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Returning to living like a resident, am I the only one?

Home Personal Finance and Budgeting Returning to living like a resident, am I the only one?

  •  royalblue 
    Participant
    Status: Spouse
    Posts: 6
    Joined: 11/30/2018

    After graduating a surgical residency life style took over. Big house, nice cars, vacations. 5 yrs in practice we’ve  reversed all of it. Living large felt wasteful and had no purpose other then accumulating things and filling voids that were pointless. Downsized by half, donated half our belongings, paid all debt off, savings and investments are skyrocketing. Family is more happy living closely in a smaller home and we are taking amazing vacations paid for in cash. Will be financially independent much sooner then ever anticipated.  Our we the only ones that have been this drastic??

     Peds 
    Participant
    Status: Physician
    Posts: 2110
    Joined: 01/08/2016

    great job.

    i cant imagine you are.

    #171356 Reply
    Liked by royalblue
    MPMD MPMD 
    Participant
    Status: Physician
    Posts: 1582
    Joined: 05/01/2017

    it’s pretty uncommon.

    but i think you should write a guest post and include:

    -decision process

    -pain points

    -practical tips

    Lithium Lithium 
    Participant
    Status: Physician
    Posts: 825
    Joined: 02/15/2016

    As the market has stalled this year, I’ve doubled down, even though I have zero student loan debt, a pretty good net worth, and a paid off house.  I just hate seeing my investment accounts as quickly as I’ve gotten used to.

    Keeping my house at 50 degrees and using space heaters and electric blankets.  Looking for hiking boots on craigslist this morning.  Switched from a $30 a month cell phone plan to a $17 a month plan.  Biked to work in the snow yesterday.  Still wonder if I can do better.

    #171364 Reply
    Liked by Eye3md, hatton1, Tim
     Tim 
    Participant
    Status: Accountant
    Posts: 600
    Joined: 09/18/2018

    Purely speculation and curiosity.
    What “prompted” the behavioral finance change?
    Hypothesis seems to be something “observed “ that prompted a “What are we doing?” realization.
    Quite honestly, your lifestyle reflects adjusting to you “needs” and throwing in a bonus reward.
    Those vacations have to be a guilt free splurge.

    Congratulations!

    #171370 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 3717
    Joined: 05/13/2011

    After graduating a surgical residency life style took over. Big house, nice cars, vacations. 5 yrs in practice we’ve  reversed all of it. Living large felt wasteful and had no purpose other then accumulating things and filling voids that were pointless. Downsized by half, donated half our belongings, paid all debt off, savings and investments are skyrocketing. Family is more happy living closely in a smaller home and we are taking amazing vacations paid for in cash. Will be financially independent much sooner then ever anticipated.  Our we the only ones that have been this drastic??

    Click to expand…

    No, but it’s pretty rare. I’ve got a guest post coming up from a new physician blogger who did what you did.

    Don’t underestimate how hard it is to cut back.

    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

    #171381 Reply
    Zzyzx Zzyzx 
    Participant
    Status: Physician
    Posts: 62
    Joined: 09/24/2018

    As the market has stalled this year, I’ve doubled down, even though I have zero student loan debt, a pretty good net worth, and a paid off house.  I just hate seeing my investment accounts as quickly as I’ve gotten used to.

    Keeping my house at 50 degrees and using space heaters and electric blankets.  Looking for hiking boots on craigslist this morning.  Switched from a $30 a month cell phone plan to a $17 a month plan.  Biked to work in the snow yesterday.  Still wonder if I can do better.

    Click to expand…

    hardcore

    are you not working?  too many kids? or wives?

    It’s psychosomatic. You need a lobotomy. I’ll get a saw.

    #171385 Reply
    Lithium Lithium 
    Participant
    Status: Physician
    Posts: 825
    Joined: 02/15/2016

    As the market has stalled this year, I’ve doubled down, even though I have zero student loan debt, a pretty good net worth, and a paid off house.  I just hate seeing my investment accounts as quickly as I’ve gotten used to.

    Keeping my house at 50 degrees and using space heaters and electric blankets.  Looking for hiking boots on craigslist this morning.  Switched from a $30 a month cell phone plan to a $17 a month plan.  Biked to work in the snow yesterday.  Still wonder if I can do better.

    Click to expand…

    hardcore

    are you not working?  too many kids? or wives?

    Click to expand…

    None of the above.  It would be nice to have the RE option though, especially if the music stops.

    #171400 Reply
     hightower 
    Participant
    Status: Physician
    Posts: 1211
    Joined: 12/07/2016

    WCI is correct…”Dont underestimate how hard it is to cut back”.
    We’ve been learning this over the last couple of years now. Lifestyle creep is tough, especially when you have others in the family who got used to it. We live well below our means in terms of housing and transportation costs, but it’s been tough to cut back on day to day spending. Things like spending 200 bucks on a Christmas tree and decorations, new this or that for around the house, nice gifts for friends and family. We’re used to not paying attention to how much things cost and it’s hard to learn after years of bad habits. I routinely pay off 3-4k of spending on our credit cards each month without really being sure how we managex to spend so much. Still within our means, but if I ever want to stop working as a physician, I can’t spend like that.
    I am proud to say that we’ve finally learned to kick the habit of eating out all the time. Mostly out of necessity due to being stuck at home with a newborn for the last several months, but we’re cooking all of our own meals now which I think is going to ultimately save us a lot of money. Havent crunched the numbers yet to see the outcome.

    #171402 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 2038
    Joined: 01/14/2017

    WCI is correct…”Dont underestimate how hard it is to cut back”.
    We’ve been learning this over the last couple of years now. Lifestyle creep is tough, especially when you have others in the family who got used to it. We live well below our means in terms of housing and transportation costs, but it’s been tough to cut back on day to day spending. Things like spending 200 bucks on a Christmas tree and decorations, new this or that for around the house, nice gifts for friends and family. We’re used to not paying attention to how much things cost and it’s hard to learn after years of bad habits. I routinely pay off 3-4k of spending on our credit cards each month without really being sure how we managex to spend so much. Still within our means, but if I ever want to stop working as a physician, I can’t spend like that.
    I am proud to say that we’ve finally learned to kick the habit of eating out all the time. Mostly out of necessity due to being stuck at home with a newborn for the last several months, but we’re cooking all of our own meals now which I think is going to ultimately save us a lot of money. Havent crunched the numbers yet to see the outcome.

    Click to expand…

    May I suggest:

    wonka31 wonka31 
    Participant
    Status: Physician
    Posts: 312
    Joined: 03/24/2018

    hightower-You probably can spend like that even if you stop working as a physician, assuming you save enough. As long as you eventually figure out how much you spend yearly.

    We do somewhat of s reverse budget. We pull all our investments off the top via direct deposit or by having it withheld from the paycheck. We have a steady state emergency fund that fluctuates up to 10% each month and spend the rest. If you have a general idea of what your yearly salary will be, you can easily set this system up.

    We spend a lot too in my opinion, but we have a high savings rate. It makes it easier to soften the blow with the spending.

    #171411 Reply
    Drop it into MD Drop it into MD 
    Participant
    Status: Physician
    Posts: 238
    Joined: 09/20/2018

    I found leaving things in the amazon cart for a day or 2 before purchasing has helped.  It is amazing how easy it is to buy things these days and just waiting one day makes you realize you might not need it.  At least right now.

    #171417 Reply
     G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1105
    Joined: 01/08/2016
    Splash Refinancing Bonus

    WCI is correct…”Dont underestimate how hard it is to cut back”.
    We’ve been learning this over the last couple of years now. Lifestyle creep is tough, especially when you have others in the family who got used to it. We live well below our means in terms of housing and transportation costs, but it’s been tough to cut back on day to day spending. Things like spending 200 bucks on a Christmas tree and decorations, new this or that for around the house, nice gifts for friends and family. We’re used to not paying attention to how much things cost and it’s hard to learn after years of bad habits. I routinely pay off 3-4k of spending on our credit cards each month without really being sure how we managex to spend so much. Still within our means, but if I ever want to stop working as a physician, I can’t spend like that.
    I am proud to say that we’ve finally learned to kick the habit of eating out all the time. Mostly out of necessity due to being stuck at home with a newborn for the last several months, but we’re cooking all of our own meals now which I think is going to ultimately save us a lot of money. Havent crunched the numbers yet to see the outcome.

    Click to expand…

    May I suggest:

    Click to expand…

    We have one of those Charlie Brown kits!  However, I suggested that the pine tree in our front yard was a perfectly reasonable christmas tree, no need to pay for one that somebody has euthanized/chopped down.

    I was met with a look of contempt that could have frozen the sun.

    So…Christmas tree shopping is on the weekend to-do list….

    #171425 Reply
     hightower 
    Participant
    Status: Physician
    Posts: 1211
    Joined: 12/07/2016

    Haha, funny thing is my wife would probably like that tree.  She grew up on a farm and their xmas trees were cut down from their own woods and often times didn’t look much better than that.  We went and cut down a tree at a tree farm last week.  It was fun:) But it seems stupid to spend $90 on a tree you just killed.  Oh well, gotta enjoy life a little right?

    #171435 Reply
     ICUMD 
    Participant
    Status: Physician
    Posts: 24
    Joined: 05/20/2017

    After graduating a surgical residency life style took over. Big house, nice cars, vacations. 5 yrs in practice we’ve  reversed all of it. Living large felt wasteful and had no purpose other then accumulating things and filling voids that were pointless. Downsized by half, donated half our belongings, paid all debt off, savings and investments are skyrocketing. Family is more happy living closely in a smaller home and we are taking amazing vacations paid for in cash. Will be financially independent much sooner then ever anticipated.  Our we the only ones that have been this drastic??

    Click to expand…

    I think it’s a great idea if your spouse/family is in on it.

    In the next 6 months I will be downsizing home by $400-500K and moving from a HCOL to LCOL area.  Time will tell what effect it has on us.  I suspect lots of physicians (that are “trapped” in their respective location/lifestyle) are secretly envious of your decision.

    #171457 Reply

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