If you’re willing to share how you achieved that net worth, for example how much you were able to invest a month, that would be very helpful. I thought I was doing well but am nowhere close to the level of your success. Helps me to keep on track with my savings goals. Congrats on the early success
I don’t think the answer to your question is that difficult. Childcare can tack on a few thousand dollars a month. Most doctors will have bigger mortgages, with bigger down payments. If you have children, doctors will save for college which does not count for retirement savings. But I think the main cause is higher fixed expenses. There are many doctors who spend $15,000-$18,000 monthly. You have less expenses (no children) but also possess basic financial common sense, which a lot of people lack. I’ve spoken with colleagues who don’t even realize they’re supposed to be saving for retirement. They have a general sense that they should, but no idea of when they should start or how much they should save. Don’t underestimate how much money a doctor or spouse can blow through, I know residents leasing luxury cars and young attendings taking first class international trips. People who end up on forums like this are self-selected.
But yes I agree that on that kind of salary, which very few doctors will achieve, to still not be financially independent is absurd.
Happy to share. I actually started out making only about 300k my first year. I focused on paying off student loans.
Once those were gone, I focused on real estate and just kept buying houses and renting them out. I got a couple of them at steep discounts and I honestly probably overpaid for some of them.
I did do the 401(k) match and put probably 100k into the market over the last several years which has a ballooned to about 275k.
That’s about it. The real estate has been the biggest growth in my portfolio. If I had more cash lying around, I would probably buy more properties. Even now - during this “bubble”