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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?

  •  bean1970 
    Participant
    Status: Physician
    Posts: 291
    Joined: 07/12/2017

    You are not alone. In 2013 we went from our “doctor house” overlooking Puget Sound with mountain views to renting for $1500/month for several years and eventually buying the two bedroom dump.  downsizing both literally and financially (obviously one could “downsize” to a place overlooking central park and it wouldn’t be a financial downsizing) is pretty amazing.

    #171458 Reply
    Liked by royalblue
     Tim 
    Participant
    Status: Accountant
    Posts: 563
    Joined: 09/18/2018
    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.

    Click to expand…

    This might be a sign. Is your AA is aligned with your own risk tolerance, why would you change a 30 year plan?

    Hehe!

    #171466 Reply
    Dreamgiver Dreamgiver 
    Participant
    Status: Physician
    Posts: 499
    Joined: 03/09/2017

    No thanks. Frugality is good but I don’t need to be the richest guy in the graveyard. Perhaps you can settle somewhere in the middle. I don’t think too many people will do this because the majority of folks do not overstretch themselves to begin with. Maybe I am wrong.

    #171468 Reply
    fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 294
    Joined: 01/26/2017

    You are not alone. In 2013 we went from our “doctor house” overlooking Puget Sound with mountain views to renting for $1500/month for several years and eventually buying the two bedroom dump.  downsizing both literally and financially (obviously one could “downsize” to a place overlooking central park and it wouldn’t be a financial downsizing) is pretty amazing.

    Click to expand…

    living in a dump? i guess you gotta do what you gotta do.

    fatlittlepig

    #171489 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 3702
    Joined: 05/13/2011

    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…

    Maybe you could, but should you? What are you saving for if not to live in 70 degrees inside your home? That’s a fairly high priority for me. I’d work an extra shift long before that.

    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

    #171491 Reply
     orthodds 
    Participant
    Status: Dentist
    Posts: 66
    Joined: 11/07/2017

    No thanks. Frugality is good but I don’t need to be the richest guy in the graveyard. Perhaps you can settle somewhere in the middle. I don’t think too many people will do this because the majority of folks do not overstretch themselves to begin with. Maybe I am wrong.

    Click to expand…

    I’m with this guy.  One reason I like to be informed about financial issues and in control of my own finances is so I can have an enjoyable, comfortable lifestyle while still saving and investing enough to have a secure future.  Extreme frugality might be like playing a game for some people and they just enjoy the challenge of it.  But I like my first class seats on the airplane. I have no interest in keeping the thermostat uncomfortably low or driving a crappy car.  To each his/her own, I guess.

     

    #171495 Reply
     bean1970 
    Participant
    Status: Physician
    Posts: 291
    Joined: 07/12/2017
    living in a dump? i guess you gotta do what you gotta do.

    Click to expand…

    you should have seen it before I gutted it….i just didn’t want to live in 1980 decor anymore but partly because it was  a dump I also got it for a bargain and used the cost difference to gut it.  it still is two bedrooms  so had to get rid of a ton of stuff from the prior home where we had three bedrooms, den with library, an upstairs media room, a walk in pantry, etc….

    trust me it is not a dump anymore, but renting it as is for so long was a bit like “roughing it” compared to what we had moved from…..

    #171496 Reply
     HikingDO 
    Participant
    Status: Physician
    Posts: 207
    Joined: 03/09/2017

    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:

    Click to expand…

    Snoopy is the best!

    #171497 Reply
    Lithium Lithium 
    Participant
    Status: Physician
    Posts: 824
    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…

    Maybe you could, but should you? What are you saving for if not to live in 70 degrees inside your home? That’s a fairly high priority for me. I’d work an extra shift long before that.

    Click to expand…

    I’d rather sit in a colder house than have to work harder, deal with more burnout, increase my risk of getting sued, and pay even more taxes.  I did cave and turn my heat up to 55 today though  😆 .

    Once I’m done working, hopefully I can live somewhere that has a nice climate year-round.

    #171502 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 4739
    Joined: 01/12/2016

    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…

    Maybe you could, but should you? What are you saving for if not to live in 70 degrees inside your home? That’s a fairly high priority for me. I’d work an extra shift long before that.

    Click to expand…

    I’d rather sit in a colder house than have to work harder, deal with more burnout, increase my risk of getting sued, and pay even more taxes.  I did cave and turn my heat up to 55 today though  😆 .

    Once I’m done working, hopefully I can live somewhere that has a nice climate year-round.

    Click to expand…

    55!?

    Man, I though I was tough keeping the house 70 in winter (its 55 outside rn), and 76 in summer. The older I get the less I can let it go to extremes.

    Some of those things are too little to be concerned about, but if you enjoy that game I guess.

    #171503 Reply
     notadoc 
    Participant
    Status: Other Professional
    Posts: 223
    Joined: 07/15/2016

    I suggest this.  It is a one time expense. 🙂

    #171504 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 3702
    Joined: 05/13/2011

    If you’d rather sit in a 50-55 degree house than work one day longer than you would otherwise have to, I would submit your focus should be on changing your job/career rather than cutting spending.

    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

    #171505 Reply
     Anne 
    Participant
    Status: Physician
    Posts: 542
    Joined: 11/07/2017

    I probably live closer to like a resident than like a typical attending.  I never really cut back, I just never expanded my lifestyle that much in the first place.  I don’t worry about money, now or in the future, and I buy whatever I want.  I just don’t want to have an excess of stuff to take care of, and so my wants are fairly limited.

    I’m also not a fan of cutting down a tree just to throw it out a month later.  Yes, I’m a big fat tree hugging hippie.  Also not a fan of fake look alike trees.   Here’s my solution.  I love the design personally.  http://www.retreejoy.com

    I like my house around 68-70 in the winter and maybe 72 in the summer.  I have been to people’s houses where it feels like they have the A/C blasting to the upper 50s in the summer and the heat turned up to the upper 70s in the winter–it’s so uncomfortable!

    #171520 Reply
    Liked by Kamban, hatton1
    fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 294
    Joined: 01/26/2017

    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…

    Maybe you could, but should you? What are you saving for if not to live in 70 degrees inside your home? That’s a fairly high priority for me. I’d work an extra shift long before that.

    Click to expand…

    I’d rather sit in a colder house than have to work harder, deal with more burnout, increase my risk of getting sued, and pay even more taxes.  I did cave and turn my heat up to 55 today though  😆 .

    Once I’m done working, hopefully I can live somewhere that has a nice climate year-round.

    Click to expand…

    That’s pretty sad man.

    Fatlittlepig

    #171522 Reply
     veritablpenguin 
    Participant
    Status: Physician
    Posts: 32
    Joined: 04/11/2017

    67 in winter, 73-74 in summer.

    I thought the weirder thing was buying hiking boots off craigslist.  If there’s one thing you want to pony up for, it’s nice hiking boots (that you get to break in).  I had a pair of Merrells (so not even super high end) that I wore for 10+ years.

    #171525 Reply
    Liked by octopus85, Anne

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