continuation of the Porsche thread. keep it clean please.

[aussieboy2010]

I'm pretty sure I noted your profession in my posts, in fact, I mentioned that as a second year doctor your salary is more realistically estimated at 70-90k.

You are no different.

You just think you are.

You are kidding yourself.

Quote:
Originally Posted by aussieboy2010
Once i'm in the training program i'm gauranteed a minimum 500k per annum salary. It is because of this that I have these thoughts of "why should i bother being a
scrooge now?"
Really, so as a third year doctor, with no formal specialist qualifications, your income goes from 70-90k (doing dead end night shifts for most of the year), to 500k guaranteed as a minimum?

Sorry, this is your ego talking.

Tell me what specialty this is...

Originally Posted by aussieboy2010
May I ask what company you work for? There is only one financial company in Australia that I am aware of that advises a completely different financial strategy for doctors than those in other professions.
Oh really, do they advise buying Porsche's after you graduate too, because you are 'special'.

There are NO 'financial secrets'.

Please enlighten us on this 'completely different strategy for doctors'!!! - I'll bet that you have no idea what it is and will not be able to tell us.

Buy the stupid car and dissapear into the nothingness that you came from please.

Felt the need to respond to some of these attacks. Sorry, but i cant just keep quiet when my character is being questioned like that.

mate, what's your problem? i came here asking for some constructive advice and opinions and i got them from everyone. You on the hand also provided me with your opinion but served them up with a healthy slice of negativity and personal attacks? Not necessary.

As far as my projected salary goes, why would I lie? I don't know anyone here. I dont need to try and impress anyone here. I'm looking for great advice, lying about my salary would be counter productive to getting useful tailored advice. Call me ill informed if you like but don't suggest that i'm inflating figures because of an ego or something like that. Disappear into the nothingness that I came from? Why is that necessary? Noone was arguing with you, why so angry? Chill dude, it'll be good for your blood pressure.

In answer to your questions regarding the 500k salary. I never said that I would be on 500k in 3 yrs. I said that if i got into my specialty I would be gauranteed an income of 500k/yr minimum. I didn't say i'd be on that straight away. That salary comes when you finish the training program which is 5 years long. Sorry if you got confused. I'll rephrase it for you. I should be getting into my specialty of choice within 1-3 years, once i'm in the training program i know (barring any disaster such as severe accident resulting in a disability etc) that upon finishing the training my salary will be min 500k/yr. This is not debatable mate. I know you have some buddies in the medical profession etc, but I'm telling you facts. Once again, no reason for me to lie here.

So yeh, just calm down a bit and stop taking the angry pills.

 

[BayView]

If you take the good financial steps first, you may not need to hang around the nurse's station long enough to have to worry about the $500k a year and do all the crap hours that go with the profession. I know a few docs as well. I don't envy their lives one bit, and it's only gunna get harder.

As a few here have said (some not so nicely); do it right at this young age, and with your present/future income, and you will be retired (if you want to be) at 40. Not bad.

Forget the Porsche - for now. There's nothing more "tosser" looking than a 26 year old in a Porsche.

 

[aussieboy2010]

If you take the good financial steps first, you may not need to hang around the nurse's station long enough to have to worry about the $500k a year and do all the crap hours that go with the profession. I know a few docs as well. I don't envy their lives one bit, and it's only gunna get harder.

As a few here have said (some not so nicely) do it right at this young age, and with your present/future income, and you will be retired (if you want to be) at 40. Not bad.

Forget the Porsche - for now.

Hey mate,

yeh, i have decided to put the nice car on the backburner for the moment. Went to see a house this afternoon. Crossing my fingers.

 

[Raddles]

Hi there
I didn't respond in your other thread - but why not consider one of the vintage porsche vehicles which actually go up in price?
I note that my husband has a 1946 MG TC which has not lost value - quite the reverse.
Worth considering anyway
thanks

 

[BayView]

Good point; but -

1. what's the entry level,
2. what is the average yearly cap growth,
3. there is not a lot of income from them, unless you can rent them out for film shoots or ads etc.
4. is there depreciation
5. is there tax deductions

 

[GoAnna!]

Hey mate,

yeh, i have decided to put the nice car on the backburner for the moment. Went to see a house this afternoon. Crossing my fingers.

Best of luck! I am impressed with your maturity - The way you have calmly taken on baord all the varying opinions. A house at 26 is a good effort any way you look at it.

I am looking forward to hearing about your purchase.

 

[aussieboy2010]

Best of luck! I am impressed with your maturity - The way you have calmly taken on baord all the varying opinions. A house at 26 is a good effort any way you look at it.

I am looking forward to hearing about your purchase.

Thanks.

Considering the amount of information and advice i've received from the forum, mostly just from passively reading the threads I will most definately be posting an update when i finally do purchase my first home.

 

[Aimjoy]

yeh, i have decided to put the nice car on the backburner for the moment. Went to see a house this afternoon. Crossing my fingers.

Good on ya! Looking forward to hearing how your purchase goes whether it is this one this afternoon or another.

Cheers,
Aimjoy

 

[coastymike]

AussieBoy,

I will get in before this thread is closed. The most important things to learn from the posts are :

1. Use your high income to build wealth early;
2. Enjoy yourself at the same time. I think a balance of 80% investment (i think a PPOR is an investment) and 20% for fun (after reasonable living expenses of say 30%) is reasonable. So if you earn $100K per annum and left with $70K after tax and assume living expenses take up 30% of that amount (excluding PPOR repayments) then you should have $40K for investments and $10K for fun. Pump this into your PPOR or an investment property or shares or a mix of all them.
3. Enjoy the $10K or whatever it is and do what you want with it.
4. We will all die one day and if you end up with a king's ransom on death then the servants will take care of it after you do.
5. Don't tell too many people your profession. Greedy lovers, jealous people and those who will never earn what you can will always either try to take what you have or bring you down (remember you worked hard for that degree and should never ever be ashamed of your well paid profession - you used your brains, studied hard and were rewarded fo it)
6. Your main priority in life should be to have good health, good relationships with family and friends, be kind to people and the other things will follow. If they don't then being nice never hurt anyone.
7. Good luck with your career. Given the ageing population, increasing obesity levels and poor health of society you are guaranteed a job for life.
8. Remember the less fortunate in society.

 

[Above Average]

coastymike,

That is one of the best posts I have read in a long while.

I particuarly like point no.6 and no.8.

Above Average

 

[Novar]

I didn't post to your other thread either.

The smart thing of course would be at 27 to get out of home. totally agree!!
Buy your first home, preferable something modest ...build your base then move to the wants.

However ...for what it's worth ... my personal opinion is, I wouldn't want to waste my cash on something so vulgar. One of my pet hates in life is excess ... in any form.

No offense to you ... but people who feel the need to show off their wealth to me have some sort of issue needing address.

Another reason I chose not to participate ... there are bigger issues in life and if that's your only problem, you obviously haven't learned much from the people you treat daily as a doctor, many of whom would be extremely sick I would imagine.

So why the need for another thread about this NON-issue.
Who Cares ?

 

[alexlee]

I don't see why you cloned the thread either. What other responses are you expecting?
Alex

 

[sunshine]

coastymike,

That is one of the best posts I have read in a long while.

I particuarly like point no.6 and no.8.

Above Average

Agree totally. Kudos coastymike - love your style ...

Sunshine

 

[aussieboy2010]

AussieBoy,

I will get in before this thread is closed. The most important things to learn from the posts are :

1. Use your high income to build wealth early;
2. Enjoy yourself at the same time. I think a balance of 80% investment (i think a PPOR is an investment) and 20% for fun (after reasonable living expenses of say 30%) is reasonable. So if you earn $100K per annum and left with $70K after tax and assume living expenses take up 30% of that amount (excluding PPOR repayments) then you should have $40K for investments and $10K for fun. Pump this into your PPOR or an investment property or shares or a mix of all them.
3. Enjoy the $10K or whatever it is and do what you want with it.
4. We will all die one day and if you end up with a king's ransom on death then the servants will take care of it after you do.
5. Don't tell too many people your profession. Greedy lovers, jealous people and those who will never earn what you can will always either try to take what you have or bring you down (remember you worked hard for that degree and should never ever be ashamed of your well paid profession - you used your brains, studied hard and were rewarded fo it)
6. Your main priority in life should be to have good health, good relationships with family and friends, be kind to people and the other things will follow. If they don't then being nice never hurt anyone.
7. Good luck with your career. Given the ageing population, increasing obesity levels and poor health of society you are guaranteed a job for life.
8. Remember the less fortunate in society.

all great points mate, cheers.

 

[Harris]

I don't see why you cloned the thread either. What other responses are you expecting?
Alex

I agree with Alex . What other responses are you expecting after getting 143 responses on the thread earlier.

Not sure if there is much to be said after all that has been said earlier.

Harris

 

[oasis1frog]

Best of luck! I am impressed with your maturity .

oh, really !!?

 

[skater]

Hey mate,

yeh, i have decided to put the nice car on the backburner for the moment. Went to see a house this afternoon. Crossing my fingers.

You won't regret it. Congrats!

 

[natmarie73]

8. Remember the less fortunate in society.

Yeah like the nurses who actually do most of a doctor's job + all the dirty work + keep the hospitals running while dealing with violent patients /family and yet get paid 1/100th of their salary.

No wonder they are leaving the profession in droves.

 

[BayView]

Yeah like the nurses who actually do most of a doctor's job + all the dirty work + keep the hospitals running while dealing with violent patients /family and yet get paid 1/100th of their salary.

No wonder they are leaving the profession in droves.

Here, here. My wife's a nurse.
I could tell a few stories. They deserve TWICE the pay for $hit they put up with from all sides.

 

[evand]

Its possibly one of the things in life he will regret. As the saying goes. 'No one on their deathbed wished they spent more time at work' or in this case buying more IPs)

But thats just the way i look at things. We're dead a long time.


How can you not regret not owning a Porsche?

You won't regret it. Congrats!