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Rate my friend's Boomer father's career / financial trajectory
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Date: October 9th, 2024 6:59 PM Author: cant believe this moniker was available Currently around 65.
Long-time surgeon at MFH hospital living in prestigious inner(ish)-suburb, historically making probably $600k-$1MM in 2024 dollars.
Briefly was Chief of Surgery (or whatever the title is), making more than $1MM / year, but got ousted for political reasons.
Lifestyle was never crazy, but always lived more on the higher end of UMC than income should have allowed. Basically just took a few extra nice vacations a year and let wife spend too much on clothes, etc, instead of saving.
After being ousted from Chief of Surgery job, he and a few partners (all Surgeons) opened up a private surgical practice. Practice (somehow) never made any money. Eventually there was a dispute between the partners, and it all got shut down.
He never saved any money outside of retirement accounts and home equity. Dispute with former partners turned into litigation and he had to fund it by taking from retirement accounts and home equity. Ultimately he "wins" but, like him, all of the partner(s) he sued were also totally broke and so he couldn't collect anything.
Net worth is currently not negative, but around there.
For the past 5+ years, he's back working at a hospital, but making less than he used to make for most of his career.
Three kids. Paid for UG for first 2 of them. 3rd had to get student loans.
All ended up doing expensive grad school, and paid for with student loans.
All were so used to upper-UMC lifestyle that they also took out more than necessary in student loans to fund upper-UMC lifestyle.
All are $200k+ in student loan debt. 1 makes decent money. 1 is basically chronically unemployed. 1 has a $70k email girl job (but is a boy).
Boomer dad basically plans on working as long as they let him. In theory, he could still save for retirement and stash up something for kids inheritance. But, in reality, he probably can't keep doing surgery into his 70s -- and he can't stop his Upper-UMC lifestyle, and so is not actually saving any money.
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Date: October 9th, 2024 7:00 PM Author: UhOh lol (http://www.autoadmit.com/thread.php?thread_id=5609314&forum_id=2],#48182037) |
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Date: October 9th, 2024 7:01 PM Author: cant believe this moniker was available One more detail worth throwing in -- through all of this, HE NEVER SOLD HIS PRECIOUS BOAT! (http://www.autoadmit.com/thread.php?thread_id=5609314&forum_id=2],#48182040) |
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Date: October 9th, 2024 7:04 PM Author: cannon What’s the name of his boat? (http://www.autoadmit.com/thread.php?thread_id=5609314&forum_id=2],#48182045) |
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Date: October 9th, 2024 7:03 PM Author: giga weed (🧐) "lived at the 'higher end of UMC' making 1M a year without saving money" tp (http://www.autoadmit.com/thread.php?thread_id=5609314&forum_id=2],#48182044) |
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Date: October 9th, 2024 7:04 PM Author: cant believe this moniker was available One more detail worth mentioning, the Wife has basically constantly renovated their home. Renovates kitchen every 5-7 years. Always renovating at least one room. Put on a big addition in the 90s. Reasoning is always that it "increases the home's value". Home is probably worth like $4MM, but they've probably put $4MM into it since the 90s. (http://www.autoadmit.com/thread.php?thread_id=5609314&forum_id=2],#48182048) |
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Date: October 9th, 2024 7:16 PM Author: Ass Sunstein Young boomer doctors like this guy just missed the last of the glory days. In the 80s, specialists got paid a shitload, like 3M+ in today's dollars. When he was young coming in, all the guys 5-10 years older than him were probably totally balling out and he probably had that mindset too but didn't get in early enough to at least get those years in.
Wife sounds like a birdbrain so their kids get reversion-pwned. |
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Date: October 9th, 2024 7:20 PM Author: cant believe this moniker was available I read recently that there's a HUGE split between Older Boomers and younger Boomers.
Older Boomers killed it, and younger Boomers are basically just as well off as Gen X. |
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Date: October 9th, 2024 7:22 PM Author: Ass Sunstein Depends on the field, but yeah.
A lot of young boomer biglawyers did really well with all the firms merging and going national right in their peak years. And the young boomers who got into tech did well.
Medicine was much better for old boomers and went off a cliff abruptly. |
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Date: October 9th, 2024 9:47 PM Author: shane falco (http://www.autoadmit.com/thread.php?thread_id=5609314&forum_id=2],#48182608) |
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Date: October 9th, 2024 7:21 PM Author: hank_scorpio if he's not a retard he will shut his wife down and stack a million fast then sell the house, he could be totally fine although his kids sound fucked (http://www.autoadmit.com/thread.php?thread_id=5609314&forum_id=2],#48182097) |
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Date: October 9th, 2024 7:35 PM Author: cant believe this moniker was available My friend (the oldest who makes decent money) will be fine -- although will probably never accumulate any wealth because he spends too much. He complains to me about his dad, and I constantly think to myself: "THEN WHY DON"T YOU LEARN FROM HIS MISTYAKES AND STOP WASTING MONEY ON DUMB GC SHIT" (He blames the failed surgical practice, as bad luck, and not his dad being a retard with money for 40 years).
The middle is set -- hot girl currently engaged to a hedge fund bro who played LAX at HYP. Hopefully she won't bankrupt him.
Youngest is fucked. |
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Date: October 9th, 2024 7:41 PM Author: how was this moniker available tyft, op. with the hurricanes and mideast turmoil and crazy election cycle and everything else going on, it’s refreshing to get to hear a feelgood story every now and then. (http://www.autoadmit.com/thread.php?thread_id=5609314&forum_id=2],#48182184) |
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Date: October 9th, 2024 10:01 PM Author: C'MON MAN! Alpha. The Rabbit Angstrom life (http://www.autoadmit.com/thread.php?thread_id=5609314&forum_id=2],#48182650) |