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  • Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016
    Splash Refinancing Bonus

    I recommend getting at least 3 companies to come and bid.  We had 3 companies, asked them all to do the same tasks, same frequency… Prices varied DRAMATICALLY (I think the expensive one was over double the one we chose!)

    in reply to: Lawn Maintenance contracts #107078 Reply
    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    Ouch a $1360 hit from a shisha pipe…  I haven’t tried it, but I bet it didn’t bring you THAT much of a marginal increase in happiness!!

    😆

    in reply to: Too honest for my own good… #106491 Reply
    Liked by Craigy
    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    On the samsung S8 you can set it to automatically go into night mode at night time and it filters out blue light which supposedly helps decrease eye strain!  Things look slightly different but not really that noticable.

    in reply to: Can we add a \"night mode\" to the forum? #85818 Reply
    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    While it turns out from this article 10M may not make me that much happier, it sure would make me richer!!

    (not in my current list of goals though)

    I may add be spinal tap-ier to my list of goals however!

    in reply to: millionaire happiness #85817 Reply
    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    Planning and asking is the first very important step! Congrats on being almost done with training!

    I’m going to start by paraphrasing a stat I learned from the WCI – 50% of physicians change jobs in the first 2 years out of residency/fellowship…  Even if they are sure its the right job for them (most are)..

    I would be curious to see how that stat changes in 2 physician couples..

     

    The house price is not unreasonable for your salary, BUT – with an expensive house often comes expensive things you need to do to/for it – furniture, HVAC repairs, nice BMW to match the others on your street… 🙂

    WCI recommends (smartly) to live like a resident for a few years after residency.  Buying a big doctor home does not fit with that.  The first year out of training is likely to be the most important in shaping your financial future!!!    You don’t have to follow every step WCI preaches exactly, just realize the consequences can be very big if you don’t!

    Any good reason to not keep renting?

    in reply to: Too much house too soon??? #82456 Reply
    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    Was that not Crixus?

    Click to expand…

    No.. I understood that much more than I understand Crixus’ recommendations (sometimes I’m not even sure if there are recommendations to be had….).  He sorta reminds me of that whole life salesperson I met that made everything sound complicated (so it must be right/good!?!).

    And no, I don’t speak Chinese!   😉

    in reply to: Chinese Spammers #80053 Reply
    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    Nice job everyone!

    2017 was pretty good for us!

    1) Maxed out 403B/401K

    2) Started and maxed out HSA

    3) Decreased student loan principal balance by $40,000

    4) Paid off car #1 (and started a side account to replace it)

    5) Joined the prestigious “Hundred-thousandaires” club 🙂 – brought net worth from Negative $70,000 to over $200,000

    6) Didn’t do anything terribly stupid financially!

    Thanks to this community/WCI/POF for the education/place to help ensure I keep an intentional focus on our finances!

    in reply to: Financial goals you've achieved this year (2017)? #75634 Reply
    Liked by Dr. Mom, MochaDoc
    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    Only guaranteed ~7% return I know is to pay off your loans….

    Historically on average the stock market barely beats that, but certainly not over EVERY 10 year timeline while you are waiting for to see if your loans are forgiven.  There is a significant risk that you would make less than this or lose money over this relatively short timeline.

    Another factor is: will you be working for an employer that “counts” towards PSLF after residency?  Pretty hard to predict at this stage of your training – and I don’t think you should limit your job search to only those that do.. You may find more lucrative offers elsewhere even taking the loan forgiveness into consideration.

    It would also be a good idea to run the numbers and see how much you could save if you refinanced to a lower interest rate.  Just to be able to compare all options.

    Repaye is another consideration while in training – WCI has some good blog posts about all of this!!

    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016
    And I’m concerned with the tax reform talk of 401k’s (I’m sure the same issue will be with my 503b). If I can’t reduce my taxable income By maxing out those plans, I’m going to get killed in taxes. It’s just my financial luck

    Click to expand…

    You are here asking the right questions, keep doing so!!  Learn the basics taught by the WCI and focus on what you CAN change.

    Worrying about POTENTIAL future tax changes.  “Had” to cash out all your retirement after the market crash in 9/11.  — sounds like a fair bit of worrying about things that you have no control over…..   Worrying is like a rocking chair:  It gives you something to do, but it doesn’t get you anywhere.  Focus the worry on learning how you can control what you can control.

     

    Absolutely max all available retirement savings / 457 available to you.

    Minimize expenses on the big things (Housing, car leases) – these are more important than saving on hair cuts (but being frugal everywhere will help)

    Read about cash value life insurance and decide if you want to continue spending money on this

    Read about financial advisers on this website and how to pick a good one – don’t just make an appointment with the one you haven’t met in awhile  – a good one won’t cost you too much money and won’t let you cash out when the market temporarily takes a downturn

    Invest more $$ outside of 403b/457 in a low-cost taxable account (i.e. vanguard)

    Learn how/where to invest (read books from WCIs recommended list, or have a good financial adviser educate you)

    Read POFs (http://www.physicianonfire.com) blog posts about 4 doctors with different salaries/lifestyles – you can even sign up and get his calculators to put in your own values!!  (you may not be retiring “early” but you are trying to become financially independent quickly!)

     

    All of this info is available in free – easy to read format on this website (empire)!!  You have expressed a desire to change, now you need to do it!  Once you make it a priority in your family, hopefully it will become one!  (not having time to meet with a financial advisor = it not being a priority)

    You can do it, you just have to want to!!

    Good luck!

     

    in reply to: Getting started at 53 and want to retire at 65 #71524 Reply
    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    My $0.02:

    1. Put the extra 12K per year into retirement.

    2. Save $3-5 K per year (on the front end) in taxes

    3. Put that $3-5 K towards mortgage

    4. Smile because you are killing it!

     

    in reply to: Save me from myself :-) #71275 Reply
    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    A month before I turned 39 (this year) I saw a post that POF linked to that had the actuarial tables from Social Security.  It showed that the life expectancy of a 39 year old male is 39 more years…

    That made me ponder for a minute… then it made me want to buy a fancy car… then I looked at my remaining debt chart… then I went on with my life!  (I’m above average anyways!! Right?!   😀

    in reply to: middle age crisis #70508 Reply
    Liked by Craigy, Zaphod
    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    LDO – WCI is ghost posting as Crixus. Notice how they always post around the same time.

    Crixus is WCI. WCI is Crixus.

    [Insert conspiracy image of masked people doing nefarious things]

    Click to expand…

    I hadn’t thought about it, but, I’ve never seen WCI and crixus in the same room at the same time!!!   Have you?

    One of the lucky people going to the WCI conference:  Please scope out crixus’ booth and see if Dr. Dahle ever makes an appearance!  😉

    Paraphrase: “Crixus’ words coming out of my mouth…”

    in reply to: Are you Crixus? #69869 Reply
    Liked by RocDoc, hatton1
    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    My kids are 9, 7 and 1.

    I’m currently not funding enough to pay for all of college, but am 100% stocks and plan to stay there for the foreseeable future.  Plan to be debt free including mortgage right around when oldest gets to college, that should free up a lot of cash flow…

    If downturn occurs when first one gets there, I have 8 years to wait for a recovery!  🙂

     

    in reply to: 529 asset allocation #47153 Reply
    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    Congrats!  I think its a good decision – at least for right now!

    The pediatrician in me was going to try to sway you into staying in that house for now!  (reminding you the AAP recommends keeping babie(s) in same room as parents for at least 6 and ideally 12 months!)  – Although it does sound stressful moving with a toddler and twin 1 year olds… your plan sounds better!

    You are rocking it with a good set of priorities and thinking out a plan!

    The neonatologist in me says to start saving NOW for an emergency fund – once babies and mom are home safe, use whats left to fund the Pacifica!

     

     

    Avatar Shamwow 
    Participant
    Status: Physician
    Posts: 30
    Joined: 01/25/2016

    We are 2 years into owning our vacation home.

    1 hr 15 minute drive away on a ski hill.  We are up there 3 out of 4 weekends during the winter (girls are downhill racers), and we rent it only when we don’t want to use it.  We rent it using HomeAway/VRBO and do the cleaning ourselves (okay… 99% my wife and I pretend to help).

    We use it more than we planned in the summer (hiking, biking, escaping), and love having a place making memories with the kids.

    Its ~1/3rd the value of our primary home.  And we made sure that we could afford all the expenses assuming we didn’t rent it at all.

    We did NOT do much research about the rental market in the area – as we were considering rental income a “bonus”.  We have been pleasantly surprised, and the rental income has pretty much exactly covered the mortgage payment (P&I and insurance).

    We have had minor repair/maintenance issues pop up, which have not been more than $500 at a time to this point.

    So far, I’m very glad we have done it… but taking out more debt was probably not the smartest thing we could do… but we are pretty focused on attacking it, and have a solid plan that we are sticking to!

    Good luck!

     

    in reply to: Vacation Home as Rental Property #43985 Reply
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