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TroutMD

I got denied for the first time ever on a home loan/refinance. I am a physician and my income is 100% 1099. I bought a home in December in a new town, had no issue getting financed and paid ~35% down on it, was moving and changing jobs. Rate is 3.5 15 year. Found a 2.3% 15 year at a bank behind me, ...

TroutMD

bigtex wrote: ↑Sun Aug 16, 2020 1:43 pm If I’m at 330k net worth at 30, is it likely for me to reach $1 million by 40?

Good if you stay the course and continue to max retirement vehicles.

TroutMD

$2M is the point where things started to look much more comfortable for me too. Would you mind sharing how crossing each Million felt for you psychologically ? Before I hit 1M, I always thought of 2.5M as my terminal wealth, I,e NW on the day I retire in the future. Crossing the first 1M in my thir...

TroutMD

It would be foolish not to take advantage of tax loss harvesting when there is an opportunity to do so. Let the IRS cut you 35%+ break on your loss (offset against ordinary income at $3000/year) ... or at the very least 23.8% of your loss (offset against capital gains). The only thing I see a bit o...

TroutMD

OK… I went all in BH style several years ago. I run about 35% Total bonds, 65% Total Stock, and 20% of that in Total International. I peaked around 2.1m, currently down to 1.68m. I keep not wanting to look but had to look today. I am 39, dw is 38. Three kids ages 8, 6, and 3. They (did) have about 6...

TroutMD

Give in to the family, they are being smart.

Texas >>>>>> Cali.

Welcome to the Great State of Texas.

TroutMD

I think the op asks a valid question but it’s being misinterpreted... He is looking for/at the average joe that lives off BH principles. Not a successful business owner, not someone that inherited lots of money, not even a high paid professional (doctor). The Midwest family, two incomes, perhaps mak...

TroutMD

Ive heard of so many stories where people got burned on the partnership track and never make partner. I think you have to approach that job just like that, you wont make partner. And if you do, pretend like you won a lottery. Although, I dont think its all rainbows. I would do whatever options fits ...

TroutMD

Hello: We are in TX, so no tax benefit. We have 529 setup in Utah. Three kids, ages 6, 4, 1. We did 20K when they are born, and add 1K at their birthdays. The account values are 45K, 35K, and 22K. Invested in low cost index funds, 80 stock/20 bonds. Likely next year, when/if we decide we are 'done' ...

TroutMD

Hi fellow boglers, your advice has been so helpful over the years that I thought and ask you about choosing my first job as an attending. Brief financial background: -32, married with 1 kid. Wife is a happy stay at home mom -no student debt or otherwise -Live in no state income tax state -Emergency...

TroutMD

All of your posts have been very helpful. Thank you all so much. I went to a party school for college. It's considered one of the biggest party schools in the country. My friends and the girls I date are all college students - my entire social life is in college. They understand me and my lifestyle...

TroutMD

Hello: I know BH usually likes the entire portfolio picture, but I will give a high level overview. I am a physician, own a few healthcare practices. Save the max amounts in retirement accounts, have a seven figure portfolio. Live on the frugal side for a physician, do travel a fair amount. Plenty o...

TroutMD

No, waste of money. If you amass 1m, you are likely not stupid. Nobody will manage your money better than you. Spend some time, educate yourself, and apply BH principles, and all will be well. Find a per hour advisor if you feel like you absolutely need it, but know when to run away if it turns out ...

TroutMD

Personally, as somebody who graduated medical school 10 years ago, I would advise against paying your child's entire tuition. Medical school and residency are not so romantic as the general public likes to imagine, and even the most well balanced and determined individual is likely to think about q...

TroutMD

Different perspective... I grew up mostly in town, a mid sized Texas town, moved to the country in my mid teens. Fast forward through my education, marriage, and now three boys. We had a home on 10 acres, pool, four wheeler, garden, tractor, etc. We honestly didn't really like it. Good fences made g...

TroutMD

I probably should keep my comments to myself, but it just seems crazy that anyone would want to live in these kinds of areas! Its a huge sacrifice to your financial independence in the future. I see the sexiness for the young tech family that just knows they will be the next facebook, but as a docto...

TroutMD

Invest the 1.5m, move to the midwest, purchase a 250K home that will be 3x bigger than the 1m home in the bay area. Live happily ever after.

TroutMD

I seem to find varying information about this. I am part owner of a few companies and am part of a 'control group'. We have a 401K setup through Vanguard with a TPA, etc. Within the 401K, I have withheld my max of 18K, and we will be doing a 'profit sharing' component at the end of the year to get t...

TroutMD

We use a 529. We have no state income tax so there was not a reason to keep in our state, we chose Utah because of the Vanguard funds. We have two and a third on the way. We put 20K at birth and 1K for their birthday each year. We will probably up the contribution once we settle on the number of ult...

TroutMD

I am part owner of a healthcare company and have been working at getting a 401K setup for our company. We have about 30-35 qualifying employees and that may go up to about 50 as we have additional facilities open in the next 6-9 months. This includes 7 owners who are physicians, making this a 'top h...

TroutMD

Insurance companies always attempt to vilify physicians and healthcare facilities. Per the ACA, they MUST pay In Network allowable for Emergency Medical Care. Although, most states still allow the facility and/or physicians the right to 'balance bill' the patient, they don't always do so. I would ju...

TroutMD

I am a professional so I have a great six figure income. Many of my friends, some doing this much longer, are in the same income class. The difference, many of them (I think), don't have a 7 figure net worth. LBYM applies if you make 30K a year, 300K a year, or 3m a year. Saving is important, and li...

TroutMD

Your trying to justify the house as a good investment. A house is not necessarily a bad investment, but it's absolutely terrible compared to a tax deferred account. Even though you are sure your buying a house in a market that will be hot and appreciate 1000%, you probably have as equal chance of th...

TroutMD

I am in the minority, maybe I need to rethink. I grew up very much a cash only person, but flipped to a near 100% CC person for the miles/bonuses. Regardless, I usually carry around 1000 in my wallet, probably ranges from 500-1500. It lasts longer and longer, and these days I mainly only hit it to p...

TroutMD

Myself and a few others started a medical business about 7 months ago and are growing two more locations. We have about 50 employees at one company, but about 12-15 of them are full time. These numbers will double by October and triple by February. We have been slow to start out retirement plan for ...

TroutMD

Great advice already in this thread, but I will echo some things in a short form. First and foremost, she needs to understand what being a doctor is fully about, what the commitment is, and she needs to be behind that decision 100%. GPA matters, solid B student isn't probably enough, she needs A's w...

TroutMD

My DW and I have income that approaches 7 figures and includes 1099s, W2, investment income, and K1s. We live in a no state income tax state and I use a guy two states away. I used him when we lived in that state and have stuck with him despite multiple attempts of people suggesting we use someone m...

TroutMD

Just to clarify, It doesn't sound you have a medical bill surprise, but you had surprise coverage by your insurance company. The insurance companies, while recording record breaking profits, continue to suggest the problem is the doctors and the hospitals, yet healthcare reimbursement is shrinking a...

TroutMD

I use WF for all my personal needs and have had three mortgages with them now. To me, the biggest advantage as someone that travels a fair amount, is that I can almost always find a WF nearby. I like their online interface and bill pay. What I don't like, is there is a lack of personable-'ness'. I h...

TroutMD

Hi Everyone, I will be moving cross country and starting my dream job in the near future. While shopping for real estate we have found two houses we love. One is a new but unfinished home that is 850k and needs about 70 k to finish up. The second is 1.25 and old. It was however recently remodeled a...

TroutMD

Since everyone else gave their .02, I'll give mine. I would definitely talk to the FIL about his style versus yours, but not until after marriage and the honeymoon period wanes. I would mention to your fiancé now about what your investment ideas are versus his, etc. As others have said, this way of ...

TroutMD

Fifth year post residency in Emergency Medicine... Started getting involved in the admin side of things as an EMS medical director. I am now part owner of an Emergency Room and building a second and just closed a land deal on a third. That's it for my foreseeable future. I started a compeletly onlin...

TroutMD

I am an ER doctor. I have coded as many fit, non smoking, marathon runners as fat, diabetic, dialysis patients. Ok, maybe note quite as many. But I don't think it should impact the amount you save for retirement... Everyone is going to get to that finish line and comorbidities do not always predict ...

TroutMD

Please purchase and read 'Drive' by Pink.

Good luck,
GT

TroutMD

If you downtown, stop by the Little Rock.

TroutMD

I've driven all that you have mentioned... You need to determine what is most important to you. With our first child, we went with a Tahoe (actually a Yukon... same difference). As out second came along, we wanted more space. We travel a fair amount plus have two dogs. We looked for a Suburban and e...

TroutMD

I use them strictly for banking and I love them. I have a PMA account so there are no fees, free checks, free wires. I DO NOT use their 'wells trade' people, although they used to hound the heck out of me. They wanted to meet with me, which I obliged. Then there was a constant hassle even offering f...

TroutMD

My dad once told me a car should never be more than 10% (ideally 5%) of someones net worth. Many people don't do this, but you could consider waiting a few years and then getting the car once you are in a better financial position - if you really still want it then, you should get it. Also, you pla...

TroutMD

Maybe it is wrong/illegal to do so but....

Fake bill would get a freshly printed fake check
from me. Let the sleezy company get a bounce fee...

TroutMD

Just wondering... Why do you think you should take responsibility for your parent's "future" (asking as a 66 year old, and my childern telling me what I must/should do). - Ron Hello: Fair enough question... I am not sure I view this as taking responsbility for their future, but more shari...

TroutMD

Hello: I have been following advice on here for just over a year and have had great success with things. I convinced my parents to transfer their retirement account (Standard IRA) from Wells Fargo Advisors to Vanguard. It took us a few months for WF to liquidate and transfer, but its finally in the ...

TroutMD

My wife is considering leaving her job in the next 6-12 months (we've been here before, but I think it likely will happen this time). She does very well, but works from home/commutes on occasion via 2 hour plane ride, we have two kids, and my salary alone MORE than covers living, retirement, etc. Sh...

TroutMD

We have about 70% at Vanguard and the rest is at Fidelity. The ONLY reason some is with Fidelity is because that is where my wife's employers 401K stuff is at. If she ever left/quit, that would be transferred to Vanguard. I did not include in the above, but we use Wells Fargo solely for our banking ...

TroutMD

I am just curious what 'a ton of money' is? I guess its all relative.

If you believe you are 'very risky' and can stand to take a 30% loss.. that's not 'very risky'. 100% stocks is more likely to see a 50-60% swing...

Good luck regardless, you are going well for your age. Just don't screw it up!

TroutMD

Wife is a petroleum/chemical engineer and works from home and makes >100k.

I am a physician so I do well too.

We have been blessed with our income and fortunately always frugal and bogleheads early in our careers!

TroutMD

Also remember that you will need to pay taxes on the lump sum...

TroutMD

Texas resident, a two year old and 3 month old. We utilize Utahs 529 plan with three funds. Total stock 60%, total international 30%, and total bond 10%. Like you we did a lump sum at birth for each and contribute at each birthday that we will adjust as we determine our final number of kids. Good lu...

TroutMD

Help me clear something.... Are you not Tax Deducting your SEP contribution? I thought the rollover thing was used for people for income out of deductible IRAs and this cannot contribute to a Roth either so they give to a trad IRA post tax then roll to the Roth? Sep should always be pre tax dollars;...

TroutMD

Another doc here, 2.5 years out of training as well.

I feel bad to see my colleagues in such positions as yourself.

I just want to reiterate what everyone else has said, SALE THE CAR!

Also, Listen to EmergDoc.

Good luck...

TroutMD

Shameless bump.

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