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.
(http://www.autoadmit.com/thread.php?thread_id=5609314&forum_id=2],#48182030)