs of private practice.

     

     

    #94506 Reply
    hatton1 hatton1 
    Participant
    Status: Physician
    Posts: 3116
    Joined: 01/11/2016

    this thread makes me feel really old.

    i mean older than dirt.

    my wife and i had what would be considered time appropriate crippling student loans as well.  and our starting salaries were much much much lower than what is currently being offered.  plus the ups and downs of private practice.

     

     

    Click to expand…

    Yes It makes me feel old as well.  It also is inspiring to see how these young doctors are picking themselves up from this crippling debt burden and paying it off. Amazing. If you inflation adjust your old salary you want feel as bad.

    #94510 Reply
    EJ at Dads, Dollars, and Debts EJ at Dads, Dollars, and Debts 
    Participant
    Status: Physician
    Posts: 229
    Joined: 12/01/2016

    5 years out- minus 350 or 400 to start…now positive 700, but mainly due to loss of our home in the fire…that was a financial drain and the insurance proceeds we received are being used wisely. This does not include 529 plan or DAF.

    - EJ @ DollarsandDebts.com

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

    #94531 Reply
    MPMD MPMD 
    Participant
    Status: Physician
    Posts: 2583
    Joined: 05/01/2017

    some of these are frankly a bit lower than i would have expected! makes me think that the forum skews younger than i would have thought.

    curious if many are leaving home equity off their figures.

    if mods decide it’s worthwhile a spot poll would be pretty interesting to see distribution of NW on the forum.

    Click to expand…

    Younger forum members yes, but I think you’re also seeing the effects of the high student loan burden that new docs are under these days.  It really makes a big impact on savings during the first few years or more of a career.

    Click to expand…

    Yeah that’s a fair point I think.

    My guess would have been that most of the regular posters on here were well over a million but that was based on no data whatsoever.

    I mean whenever I start to think about how savvy I am financially I remind myself that my wife and I have 2 incomes but only had 1 set of loans. Marrying me was the worst (financial) decision she ever made. There are probably some people out there who would just go ahead and delete the parenthetical comment.

    #94551 Reply

Reply To: End of Year Net Worth

In case of a glitch or error, please save your text elsewhere, clear browser cache, close browser, open browser and refresh the page.

Notifications Mark all as read  |  Clear