I spend so much money on my kids, it is really hard to judge what is going to

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Feb 26, 2021
2:01:10pm

doctorcoug All-American

I spend so much money on my kids, it is really hard to judge what is going to

happen with my finances in 20 years. Maybe I'll spend just as much money, but on the grandkids.

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doctorcoug

Previous username: 1viking1
New username: Uno Doctoro
Bio page: doctorcoug
Joined: Aug 11, 2007
Last login: Oct 6, 2023
Total posts: 0 (0 FO)

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Messages

Author

Time

Saving for Retirement...how much should you have saved by specific age groups

doctorcoug

2/26/21 1:50pm

The more I’ve looked into the age related recommendations the more I’ve realized they don’t apply to physicians

Slim

2/26/21 1:51pm

None of my clients, even with twice that amount, only live off the interest.

dratax

2/26/21 1:53pm

They could easily live off the interest comfortably of the wanted to.

Jdoc

2/26/21 1:56pm

What interest rate do you think banks pay on $4m?

hamaca

2/26/21 2:05pm

I think when he says interest, he really means interest + capital gains +

Pickett

2/26/21 2:09pm

I assume it’s invested in a mix of stocks and bonds with at least a 5-8%

Jdoc

2/26/21 2:23pm

Interest was specifically mentioned, not dividends or capital gains

dratax

2/26/21 2:41pm

I understand low risk tolerance for people with more normal amounts of

benny1982

2/26/21 2:59pm

Interesting Explain why not what is the biggest expenses that tap in principle

germ1

2/26/21 2:15pm

You have some extravagant clients or don't manage money well.

Lance71

2/26/21 2:26pm

They have to fund his retirement. That advice doesn't come cheap.

Baron

2/26/21 2:27pm

It ain't cheap to manage those assets (and put you in actively managed funds with front end load fees mind you).

2/26/21 3:16pm

It's less dependent on salary and much more dependent on expenses.

Broda

2/26/21 1:54pm

But there is a reason they use salary.

Eddie

2/26/21 2:04pm

Salary is horrible indicator for someone who has a very high savings rate (30%+).

2/26/21 2:27pm

Yup. It is.

Eddie

2/26/21 2:31pm

I get where you are coming from and I don't really have an answer for the general population.

2/26/21 2:33pm

Any rules of thumb based on salary are garbage. Base it on your annual expenses

Baron

2/26/21 1:57pm

Hack!

Baron

2/26/21 1:58pm

I spend so much money on my kids, it is really hard to judge what is going to

doctorcoug

2/26/21 2:01pm

It is but you can figure it out. Lots of data out there.

Baron

2/26/21 2:05pm

Regarding spending more in early retirement than later, I had a set of

2/26/21 2:33pm

Yes there are outliers but for most that is not true. Vanguard had a great

Baron

2/26/21 2:36pm

Here is some actual data on healthcare costs:

Baron

2/26/21 2:41pm

I can verify that this is true. My HSA is being invested currently as my future

doctorcoug

2/26/21 2:38pm

There is long term care facility insurance.

Lance71

2/26/21 2:39pm

The amount multiplier by income is done that way due to a belief...

Eddie

2/26/21 2:01pm

I'm techinically retired, but my spending is a fraction of what it was before.

Nat Gas Man

2/26/21 2:29pm

Much different to have $100K saved as a 40 yo doctor vs. as a 40 yo HS teacher.

2/26/21 2:06pm

Not if the doctor lives like the teacher.

Baron

2/26/21 2:08pm

The point is, maybe the doctor just finished paying off student loans, and now

2/26/21 2:10pm

I remember early on watching my 401K grow. When I hit $100K in the account, it

doctorcoug

2/26/21 2:29pm

Compounding interest is your friend.

Eddie

2/26/21 2:33pm

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