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  • Avatar EndoRobert 
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    “I may point out we are all bound by iron clad restrictive covenants so leaving is…challenging…!”

    What were you originally offered to sign such a restrictive contract?

    Seems like if all the jr docs can work together you have leverage. Good luck!

    Avatar EndoRobert 
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    I would imagine there really aren’t that many “poor” kids turning down Cornell to go somewhere more “affordable”.. because where are those schools that they can “afford”?? Maybe a few choose their one local state school which is still outrage.

    Very few families can “afford” 300-400k med school after undergrad tuition even if pops makes 200k a year.

    Yes, it makes Cornell more appealing for a large potion of their applicants but I don’t see how that’s fair in the least bit.

    Click to expand…

    Maybe my alma mater is particularly egregious, but I don’t think most people (I didn’t) realize what the typical undergrad household income looks like at (insert superlative here) schools. I recall reading that 2/3 of undergrads came from households making >400k.

    I’m not sure the new guidelines are equitable, or if I had 9 figures to donate somewhere  how I would do things. But life ain’t fair.

    in reply to: Cornell Med – free for some #246658 Reply
    Avatar EndoRobert 
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    I’m not going go through your posting history, so apologies if you’ve covered this before.

     

    Are you an employee? Are you a practice owner? If the later you have more options.

     

    Either way I’m sure you could pay a cpa or tax attorney to get hyper aggressive. (But I’m not sure there’s much value in that)

     

    Ymmv

    Avatar EndoRobert 
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    Could you sell the house or have your parents buy you out while you rent for a while?

    in reply to: First mortgage to pay off student loans? Wise or dumb? #242768 Reply
    Avatar EndoRobert 
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    @peds I took it to mean for every dollar going into intl/bonds OP is putting $2 into US. But maybe it’s something else.

    Dot your i’s and cross your t’s on that PSFL paperwork.

    in reply to: What do I do with my cash? #242215 Reply
    Liked by legobikes
    Avatar EndoRobert 
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    I acknowledge his right to make the move, but this is more selfish than courageous. Why is he rich? Because there is a social contract whereby a lot of average people pay a relative few very physically talented individuals to play a game. Sure, business decisions get made all the time by the players, league, and teams. But come on, a week before the season? That is just a lack of integrity. There were plenty of better ways to implement the decision that he made. So, good for him. He’s rich and I’m sure he will weather my approbation. On the other hand, I am sure all Baltimore fans are laughing…

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    Thank you for the get-off-my-lawn, millennials-are-lazy-and-the-worst perspective, with a Baltimore Colts allusion thrown in for good measure.

    in reply to: Andrew Luck Retires at age 29 #241531 Reply
    Liked by Anne, Peds
    Avatar EndoRobert 
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    Scott Galloway, NYU b school professor who also hosts a great podcast with Kara Swisher about tech and finance called Pivot. He’s tremendous. As is his new book the video is based on.

    in reply to: The Happiness Curve #240276 Reply
    Liked by Anne, Zaphod, CM
    Avatar EndoRobert 
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    Speaking of skewed, Emily Oster is well respected economist, but not sure using a Washington Times editorial that ends like this: “ What’s illogical is the sudden interest of the left in the survival of 20,000 infants, when no concern is given to the lives of the 1 million unborn ended by abortion each year. This figure is likely to grow now that there’s Obamacare to encourage abortion. The commitment to life, born and unborn, must be preserved, regardless of what the misleading statistics say.“ is really gonna convince anyone who doesn’t already share your beliefs.

    Avatar EndoRobert 
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    Is this all the money they have?

    Isn’t the worst situation, $1.2m, even if invested very conservatively, paid off house, plus a doctor’s-salary social security contributions. Unless they have crazy overheard, would imagine they’ll be ok.

    Avatar EndoRobert 
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    Really guys. Sell the car even at a loss? It is not like he is starving. I agree that it was a bad idea to finance an expensive car in training but to fix it now seems not worth it. From a behavioral point it might be but practically it would be a pain and not really save all that much.

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    You’re right. They aren’t starving. (And im admittedly way more debt averse than most here no matter the math) That’s kind of my point. Spouse makes $50k yet they’re taking out loans above tuition. Maybe car is representative of other spending going on?

    And I agree, it’s totally behavioral. But he’s talking about having 400k (med loans, np loans, car, mortgage) in total debt at the end of medical school.  To me, that’s a lot.

    (No sarcasm). Maybe I should’ve said, park in high yield, ace step one, become radiologist and very few financial decisions will sink you. Or make sure wife lands derm NP gig.

    in reply to: What should a 2nd year med student do with a $200,000 gift? #239554 Reply
    Liked by Lordosis
    Avatar EndoRobert 
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    Do you have any other debts?

    If your wife makes 50 why are you needing to take out loans beyond tuition?

    If it were me:
    Be thankful you’re getting this break.

    Get on a written budget and use mint, personal capital etc, to see where your every dollar is going.

    Sell the car (you’re probably upside down) and drive a $5k car throughout school and training.

    Skip the NP program unless you are very confident she’s going to be able to find and work (what’s your plan re: kids?) a job making six figures throughout the rest of school and your training.

    (That takes care of about $90k in loans.)

    Max Roths and any 401k matching your wife may have the next 3 years.

    Cash flow the rest of school.

    Use whatever’s left to pay down the $83k.

    in reply to: What should a 2nd year med student do with a $200,000 gift? #239542 Reply
    Liked by portlandia
    Avatar EndoRobert 
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    Is there a general rule regarding debt repayment, or is it specific to one’s own circumstances (income, NW, tax benefits of debt, etc.)?

    Commercial loan $1.4M 10 year (no balloon) 3.5% fixed, 8 years left, payment is $17K/month

    Home loan $350K 5 year arm 2.75%, resetting 11/1/2019, payment is currently $1700/month

    Car loan $65K 6 year loan 1.75%, 3 years left, payment is $1700/month

    Credit card debt $45K 0% intro term, resetting 1/2020, 4/2020 split about 50/50 on two cards, minimum payment is currently $470/month.

    CD interest income 2.65%-3% 12-18 month CD terms, savings interest 1.5%-2.3% with combined interest income about $50K/year on $2.1M cash flow reserves for annual expenditures (not expenses) about $1.9M.

    Pay off highest interest rate debts off first? Pay off smallest loans first to decrease monthly payments/improve cash flow? Pay off non tax-advantaged auto loans first? Pay off by riskiest attached asset? Pay off everything and wipe out reserves? Pay off debts as they reset from low to high interest rate (5 year ARM, credit cards) or refinance them to pay off highest debt rates first.

    Do not recommend I invest it in these markets instead, you all know how I feel about the current markets, it’s not 2009. I’m more interested in debt repayment strategies. However I proceed, I wanted all debts paid off in next 2-3 years.

    How would you tackle? Thanks in advance.

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    I would strongly recommend that you take part of your $13M net worth, maybe either your $2M emergency fund or a fraction the $10M you have currently invested and pay off all of this debt tomorrow.

    I can link to the posts if anyone else can’t find them.

    Click to expand…

    No that makes no sense (that might make sense for level 1 index fund peons but to be a true wealthy entrepreneur, I would buy another supercar then take out a loan on the car and reinvest it into the business. Makes much more sense. You got to think outside the box as an entrepreneur)

    Click to expand…

    Earlier in thread, FLP- I’m not trolling.

    Maybe its time time for another self-imposed forum break FLP.

    in reply to: Debt Repayment Strategy #237824 Reply
    Avatar EndoRobert 
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    Earnest refinancing bonus

    P.S.  Supercars are kind of boring to me now–I got to take multiple rides in a 2-seater F-18 as well as Cobras and other assorted incredible high performance aircraft as a Navy flight surgeon.  Once you go on a high speed low altitude ride in Rainbow Canyon it’s difficult to get excited about a Ferrari or Lamborghini.  And yes, I’m bragging.  And people say HPSP isn’t worth it!

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    Call sign “Anne” buzzing the tower and then catching the ideal arresting wire with this post!

    in reply to: Partner wants to buy a Super Car worth 150k #234364 Reply
    Liked by Anne
    Avatar EndoRobert 
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    Joined: 01/12/2019

    OP: Here’s a recent pod with a critical care doc making 500k/yr by living off the beaten path in Arizona. I’m not saying these jobs are easy to find, but you need to be open to some radical solutions to your radical problem.

    If you start down the 15-20 year path you’ll likely not make the extra payments, life will get in the way.

    How to Fix Your Investment Mistakes – Podcast #115

    in reply to: Student Loan Help! #234171 Reply
    Avatar EndoRobert 
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    Joined: 01/12/2019

    I went to the pebble beach concours d’elegance one year. Amazing cars. But the real show is what’s driving around Carmel and Monterey in the week leading up to the show. If you ever want to drive a Ferrari f40 or Bugatti Veyron and not stand out, that’s the place to do it.

    I’m content to just ride in neurosurgeons panamera turbo or anesthesiologist’s carrera 4s (never mind the true super cars), but I like the rule of thumb to pay cash and not let it be more than 50% of yearly income.

    in reply to: Partner wants to buy a Super Car worth 150k #233865 Reply
    Liked by Craigy
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