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  • Avatar jhwkr542 
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    Status: Physician
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    Joined: 02/15/2016

    I second Mint.  Very easy to use, but you do need to link your bank accounts unless you pay everything via credit card, which is hard to do.  You could also manually enter everything you spend directly from a bank account and track your credit card spending.  It’s been very helpful for me.

    in reply to: Personal expense tracker #36717 Reply
    Avatar jhwkr542 
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    Status: Physician
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    Is the $350k in savings? Or in a taxable? I’m confused on your terminology.

    And whole life has zero purpose in any portfolio. There are just better ways to accomplish whatever purpose this wli policy is aimed at. For college, just do a 529. Remember, if you take a non qualified withdrawal, you’re only penalized on the gains, not the whole thing. There are also multiple exceptions in case your kid gets scholarships or whatever. A 529 is the best vehicle for college saving. If you are really skeptical your kid won’t attend college, just put it in a taxable and bankroll college when it comes around.

    in reply to: $2M Whole policy on newborn for college plan? #36468 Reply
    Avatar jhwkr542 
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    From what you’ve said, you’re way too OK with debt. $350k in savings, so why do you have $50k in loans? Why are you needing to take a loan out for a $30k car? You will regret the whole life policy, but do what you want. Not our money to waste.

    in reply to: $2M Whole policy on newborn for college plan? #36452 Reply
    Avatar jhwkr542 
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    From a pathology point of view, that salary listed seems fairly accurate, but there is a HUGE range (think $4-500k/year difference between high and low).

    in reply to: Medscape Salary Survey: Does it ring true? #36316 Reply
    Avatar jhwkr542 
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    It’s a little different for me for now pre-partner based on # weeks off.  Currently, 7:30-4:30×4.5 days a week.  7 weeks vacation + about 1 week for holidays (1 for Thanksgiving, 1 Christmas, 1 New Year’s, 1 Labor Day, 1 Memorial Day, 1 4th of July unless I have vacation during those weeks).  Partners get 10 weeks.

    Pre-partner: 1782

    Partner: 1660

    Call is negligible since I haven’t been called once while on call since I’ve started.

    in reply to: How many hours per year do you work? #36315 Reply
    Avatar jhwkr542 
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    We have been very spoiled by the long lasting bull market.  A bad bear market will destroy many plans for early retirement.  Giving up your skills and income in your 40s seems like a bad move given the uncertainties of the future and life.  Going part time, doing locums or taking a lower paying job are much better options.

    Click to expand…

    Very much this.  It’d be very difficult to quit work for years and then get back in practice like nothing changed.  You’d have trouble getting licensed/credentialed plus getting back into a workflow.  I have trouble readjusting even after a week off!

    Avatar jhwkr542 
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    Splash Refinancing Bonus

    Inappropriate Whole Life Policy of the Week Day

    Fixed the title of the thread for ya.

    Avatar jhwkr542 
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    http://m.content.healthaffairs.org/content/31/4/741.full
    Self-referral for anatomic pathology often results in excessive biopsies according to a couple of studies. Dermatology, GI, and urology practices are the most guilty. With the exception of dermatology, where some derms have dermpath training, there is absolutely no medical reason for the practices to have their own histology lab. Urologists and GI groups hire pathologists to read out cheaply and keep the rest of the profits. If you don’t think GI and urology practices don’t biopsy even a little bit more by having an extra financial incentive, I have a bridge I’d like to sell you.

    Avatar jhwkr542 
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    Edit:  Nevermind.  Got all the doctors’ name confused.

    Avatar jhwkr542 
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    Reasons I can think of:

    1. People enjoy the work they do.

    2. People enjoy the people they work with.

    3. They make a lot of money doing it.

    4. They like living the nicer lifestyle in exchange for working a little longer.

    Avatar jhwkr542 
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    Interesting. We don’t have a problem with attendance at our meetings. Usually monthly lunch meetings where everyone calls in plus occasional (~quarterly) meetings after work where we schedule to accommodate most people’s schedules. I think most of us just take it as part of the job and show up. About 14 of us in the group.

    in reply to: Practice Citizenship #36025 Reply
    Avatar jhwkr542 
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    Just talk to him about it frankly. Sometimes brutal honesty is not only acceptable but the right way to approach things, especially when it comes to money. Figure out how the call and income will be divided. If you can’t find common ground, then don’t take the offer. Or take the offer with your side gig.

    in reply to: Call money questuon #36024 Reply
    Liked by RocDoc, ginmqi, Zaphod
    Avatar jhwkr542 
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    Earnest refinancing bonus

    I value autonomy over money. Also, work more, make more in your current situation. Nothing would prevent your future bosses from increasing your workload if you’re salaried. My wife is salaried and they are constantly understaffed and overworked. Yeah, it’d depend on who buys you out, but without selling, you know who your bosses are.

    in reply to: Selling out #36011 Reply
    Avatar jhwkr542 
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    A snarky reply about this topic stolen from a similar thread in bogleheads.  Enjoy!

    The tax code is relatively simple: You pay less taxes when you earn less money. Some typical ways to reduce taxes:

    1. Contribute max to 401(k) and self-employed retirement plans.
    2. Contribute to Roth IRAs (only reduces future taxes, not today’s taxes)
    3. Invest tax efficiently (only reduces future taxes)
    4. Give your money away to charity
    5. Buy biggest house in world and pay huge property taxes
    6. Have huge mortgage on that house and pay huge amount of interest
    7. Get married and have lots of kids
    8. Be sure to lose money in the stock market since $3000 of losses are deductible each year against ordinary income.
    9. Move to a state with high income taxes because state income taxes are deductible.
    10. Have severe health issues that you pay for out of your own pocket as you can deduct health care expenses above 7.5% of AGI
    11. Grow old, you get more exemptions for being old
    12. Go blind, you get more exemptions for being blind
    13. Buy property and rent it out at a loss. The more losses the better.
    14. Quit your job. With no earned income, it’s not surprising that your taxes drop.
    15. Avoid investments that create taxable income. You want losers to reduce your taxes.
    16. Etc.

    Or just pay the tax and enjoy life.

    17. Hire accountants and investment advisors and pay them lots of money. Anything you pay them that is more than 2% of your AGI is deductible.

    in reply to: Strategies used for those in high-marginal tax brackets #35917 Reply
    Avatar jhwkr542 
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    Joined: 02/15/2016

    I have DI only on myself, but that’s mainly because there’s a substantial pay gap between the 2 of us.  It’s for a small amount since she can pay for our expenses now but probably not for a disabled husband.  As our lifestyle increases, we’ll probably increase it.  I can pay for my spouse in the event of her disability.

    in reply to: Dual physician disability insurance? #35784 Reply
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