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  • One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017
    Earnest refinancing bonus

    This one hits close to home.  I’ve now turned down a full call position at my job 3 times.  The most recent one has true eye popping numbers, def >90% MGMA salary for my area. But I had a friend who died of cancer at 26.  My wife recently had a recurrence of her cancer.  I go with the save 20-30% for retirement so I wont have to work later, but still taking a little less money for more time to enjoy things now.  Of course, the money we make as daytime is still in the top 10% of the country so we should be fine.

    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017

    Please tip your valets even if it’s just a dollar or two. I used to work as a valet during med school between first and second year and quit after about a month of one too many bridal showers stiffing on tips.  The club provided free valet parking, which meant I’d park the cars, help lug presents up and down stairs, get the car only to be told “sorry we didn’t realize there would be free valet parking.”  I’m pretty sure those people tipped the free bartenders (open bar).  The fact that we parked the cars half a mile away made it that much worse.  At least during weddings people tipped more appropriately (2 bucks norm, 5 for better cars and anything more than that made our day).  And if you have a nice car, it’s probably wiser to tip on drop off.  I generally tip a dollar or two on drop off and same on pick up bc some places won’t split tips evenly and both valets provided a service.

    in reply to: How much to tip? #230048 Reply
    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017

    It seems you made up your mind about the fellowship but just to change your perspective on anesthesia jobs- I work for an md only practice in the northeast, desirable area.  I work daytime until 430 pm m-f ( shift work u wanted). 315k/yr. no call. There are jobs out there in anesthesia that u can Tailor to your needs as long as your salary demands aren’t excessive.  I know people who make a lot more than me taking call, complain about taking call, but won’t take the paycut to work daytime hours.  Still, I’m pretty sure I make more than CC people in my area, and work less holidays and weekends (I work none).  But I also live frugally enough and value time over money for reasons I’ve discussed before and won’t get into now.  You’re free to choose whatever you want, and I wish you luck, but I personally would’ve looked for another job instead.  To each their own…

    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017

    In med school a buddy and I spent 400 eachfor nose bleed seats in philly to watch the Yankees win game 3 of the World Series.  Totally worth it even as broke med students.  More recently, in the same year I splurged on 10k + trips to Maui and Ireland with my wife. Bought my parents tickets to see my sister, niece and nephew for my dads 80th, then surprised them at dinner.  Still saved 25% of my gross salary for retirement though. What’s the point of having all this money if you don’t use it for experiences with those you love while you still have time?

    in reply to: Screw it — time to spend #220077 Reply
    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017

    re: the family plan- you can put yourselves in his family plan if you want to, and IF he loses his job, you’d be able to switch back into your employers plan for both of you immediately since it will count as a qualifying event.  I did this with my wife when she went on disability after her fmla ran out. She had a treatment the day after her insurance ended, and I couldn’t start the online form to switch her to my plan until her last day of her insurance coverage (it had to end since it was a qualifying event), but the treatment was covered since my insurance covered her retroactively.  We just had to tell her dr to hold off on billing her until we received her new insurance card.

    in reply to: debt free vs knee surgery vs fertility workup #210499 Reply
    Liked by mainah
    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017

    So your interest free loan is basically a 3 year retention golden handcuff- what happens if you want to leave earlier than 3 years?  How much interest will you have to pay back then? And if the market tanks at the same time so the money is actually less than what they gave you?  (just playing devils advocate here)

    in reply to: 400k debt, anesthesia fellow, seeking guidance #205015 Reply
    Liked by saildawg, ENT Doc
    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017
    When my daughter died on a Friday, i got two weekend days off, and there were even questions of whether that was necessary.  To their credit i was permitted to attend the funeral and got the whole day for that.  They had your whole future in their hands, and they weren’t afraid to remind you of it. 

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    I left my old job due to a boss who refused to allow me or believe that I could take some time off for my wife being in a coma/ICU during her cancer treatments(I did, she just didnt pay me for the time I took off and was shocked that I told her I was taking an indefinite unpaid leave) but I would not have been able to do if I was undisciplined in my finances. 

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    Wow… just unbelievable to me. I am so sorry for both of you.

    Sometimes I get offended when I read your opinions about Admin (being a part time CMO) but reading these, I get it.

    Of note, not all are like this.

    For instance: One of our docs FIL passed from MI (sudden) and I called her on Friday and told her she would not return to work until the following Monday (10 days) and then only 1/2 day so that she could pick up her kids (the grandkids of the man who passed) from school that day. She took it, didn’t think she needed that much time but didn’t argue, and came back to thank me later, as she was in such a fog that she didn’t know what she really needed. Another one: A hospital 1 hour away one of the physicians committed suicide, so sad. He had been a mentor to one of our docs and had recently trained another one of our docs for a year long fellowship. I made sure they were not on call and arrange to have their clinics closed on the day of the services, so they could attend. I also offered to find coverage immediately, however both wanted to stay busy with office/surgical work.

    These examples are just from the last few months.

    I am so sad that people have been treated like this and sounds like the are still being treated this way. Not sure how to make this shift in more hospitals than my own. Maybe the docs need to group together and make some demands… more like the nurses unions, but at a local level. I also think it is easier to ask for another than to ask for yourself… so if you see a colleague in need, speak up!

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    There are also good administrative people out there, I know. And I’m positive your workers realize they have a decent boss managing them. Not to rehash what I’ve written in the past but in my case the surgeons owning the ASCs and hospitals that I worked at showed more compassion to me than my former boss did.  My former group has trouble keeping young attendings due to their management style so they continuously shoot themselves in the foot.   The culture in that group was extremely predatory and malignant towards the newer attendings. In the time since I left 7 other younger partners/partnership track people left.  I can’t help but think that they saw how my boss handled my situation and realized that they would receive the same treatment if it ever arose. I wasn’t the first to get treated like that and I wasn’t the last either.  But you cant change some people.  I let the partners all know why I was leaving but my boss was never going to change her ways, so there is no shift possible for that group unless they changed leadership.

    in reply to: Short term loan options? #204703 Reply
    Liked by SLC OB
    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017
    I left my old job due to a boss who refused to allow me or believe that I could take some time off for my wife being in a coma/ICU during her cancer treatments(I did, she just didnt pay me for the time I took off and was shocked that I told her I was taking an indefinite unpaid leave) but I would not have been able to do if I was undisciplined in my finances. 

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    I pray your wife is well.  I’d favor mandatory leadership courses over finance courses in medical school after reading the latter part of this thread.

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    thanks.  I think some managers/owners lose sight of the importance of family first, then wonder why people keep leaving for greener pastures.  My current group is much more understanding, without having to bring up FMLA protections and such.  Her health is also a reason why I now am in a non- call position, not b/c I’m some “millenial with no work ethic,” (not a millenial but I graduated residency with them so I get grouped in with them). Having a good financial foundation allowed me to pursue jobs that fit my needs and understood my situation, and get away from a place where partners/owners took advantage of recent grads and had a business only mindset that fit their needs/salaries.

    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017

    q school, I am so sorry for your loss, and that it happened at a time when the culture in medicine was that administrators thought they were doing you a favor by giving you two days off to grieve. To the OP- take the vacation but don’t over spend or make a habit of taking out loans for non-necessities.  We are not guaranteed tomorrow, but we also must make prudent decisions in order to be able to live as we want in our future tomorrows- isnt that the point of FI? I left my old job due to a boss who refused to allow me or believe that I could take some time off for my wife being in a coma/ICU during her cancer treatments(I did, she just didnt pay me for the time I took off and was shocked that I told her I was taking an indefinite unpaid leave) but I would not have been able to do if I was undisciplined in my finances. So please make this a one time thing (CC loan for vacation), and pay it off ASAP with your first few attending paychecks.

    in reply to: Short term loan options? #204655 Reply
    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017

    You should also take into consideration where you live before deciding your allocation in the HSA.  If you live in NJ or California the HSA gets taxed- so you dont want to get too aggressive there- I switched my funds to Fidelity for reasons stated above but basically keep my fixed income/bond allocation in it (treasury funds) to avoid paying state taxes since I live in NJ.

    in reply to: Dump HSA funds and start over #204344 Reply
    Liked by ENT Doc
    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017

    Thankful to the folks on this forum who have helped in the past and know more than I do. Merry Christmas, all.

    Would be interested in opinions on where I stand. To keep it short:

    Demographics: Mid-30s, currently ~$400k/year, not married yet. No kids ever. Partner. SDG.

    Assets: company-funded 401(k), mid-five figures given has only existed for short time, aggressively slanted 90:10 stocks:bonds in a US stock index fund and a US bond fund. Which of course is -8% YTD now. Individual taxable with low five figures in VTSAX because…

    Debts: … I aggressively paid off student loans to the tune of >$200k+ in a couple years. Only debt is $75k @ 3.74% on a luxury purchase I afforded myself which could be gone by end-2019 even without refinancing (the “you only live once” argument, etc) and my mortgage, roughly $480k @ 3.62%.

    Looking forward: beyond the conventional wisdom of tax-deferred maximization, E-funds, etc (all addressed), I’m curious as to what you would do today in my position. Still trying to wrap my head around how TLH would work. Broaden portfolio to include internationals in either account above? Anything else immediately jump to mind other than the obvious elimination of my last remaining non-mortgage debt above? Have only been out of residency a short time and thus don’t yet have the 5-10+ years of income in market that others do; looking to optimize things early.

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    You’re doing great except for buying luxuries on credit. If you only live once, why would you do so in unnecessary debt? If you can pay off $200K in student loans in a couple of years, you should be able to save up for a $75K luxury purchase in 9 months. But with a $400K income in your mid thirties and no student loans, pretty hard to screw this up just by buying a fancy car.

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    Thanks, WCI. Was definitely an exception, a calculated thing with other reasons at the time, hard to find at the time I did, suited for climate unlike previous car, other various rationalizations. In the end, was honest with myself about it being a luxury purchase, could have easily done something cheaper and still “nice”, and that under no circumstances would I let that loan survive more than a year from time of disbursement. Next time around, especially as a car guy, there will be no such thing. Would rather enjoy it more up front and not have a monthly payment. “YOLO” and all that only to a point even for me.

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    I know people are piling on you and clearly the car isnt going to kill you.

    BUT…

    It’s hard to go back on stuff like this. If you drive a Range for 5 years or so it takes much more willpower than you think it should to drop back in quality/price. Not saying it can’t be done but like many things in PF it’s much much easier said than done. There’s a pervasive misconception that as you get a little older you want these things less and less that couples with the mindset of “I might as well enjoy this while I’m young.” The hedonic treadmill is a real thing.

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    All the talk about going from driving a range to a normal car reminded me of an episode of Always Sunny when Dennis eventually buys a new Range Rover.  There’s even a wiki page about his car- https://itsalwayssunny.fandom.com/wiki/Dennis%27_Range_Rover.

    in reply to: Thirty second audit of where I stand #176528 Reply
    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017

    Technically no, but there are so many options and its a grey area so why bother?  I keep a few s and p 500 funds in my wife’s and my 401k/ira/hsa so for taxable I use VTSAX and TLH into various large cap funds while avoiding VFIAX. If my retirement account only offered VTSAX, I would do the opposite.  While I doubt the IRS would ever audit this, I feel more comfortable not approaching that gray area when the benefit is so small (benefit of TLH using the same funds of 401k, not the benefit of TLH overall).

    in reply to: Another TLH question – wash sale if same fund in 401(k)? #176285 Reply
    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017

    Just tax loss harvested into it today :).  If its still down in a month I’ll TLH back to VTSAX if not I feel good keeping it after researching it some more.

    in reply to: anyone use vtclx in taxable? #176226 Reply
    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017

    thanks!

    in reply to: anyone use vtclx in taxable? #175950 Reply
    One Wet Bandit One Wet Bandit 
    Participant
    Status: Physician
    Posts: 47
    Joined: 10/14/2017

    If they dont respect your first two “no not interested and hang up” requests, then you have to waste their time.  Or block their number.  Personally I’m a fan of “hey hang on a second” then leaving my phone by the TV for 20 minutes.  If they still hang on after that I come back on and say “sorry nows not a good time ” and hang up before they can reply.  It takes two people to have a conversation so just do not engage.  Or call them at 430 am on a Sunday when you’re on call and awake anyway, just to ask a stupid question like “hey how about bitcoin”

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