2 comma club

[somekevinguy]

Like several BH'ers before, I feel like this is a pretty significant milestone for us but outside of BH's, there are probably not a lot of venues to really share the news and be excited about it. Also, since there are certainly no more commas to come, it seems worth commemorating in some small way at least.

Anyhow, much thanks to BH's as well as White Coat Investor. Went from graduating med school with no idea of even what a high yield savings account was to hitting this milestone in less than 10 years at the age of 34. DW and I are both physicians so that certainly helped but we also had a combined 250K in student loans to pay off and have only had a combined 4 years of attending salaries between the two of us. Frugal living (ie I still drive my 11 year old car I got in med school), a lot of moonlighting on the side, and a historic bull market have all helped but the education and advice I've gained from WCI and BH's has definitely been instrumental.

Anyhow, thanks!

Now just another 2x or so before we can actually afford to buy a home here in the Bay Area...

[jfn111]

Congratulations

[sc9182]

Congrats on reaching the milestone. Able to save 1.25 million (1mil savings+growth and 250k loan payoff) in 4 years of attending/savings - you must be earning high gross/pre-tax wages along with the moonlighting. Kudos on income as well as on savings rate !

Don't recommend starving trying to save - but LBYM definitely helps. Being young DINK savers @34 really helps with compounding as you progress towards your 8-figures savings mark and also opens up possibility for an earlier FI GOAL.

Keep it up - do invest some % in bonds/savings.

[somekevinguy]

Thanks! Technically not DINKS (2 kids- although their 529's are included in the net worth numbers).

[2b2]

<clink>

2b2

[darrvao777]

Congrats! Do you feel choice of specialty made any impact on joining this club at such a young age?

[White Coat Investor]

Like several BH'ers before, I feel like this is a pretty significant milestone for us but outside of BH's, there are probably not a lot of venues to really share the news and be excited about it. Also, since there are certainly no more commas to come, it seems worth commemorating in some small way at least.

Anyhow, much thanks to BH's as well as White Coat Investor. Went from graduating med school with no idea of even what a high yield savings account was to hitting this milestone in less than 10 years at the age of 34. DW and I are both physicians so that certainly helped but we also had a combined 250K in student loans to pay off and have only had a combined 4 years of attending salaries between the two of us. Frugal living (ie I still drive my 11 year old car I got in med school), a lot of moonlighting on the side, and a historic bull market have all helped but the education and advice I've gained from WCI and BH's has definitely been instrumental.

Anyhow, thanks!

Now just another 2x or so before we can actually afford to buy a home here in the Bay Area...

Congratulations!

It's fun to see docs hitting the 2 comma club sooner out of residency than we did. I have a partner that started reading my blog as an intern and didn't even realize it was me until AFTER he was hired and working next to me. He's way ahead of where I was financially at his stage of training. Student loans gone, building wealth, making big extra mortgage payments etc.

Docs SHOULD be wealthy. Sure, they get a late start. Sure, they start way behind the 8 ball due to student loans. But geez, if they'd just use their income well (i.e. live like a resident) for the first few years out of training, they'd all be millionaires within a decade of getting out of residency. As a two doc couple where you're pretty clearly good savers, your biggest challenges are going to be learning how to give money away and spend well (and by well, I mean in a way that does the most good and brings you the most happiness.) The earning and saving well isn't going to be tough for you.

At any rate, thanks for going into medicine. Now that your financial worries are minimized, I hope you can craft your practices and careers in a way that will allow you to enjoy it enough to do it for decades.

[Finance-MD]

Congrats somekevinguy!
2MD couple 2 years out as well.
If there’s such a thing as 2 commas - student loans, we’re hitting that milestone on Halloween, 1 year after hitting 0 NW day. Nice to see a MD couple who has grown faster than us .
We started with $450k debt though so real 2 comma NW day is still a year out....
Thanks WCI on all the work you do. You don’t hear it enough.

[somekevinguy]

Congratulations!

It's fun to see docs hitting the 2 comma club sooner out of residency than we did. I have a partner that started reading my blog as an intern and didn't even realize it was me until AFTER he was hired and working next to me. He's way ahead of where I was financially at his stage of training. Student loans gone, building wealth, making big extra mortgage payments etc.

Docs SHOULD be wealthy. Sure, they get a late start. Sure, they start way behind the 8 ball due to student loans. But geez, if they'd just use their income well (i.e. live like a resident) for the first few years out of training, they'd all be millionaires within a decade of getting out of residency. As a two doc couple where you're pretty clearly good savers, your biggest challenges are going to be learning how to give money away and spend well (and by well, I mean in a way that does the most good and brings you the most happiness.) The earning and saving well isn't going to be tough for you.

At any rate, thanks for going into medicine. Now that your financial worries are minimized, I hope you can craft your practices and careers in a way that will allow you to enjoy it enough to do it for decades.

Thanks WCI! Your blog, book, and generous advice via email, these forums, etc have all been incredibly influential in our financial (and thereby general) lives. Ive recommended it to so many physician/high income friends/trainees etc. We feel incredibly blessed to be in medicine, getting paid decent money to do some pretty fulfilling work (recognizing that it isn't all perfect and that eventual FI may help us minimize some of the less appealing aspects). It is also helpful that family upbringing etc have made it pretty easy to continue living like a resident for the most part. But yes, after sorting out housing out here (geographical arbitrage is appealing but so is the lure of family and familiarity), figuring out how to use the money effectively (including giving and loosening the purse strings a tiny bit) will be the next challenges to look forward to.

Thanks again for all you do.