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Where are the Fatlittlepigs? Are Fatlittlepigs rare?

Home Personal Finance and Budgeting Where are the Fatlittlepigs? Are Fatlittlepigs rare?

  • fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 1313
    Joined: 01/26/2017
    Earnest refinancing bonus

    Deleted

    #147454 Reply
    FunkDoc83 FunkDoc83 
    Participant
    Status: Physician
    Posts: 224
    Joined: 04/12/2018

    How long have you been earning 550k per year as a couple?  Even if you started at age 30, it seems unrealistic you would have amassed that much money in so little time.  Unless I’ve misunderstood your situation, something doesn’t add up, but of course I’m no expert.

    #147458 Reply
    Liked by RocDoc, Kamban
    Avatar veritablpenguin 
    Participant
    Status: Physician
    Posts: 43
    Joined: 04/11/2017

    I feel like you’re leaving out (a significant) part of the story.  Even with very generous assumptions (started with no debt, have been making current salaries for all 10 years, tax rate 33%, yearly budget $60K/yr, investments making 10% a year), I can’t get you to $6M.  If you start at $0 at age 31, invest $300K/yr, at 10%, you get like $5M and change.  And that’s without having to pay off student loans, mortgage, etc.

     

    That’s probably why there aren’t more fatlittlepigs.

     

    So what are you forgetting?  Family inheritance?  Full scholarships?  A couple years with salaries over $1M?  Won the lottery?

    #147459 Reply
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3571
    Joined: 01/14/2017

    Your situation is surely unique, and not for lack of trying.  I agree with others – we need more insight.

    #147461 Reply
    Liked by Vagabond MD
    Avatar artemis 
    Participant
    Status: Physician
    Posts: 613
    Joined: 12/02/2016

    I wonder if the OP is counting the value of his house in that net worth calculation?  I could see someone hitting that target by age 41 IF they were fortunate enough to buy into a rapidly rising housing market before the prices really began to skyrocket.  Most parts of the US, though, don’t have such a market.

    #147466 Reply
    Avatar Dilaudidopenia 
    Participant
    Status: Physician
    Posts: 214
    Joined: 05/22/2016

    [ad hominem attack deleted.]

    #147468 Reply
    Avatar Peds 
    Moderator
    Status: Physician
    Posts: 4715
    Joined: 01/08/2016

    fatlittlepig- age 41, net worth is currently 6-6.5 including paid off house, no debt.

    dual income physician household making about 550 / yearly

    after years of browsing bogleheads.org, and more recently this forum, I have come to realize that this level of net worth is rare or very uncommon amongst physicians in my age range.

    there surely are many dual physician income households, why would this be rare? we are frugal but not overly so in my opinion. Steady stock market investing.

    why aren’t there more fatlittlepigs.

    -Fatlittlepig

    Click to expand…

    wow…….i havent seen a humblebrag post this good in a while.

    you aint worth nothin compared to Gates, Musk, Bezos, Buffett….so get back to work.

    Avatar Anne 
    Participant
    Status: Physician
    Posts: 1245
    Joined: 11/07/2017

    IME the little pigs who like to go around bragging about how fat they are tend to get eaten by the big bad wolf ?

    #147474 Reply
    DMFA DMFA 
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    Joined: 06/24/2016

    He/she paid off an $800,000 house in 3 years.  It’s reasonable to include that in net worth since you can turn it into money.

    He/she’s Kaiser/TPMG as well.  Kaiser allows for very inexpensive home loans and has retirement programs that you can defer lots into.  That will allow for lots of tax-advantaged investing, lowering the bill.

    VTSAX is 10.8% over 10 years, so let’s give him/her that (though a well-managed property portfolio could def out-earn that, plus appreciation).  Assuming that’s the 12th root of 10.8% per month and 120 months, that’s $28,757.46 invested a month, or $345,000 a year at that rate.

    If they’ve invested $300,000 a year for 10 years, to get to $6M would be 1.06% a month or 13.5% a year.  Not the most unreasonable over this roaring span, esp with properties bought at the bottom with their current valuations…

    …anyway, good for you.

    "I like money." - Frito Pendejo (Idiocracy)

    [Not a financial professional (yet), lawyer, or employee of The White Coat Investor]

    #147475 Reply
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
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    Joined: 01/12/2016

    He/she paid off an $800,000 house in 3 years.  It’s reasonable to include that in net worth since you can turn it into money.

    He/she’s Kaiser/TPMG as well.  Kaiser allows for very inexpensive home loans and has retirement programs that you can defer lots into.  That will allow for lots of tax-advantaged investing, lowering the bill.

    VTSAX is 10.8% over 10 years, so let’s give him/her that (though a well-managed property portfolio could def out-earn that, plus appreciation).  Assuming that’s the 12th root of 10.8% per month and 120 months, that’s $28,757.46 invested a month, or $345,000 a year at that rate.

    If they’ve invested $300,000 a year for 10 years, to get to $6M would be 1.06% a month or 13.5% a year.  Not the most unreasonable over this roaring span, esp with properties bought at the bottom with their current valuations…

    …anyway, good for you.

    Click to expand…

    Timing is important.

    #147477 Reply
    Liked by ENT Doc
    Avatar DCdoc 
    Participant
    Status: Physician
    Posts: 607
    Joined: 06/14/2016

    The fat little pigs are in tech, not medicine. Your post sounds like a troll. Few residents start full time attending jobs before 30, and 11 years isn’t much time to build that level of NW at your salary level.

    #147480 Reply
    Liked by HyperionGap, Peds
    Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1905
    Joined: 01/08/2016

    He/she paid off an $800,000 house in 3 years.  It’s reasonable to include that in net worth since you can turn it into money.

    He/she’s Kaiser/TPMG as well.  Kaiser allows for very inexpensive home loans and has retirement programs that you can defer lots into.  That will allow for lots of tax-advantaged investing, lowering the bill.

    VTSAX is 10.8% over 10 years, so let’s give him/her that (though a well-managed property portfolio could def out-earn that, plus appreciation).  Assuming that’s the 12th root of 10.8% per month and 120 months, that’s $28,757.46 invested a month, or $345,000 a year at that rate.

    If they’ve invested $300,000 a year for 10 years, to get to $6M would be 1.06% a month or 13.5% a year.  Not the most unreasonable over this roaring span, esp with properties bought at the bottom with their current valuations…

    …anyway, good for you.

    Click to expand…

    Timing is important.

    Click to expand…

    This has been a good ten year stretch.

    Hard to not come off as a braggart the way the initial post was written, but to be honest, with the skew of this forum, I suppose most of us would just shrug shoulders….

    #147483 Reply
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
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    Joined: 01/21/2016
    Splash Refinancing Bonus

    Odd thread.

    Good on the OP for building that level of wealth in such a short time.

    I did not have the discipline or the good fortune to have done so.

    #147486 Reply
    childay childay 
    Participant
    Status: Physician
    Posts: 1097
    Joined: 01/09/2016

    Of course it’s rare.  Most docs out there aren’t going to be saving over 1/2 of their income for retirement or anything close to it.  Good for you

    #147487 Reply
    Craigy Craigy 
    Participant
    Status: Spouse
    Posts: 2111
    Joined: 09/16/2016
    If they started investing $300k/year or $25k/mo starting in 2008, they would have made a lot more than 10% annually, assuming they were investing in the market with a typical portfolio.  They would have lost money in 2008, but each year after that some years were as high as 30%.  Even a portfolio with a lot of bonds could get them past $6,000,000 in that amount of time.
    I would still bet they are leaving something out of the story, such as substantial family contribution, different incomes throughout those years, etc.  But it’s very much plausible.

    LEVEL 1 WCI FORUM MEMBER.

    #147492 Reply
    Liked by PhotonsRGR8

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