[Unknown Member]

Quote from Hospital-Rad

In Radiology, the difference between salary of 4K and 6K is the best years of your life living the life that you dislike.

+1  very concise
 
I think a lot of trainees making decisions about their first job (including where to settle down) won’t understand what you are talking about, it’s a sort of thing where you have to work some and realize that going far out (figuratively and literally) for that extra pre-tax 200K may not be worth. Many a trainee including myself has thought, “OMG, an extra 200K, I’m willing to put up with anything, anywhere, for an extra 200K!”  

[julie.young_645]

A demonstration of a corollary of sorts of Flounce’s point:
 
Several years ago, I proposed hiring what I called “Twilight-Hawks” to cover the evenings before our internal Night-Hawks took over at 11PM, and also weekends. There were a number of rads at nearby military hospitals who were anxious to pick up such work. My thumbnail calculations indicated that this would cost each partner something like $30K annually after taxes. 
 
Two days after I sent out the email suggesting this, I was taken aside by the head of the group. “Dalai, people are really ANGRY about this idea of yours. One guy said he would outright [i]quit[/i] if we do this. So it is not going to happen. Feel free to pay other guys in the group to take your call.” Which is what I did. 
 
The guys had (and still have) a burn-rate that would have been impacted by $30K after tax. Even though that meant literally buying back part of their lives. Think about it.
 
I was later demoted from part-time to PRN (well, [i]fired[/i], technically) because of a perceived (later turned out to be false) revenue shortfall, and the partners, my own former partners, “needed” to pocket the $6k after tax they were paying me for the 110 days I provided to the practice. 
 
I’m a little too close to the situations, but I have to think there are some lessons to be learned here.
 
 

[william.wang_997]

Thanks for sharing. 

[ruszja]

Quote from drad123

Business people are the American aristocratic class. Nothing passes congress that doesn’t benefit the business class. Business wants come first. Big business funds both parties.
Low income wage earners are the new slave or peasant class. Very little passes congress that benefits them.

I am not in the least worried that “socialists” will take over America.

 
The party in power is financed by NY investment bankers and silicon valley gazibillionaires. They tolerate the noise from the socialist fringe of their party as it is helpful to shore up support from the plebes. The fact that they tolerate it doesn’t mean the party is willing to implement any of what the noisemakers want. The socialist noise to that party is what the bible is to the other side.

[ester.mancuso_108]

Quote from Chirorad84

Exactly when did so many educated rads turn all [b]Q-Anon [/b]

What the hello is wrong with you people

Do you honestly go through daily life worrying about this stuff and really believe the garbage that your fed with no basis in fact or reality

Everything is we heard or people are saying or they find an obscure internet site

What happened to you people to make yourself this ignorant

 
This thread has nothing to do with Q-anon. 

[Unknown Member]

Quote from dergon

What is your idea of too far left? M4A? 50% max marginal tax rate?

So. Let’s take Medicare for All as a nice example.

First … not gonna happen.  There are so many things that would have to come to pass and would require lockstep unity by the Democrats that it is just not feasible.

But let’s say the Democrats win both GA Senate Run-off (could happen).  And then Biden has to decide that despite campaigning *against* Medicare for all he wants to make that his primary legislative priority (highly unlikely).  Then Nancy Pelosi, with the narrowest House majority in history decides she wants to whip her caucus hard to get a party line vote on M4A, including  a bunch of blue dogs that know they would be putting their careers on the line( highly unlikely). Then Chuck Schumer, with 50 votes in the Senate, convinces every single Democratic Senator to blow up the legislative filibuster on party line vote just to go for M4A (highly highly unlikely).  Then Schumer is able to cram through the House Medicare for all bill with every Democrat voting yes, even the ones up for tough re-election fights in the coming midterms, with Kamala Harris casting the tie-breaker to pass the bill. (Highly highly highly unlikely)

But if all those things came to pass (they are not going to) ….

Then that would be [b]way[/b] too far left. The Democrats would get slaughtered in the 2022 midterms. They would lose 30+ seats in the House and 8+ in the Senate.   And the Biden presidency would be essentially over.

The only people who think that  M4A is going to happen are getting way too much right wing media exposure.

On May 20, 1962, the President delivered a spirited address at a rally in Madison Square Garden, with more than seventeen thousand people in attendance and many more watching on television. The fact of the matter is that what we are now talking about doing, most of the countries of Europe did years ago, Kennedy said. The British did it thirty years ago. We are behind every country, pretty nearly, in Europe, in this matter of medical care for our citizens.
 
Has anything changed? LOL
 
Are Americans stupid or does business propaganda win the day?

[emily.perry_477]

The wheel came off this thread, again.

[leann2001nl]

Why do you need millions of dollars of liquid assets ?

[ljohnson_509]

Iras are liquid at any age if you do 72(T). You can also do Roth conversions and wait 5 years. So yes, retirement savings completely liquid.

529s less so without penalty for non education.

[Unknown Member]

Youre in a world of hurt if you mess up the 72t calculations. The problem is you wont know you messed up until a long time from now.

[ljohnson_509]

72Ts are done with accountants help. Wrong only discovered if audited. No one checks on you otherwise.

[Unknown Member]

I like how everyones answer in here when it comes to the IRS is its the accountants problem. Wrong. Its your problem.

[ljohnson_509]

Theres a 72t calculator for distributions. Real straight forward. You can do a 72t for one or multiple iras depending on how much income you need.

[Unknown Member]

Quote from DoctorDalai

A demonstration of a corollary of sorts of Flounce’s point:

Several years ago, I proposed hiring what I called “Twilight-Hawks” to cover the evenings before our internal Night-Hawks took over at 11PM, and also weekends. There were a number of rads at nearby military hospitals who were anxious to pick up such work. My thumbnail calculations indicated that this would cost each partner something like $30K annually after taxes. 

Two days after I sent out the email suggesting this, I was taken aside by the head of the group. “Dalai, people are really ANGRY about this idea of yours. One guy said he would outright [i]quit[/i] if we do this. So it is not going to happen. Feel free to pay other guys in the group to take your call.” Which is what I did. 

The guys had (and still have) a burn-rate that would have been impacted by $30K after tax. Even though that meant literally buying back part of their lives. Think about it.

I was later demoted from part-time to PRN (well, [i]fired[/i], technically) because of a perceived (later turned out to be false) revenue shortfall, and the partners, my own former partners, “needed” to pocket the $6k after tax they were paying me for the 110 days I provided to the practice. 

I’m a little too close to the situations, but I have to think there are some lessons to be learned here.

Sounds like private practice group politics as I remember them- dirty and nasty. 
I was one who always said don’t hire. LOL
Maybe you weren’t greedy enough for private practice.

[julie.young_645]

Greedy enough? I wouldn’t put it that way, but I had (and still have) a different approach to the time vs. money equation. 
 
But I have it on good authority that I was let go because I was nuts. 
 
I’m tired of living in the midst of Hillbilly Elegy’s (and others) revenge on their childhood. The utterly irrational rage that was once confined to the Political board has metastasized here, and it soils every discussion. 
 
I requested a ban on the rabid, spittle spewing gentleman, and my request was closed without action. Therefore, I’ll ban myself. I’m done. 
 
You boys enjoy your echo-chamber.
 
Stay well. Wear your masks and take your vaccine. 

[afazio.uk_887]

In my opinion, there was a time when the vast majority of the money billed for a radiologists work flowed to the radiologist. These days, more and more, it flows to private equity investors and business types. I read somewhere that Rad Partners will have close to $2B in revenue after buying mednax. That $2B is basically radiologist professional fees – astounding! In my simplistic way of thinking of things that means the odds of making a high net worth in Radiology is dwindling and likely impossible for younger Rads going forward. It way be better to aim for a longer and more pleasant career by focusing on quality of life, lower volumes and more time off or even part-time if offered. The pot of gold at the end of the Rad professional fee rainbow seems to have too many hands in it.

[Unknown Member]

Quote from Waduh Dong

In my simplistic way of thinking of things that means the odds of making a high net worth in Radiology is dwindling and likely impossible for younger Rads going forward. It way be better to aim for a longer and more pleasant career by focusing on quality of life, lower volumes and more time off or even part-time if offered. The pot of gold at the end of the Rad professional fee rainbow seems to have too many hands in it.

What makes you think rads have any ability to “focus on quality of life” in a private equity run radiology world?

They don’t.

[Unknown Member]

Quote from DoctorDalai

Greedy enough? I wouldn’t put it that way, but I had (and still have) a different approach to the time vs. money equation. 

But I have it on good authority that I was let go because I was nuts. 

I’m tired of living in the midst of Hillbilly Elegy’s (and others) revenge on their childhood. The utterly irrational rage that was once confined to the Political board has metastasized here, and it soils every discussion. 

I requested a ban on the rabid, spittle spewing gentleman, and my request was closed without action. Therefore, I’ll ban myself. I’m done. 

You boys enjoy your echo-chamber.

Stay well. Wear your masks and take your vaccine. 

I don’t get the Hillbilly Elegy’s analogy. Are radiologists really as dysfunctional as poor white Appalachian hillbillies?
 
Anyone who has been in a democratic private practice knows you have to tread lightly. I don’t care for democratic groups any more than large corporate groups.
 
I have lived in all of Plato’s five regimes of radiology. Not sure which one is best or even least bad.

[btomba_77]

Quote from drad123

Quote from DoctorDalai

Greedy enough? I wouldn’t put it that way, but I had (and still have) a different approach to the time vs. money equation. 

But I have it on good authority that I was let go because I was nuts. 

I’m tired of living in the midst of Hillbilly Elegy’s (and others) revenge on their childhood. The utterly irrational rage that was once confined to the Political board has metastasized here, and it soils every discussion. 

I requested a ban on the rabid, spittle spewing gentleman, and my request was closed without action. Therefore, I’ll ban myself. I’m done. 

You boys enjoy your echo-chamber.

Stay well. Wear your masks and take your vaccine. 

[b]I don’t get the Hillbilly Elegy’s analogy. [/b]

You are blessed with not having spent time in the Off-Topic forum.  That is a dig at Kpack, who grew up Appalachian sh*t town.  Dalai is implying that liberals must obviously have some deep seated psychological issues to explain their “rage” 
 
 
I would note, however, that the detour into the political in this thread was not from one of the AM leftists. It was:
 
“[b] it’s just a matter of time until the commie left institutes some “wealth tax” on anyone with over X assets.[/b] 
 
 
The discussion on tax discussion and politics followed from there. Dalai got colicky in the wake of it. 

[Unknown Member]

Quote from dergon

Quote from drad123

Quote from DoctorDalai

Greedy enough? I wouldn’t put it that way, but I had (and still have) a different approach to the time vs. money equation. 

But I have it on good authority that I was let go because I was nuts. 

I’m tired of living in the midst of Hillbilly Elegy’s (and others) revenge on their childhood. The utterly irrational rage that was once confined to the Political board has metastasized here, and it soils every discussion. 

I requested a ban on the rabid, spittle spewing gentleman, and my request was closed without action. Therefore, I’ll ban myself. I’m done. 

You boys enjoy your echo-chamber.

Stay well. Wear your masks and take your vaccine. 

[b]I don’t get the Hillbilly Elegy’s analogy. [/b]

You are blessed with not having spent time in the Off-Topic forum.  That is a dig at Kpack, who grew up Appalachian sh*t town.  Dalai is implying that liberals must obviously have some deep seated psychological issues to explain their “rage” 

I would note, however, that the detour into the political in this thread was not from one of the AM leftists. It was:

“[b] it’s just a matter of time until the commie left institutes some “wealth tax” on anyone with over X assets.[/b] 

The discussion on tax discussion and politics followed from there. Dalai got colicky in the wake of it. 

Thanks for the explanation. Hard to divorce money from politics.

[Unknown Member]

Networth survey WCI forum
 
some 8 figure net worth numbers but not many
 
[link=https://docs.google.com/spreadsheets/d/1-xAfqYLcXcwV7WmD24bCIxTvOWmvmcuJRe3uNokvvcI/edit#gid=1644299377]https://docs.google.com/s…cI/edit#gid=1644299377[/link]

[Unknown Member]

[Deleted by Admin]

[Unknown Member]

Quote from TheSLACman

damn whos the ENT making 11 million a year!

Yearly income is not mentioned. You may be looking at networth.

[tselvidas_246]

[link=https://www.vanityfair.com/news/2011/01/missing-doctor-201101]https://www.vanityfair.co…/missing-doctor-201101[/link]

[Unknown Member]

Quote from icthrewu

[link=https://www.vanityfair.com/news/2011/01/missing-doctor-201101]https://www.vanityfair.co…/missing-doctor-201101[/link]

I heard of him. 
 
“Weinberger sometimes saw more than 100 patients a day, meaning, given his hours, that he spent an average of three minutes with each of them; he also took on as many as 120 new patients a month. His practice was likened in one document to an assembly line.
 
This happens over and over again…
 
Ever heard of Eric the Red?
 
[link=https://www.texasmonthly.com/articles/dr-evil/]https://www.texasmonthly.com/articles/dr-evil/[/link]
 
“By almost any measure of medical performance, including the sheer number of his patients who are crippled, maimed, or in constant pain, Scheffey ranks as one of the worst doctors in American history. He is easily the most sued. Since 1982 he has had 78 malpractice claims filed against him, a total that does not count what one attorney estimates to be more than 150 people who would have sued him if they had not been beyond the legal statute of limitations or if lawyers had been willing to take their cases.”
 

“Scheffeys gross income from his practice in 1998 was $4,032,292. By 2002 it had risen to $5,453,361. Four entries from his 2002 profit-and-loss statement suggest the sort of life he was leading: Entertainment and meals: $238,927; Legal [fees]: $259,013; Travel and convention: $389,419; Charter expense [aircraft]: $448,260.”
 
The prolific surgeon or procedural or pain specialist….they are everywhere.
 
 

[Unknown Member]

The richest man is the man getting to do whatever he wants for the most amount of the time.  Some of the rads with the fattest bank accounts are the poorest to me because they spent 30+ years at it and have far less life experiences.  They are like rats who have become conditioned so much that money has become the end in itself instead of a means to the ultimate end – time to do whatever you want. 
 
Having to go to bed on time so that you can wake up on time to read films for 30 years at 8 hours a days x 5 days a week and some nights and weekends, and then retiring old and in poor health with a fat bank account sounds like a miserable existence to me.  The only ones who care for net worth so much are the novice radiologists that are in debt and arent wise enough yet.  You need to let your bank accounts get fat at the expense of missing out on life for some years before you can learn.

[rickets_yury_339]

Quote from striker79

The richest man is the man getting to do whatever he wants for the most amount of the time.  Some of the rads with the fattest bank accounts are the poorest to me because they spent 30+ years at it and have far less life experiences.  They are like rats who have become conditioned so much that money has become the end in itself instead of a means to the ultimate end – time to do whatever you want. 

Having to go to bed on time so that you can wake up on time to read films for 30 years at 8 hours a days x 5 days a week and some nights and weekends, and then retiring old and in poor health with a fat bank account sounds like a miserable existence to me.  The only ones who care for net worth so much are the novice radiologists that are in debt and arent wise enough yet.  You need to let your bank accounts get fat at the expense of missing out on life for some years before you can learn.

Thanks for the hallmark sentiments, hero. Why even bother practicing at all

[leann2001nl]

Its a balancing act . We are well compensated and can do a lot of good with that compensation both for the world and for having awesome experiences. Some people just love their jobs and radiology in general. The people obsessed with their net worth and the spendthrifts who play keeping up with the jones and somehow find a way to become in massive debt while making numerous multiples of the average American are two sides of the same coin

[leann2001nl]

Just like some rads are really sensitive and overcall stuff, end up working up benign stuff while others are less sensitive , dont recommend unnecessary stuff but may miss a significant finding , theres a spectrum. Extreme ends of the spectrum are not good

[Unknown Member]

Quote from striker79

 Some of the rads with the fattest bank accounts are the poorest to me because they spent 30+ years at it and have far less life experiences.  They are like rats who have become conditioned so much that money has become the end in itself instead of a means to the ultimate end – time to do whatever you want. 

Having to go to bed on time so that you can wake up on time to read films for 30 years at 8 hours a days x 5 days a week and some nights and weekends, and then retiring old and in poor health with a fat bank account sounds like a miserable existence to me.  

The hording does seem irrational. Why do you think so many do it?
 
“The only ones who care for net worth so much are the novice radiologists that are in debt and aren’t wise enough yet.  You need to let your bank accounts get fat at the expense of missing out on life for some years before you can learn. ”
 
I have seen may seasoned rads obsessed with net worth. It is not just the novice ones.

[btomba_77]

Money is a tool. I follow my retirement money closely so that I can plan to use it in the future.
 
For me I know some of the things future dergon wants to do/accomplish.
 
I want to be able to travel a fair bit overseas.  I want to continue to own boats.
 
I want to make sure that I can use and maintain my island property in Canada for the whole of my life and leave the place better than I found for whoever the next generation winds up being.
 
I want to increase my charitable giving over time.
 
I want my wife, who is over 10 years younger than me, to be comfortable in her later years after I have died.  (statistically speaking she probably has 20 years to live after I pass)
 
 
I come from a long-lived family line. My parents were actively travelling and spending $$ well into their 80s and have only slowed down the last couple of years.
 
So I look at 30-40 years of spending for me (and 50-60 years for mrs_dergon) with some sizable expenses.  That drives my goal to have a larger nest egg than some other radiologists might need/want.
 
 
 

 

[btomba_77]

Yes. Of course.
 
But increasing costs haven’t really moved the political needle too far yet. And as long as they can be somewhat hidden from the consumer in employer-sponsored health insurance plans, subsidized policies, and deficit spending by the federal government, they won’t.
 
And there is no way to decrease those costs without taking money directly out of the pockets of pharma, insurers, providers, hospitals, device manufacturers, etc. … special interests with immense political and economic power.   
 
Hence the status quo.

[Unknown Member]

Quote from dergon

Yes. Of course.

But increasing costs haven’t really moved the political needle too far yet. And as long as they can be somewhat hidden from the consumer in employer-sponsored health insurance plans, subsidized policies, and deficit spending by the federal government, they won’t.

And there is no way to decrease those costs without taking money directly out of the pockets of pharma, insurers, providers, hospitals, device manufacturers, etc. … special interests with immense political and economic power.   

Hence the status quo.

Sorry to pepper you with questions but do you think individuals or people in general can negotiate healthcare prices?
 
I think the answer is no on many fronts.
 
This is a big talking point on the right.

[btomba_77]

No. Individuals don’t negotiate price in any meaningful way.
 
There is some consumer choice …. whether or not have insurance … how much to pay up-front/monthly versus out-of-pocket … but no negotiating power.
 
And, imho, healthcare is far too complex to allow anything like a functioning consumer market that is fair to the average person.

[Unknown Member]

Quote from dergon

No. Individuals don’t negotiate price in any meaningful way.

There is some consumer choice …. whether or not have insurance … how much to pay up-front/monthly versus out-of-pocket … but no negotiating power.

And, imho, healthcare is far too complex to allow anything like a functioning consumer market that is fair to the average person.

 
Trump Administration Announces Historic Price Transparency Requirements to Increase Competition and Lower Healthcare Costs for All Americans
 
[link=https://www.hhs.gov/about/news/2019/11/15/trump-administration-announces-historic-price-transparency-and-lower-healthcare-costs-for-all-americans.html]https://www.hhs.gov/about…for-all-americans.html[/link]
 
What good is price transparency if patients can’t really negotiate? LOL
 
Only in America…

[Unknown Member]

“President Trump has promised American patients ‘A+’ healthcare transparency, but right now our system probably deserves an F on transparency. President Trump is going to change that, with what will be revolutionary changes for our healthcare system,” said HHS Secretary Alex Azar.
 
 
Still waiting for that revolution

[jtpollock]

Price transparency, in gross charges I guess, and surprise billing adjudication will be very negative.

Price transparency will drive down gross charges and out of network adjudication will create an admin nightmare and decrease out of network collections.

[Unknown Member]

[link=https://projects.seattletimes.com/2017/quantity-of-care/hospital/]https://projects.seattlet…tity-of-care/hospital/[/link]
 
-Johnny Delashaw, a star surgeon known around the West Coast as a top producer. In just the first 16 months after his arrival in Seattle, state data show Delashaw handled 661 inpatient cases totaling more than $86 million in billed charges for the hospital more than any other brain or spine surgeon in the state.

[Unknown Member]

[link=https://www.justice.gov/opa/pr/ohio-cardiologist-sentenced-20-years-prison-overbilling-medicare-and-others-57-million]https://www.justice.gov/o…-and-others-57-million[/link]
 
Persaud devised a scheme to defraud and obtain money from Medicare and other insurers.  The scheme took place between 2006 and 2012.  According to court documents and trial testimony, his activities in furtherance of the scheme included:
[ul][*] Persaud selected the billing code for each customer submitted to Medicare and private insurers and used codes that reflected a service that was more costly than that which was actually performed; [*] Persaud performed nuclear stress tests on patients that were not medically necessary; [*] He knowingly recorded false results of patients nuclear stress tests to justify cardiac catheterization procedures that were not medically necessary; [*] Persaud performed cardiac catheterizations on patients at the hospitals and falsely recorded the existence and extent of lesions (blockage) observed during the procedures; [*] He recorded false symptoms in patient records to justify testing and procedures on patients; [*] Persaud inserted cardiac stents in patients who did not have 70 percent or more blockage in the vessel that he stented and who did not have symptoms of blockage; [*] He placed a stent in a stenosed artery that already had a functioning bypass, thus providing no medical benefit and increasing the risk of harm to the patient; [*] He improperly referred patients for coronary artery bypass surgery when there was no medical necessity for such surgery, which benefitted Persaud by increasing the amount of follow-up testing he could perform and bill to Medicare and private insurers; [*] Persaud performed medically unnecessary stent procedures, aortograms, renal angiograms and other procedures and tests. [/ul]  
 
As a result of this scheme, Persaud overbilled and caused the overbilling of Medicare and private insurers in the amount of approximately $29 million, of which Medicare and the private insurers paid approximately $5.7 million, according to court records.
 

[Unknown Member]

[link=https://www.sun-sentinel.com/local/palm-beach/fl-pn-doctor-medicare-sentencing-menendez-20180222-story.html]https://www.sun-sentinel….ez-20180222-story.html[/link]
 
Harvard-trained, Dominican-born physician
 
Although the defendant had received close to $200 million from his medical practice in the seven years prior to his arrest, almost all of it has now been dissipated by the defendant and his family or protected for their benefit through trusts and other asset protection measures, the memorandum states.
 
Docs definitely need supervision. LOL

[Unknown Member]

These numbers are staggering.
 
Medicine as a business….
 
and business is good.

[ruszja]

Quote from drad123

[link=https://www.sun-sentinel.com/local/palm-beach/fl-pn-doctor-medicare-sentencing-menendez-20180222-story.html]https://www.sun-sentinel….ez-20180222-story.html[/link]

Harvard-trained, Dominican-born physician

Although the defendant had received close to $200 million from his medical practice in the seven years prior to his arrest, almost all of it has now been dissipated by the defendant and his family or protected for their benefit through trusts and other asset protection measures, the memorandum states.

Docs definitely need supervision. LOL

 
He owns senator Menendez of NJ. There is a suspicion that whenever anyone at HHS started digging into the ‘miracle of the seven Avastin lamps’, their bossess boss got a call from capitol hill.

[benoit.elens]

This thread got derailed in a bad way.

[Unknown Member]

Knowing radiologists net worth is useless.  It’s simply being nosey.  
 
If you want to get rich, learn finance and business it’s as easy at that.  Anyone who knows these topics does not compare their path with others, they already know the benchmarks for returns based on risk.  
 
If you want to compare salaries, numerous threads to get an idea of how you compare and so much yearly data out there.  OP clearly  interested in net worths, not salaries.  
 
This thread in my opinion is useless, let it get derailed.  
 
 

[Ali.zavareh]

Agreed. Sort of like posting step 1 scores. I got a 265 btw. Merry Christmas

[tselvidas_246]

Quote from jah4

Agreed. Sort of like posting step 1 scores. I got a 265 btw. Merry Christmas

its time to let it go brother

[Unknown Member]

Removed due to GDPR request

[Unknown Member]

Comparison is critical to understanding. Determining one’s happiness based on comparison is the dangerous activity.

[Unknown Member]

How is value created in radiology? I have seen many practices with varying degrees of productivity. I like a top 20% productivity but not more than that. I discovered this through trial and error. No other way to do this than by comparing.
Does a radiologists value vary by time and location? I have tripled my income varying location alone. No way to know if tradeoffs are worth it without trying them and comparing.

[Unknown Member]

You can find radiology salary information on the Internet.
 
Net worth has more to do with spending habits and financial astuteness than specialty.

[Unknown Member]

Quote from lone star lurker

You can find radiology salary information on the Internet.

 
Is it accurate? 
 
Really need to separate out academic from VA from private. Maybe also separate out by city size and geographic region.

[Unknown Member]

Quote from lone star lurker

Net worth has more to do with spending habits and financial astuteness than specialty.

[attachment=0]
 
This figure doesn’t support that claim. Specialty choice is critical.

[ariesanurhani_334]

Where’s neurosurgery in this figure?
Also, what do the numbers even mean?
Where is this from? Who collected it? How many samples?

[Unknown Member]

[link=https://www.medscape.com/slideshow/2020-compensation-debt-worth-6012988]https://www.medscape.com/…ion-debt-worth-6012988[/link]

[satyanar]

So it’s a self reported study. I wonder how many of the respondents even know how to properly calculate net worth. I’m guessing most are overly optimistic.

[Unknown Member]

[attachment=0]

[satyanar]

Yes, a survey. I wonder how much time each spent coming up with their number? How much would you believe the numbers? Plenty of ego involved there.

[jtpollock]

Networth is taking a dumper today.

[Unknown Member]

Quote from docholliday126

Networth is taking a dumper today.

It can do that from time to time- or do you think that the sky is really falling?

[jtpollock]

Well I’ve always agreed with the philosophy of buying dips/corrections, but if Dems run the table and actually increase taxes, regulation and especially go after capital gains….I dont know, might be best to go raise substantial cash and wait for the market to punish them into reversing coarse unless it’s all just hot air.

[btomba_77]

Yep.  Dems raising taxes will cause the market to crash …
 
just like that 10 year Obama bear market due to his “radicalism killing the dow.”
 
 

[benoit.elens]

Presidents and politicians get too much credit for bull markets and too much criticism for bears.  Fiscal policy is important, but I think its reductive thinking to think the market relies so much on legislative actions as advertised.

[jtpollock]

Quote from dergon

Yep.  Dems raising taxes will cause the market to crash …

just like that 10 year Obama bear market due to his “radicalism killing the dow.”

 
Let’s hope you’re right.

[Unknown Member]

Quote from docholliday126

Quote from dergon

Yep.  Dems raising taxes will cause the market to crash …

just like that 10 year Obama bear market due to his “radicalism killing the dow.”

Let’s hope you’re right.

Hedging decreases volatility at the expense of return. Nothing more. 
 
Skating to where the puck was. The Correlation Game in a Flat World- Bernstein
 
[link=https://www.amazon.com/Skating-Where-Puck-Was-Correlation-ebook/dp/B00AKJ7WZM]https://www.amazon.com/Sk…on-ebook/dp/B00AKJ7WZM[/link]
 
“This booklet explores the notion that, as a general rule, no magic policy rich in high-return/low-correlation alternative asset classes exists that will simultaneously preserve upside reward and protect against downside losses.”

[satyanar]

Quote from drad123

“This booklet explores the notion that, as a general rule, no magic policy rich in high-return/low-correlation alternative asset classes exists that will simultaneously preserve upside reward and protect against downside losses.”

 
This make sense to me. Are there some that believe they can have it both ways? I set up my portfolio to include a mix of asset classes that are hopefully non correlative so I can passively re-balance as they do their thing. I realize this limits upside but it does decrease volatility. I still participate in the high risk returns, albeit at a slower pace. Fortunately that slower pace is still enough to accomplish my goal.
 
The hedging just allows me to better accept the irrational fear of short term loss in a long term plan. I know myself. I sleep better that way and trick myself into believing I have better control.

[Unknown Member]

Quote from Thread Enhancer

Quote from drad123

“This booklet explores the notion that, as a general rule, no magic policy rich in high-return/low-correlation alternative asset classes exists that will simultaneously preserve upside reward and protect against downside losses.”

This make sense to me. Are there some that believe they can have it both ways? I set up my portfolio to include a mix of asset classes that are hopefully non correlative so I can passively re-balance as they do their thing. I realize this limits upside but it does decrease volatility. I still participate in the high risk returns, albeit at a slower pace. Fortunately that slower pace is still enough to accomplish my goal.

The hedging just allows me to better accept the irrational fear of short term loss in a long term plan. I know myself. I sleep better that way and trick myself into believing I have better control.

Diversification is not really hedging. 
 
hedging is more like a long short portfolio

[satyanar]

Quote from drad123

Quote from Thread Enhancer

Quote from drad123

“This booklet explores the notion that, as a general rule, no magic policy rich in high-return/low-correlation alternative asset classes exists that will simultaneously preserve upside reward and protect against downside losses.”

This make sense to me. Are there some that believe they can have it both ways? I set up my portfolio to include a mix of asset classes that are hopefully non correlative so I can passively re-balance as they do their thing. I realize this limits upside but it does decrease volatility. I still participate in the high risk returns, albeit at a slower pace. Fortunately that slower pace is still enough to accomplish my goal.

The hedging just allows me to better accept the irrational fear of short term loss in a long term plan. I know myself. I sleep better that way and trick myself into believing I have better control.

Diversification is not really hedging. 

hedging is more like a long short portfolio

 
Congrats drad. You win the language game. Although, you are merely using the term the way definers of hedge funds use it. I use it in a slightly different way for the purpose of my post. 

[jennycullmann]

Quote from dergon

Yep.  Dems raising taxes will cause the market to crash …

just like that 10 year Obama bear market due to his “radicalism killing the dow.”

 
You are clueless on what QE is and what it does, just like you ignore big government and deficits (many do, but that doesn’t absolve your bad reasoning)

[satyanar]

Quote from docholliday126

Networth is taking a dumper today.

 
Unless one has done some insurance hedging with gold and gold stocks.

[Unknown Member]

Quote from Thread Enhancer

Yes, a survey. I wonder how much time each spent coming up with their number? How much would you believe the numbers? Plenty of ego involved there.

 
Does it take you long to come up with your net worth?

I think it is good evidence that FM, pediatricians, ID docs don’t get to 5 mil very often. 

[satyanar]

Quote from drad123

Quote from Thread Enhancer

Yes, a survey. I wonder how much time each spent coming up with their number? How much would you believe the numbers? Plenty of ego involved there.

Does it take you long to come up with your net worth?

I think it is good evidence that FM, pediatricians, ID docs don’t get to 5 mil very often. 

 
Not if one understands what it means.
 
Of course you are correct in your premise. My observation was more that there are probably fewer above 5M than the survey suggests.

[Unknown Member]

Quote from Thread Enhancer

Quote from drad123

Quote from Thread Enhancer

Yes, a survey. I wonder how much time each spent coming up with their number? How much would you believe the numbers? Plenty of ego involved there.

Does it take you long to come up with your net worth?

I think it is good evidence that FM, pediatricians, ID docs don’t get to 5 mil very often. 

Not if one understands what it means.

Of course you are correct in your premise. My observation was more that there are probably fewer above 5M than the survey suggests.

I agree. Numbers may be biased upward a bit. Hopefully bias is uniform across specialties.

[benoit.elens]

Not sure I agree with the upward bias.  Plenty of wealthy doctors, especially the boomer generation.  They made a lot PP money when reimbursements were high and prior to corporate penetration.  Specialists in small towns with LCOL, immigrants who came from hardship and focused on wealth building, and a bunch of savvy investors.  Add multiple stock market bull runs with compounding, and some frugality and you get big numbers.
 
The younger generations don’t have the same economic opportunities with corporate penetration, the desire to live in HCOL areas which are only getting more expensive, and overall spending more money on experiences and travel.  Just makes sense to me.

[btomba_77]

Agree that there is no good reason to presume upward bias in the survey responses.   Most studies that look at income suggest an overall *underreporting*
 
Looking at that chart it seems fairly reasonable.
 
 

[jtpollock]

Quote from Thread Enhancer

Quote from docholliday126

Networth is taking a dumper today.

Unless one has done some insurance hedging with gold and gold stocks.

 
I had a bunch of VIX calls to start the new year because historically it’s a bad time, greatly limited the downside, but I do worry about democrat control of both houses and the presidency. Unlike dergon suggests, I think the party has become more radicalized in response to Trump and they can do real damage to the market if they go for a wish list of progressive spend and tax proposals. 

[satyanar]

I tried trading VIX but there is way too much contago there. One ends up overpaying for the options. I decide to hedge come of my bets in GDX. By having a set allocation and re balancing it has really helped decrease volatility. I’m not nearly as down on the down days and still participate quite a lot on the up days. I would have done better being “all in” with equities but it has allowed my to sleep better. 😉
 
I’m getting closer to the end of my accumulation phase so at this point I would rather be safer than a bit or even a lot richer. I also have kept a decent percentage of cash around to put to work if we do see another drop like March.

[Unknown Member]

Quote from docholliday126

Quote from Thread Enhancer

Quote from docholliday126

Networth is taking a dumper today.

Unless one has done some insurance hedging with gold and gold stocks.

I had a bunch of VIX calls to start the new year because historically it’s a bad time, greatly limited the downside, but I do worry about democrat control of both houses and the presidency. Unlike dergon suggests, I think the party has become more radicalized in response to Trump and they can do real damage to the market if they go for a wish list of progressive spend and tax proposals. 

I know of no physicians who are day traders and are multimillionaires. It is a near impossibility.
 
I worked with one doc who did covered calls on his equity positions. He was limiting his upside and did get pushed out of some positions. He would then go buy back the stock at the going rate. He is worth 4 plus million. He couldn’t explain the pricing to me. 
He didn’t know Black Sholes but then again does anyone?
 
[attachment=0]
 
Beware geeks bearing formulas. Buffett

[afazio.uk_887]

Many docs from the last generation were able to get into the surgery center, imaging center etc business as well on the side, which used to be cash cows. There are a lot of wealthy docs from the last generation imo.

[satyanar]

True WD. One did not need to be in those types of investments to hit 5M net worth by mid 50s but it sure helped.

[leann2001nl]

4M is really not that much for doctors, especially if theyre messing around with covered calls , options and etc. Can get there easy with 20% saving, indexing and normal market conditions.

[rickets_yury_339]

Quote from IR27

4M is really not that much for doctors, especially if theyre messing around with covered calls , options and etc. Can get there easy with 20% saving, indexing and normal market conditions.

Lol

[leboyd1]

Wow, it is always eye opening to come back to AM after a few weeks away. These thread certainly morph over time, that’s for sure.
 
If the OP is still around, the most relevant post was way back saying to repost on something like White Coat Investor, Bogleheads or maybe Mr Money Mustache or other financial forum where folks aren’t so tightly protectionist about salary/net worth. It does crack me up – if we all used our names, then sure I get not sharing net worth or salary. But it is anonymous enough that these things aren’t so identifiable. And in terms of being afraid “outsiders” might use this information, I’d say the flippant commentary and nasty remarks would be far more damning – some folks on here are real pieces of work, haha. Thankfully there is a core group that is reasonable on both sides.
 
But on the investing topic of late, I personally think that intelligent folks who put in time and effort can find ways to be successful in the market if they have the inclination to do so – especially in retirement accounts where there is no worry about capital gains and tax implications of trading. I am in my late 40s and have two years of expenses saved in regular accounts and a core of retirement funds in my employers 403b comprising another two to three years which I let ride Bogleheads style. The rest I have spent time researching and trading with individual stocks, mainly SPACs and mortgage REITs, in my Roth IRA and solo 401k and in the last year have made life-changing gains. Enough that I truly may walk away in the next 6 months to a year – I could now, but honestly I haven’t been able to quite fathom what to do exactly, kind of like a lottery winner might feel.  I am not going to say that luck hasn’t played a role, but spending time reading and watching a core group of holdings or asset classes – and their underlying movements over time – with trades in and out (but not day trading, more like weeks to months trading), without emotional ties to a particular stock, can allow for outsized gains. 

[Unknown Member]

Quote from NewEngRad

Wow, it is always eye opening to come back to AM after a few weeks away. These thread certainly morph over time, that’s for sure.

If the OP is still around, the most relevant post was way back saying to repost on something like White Coat Investor, Bogleheads or maybe Mr Money Mustache or other financial forum where folks aren’t so tightly protectionist about salary/net worth. It does crack me up – if we all used our names, then sure I get not sharing net worth or salary. But it is anonymous enough that these things aren’t so identifiable. And in terms of being afraid “outsiders” might use this information, I’d say the flippant commentary and nasty remarks would be far more damning – some folks on here are real pieces of work, haha. Thankfully there is a core group that is reasonable on both sides.

But on the investing topic of late, I personally think that intelligent folks who put in time and effort can find ways to be successful in the market if they have the inclination to do so – especially in retirement accounts where there is no worry about capital gains and tax implications of trading. I am in my late 40s and have two years of expenses saved in regular accounts and a core of retirement funds in my employers 403b comprising another two to three years which I let ride Bogleheads style. The rest I have spent time researching and trading with individual stocks, mainly SPACs and mortgage REITs, in my Roth IRA and solo 401k and in the last year have made life-changing gains. Enough that I truly may walk away in the next 6 months to a year – I could now, but honestly I haven’t been able to quite fathom what to do exactly, kind of like a lottery winner might feel.  I am not going to say that luck hasn’t played a role, but spending time reading and watching a core group of holdings or asset classes – and their underlying movements over time – with trades in and out (but not day trading, more like weeks to months trading), without emotional ties to a particular stock, can allow for outsized gains. 

What are life changing gains? Did you go public? Sell your soul to private equity for 10X ebita?

[leboyd1]

Quote from drad123

What are life changing gains? Did you go public? Sell your soul to private equity for 10X ebita?

 
No, as I said, all personal stock investing. I’m happily employed (yes, employed, not PP) with a small non-profit hospital. So selling out isn’t even an option for me and I make around the national average for a rad, maybe slightly less based on total compensation. I also have a nice relaxed work schedule. 
 
Since you asked life changing would be net worth under 3M on 1/1/2020, which was on plan and feeling good already (all investment accounts and home value minus mortgage balance) increased to 10.5M on 1/1/2021. So yes, life changing and unexpected and entirely from investing on my own without an advisor. And no, I do not trade options, although I do own many stock warrants freely available to all investors, and I don’t use margin or borrowed money or any other leverage. My point was docs (even rads) can be successful with investing beyond the Bogleheads or hiring an advisor route, since that was being downplayed as basically not possible without being in a business role. 

[Unknown Member]

[h2]Top Small Cap Stocks With Highest Returns[/h2] The following list presents stocks of the companies which belong to the broader Small Cap segment by market cap, their corresponding prices as of given date, and the percentage gains realized:
[b] 1) Blink Charging Co. ([link=https://fknol.com/stock/blnk.php]BLNK[/link])[/b]
[ul][*]Price Gain: [b]2,198.39%[/b] 2020 year-to-date[*]Market Capitalization: $1.38 billion[*]52-week Price Range: $1.25 – $56.12[*][b][link=https://fknol.com/etf/exposure/blnk.php]List of ETFs[/link][/b] holding BLNK [/ul] [b] 2) Vaxart, Inc. ([link=https://fknol.com/stock/vxrt.php]VXRT[/link])[/b]
[ul][*]Price Gain: [b]1,531.43%[/b] 2020 year-to-date[*]Market Capitalization: $583.58 million[*]52-week Price Range: $0.3 – $17.49[*][b][link=https://fknol.com/etf/exposure/vxrt.php]List of ETFs[/link][/b] holding VXRT [/ul] [b] 3) Riot Blockchain, Inc. ([link=https://fknol.com/stock/riot.php]RIOT[/link])[/b]
[ul][*]Price Gain: [b]1,416.96%[/b] 2020 year-to-date[*]Market Capitalization: $1.15 billion[*]52-week Price Range: $0.51 – $18.67[*][b][link=https://fknol.com/etf/exposure/riot.php]List of ETFs[/link][/b] holding RIOT [/ul] [b] 4) Trillium Therapeutics Inc. ([link=https://fknol.com/stock/tril.php]TRIL[/link])[/b]
[ul][*]Price Gain: [b]1,328.16%[/b] 2020 year-to-date[*]Market Capitalization: $1.47 billion[*]52-week Price Range: $1.05 – $20.96[*][b][link=https://fknol.com/etf/exposure/tril.php]List of ETFs[/link][/b] holding TRIL [/ul] [b] 5) Polymet Mining Corp. ([link=https://fknol.com/stock/plm.php]PLM[/link])[/b]
[ul][*]Price Gain: [b]1,264.00%[/b] 2020 year-to-date[*]Market Capitalization: $336.41 million[*]52-week Price Range: $1.5 – $9.7[*][b][link=https://fknol.com/etf/exposure/plm.php]List of ETFs[/link][/b] holding PLM [/ul] [b] 6) AgEagle Aerial Systems, Inc. ([link=https://fknol.com/stock/uavs.php]UAVS[/link])[/b]
[ul][*]Price Gain: [b]1,233.33%[/b] 2020 year-to-date[*]Market Capitalization: $347.88 million[*]52-week Price Range: $0.19 – $8.72[*][b][link=https://fknol.com/etf/exposure/uavs.php]List of ETFs[/link][/b] holding UAVS [/ul] [b] 7) Marathon Patent Group, Inc. ([link=https://fknol.com/stock/mara.php]MARA[/link])[/b]
[ul][*]Price Gain: [b]1,086.36%[/b] 2020 year-to-date[*]Market Capitalization: $549.61 million[*]52-week Price Range: $0.35 – $14.66[*][b][link=https://fknol.com/etf/exposure/mara.php]List of ETFs[/link][/b] holding MARA [/ul] [b] 8) Veritone, Inc. ([link=https://fknol.com/stock/veri.php]VERI[/link])[/b]
[ul][*]Price Gain: [b]1,042.57%[/b] 2020 year-to-date[*]Market Capitalization: $899.64 million[*]52-week Price Range: $1.22 – $35.79[*][b][link=https://fknol.com/etf/exposure/veri.php]List of ETFs[/link][/b] holding VERI [/ul] [b] 9) Oasis Petroleum Inc. ([link=https://fknol.com/stock/oas.php]OAS[/link])[/b]
[ul][*]Price Gain: [b]1,036.81%[/b] 2020 year-to-date[*]Market Capitalization: $741.2 million[*]52-week Price Range: $0.07 – $39.95[*][b][link=https://fknol.com/etf/exposure/oas.php]List of ETFs[/link][/b] holding OAS [/ul] [b] 10) Nautilus Group, Inc. ([link=https://fknol.com/stock/nls.php]NLS[/link])[/b]
[ul][*]Price Gain: [b]936.57%[/b] 2020 year-to-date[*]Market Capitalization: $548.9 million[*]52-week Price Range: $1.2 – $28.43[*][b][link=https://fknol.com/etf/exposure/nls.php]List of ETFs[/link][/b] holding NLS [/ul]  

[Unknown Member]

Quote from NewEngRad

Quote from drad123

What are life changing gains? Did you go public? Sell your soul to private equity for 10X ebita?

No, as I said, all personal stock investing. I’m happily employed (yes, employed, not PP) with a small non-profit hospital. So selling out isn’t even an option for me and I make around the national average for a rad, maybe slightly less based on total compensation. I also have a nice relaxed work schedule. 

Since you asked life changing would be net worth under 3M on 1/1/2020, which was on plan and feeling good already (all investment accounts and home value minus mortgage balance) increased to 10.5M on 1/1/2021. So yes, life changing and unexpected and entirely from investing on my own without an advisor. And no, I do not trade options, although I do own many stock warrants freely available to all investors, and I don’t use margin or borrowed money or any other leverage. My point was docs (even rads) can be successful with investing beyond the Bogleheads or hiring an advisor route, since that was being downplayed as basically not possible without being in a business role. 

You missed your true calling. One more decade like that and you will be at 30 mill. That’s some real money.

[jtpollock]

Quote from NewEngRad

Since you asked life changing would be net worth under 3M on 1/1/2020, which was on plan and feeling good already (all investment accounts and home value minus mortgage balance) increased to 10.5M on 1/1/2021. 

 
That’s going to be one hell of a tax bill….when you sell….

[Unknown Member]

[h2]Top China Stocks With Highest Returns[/h2] The following list presents stocks of the companies which belong to the broader China sector or the stock market index, their corresponding prices as of given date, and the percentage gains realized:
[b] 1) Lianluo Smart Limited ([link=https://fknol.com/stock/llit.php]LLIT[/link])[/b]
[ul][*]Price Gain: [b]1,521.21%[/b] 2020 year-to-date[*]Market Capitalization: $19.26 million[*]52-week Price Range: $2.56 – $27.04[*][b][link=https://fknol.com/etf/exposure/llit.php]List of ETFs[/link][/b] holding LLIT [/ul] [b] 2) Renesola Ltd. ([link=https://fknol.com/stock/sol.php]SOL[/link])[/b]
[ul][*]Price Gain: [b]476.06%[/b] 2020 year-to-date[*]Market Capitalization: $439.43 million[*]52-week Price Range: $0.85 – $9.49[*][b][link=https://fknol.com/etf/exposure/sol.php]List of ETFs[/link][/b] holding SOL [/ul] [b] 3) Future FinTech Group Inc. ([link=https://fknol.com/stock/ftft.php]FTFT[/link])[/b]
[ul][*]Price Gain: [b]415.56%[/b] 2020 year-to-date[*]Market Capitalization: $98.11 million[*]52-week Price Range: $0.42 – $3.74[*][b][link=https://fknol.com/etf/exposure/ftft.php]List of ETFs[/link][/b] holding FTFT [/ul] [b] 4) Shineco, Inc. ([link=https://fknol.com/stock/tyht.php]TYHT[/link])[/b]
[ul][*]Price Gain: [b]411.11%[/b] 2020 year-to-date[*]Market Capitalization: $9.79 million[*]52-week Price Range: $2.1 – $9.09[*][b][link=https://fknol.com/etf/exposure/tyht.php]List of ETFs[/link][/b] holding TYHT [/ul] [b] 5) Fanf Holdings Limited ([link=https://fknol.com/stock/sfun.php]SFUN[/link])[/b]
[ul][*]Price Gain: [b]380.77%[/b] 2020 year-to-date[*]Market Capitalization: $123.82 million[*]52-week Price Range: $8.1 – $35.6[*][b][link=https://fknol.com/etf/exposure/sfun.php]List of ETFs[/link][/b] holding SFUN [/ul] [b] 6) Bilibili Inc. ([link=https://fknol.com/stock/bili.php]BILI[/link])[/b]
[ul][*]Price Gain: [b]311.71%[/b] 2020 year-to-date[*]Market Capitalization: $26.48 billion[*]52-week Price Range: $17.47 – $81.98[*][b][link=https://fknol.com/etf/exposure/bili.php]List of ETFs[/link][/b] holding BILI [/ul] [b] 7) SPI Energy Co., Ltd. ([link=https://fknol.com/stock/spi.php]SPI[/link])[/b]
[ul][*]Price Gain: [b]310.75%[/b] 2020 year-to-date[*]Market Capitalization: $169.85 million[*]52-week Price Range: $0.55 – $46.67[*][b][link=https://fknol.com/etf/exposure/spi.php]List of ETFs[/link][/b] holding SPI [/ul] [b] 8) 21Vianet Group, Inc. ([link=https://fknol.com/stock/vnet.php]VNET[/link])[/b]
[ul][*]Price Gain: [b]295.17%[/b] 2020 year-to-date[*]Market Capitalization: $3.81 billion[*]52-week Price Range: $6.31 – $31.5[*][b][link=https://fknol.com/etf/exposure/vnet.php]List of ETFs[/link][/b] holding VNET [/ul] [b] 9) China Ceramics Co., Ltd. ([link=https://fknol.com/stock/cccl.php]CCCL[/link])[/b]
[ul][*]Price Gain: [b]255.88%[/b] 2020 year-to-date[*]Market Capitalization: $7.38 million[*]52-week Price Range: $0.78 – $5.31[*][b][link=https://fknol.com/etf/exposure/cccl.php]List of ETFs[/link][/b] holding CCCL [/ul] [b] 10) The9 Limited ([link=https://fknol.com/stock/ncty.php]NCTY[/link])[/b]
[ul][*]Price Gain: [b]212.09%[/b] 2020 year-to-date[*]Market Capitalization: $25.04 million[*]52-week Price Range: $2.04 – $12.3[*][b][link=https://fknol.com/etf/exposure/ncty.php]List of ETFs[/link][/b] holding NCTY [/ul]  

[leboyd1]

Quote from docholliday126

Quote from NewEngRad

Since you asked life changing would be net worth under 3M on 1/1/2020, which was on plan and feeling good already (all investment accounts and home value minus mortgage balance) increased to 10.5M on 1/1/2021. 

That’s going to be one hell of a tax bill….when you sell….

 
It’s basically all in retirement accounts, so no taxes due until we use it in the future. Could sell all holdings and go to cash with no almost taxes. And 30% of it is Roth, so no taxes ever. I will likely stay very aggressive in the Roth accounts but back off a bit in the others. I know this won’t go on indefinitely.

[Unknown Member]

Quote from NewEngRad

Quote from docholliday126

Quote from NewEngRad

Since you asked life changing would be net worth under 3M on 1/1/2020, which was on plan and feeling good already (all investment accounts and home value minus mortgage balance) increased to 10.5M on 1/1/2021. 

That’s going to be one hell of a tax bill….when you sell….

It’s basically all in retirement accounts, so no taxes due until we use it in the future. Could sell all holdings and go to cash with no almost taxes. And 30% of it is Roth, so no taxes ever. I will likely stay very aggressive in the Roth accounts but back off a bit in the others. I know this won’t go on indefinitely.

What did you do- put all your chips on Tesla? 700% gain in 2020. LOL 
 
Don’t ride the crest of that wave until it breaks hard on the beach.

[afazio.uk_887]

Tesla stock makes no sense to me. Even if every car sold on the planet was a Tesla it would not justify the stock price. Just shows how irrational the market can be at times (and can stay that way a long time).

[Dr_Cocciolillo]

It doesnt matter if it makes sense to you. Its real money.

Congratulations to the poster. I am intensely jealous 🙂

[afazio.uk_887]

Sure absolutely congrats to the balls of steel investors out there !

[leboyd1]

Nope not Telsa – and even if I did have it, I doubt I would have held it – agree the price is bonkers. As noted above, I am in a mixture of SPAC stocks (pre-IPO shell companies/VC groups that take real companies public) and mortgage real estate trusts – they are pretty much polar opposites. Traded slowly and methodically – whenever a stock would rise to my target, I’d take some off the table and bank the gains. Not sharing to make anyone jealous or even to give advice. Just saying it is possible to get outsize gains if you like finance and financial markets if you take the time to really dig in.
 
Like WD – my family had a number of difficulties this year including a teen being admitted to the hospital for mental health reasons and a teen getting over drug related issues. All is settling down and I’d trade all the gains in the market for them to be completely healthy instantly. Life is messy, and money doesn’t solve it all, but going forward I am at least comfortable that I could walk away if needed.

[emily.perry_477]

This is not a response to NewEngRad success but the hyped stock market these days.  The moment that an expectation of doubling one’s investment in a couple  of months with stock like TSLA or BTC starts to pop up, I get nervous.  

[jennycullmann]

Ho hum my BTC call ain’t stopping, and if the market crashes
 
I make more

[Unknown Member]

Quote from NewEngRad

Wow, it is always eye opening to come back to AM after a few weeks away. These thread certainly morph over time, that’s for sure.

If the OP is still around, the most relevant post was way back saying to repost on something like White Coat Investor, Bogleheads or maybe Mr Money Mustache or other financial forum where folks aren’t so tightly protectionist about salary/net worth. It does crack me up – if we all used our names, then sure I get not sharing net worth or salary. But it is anonymous enough that these things aren’t so identifiable. And in terms of being afraid “outsiders” might use this information, I’d say the flippant commentary and nasty remarks would be far more damning – some folks on here are real pieces of work, haha. Thankfully there is a core group that is reasonable on both sides.

But on the investing topic of late, I personally think that intelligent folks who put in time and effort can find ways to be successful in the market if they have the inclination to do so – especially in retirement accounts where there is no worry about capital gains and tax implications of trading. I am in my late 40s and have two years of expenses saved in regular accounts and a core of retirement funds in my employers 403b comprising another two to three years which I let ride Bogleheads style. The rest I have spent time researching and trading with individual stocks, mainly SPACs and mortgage REITs, in my Roth IRA and solo 401k and in the last year have made life-changing gains. Enough that I truly may walk away in the next 6 months to a year – I could now, but honestly I haven’t been able to quite fathom what to do exactly, kind of like a lottery winner might feel.  I am not going to say that luck hasn’t played a role, but spending time reading and watching a core group of holdings or asset classes – and their underlying movements over time – with trades in and out (but not day trading, more like weeks to months trading), without emotional ties to a particular stock, can allow for outsized gains. 

 
 
[h3]No. 1 Top Performing SPAC:[/h3]

Company: QuantumScape
Ticker: (NYSE:QS)
Price: 84.85
Return: 1,115%
From the company: QuantumScape is a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles. The companys mission is to revolutionize energy storage to enable a sustainable future.

[h3]More on QS Stock:[/h3] [ul][*]QuantumScape Is a Terrible Buy at Its Current Price[*]The Powerful Battery Technology of QuantumScape Makes Its Outlook Bullish[*]QS Stock: 11 Things to Know as Battery Play QuantumScape Rallies[*]The Powerful Battery Technology of QuantumScape Makes Its Outlook Bullish [/ul]  
[h3]No. 2 Top Performing SPAC:[/h3] Company: DrafKings
Ticker: (NASDAQ:DKNG)
Price: 53.39
Return: 444%
From the company: DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media.
[h3]More on DKNG Stock:[/h3] [ul][*]DraftKings Still Looks Like Online Gaming Royalty[*]Why DraftKings Could Become a $100 Stock Soon[*]Draftkings is Growing Buy it Under $45, Every Time[*]Raised Fiscal Guidance Gives the All-Clear for DraftKings Shares [/ul]  
[h3]No. 3 Top Performing SPAC:[/h3] Company: Iridium
Ticker: (NASDAQ:IRDM)
Price: 36.71
Return: 304%
From the company: In a world where global communications are increasingly essential, only one company connects everyone to the things that matter most, from pole to pole. Offering voice and data connectivity through a constellation of 66 crosslinked LEO satellites, Iridium keeps people and things connected on the land, in the air, or at sea.
[h3]More on IRDM Stock:[/h3] [ul][*]Relativity Space News: 3D Printed Rocket Startup Inks Iridium Deal, Nabs Second Launch Site[*]Iridium Communications Stock Is Ready to Blast Into Orbit [/ul]  
[h3]No. 4 Top Performing SPAC:[/h3] Company: Immunovant
Ticker: (NASDAQ:IMVT)
Price: 47.02
Return: 372%
From the company: Immunovant, Inc. is a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases. Immunovant is developing IMVT-1401, a novel, fully human anti-FcRn monoclonal antibody, as a subcutaneous injection for the treatment of autoimmune diseases mediated by pathogenic IgG antibodies.
[h3]More on IMVTStock:[/h3] [ul][*]7 of the Most Interesting New SPACs to Take a Chance On [/ul] [h3]No. 5 Top Performing SPAC:[/h3] Company: Betterware
Ticker: (NASDAQ:BWMX)
Price: 32.54
Return: 232%
From the company: Founded in 1995, Betterware de Mexico is a leading direct-to-consumer selling company in Mexico, whose CAGR 2003-2019 was 20%. Focused on the home organization and solutions segment, Betterwares wide product portfolio includes home organization, kitchen preparation, food containers, smart furniture, technology and mobility, as well as other minor categories.

[h3]No. 6 Top Performing SPAC:[/h3] Company: Adapthealth
Ticker: (NASDAQ:AHCO)
Price: 38.17
Return: 293%
From the company: AdaptHealth is a full-service home medical equipment company that uses tailored products and services to empower patients to live their fullest lives out of the hospital and in their homes.
[h3]More on AHCO Stock:[/h3] [ul][*]7 Great Buy-and-Hold Growth Stocks[*]7 of the Most Interesting New SPACs to Take a Chance On[*]The Top 10 SPAC IPOs of the Last Year [/ul] [h3]No. 7 Top Performing SPAC:[/h3] Company: Switchback Energy/ChargePoint
Ticker: (NYSE:SBE)
Price: 38.20
Return: 287%
From the company: Electric mobility is the smart choice. We make it the easy one, too. Since 2007, weve focused solely on offering the best electric vehicle (EV) charging experience for everyone involved in the shift to electric mobility.
[h3]More on SBE Stock:[/h3] [ul][*]Before ChargePoint Merger Closes, Invest in Switchback Energy[*]Buy Switchback Stock Before ChargePoints SPAC Deal Closes[*]Catch the Power Move in ChargePoint With Switchback Energy Stock[*]Switchback Energy Will Electrify the Market With Its ChargePoint Merger [/ul]  
[h3]No. 8 Top Performing SPAC:[/h3] Company: Mp Materials
Ticker: (NYSE:MP)
Price: 35.28
Return: 254%
From the company: MP Materials owns and operates Mountain Pass, the only integrated rare earth mining and processing site in North America. Our success will drive the onshoring of jobs, national security and a carbon-reduced future.

[h3]More on MP Stock:[/h3] [ul][*]MP Stock: 5 Things to Know About Rare Earths Miner and EV Play MP Materials Today [/ul] [h3]No. 9 Top Performing SPAC:[/h3] Company: Repay
Ticker: (NASDAQ:RPAY)
Price: 26.89
Return: 178%
From the company: REPAY provides integrated payment processing solutions to verticals that have specific transaction processing needs. REPAYs proprietary, integrated payment technology platform reduces the complexity of electronic payments for merchants, while enhancing the overall experience for consumers and businesses.
[h3]More on RPAY Stock:[/h3] [ul][*]7 of the Most Interesting New SPACs to Take a Chance On[*]10 SPAC IPO Stocks to Buy as They Grow in Popularity [/ul] [h3]No. 10 Top Performing SPAC:[/h3] Company: Open Lending
Ticker: (NASDAQ:LPRO)
Price: xxx
Return: xx%
 

[Unknown Member]

Quote from IR27

4M is really not that much for doctors, especially if theyre messing around with covered calls , options and etc. Can get there easy with 20% saving, indexing and normal market conditions.

Care to show us the math on that? 20% of what and for how many years?
 
4 mill is very respectable. He was over 60 and very frugal.

[leann2001nl]

Im not saying its not respectable , Im just saying you dont need to be trading options and doing all this stuff which is crazy for a physician to do and basically makes it your hobby.

50k/yr for 30 years at 8% is 5.5 million and requires nothing but indexing and saving. Lots of docs that can save more than 50k/yr. you certainly dont need to trade options and calls and etc to make 8% , just invest in a total market fund or the s&p

Hard part and what vast majority of physicians struggle with is controlling spending

[satyanar]

Quote from drad123

Quote from docholliday126

Quote from Thread Enhancer

Quote from docholliday126

Networth is taking a dumper today.

Unless one has done some insurance hedging with gold and gold stocks.

I had a bunch of VIX calls to start the new year because historically it’s a bad time, greatly limited the downside, but I do worry about democrat control of both houses and the presidency. Unlike dergon suggests, I think the party has become more radicalized in response to Trump and they can do real damage to the market if they go for a wish list of progressive spend and tax proposals. 

I know of no physicians who are day traders and are multimillionaires. It is a near impossibility.

I worked with one doc who did covered calls on his equity positions. He was limiting his upside and did get pushed out of some positions. He would then go buy back the stock at the going rate. He is worth 4 plus million. He couldn’t explain the pricing to me. 
He didn’t know Black Sholes but then again does anyone?

[attachment=0]

Beware geeks bearing formulas. Buffett

 
Not that I would equate trading options and day trading but your overall premise is likely to be correct. I know of no physicians that have done better using “sophisticated” trading mechanisms than those using asset allocation and re-balancing in a buy and hold strategy. The power of dividends and compounding is pretty tough to beat.
 
That being said I do enjoy trading a less than 5% position in a small brokerage account. The risk to my overall portfolio is very low and it’s exciting to think about hitting the grand slam even though it’s been mostly singles and doubles and the occasional strike out. Now if I only listened to that news letter touting BTC at $100…. 

[jtpollock]

I should clarify that I don’t trade my own account, I have a broker/investment advisor that does it for me.

[i2906]

My brother and I talk stocks and it keeps us talking. When the market corrects, I text “the VXX the VXX”  but then it’s too late.  
 
When the doctor finds out, it’s time to get out

[satyanar]

Quote from docholliday126

I should clarify that I don’t trade my own account, I have a broker/investment advisor that does it for me.

 
Does he charge you per trade or the typical flat 1%. Do you feel like you get your money’s worth? Has your portfolio outperformed the indices or if not has there been less volatility?

[Dr_Cocciolillo]

There are people who started with $10,000 last year and are up to $2 million in assets given the market.
The number of stocks making parabolic moles of 700 to 1000% during this year is very, very large.
I wish I were one of them.

[Unknown Member]

i don’t have 4M, that’s fo sho

[jtpollock]

He charges 1% wrap fee and 20% on qualified trades. Need to be an accredited investor, 1M minimum invested.

In the last 5 years he’s doubled the averages. This year I was up 80% but he was buying aggressively in March, and bought the right stuff. What most docs who do their own free ETF investing miss out on are the benefits of a qualified investor with a really good broker, you get access to so many more investment vehicles that the general public doesn’t ex. pre-IPO.

Downside is the you pick up the options trading as ordinary income instead of long term capital gains…

[Unknown Member]

Quote from docholliday126

He charges 1% wrap fee and 20% on qualified trades. Need to be an accredited investor, 1M minimum invested.

In the last 5 years he’s doubled the averages. This year I was up 80% but he was buying aggressively in March, and bought the right stuff. What most docs who do their own free ETF investing miss out on are the benefits of a qualified investor with a really good broker, you get access to so many more investment vehicles that the general public doesn’t ex. pre-IPO.

Downside is the you pick up the options trading as ordinary income instead of long term capital gains…

How did he do in the last bear market?

[jtpollock]

Quote from drad123

Quote from docholliday126

He charges 1% wrap fee and 20% on qualified trades. Need to be an accredited investor, 1M minimum invested.

In the last 5 years he’s doubled the averages. This year I was up 80% but he was buying aggressively in March, and bought the right stuff. What most docs who do their own free ETF investing miss out on are the benefits of a qualified investor with a really good broker, you get access to so many more investment vehicles that the general public doesn’t ex. pre-IPO.

Downside is the you pick up the options trading as ordinary income instead of long term capital gains…

How did he do in the last bear market?

 
Which one?

[Unknown Member]

2008

[jtpollock]

Not sure about 2008, I wasn’t with him back then. I was with someone else and took a BATH, then went to cash for 5 years while everything exploded higher. :/
 
He probably ate a weaner that year like everyone else.

[Unknown Member]

Quote from docholliday126

Not sure about 2008, I wasn’t with him back then. I was with someone else and took a BATH, then went to cash for 5 years while everything exploded higher. :/

He probably ate a weaner that year like everyone else.

What is your CAGR? How much have you made in the market since you started investing? Would you have beat a passive strategy?

[jtpollock]

Not sure, probably up 1.3X in 5 years, I shoot for 20% a year in appreciation and 10% in trading income. Example, his year I started one trust fund (professionally managed/stock basket) with 250K, added probably 350K around the dips and ended the year with 1.3M, with about 150K of that trading income. Another trust account (personally managed/stock basket) and it’s up 31% yoy, cagr after 4 years is ~18%. I don’t trade in that account because I suck at trading.
 
Not sure what the passive’s have done. This stock run over the last couple of years has been epic, so probably pretty good. 
 
I’m not knocking passive, do whatever makes you comfortable and keeps you in the market THROUGH THE DIPS. But in my opinion the problem with the passive funds are that they hold mainly blue chippers, i.e. stocks that will not rip to the moon, just nice and steady stocks, mainly track the averages. Where if you hold a well-researched basket of 40ish transformative techish stocks, some will be a zero, most with follow the averages and some will go up 10X with an overall return that should be well above the averages.  And with passives you don’t take advantage of being a qualified investor (1M+ accounts) that gets you access to trading vehicles most investors can’t utilize i.e. IPOs, VC, PE, Hedge Funds, etc..
 

[Unknown Member]

$2,000 invested monthly for 30 years in stocks at 9% interest rate (historic average for stock is actually 10%), grows to 3.565 million.  This would be just putting money into a generic sp500 index fund.  The smart people simply buy a boring index fund every month and hold it and end up wealthy.  A lot of people try to try and outsmart by investing in different things whether it be individual stocks, or bitcoin, and certainly a few end up big winners but the majority are big losers compared to the boring buy and hold.  
 
Buy and hold is intellectually very easy, but few people have the discipline to do it.  Simply buying every month is also something people struggle with, as they try to time the market.  Between sitting on the sidelines and bouncing around from strategy to strategy, a lot of common people lose a lot of wealth, including many physicians.  

[jennycullmann]

Quote from striker79

$2,000 invested monthly for 30 years in stocks at 9% interest rate (historic average for stock is actually 10%), grows to 3.565 million.  This would be just putting money into a generic sp500 index fund.  The smart people simply buy a boring index fund every month and hold it and end up wealthy.  A lot of people try to try and outsmart by investing in different things whether it be individual stocks, or bitcoin, and certainly a few end up big winners but the majority are big losers compared to the boring buy and hold.  

Buy and hold is intellectually very easy, but few people have the discipline to do it.  Simply buying every month is also something people struggle with, as they try to time the market.  Between sitting on the sidelines and bouncing around from strategy to strategy, a lot of common people lose a lot of wealth, including many physicians.  

 
The problem with this is the assumption that because this has happened for before (and albeit a long time) it will continue. There are many reasons why it won’t continue, if you want me to list them later, I will. What’s more important [i]at this moment[/i] is the Shiller PE (if one must look at history) which is at a level where [b]you will not[/b] get positive real returns over 10-15 years, passively.

[Unknown Member]

10 largest holdings of S&P 500 index
 
 
Apple Inc AAPL 6.68%
Microsoft Corp MSFT 5.29%
Amazon.com Inc AMZN 4.37%
Facebook Inc A FB 2.07%
Tesla Inc TSLA 1.68%
Alphabet Inc A GOOGL 1.66% Alphabet Inc Class C
GOOG 1.60%
Berkshire Hathaway Inc Class B BRK.B 1.42%
Johnson & Johnson JNJ 1.30%
JPMorgan Chase & Co  

[jtpollock]

As of Dec. 22, 2020, the breakdown :
Information technology: 27.60%
Health care: 13.44%
Consumer discretionary: 12.70%
Communication services: 10.79%
Financials: 10.34%
Industrials: 8.47%
Consumer staples: 6.55%
Utilities: 2.73%
Materials: 2.64%
Real estate: 2.41%
Energy: 2.33%
 
Is your point that the SP500 holds 27% tech? If it is, I’m sure that has added greatly to its performance, cause the other 73% hasn’t been great….
 
Health care – Has done OK
Consumer discretionary – took a bath, came back evenish
Communication services – great yields, have gone nowhere in years
Financials – took a bath
Utilities – good yields, have gone nowhere in years
Materials – took a bath, came back evenish
Real estate – always has done well, apartment stocks took a bath
Energy – took a sh*&
 
yada yada
 
 
 

[Unknown Member]

Quote from docholliday126

As of Dec. 22, 2020, the breakdown :
Information technology: 27.60%
Health care: 13.44%
Consumer discretionary: 12.70%
Communication services: 10.79%
Financials: 10.34%
Industrials: 8.47%
Consumer staples: 6.55%
Utilities: 2.73%
Materials: 2.64%
Real estate: 2.41%
Energy: 2.33%

Is your point that the SP500 holds 27% tech? If it is, I’m sure that has added greatly to its performance, cause the other 73% hasn’t been great….

Health care – Has done OK
Consumer discretionary – took a bath, came back evenish
Communication services – great yields, have gone nowhere in years
Financials – took a bath
Utilities – good yields, have gone nowhere in years
Materials – took a bath, came back evenish
Real estate – always has done well, apartment stocks took a bath
Energy – took a sh*&

yada yada

What is going to be great in the next 10 years. Refer to your crystal ball and let me know.

[jtpollock]

As a stock picker, I’m horrible. I outsource and buy research for personal accounts. That being said…
 
Information technology (AI will be a whole new level) will continue to outperform. 5G stocks for medium term. Tesla even at nosebleeds levels is interesting (Starlink will kill of telecoms, self driving will become reality) but I would wait for a retracement, bitcoin if you have the stomach for it. 

[jtpollock]

Asterisks*** everything if the democrats start hiking taxes on income, capitol gains, wealth tax, corporates, etc…..

[btomba_77]

I’ve posted it before…
 
historically there is no correlation between tax rates and stock market performance.
 
 

[jtpollock]

Let’s hope you’re right!

[btomba_77]

Part of the investing discipline mentioned above is recognizing where we may have internal biases that might lead us to make changes that are not evidence based.
 
“Don’t let your politics change your investing.”
 
If you search around older posts on this board you will find examples of political bias costing people real money.
 
Some investors believed that Donald Trump’s election would lead to such chaos and war that the stock market would crash … and they sold equities, missing a mostly great period of time for investing.
 
One of the old timer conservative posters on this board was so convinced that Obama’s second term meant the end of capitalism in America that he sold *everything* and went into cash and gold in October of 2012, expecting a “hyperinflationary death spiral” for the US economy.  He missed a great run.
 
Another conservative poster predicted a Dow crash to 12,000 was just around the corner through the entire late portion of the Obama bull market. Then, based on nothing more than the 2016 election results, pivoted on a dime a predicted 8 more years of great returns.
 
 
There is no data-driven reason to suggest that moderate changes in income/ capital gains/ dividend/ corporate tax rates  on par with those we have seen in the post-war era will have any effect on the performance of the US equity markets.  
 
People who make a change to their asset allocation based on a vague fear of taxes and Democrats risk under-performing the indices.

[Unknown Member]

Quote from dergon

Part of the investing discipline mentioned above is recognizing where we may have internal biases that might lead us to make changes that are not evidence based.

“Don’t let your politics change your investing.”

If you search around older posts on this board you will find examples of political bias costing people real money.

Some investors believed that Donald Trump’s election would lead to such chaos and war that the stock market would crash … and they sold equities, missing a mostly great period of time for investing.

One of the old timer conservative posters on this board was so convinced that Obama’s second term meant the end of capitalism in America that he sold *everything* and went into cash and gold in October of 2012, expecting a “hyperinflationary death spiral” for the US economy.  He missed a great run.

Another conservative poster predicted a Dow crash to 12,000 was just around the corner through the entire late portion of the Obama bull market. Then, based on nothing more than the 2016 election results, pivoted on a dime a predicted 8 more years of great returns.

There is no data-driven reason to suggest that moderate changes in income/ capital gains/ dividend/ corporate tax rates  on par with those we have seen in the post-war era will have any effect on the performance of the US equity markets.  

People who make a change to their asset allocation based on a vague fear of taxes and Democrats risk under-performing the indices.

This is good advice.
Index funds/etf’s.
Don’t waver.
Stick to your guns.
 
The current market is crazy based on PE ratios etc. So many companies are overvalued by classic finance metrics. All you can do is diversify for the long haul. You will sleep well if you commit to this; and it has worked up until now; despite the roller coaster rides. The boggleheads have it right, imho.
 
Yes, there may be armageddon; but then we are all doomed. But don’t screw yourself by trying to make unfounded, and typically ignorant, predictions. 

[jennycullmann]

Quote from boomer

Yes, there may be armageddon; but then we are all doomed. But don’t screw yourself by trying to make unfounded, and typically ignorant, predictions. 

 
This may not be true at all. It depends [i][b]how bad[/b][/i] and what you are in. People who pay attention to my posts and have vast knowledge of asset classes will know why.

[afazio.uk_887]

Hold enough CASH in your bank account to allow you to sleep at night and put the rest in ETFs or stocks and let it ride forever. Although holding CASH is a money loser right now consider it insurance against making bad portfolio moves at the wrong time (like selling in Dec 2018 or March 2020). One single bad behavioral mistake will cost you much more than the cash drag from it sitting in a MM fund. Buffett himself said hold enough cash to make you feel comfortable and put the rest in an index fund and you will do well.

[jtpollock]

A lot of bogle-pilled people here, dude was just talking his book.

Shiller PE ratio assumption was a rational world, not endless low rates and money printing.

[m.j_433]

Agree that most market concepts dont currently apply. Weve had historic stimulus, QE, ZIRP, and TINA all pushing the market and it doesnt look like the party is going to end any time soon. Nothing is normal about this market.

[leann2001nl]

Lol no positive real return for 10-15 years . Okie doke

[william.wang_997]

How much are you holding in cash vs equities in % in 2021 , given such a stellar performance of your portfolio ?

[afazio.uk_887]

10% CASH
90% STOCKs

[william.wang_997]

Great ! Do you do backdoor Roth every year and limit to 6k/7k depending on age ?

[btomba_77]

Quote from RADD2010

How much are you holding in cash vs equities in % in 2021 , given such a stellar performance of your portfolio ?

The question wasn’t asked of me, but it sounds like WD and I have similar portfolios.
 
2-3% cash
13 ish% fixed income
85% equities
 
(I am 54 years old …. most people would consider my allocation aggressive for my age)
 
 

[afazio.uk_887]

I dont own any BONDS tho, only cash and STONKS

It seems outside of US treasuries all other Bonds (corps, muni, junk) all crash when STONKS crash also anyway.

[clickpenguin_460]

How many of you use a financial advisor?

Initially I was hesitant to use one and give up 1% or whatever but actually so far a good one seems to be worth it. One that checks in a lot and is able to keep your portfolio nimble, is always up to date with new laws and loopholes, and has experience to know how others before me have failed.

Curious on thoughts since I enjoy doing my own thing but each year it seems more time consuming and more out of my capability with complexity of the system.

[afazio.uk_887]

Nah, 1% financial advisor is a scam.
They fought the law to make them fiduciaries as it would prevent them from scamming their clients for their own benefit. I keep an extra 40 or 50k in my portfolio every year using low cost index ETFs and individual stonks rather than pay someone who is actually not legally required to put interests above their own.

There are some advisors who charge a flat fixed fee rather than percentage of portfolio assets and perhaps that may be worthwhile.

Like Bogle said – in investing you get what you DONT pay for.

[btomba_77]

A disciplined investor does not need a financial advisor.
 
And most people with advisors will under-perform the market.  In addition to the 1%  fee (that’s a [b]lot[/b] of money when your net worth gets into the mid 7 figures btw), there is also that they tend to guide their clients toward products that  also have built in fees like actively managed mutual funds that may have an expense ration of another 1% [b] or more[[/b], or, god forbid, annuities and whole life policies or complicate instruments that pretend to decrease downside risk while preserving upside risk (which also tend to have high fees)
 
 
I had an advisor for the first 10 years of my career or so.  He was a good guy, ethical, hit the ball down the middle .. and I was busy learning how to be a practicing radiologist.   But then when I wok up and looked at what that decade had cost me … I would have about $1 million more right now if I had just opened a low cost brokerage account and DCAd into index funds from day 1.

[Unknown Member]

Quote from dergon

A disciplined investor does not need a financial advisor.

And most people with advisors will under-perform the market.  In addition to the 1%  fee (that’s a [b]lot[/b] of money when your net worth gets into the mid 7 figures btw), there is also that they tend to guide their clients toward products that  also have built in fees like actively managed mutual funds that may have an expense ration of another 1% [b] or more[[/b], or, god forbid, annuities and whole life policies or complicate instruments that pretend to decrease downside risk while preserving upside risk (which also tend to have high fees)

I had an advisor for the first 10 years of my career or so.  He was a good guy, ethical, hit the ball down the middle .. and I was busy learning how to be a practicing radiologist.   But then when I wok up and looked at what that decade had cost me … I would have about $1 million more right now if I had just opened a low cost brokerage account and DCAd into index funds from day 1.

 
I have talked with many advisors. Never paid one. Been investing in the market since I was 16 years old. I have made mistakes, mostly when I didn’t have much at stake. Loaded mutual funds, janus twenty fund, buying individual stocks and selling at a loss.

[william.wang_997]

“The question wasn’t asked of me, but it sounds like WD and I have similar portfolios.  
   
2-3% cash 
13 ish% fixed income  
85% equities  
   
(I am 54 years old …. most people would consider my allocation aggressive for my age) ”
 
Appreciate you sharing the info ! 
  
  

[Unknown Member]

Quote from Casino Royale

Quote from boomer

Yes, there may be armageddon; but then we are all doomed. But don’t screw yourself by trying to make unfounded, and typically ignorant, predictions. 

This may not be true at all. It depends [i][b]how bad[/b][/i] and what you are in. People who pay attention to my posts and have vast knowledge of asset classes will know why.

 
Either you are a genius or a fool.
Time will tell.

[afazio.uk_887]

Whats wrong with Bogle? Dude is the reason we dont have to pay 5% loads to buy a Fido mutual fund. He was one of the only decent guys in the investment industry.
He could have very easily been a billionaire like Ned Johnson or Charles Schwab but instead structured Vanguard to benefit the individual investor. A solid person imo and Im thankful for his lifes work.

[satyanar]

Quote from wisdom

There are people who started with $10,000 last year and are up to $2 million in assets given the market.
The number of stocks making parabolic moles of 700 to 1000% during this year is very, very large.
I wish I were one of them.

 
I do too!  I’ve been happy with the slow and steady approach because I knew I had a lot of time and it wasn’t hard to save a lot. There are those that want it faster and it is possible but comes with more risk of losing everything than I am comfortable with.

[Unknown Member]

Quote from wisdom

There are people who started with $10,000 last year and are up to $2 million in assets given the market.
The number of stocks making parabolic moles of 700 to 1000% during this year is very, very large.
I wish I were one of them.

Actually the number is very small. Throw the dice. It’s only your hard earned money.

[Unknown Member]

Quote from docholliday126

He charges 1% wrap fee and 20% on qualified trades. Need to be an accredited investor, 1M minimum invested.

In the last 5 years he’s doubled the averages. This year I was up 80% but he was buying aggressively in March, and bought the right stuff. What most docs who do their own free ETF investing miss out on are the benefits of a qualified investor with a really good broker, you get access to so many more investment vehicles that the general public doesn’t ex. pre-IPO.

Downside is the you pick up the options trading as ordinary income instead of long term capital gains…

Last five years market averaged 13%, so you did 26% per year. Should double money every 2.8 years. 1 mill would become 8 mill in 10 years.
 
You must be a wealthy guy by now.

[jtpollock]

Quote from drad123

Last five years market averaged 13%, so you did 26% per year. Should double money every 2.8 years. 1 mill would become 8 mill in 10 years.

You must be a wealthy guy by now.

 
Yeah I’ve done well, but I’ve also had health things pop up, so you know, life finds a way to balance everything. 
 
The stock market run in the last 10 years has been remarkable, maybe once in a lifetime, all you had to do was buy QQQ and you would have quadrupled your money. I don’t take credit, I outsource that stuff because I do not have the personality/time/knowledge for stock investing. Hell, my guy had me hard into Tesla at the beginning of last year and I thought he was crazy, then the stock septupled. On my own, I never would have personally bought a stock like Tesla, still wouldn’t. Or when Apple got to a trillion market cap, which I thought was insane, but then it doubled….
 
I’m 90% invested so I could get all wiped out tomorrow, but my main thesis is the US will have to keep on printing money and the banks have all the power, and with interest rates low the best way for the elites to make money is in stocks. Housing will do fine, but less liquid and I don’t want to be a landlord. 

[Unknown Member]

Quote from docholliday126

Quote from drad123

Last five years market averaged 13%, so you did 26% per year. Should double money every 2.8 years. 1 mill would become 8 mill in 10 years.

You must be a wealthy guy by now.

Yeah I’ve done well, but I’ve also had health things pop up, so you know, life finds a way to balance everything. 

The stock market run in the last 10 years has been remarkable, maybe once in a lifetime, all you had to do was buy QQQ and you would have quadrupled your money. I don’t take credit, I outsource that stuff because I do not have the personality/time/knowledge for stock investing. Hell, my guy had me hard into Tesla at the beginning of last year and I thought he was crazy, then the stock septupled. On my own, I never would have personally bought a stock like Tesla, still wouldn’t. Or when Apple got to a trillion market cap, which I thought was insane, but then it doubled….

I’m 90% invested so I could get all wiped out tomorrow, but my main thesis is the US will have to keep on printing money and the banks have all the power, and with interest rates low the best way for the elites to make money is in stocks. Housing will do fine, but less liquid and I don’t want to be a landlord. 

Elon Musk- richest man in the world, networth as of today, 208 billion. 142 billion made in 2020 alone!- The year of the Rona. Go figure

[jtpollock]

Yeah definitely weird, again I (personally) would never buy a Tesla or a Bitcoin, but that’s why I outsource. You ask me, looks like a crazy bubble about to pop.

[Unknown Member]

Quote from docholliday126

Quote from drad123

Last five years market averaged 13%, so you did 26% per year. Should double money every 2.8 years. 1 mill would become 8 mill in 10 years.

You must be a wealthy guy by now.

Yeah I’ve done well, but I’ve also had health things pop up, so you know, life finds a way to balance everything. 

The stock market run in the last 10 years has been remarkable, maybe once in a lifetime, all you had to do was buy QQQ and you would have quadrupled your money. I don’t take credit, I outsource that stuff because I do not have the personality/time/knowledge for stock investing. Hell, my guy had me hard into Tesla at the beginning of last year and I thought he was crazy, then the stock septupled. On my own, I never would have personally bought a stock like Tesla, still wouldn’t. Or when Apple got to a trillion market cap, which I thought was insane, but then it doubled….

I’m 90% invested so I could get all wiped out tomorrow, but my main thesis is the US will have to keep on printing money and the banks have all the power, and with interest rates low the best way for the elites to make money is in stocks. Housing will do fine, but less liquid and I don’t want to be a landlord. 

How much did you bet on Tesla?

[jtpollock]

Not that much, I think it was roughly 25k, then it ballooned up to 140k. But I haven’t sold it so for all I know it could crash back down to 25k. I gotta say though, Tesla and Musk are amazing innovators. Very transformative. The components within a Tesla car will be a future ecosystem all to themselves. Ai systems, battery tech, air conditioners, solar tech. Not to mention starlink, SpaceX. Musk may be the new steve jobs, so I would invest in anything that is publicly avaiable.

He predicts full self driving cars this year. Probably bullsh%t but he argued that AIs computational speed is where it needs to be and Tesla has been collecting 10 years of analytics on driving to feed through it. They will all be hooked up to Starlink and work as a hive mind, teaching one another. Pretty crazy stuff. Does Starlink kill off 5G and ATT and Verizon?, not sure.

[afazio.uk_887]

I just saw a post on another forum where a typical basement dweller posted a screenshot of his $12 million position in Tesla. Many Rads wont reach that number during their career despite the immense effort required in this job. Go figure

[jtpollock]

As a total aside, but it may be relevant to net worth.
 
I’ve been reading to a lot of research in the AI space. Not as it pertains to radiology but other industries, namely why NVIDIA purchased ARM a couple years ago. So we all know Moore’s law as it relates to computational power (CPU) of microchips doubling every two years. But when researchers looked at AI, they found out it’s graphics processing (GPU) outpaces Moore’s law doubling. The prediction is that AI will go from clunky to like god mode really quick. In 2015 AI surpassed the brainpower of a mouse, predicted to surpass a human brain in 2023, and by 2045 surpass the brain power of all the humans on earth. If true kind of scary.. That’s why I believe tech will continue to be a great investment because they will be the ones that can integrate, utilize and scale this technology. 
 
And no, I’m not saying radiologists will be replaced by AI, but I wouldn’t be surprised if it goes from clunky to holy sh$t good quicker than people think. 

[heartmirror_672]

In the short to medium term, radiologists will benefit from AI unless fee for service disappears.  We will be able to safely sign off on a lot more studies. 

[leann2001nl]

Quote from gasmasspsoas

In the short to medium term, radiologists will benefit from AI unless fee for service disappears.  We will be able to safely sign off on a lot more studies. 

short term maybe. longer term you get 1 dollar for signing and agreeing with the computer that the brain MRI is negative 

[leann2001nl]

This is the problem with radiology. Everyone only cares about the short term, what benefits me me me. No one cares about their future coworker in 5 years (or their own career in 5 years for the matter)
Consistently as more studies are done, reimbursement tanks, quality is certainly not improving and people get more stressed out. You may make a little more in short term, pulling out your hair cursing why it’s so busy, but the field is ultimately being screwed. 

[afazio.uk_887]

Greed, myopia and self-interested thinking…. yes, welcome to private practice radiology. There is a reason the field has been easy pickings for VC/corporate medicine.

[Unknown Member]

Quote from Waduh Dong

Greed, myopia and self-interested thinking…. yes, welcome to private practice radiology. There is a reason the field has been easy pickings for VC/corporate medicine.

Don’t VC/finance/corps suffer from the same human traits?
 
I think they are leveraging something else-
a deep tele pool of commodity labor, investor cash and low interest rates, and hospital consolidation.

[Unknown Member]

Quote from IR27

This is the problem with radiology. Everyone only cares about the short term, what benefits me me me. No one cares about their future coworker in 5 years (or their own career in 5 years for the matter)
Consistently as more studies are done, reimbursement tanks, quality is certainly not improving and people get more stressed out. You may make a little more in short term, pulling out your hair cursing why it’s so busy, but the field is ultimately being screwed. 

Do you think this problem might be universal or at least American?

[jennycullmann]

Quote from drad123

Quote from IR27

This is the problem with radiology. Everyone only cares about the short term, what benefits me me me. No one cares about their future coworker in 5 years (or their own career in 5 years for the matter)
Consistently as more studies are done, reimbursement tanks, quality is certainly not improving and people get more stressed out. You may make a little more in short term, pulling out your hair cursing why it’s so busy, but the field is ultimately being screwed. 

Do you think this problem might be universal or at least American?

 
It’s universal and on steroids now especially in America given the lack of identity the country has status post “multiculturalism” to divide us.

[Unknown Member]

Pay me my 1500$
You owe me

[emily.perry_477]

Quote from IR27

This is the problem with radiology.[b] Everyone [/b]only cares about the short term, what benefits me me me.[b] No one[/b] cares about their future coworker in 5 years (or their own career in 5 years for the matter)
Consistently as more studies are done, reimbursement tanks, quality is certainly not improving and people get more stressed out. You may make a little more in short term, pulling out your hair cursing why it’s so busy, but the field is ultimately being screwed. 

This is the problem with Auntminnie.  [b]Everyone[/b] speaks in absolute term (“everyone”, “no one”) and paint [b]everybody[/b] else with a broad stroke.  Oh, wait a minute…
[Please add two tablespoons of satire to your coffee when reading this post]

[leann2001nl]

Obviously its an exaggeration and there are some forward thinkers who care about the future of the field and their practices but they are the exception in my experience not the rule

[Unknown Member]

Quote from IR27

Obviously its an exaggeration and there are some forward thinkers who care about the future of the field and their practices but they are the exception in my experience not the rule

That or maybe radiology is just another example of a prisoner’s dilemma. 

[jtpollock]

RADNET “The Los Angeles-based imaging group reported that its novel mammography algorithm demonstrated higher performance than a group of five full-time radiologists, with an average increase in sensitivity of 14%. And the firms scientists believe the tool could help detect disease upward of two years sooner than standard interpretation in some cases, experts wrote in Nature Medicine.”

That’s not going to be good for mammographer net worth…

[william.wang_997]

On the contrary…..Who will ultimately put their signature on these reports ? Yep..a mammographer and he or she will be reading a lot more a lot faster than us rads. So the net worth will go up and not down.

[jennycullmann]

Quote from Hubcap

Quote from IR27

This is the problem with radiology.[b] Everyone [/b]only cares about the short term, what benefits me me me.[b] No one[/b] cares about their future coworker in 5 years (or their own career in 5 years for the matter)
Consistently as more studies are done, reimbursement tanks, quality is certainly not improving and people get more stressed out. You may make a little more in short term, pulling out your hair cursing why it’s so busy, but the field is ultimately being screwed. 

This is the problem with Auntminnie.  [b]Everyone[/b] speaks in absolute term (“everyone”, “no one”) and paint [b]everybody[/b] else with a broad stroke.  Oh, wait a minute…
[Please add two tablespoons of satire to your coffee when reading this post]

 
Right, common human recall bias (negativity bias)

[Unknown Member]

Quote from docholliday126

Not that much, I think it was roughly 25k, then it ballooned up to 140k. But I haven’t sold it so for all I know it could crash back down to 25k. I gotta say though, Tesla and Musk are amazing innovators. Very transformative. The components within a Tesla car will be a future ecosystem all to themselves. Ai systems, battery tech, air conditioners, solar tech. Not to mention starlink, SpaceX. Musk may be the new steve jobs, so I would invest in anything that is publicly avaiable.

He predicts full self driving cars this year. Probably bullsh%t but he argued that AIs computational speed is where it needs to be and Tesla has been collecting 10 years of analytics on driving to feed through it. They will all be hooked up to Starlink and work as a hive mind, teaching one another. Pretty crazy stuff. Does Starlink kill off 5G and ATT and Verizon?, not sure.

I was thinking you put down a mill. 25 k won’t do anything.

[jtpollock]

Quote from drad123

Quote from docholliday126

Not that much, I think it was roughly 25k, then it ballooned up to 140k. But I haven’t sold it so for all I know it could crash back down to 25k. I gotta say though, Tesla and Musk are amazing innovators. Very transformative. The components within a Tesla car will be a future ecosystem all to themselves. Ai systems, battery tech, air conditioners, solar tech. Not to mention starlink, SpaceX. Musk may be the new steve jobs, so I would invest in anything that is publicly avaiable.

He predicts full self driving cars this year. Probably bullsh%t but he argued that AIs computational speed is where it needs to be and Tesla has been collecting 10 years of analytics on driving to feed through it. They will all be hooked up to Starlink and work as a hive mind, teaching one another. Pretty crazy stuff. Does Starlink kill off 5G and ATT and Verizon?, not sure.

I was thinking you put down a mill. 25 k won’t do anything.

 
I wish

[Unknown Member]

[h2]Top S&P 500 Stocks With Highest Returns[/h2] The following list presents stocks of the companies which belong to the broader S&P 500 sector or the stock market index, their corresponding prices as of given date, and the percentage gains realized:
[b] 1) Tesla Motors, Inc. ([link=https://fknol.com/stock/tsla.php]TSLA[/link])[/b]
[ul][*]Price Gain: [b]720.07%[/b] 2020 year-to-date[*]Market Capitalization: $668.91 billion[*]52-week Price Range: $70.1 – $718.72[*][b][link=https://fknol.com/candle/tsla.php]Candlestick Patterns[/link][/b] of TSLA[*][b][link=https://fknol.com/etf/exposure/tsla.php]List of ETFs[/link][/b] holding TSLA [/ul] [b] 2) Etsy, Inc. ([link=https://fknol.com/stock/etsy.php]ETSY[/link])[/b]
[ul][*]Price Gain: [b]301.60%[/b] 2020 year-to-date[*]Market Capitalization: $22.43 billion[*]52-week Price Range: $29.95 – $198.5[*][b][link=https://fknol.com/etf/exposure/etsy.php]List of ETFs[/link][/b] holding ETSY [/ul] [b] 3) Carrier Global Corporation ([link=https://fknol.com/stock/carr.php]CARR[/link])[/b]
[ul][*]Price Gain: [b]214.33%[/b] 2020 year-to-date[*]Market Capitalization: $32.69 billion[*]52-week Price Range: $11.5 – $41.48[*][b][link=https://fknol.com/etf/exposure/carr.php]List of ETFs[/link][/b] holding CARR [/ul] [b] 4) Nvidia Corporation ([link=https://fknol.com/stock/nvda.php]NVDA[/link])[/b]
[ul][*]Price Gain: [b]121.93%[/b] 2020 year-to-date[*]Market Capitalization: $323.24 billion[*]52-week Price Range: $180.68 – $589.07[*][b][link=https://fknol.com/candle/nvda.php]Candlestick Patterns[/link][/b] of NVDA[*][b][link=https://fknol.com/etf/exposure/nvda.php]List of ETFs[/link][/b] holding NVDA [/ul] [b] 5) PayPal ([link=https://fknol.com/stock/pypl.php]PYPL[/link])[/b]
[ul][*]Price Gain: [b]116.51%[/b] 2020 year-to-date[*]Market Capitalization: $274.41 billion[*]52-week Price Range: $82.07 – $244.25[*][b][link=https://fknol.com/candle/pypl.php]Candlestick Patterns[/link][/b] of PYPL[*][b][link=https://fknol.com/etf/exposure/pypl.php]List of ETFs[/link][/b] holding PYPL [/ul] [b] 6) L Brands Inc. ([link=https://fknol.com/stock/lb.php]LB[/link])[/b]
[ul][*]Price Gain: [b]105.24%[/b] 2020 year-to-date[*]Market Capitalization: $10.34 billion[*]52-week Price Range: $8 – $42.17[*][b][link=https://fknol.com/etf/exposure/lb.php]List of ETFs[/link][/b] holding LB [/ul] [b] 7) Albemarle Corp ([link=https://fknol.com/stock/alb.php]ALB[/link])[/b]
[ul][*]Price Gain: [b]101.97%[/b] 2020 year-to-date[*]Market Capitalization: $15.71 billion[*]52-week Price Range: $48.89 – $153.48[*][b][link=https://fknol.com/etf/exposure/alb.php]List of ETFs[/link][/b] holding ALB [/ul] [b] 8) Advanced Micro Devices Inc ([link=https://fknol.com/stock/amd.php]AMD[/link])[/b]
[ul][*]Price Gain: [b]99.98%[/b] 2020 year-to-date[*]Market Capitalization: $110.43 billion[*]52-week Price Range: $36.75 – $97.98[*][b][link=https://fknol.com/candle/amd.php]Candlestick Patterns[/link][/b] of AMD[*][b][link=https://fknol.com/etf/exposure/amd.php]List of ETFs[/link][/b] holding AMD [/ul] [b] 9) Freeport-McMoRan Inc. ([link=https://fknol.com/stock/fcx.php]FCX[/link])[/b]
[ul][*]Price Gain: [b]98.32%[/b] 2020 year-to-date[*]Market Capitalization: $37.8 billion[*]52-week Price Range: $4.82 – $26.83[*][b][link=https://fknol.com/candle/fcx.php]Candlestick Patterns[/link][/b] of FCX[*][b][link=https://fknol.com/etf/exposure/fcx.php]List of ETFs[/link][/b] holding FCX [/ul] [b] 10) Cadence Design Systems, Inc. ([link=https://fknol.com/stock/cdns.php]CDNS[/link])[/b]
[ul][*]Price Gain: [b]96.70%[/b] 2020 year-to-date[*]Market Capitalization: $38.06 billion[*]52-week Price Range: $51.39 – $136.84[*][b][link=https://fknol.com/etf/exposure/cdns.php]List of ETFs[/link][/b] holding CDNS [/ul]  

[Unknown Member]

Quote from NewEngRad

 Traded slowly and methodically – whenever a stock would rise to my target, I’d take some off the table and bank the gains. 

How do you determine a target price?

[Patrick]

You run your own valuation models.  

[Unknown Member]

 
 

Quote from NYC

You run your own valuation models.  

Are you referring to discounted cash flow?
That may help with cash flow positive companies, not start ups, but doesn’t tell you what will happen in the future.

[jennycullmann]

The problem is that Tesla will not survive an equities crash. Whereas BTC goes up.

[Patrick]

DCF is only one option… And, agreed, not necessarily the best, especially for fast growing start-ups. All sorts of multiples and other forms of valuation, and you can always take an average of a few. Im not recommending it, just saying there are methods…

[Patrick]

If I felt my ability to model target prices was any good, I wouldnt be in AuntMinnie.

[Unknown Member]

Quote from NYC

If I felt my ability to model target prices was any good, I wouldnt be in AuntMinnie.

Do you think the titans of finance get that way using models?

[arg2626]

Quote from Casino Royale

The problem is that Tesla will not survive an equities crash. Whereas BTC goes up.

 
I agree with you. I don’t think BTC is a bubble. I think it is finally in transition to serve the function it was created for- to be the decentralized currency for the future. Especially recently, seeing how easy it is for government to print more money, is it surprising that people put their trust in something other than the US dollars?

[leboyd1]

Quote from MRItech

Quote from Casino Royale

The problem is that Tesla will not survive an equities crash. Whereas BTC goes up.

I agree with you. I don’t think BTC is a bubble. I think it is finally in transition to serve the function it was created for- to be the decentralized currency for the future. Especially recently, seeing how easy it is for government to print more money, is it surprising that people put their trust in something other than the US dollars?

 
BTC cannot be a widely used currency until it stabilizes. It will continue to be a speculative investment asset until there is some predictability. The US dollar might fluctuate, but not to the tune of a 10 fold price change in a year or even 2x in a week or day. No one will want to spend it on a regular basis if they feel like whoa, that house I bought yesterday (x) amount of bitcoin could have been for 1/2 (x) bitcoin today. Or a dealership sells a car for 1 bitcoin and right after it is driven off the lot the price crashes by 10 or 20%. Far too unstable to make even short term economic decisions. 

[jtpollock]

BTC is awesome, pissed I missed the boat. It’s had three (3) 80% corrections, so if it has other one, I’ll buy some.

That being said, I think it’ll stay as a personal tool not a sovereign currency because fractional reserve lending becomes a problem. Kind of like how we bailed on the dollar being tied to gold. I.e. you cant just print currency.

That creates it’s one risk, if sovereigns cant adopt it they will be more likely to want to control it.

[ljohnson_509]

Bitcoin is no longer a currency but a hedge against failure of the US dollar, hyperinflation, confiscation, govt collapse, anarchy, etc. Also helps that mass mutual and other institutions are buying. Like a stamp of approval. Thats why its doing so well of late. But big institutions got caught up in Bernies ponzie, so who knows?