The "post pictures of your house" thread

[Salshun]

Originally Posted by aychamo_aycono

Hi man, thank you for the reply.

My degree is (will be) a M.D. The $42k/year is about average for what they pay first year residents (first year doctors). Yes it's very low! Especially when you figure that we will be working at least 80 hours a week. Each year in residency they bump the salary up about $2,000/year are so. Once you finish residency (3-5 years) you get a huge pay increase, as you become either an attending physician or go into private practice.

I agree the $300/month is a tease, but at least it's something. It's a pretty good deal where I plan on doing residency, as the living is cheap there. Here in Brooklyn, most of the hospitals don't give any kind of "extras" with the residency pay, so the $42k/year or so they get here, I don't know how they live off of it. I'm currently on student loans, etc, and I think I live better now off of loans than as I will as a 1st year resident, LOL.

Luckily my car is completely paid for. So my monthly expenses are low, mainly just cell phone, gas, rent, utilities, etc. I was considering getting a motorcycle when I get start residency to help cut down on fuel.

I dunno. Scares the shit out of me (all of the financial worries.)

A buddy of mine in his first year residency in addition to his hospital does piece work at a local walk-in place and occasionally as an ER doc. Nice extra change he's getting. Something you might want to look in to.

[Shaof]

Picture of my bosses dome house he's building. He's a huge Star Wars nerd so I call it the moisture farm.

[Lyrical]

Originally Posted by aychamo_aycono

This sounds like really good advice, thank you. I get frustrated because I'm 26 (27 this month, fuck I just realized my birthday is coming up, lol) and have zero dollars in the bank. I've been in school since I was a fetus. I'll start making money July 2009 ($42k/year + $300 month for living expenses, and a few extras, lol @ being a resident). Is that decent pay or is that shit?

The $300/month the hospital will give me extra for living will pay for about half of a good apartment in the city I'm doing my residency at, so that helps cut down living expenses. How much of $42k/year would get taxed, etc? How much would you try to put away monthly for savings for retirement. Some finance people talked to us at the hospital saying if we put away $xx dollars a month you could have a certain amount after a certain number of years, counting for inflation, etc.

?? :0

I know a little bit about your frustration (but not to the same degree). I have a couple of business degrees that took me out of the work force for a little bit. When I was getting my MBA, I had to question what the hell I was doing. I went to a top-20 business school, so they work you like a slave. Literally, we were studying day and night, and you couldn't read all the required material (you had to power skim). I had to get by on three or four hours of sleep a night, the rest of my hours were devoted to schooling. It was tough. I had a few of my classmates confide in me all of the uppers they were having to take to be able to keep up with the workload. I didn't have to go the route of using drugs to get through the workload.

But there is a quote I had in my study area that I would look at to get through the long hours. "Losers focus on what they are going through, Champions focus on what they are going to." When I got done with school, and landed my first six-figure job, it was all worth it. I tried to just focus on the outcome, and not the process.

A great book on personal finance is Kiyosaki's (sp?) book called "Rich Dad Poor Dad." He absolutely nails the fact that so many people are so busy trying to look affluent (and have no net worth) while there are those that don't look affluent (but have a high net worth). This book changed my life, and I have had personal friends as well as people on this board that I recommended the book to tell me that it has changed their lives.

As far as investing goes, you can make millions if you work it right and have enough time. If you are making 30K a year, put 6-10% of your money in some type of fund (and try to get returns of 10%), over time it will build up to be millions. If you are going to be a doctor, maybe an IRA is the way to go. The important thing is to start young (at age 25). I have invested since I graduated from college, and since I started so young, all of the compound interest ten years means I won't need to invest another penny and the account will be millions eventually. But contrast that to my friend who didn't start doing any investing whatsoever until he was 35. He's only putting away 1k a month in investments, and that is barely going to cover his kids' college educations, let alone leave him and his wife much left over.

The important thing is that you consistently budget what you invest. Don't let it fluctuate from month-to-month. And for God's sake, please resist the urge that people have to tap their nest egg for foolish pleasures. If you start investing at your age, you can make investing mistakes and still be better off then people that wait ten years to do anything.

[Lyrical]

Here's a decent article on what the finance people were trying to tell you. Don't just look at this for retirement tips. One thing I am finding is that if you have the right CPA and attorney that is trained in the ERISA tax laws, you can tap the funds earlier for other purposes without paying all of the normal penalties you would have otherwise incurred.

Six Steps to Retire Rich


Six Steps to Retire Rich
From Joshua Kennon,

Simple Keys to Ensure Your Golden Years are Spent Comfortably

1. Time is money– start today

The most important key to retiring rich is to start saving as early as possible. Many workers, strapped for cash or eying a major purchase, tell themselves they can make up for lost time by making higher contributions in future years. Unfortunately, money doesn’t work that way. Thanks to the power of compound interest, cash invested today has a disproportional impact on your wealth level at retirement.
To put the matter into perspective, consider two possible scenarios; both assume a retirement age of 65 and an annual compounded rate of return of 10%.

John is 40 years old and invests $20,000 a year for retirement. Charlotte is 21 years old and invests $5,000 a year for retirement. By the time each of these individuals retire, they will have invested $400,000 and $220,000 respectively. Yet, because of the power of compound interest, John would retire with half the money as Charlotte despite investing twice as much! (John would retire with $1.97 million, Charlotte with $3.26 million).

The moral of the story? Stop robbing your future to pay for today.

2. Max out the annual contribution limit on your IRA

When it comes to IRA contribution limits, Uncle Sam’s motto seems to be “use it or lose it”. Workers that haven’t made the maximum permissible contribution to their Traditional or Roth IRA by the cut-off date are flat out of luck unless they are in their mid-fifties and qualify for catch-up contributions.

3. Take full advantage of employer matching funds

Many companies will match up to fifty-percent of the contributions employees make to their 401k and other retirement accounts. If you are fortunate enough to work for such a business (and millions of Americans are), take advantage to the fullest! If you don’t, you are literally walking away from free money.

4. Don’t cash out of your retirement when you change jobs.

If you are anything like the average American worker, the odds are fairly substantial you are going to change jobs at some point during your career. When this occurs, the most foolish thing you could possibly do is to cash out of your retirement plan. Instead, roll over the proceeds into an IRA or your new employer’s 401k plan. In addition to avoiding the significant tax penalties, you will be able to keep your money working for you tax-free. Given enough time (you already saw the power a few decades can have on seemingly small amounts of money), this literally could mean the difference between vacationing in Tahiti and having to take a job at the Golden Arches to supplement your income

5. Avoid IRA withdrawal fees

There are numerous ways to withdrawal money from your retirement account in the event of an emergency. Before you even think about doing so, make absolutely certain that you have done everything required to qualify - otherwise, you will get a very unpleasant and expensive wake up call when you are hit with possibly thousands of dollars in fees and penalties.

6. Expand the Pie

Don't just cut expenses - find a way to make more money! By taking on side work or turning a hobby into a business enterprise, you can create additional streams of income to help fund your retirement. In many cases, this is an excellent alternative to cutting costs because it allows you to maintain your current standard of living while providing for your future.

[Lyrical]

Originally Posted by Sii

Thanks for the advice guys. Yeah, I know 3500 is pretty large, for sure. The thing is, I will be graduating with a master's in geology and they have pretty decent starting salaries, plus I will be working with a close family friend, so my salary + benefits should be pretty high. My family also owns an oil company (completion, not drilling.. so it's not like its pulling in hundreds of millions, but it does alright) that I will have stake in. Definetly not trying to flex my epeen or anything like that douche bag was trying to do earlier, but just kinda stating that I would expect I could afford a large purchase 4-6 years after I graduate if I save.

Is it not a good idea to go big in your first real house purchase so you can have it and be done with it? Being quite honest, I do not know much about mortgages or buying a house or anything like that at all. I will of course read up and all that way way before I even think about purchasing something.. So any pre-information for me to keep in mind would be awesome.

One more question.. has anyone tried to buy houses from forclosures and stuff like that? You always hear like advertisements or through the grape vine that you can get amazing houses so much cheaper that way.. is that true? Do you just have to get lucky or what? I have always wondered about that stuff.

It depends on what your "real house purchase" is. To some, its 3500+ sq ft, and to others it is a multi-million dollar home. Obviously, go with what you can afford. I can tell you nightmare stories of people that went and bought homes they couldn't afford. I had a co-worker who tells about how he and his wife were so enamored at buying their dream home so early, that they got financed for it. They went ahead and bought it, and didn't even pay attention to the fact that the mortgage payment took up the majority of their take home pay. They could barely afford the utilities. It is mindsets like theirs that is fuelling the foreclosure problems right now.

As far as foreclosures go, it almost used to be impossible to get a realtor to get involved. There are too many people that know they are losing their homes, so they pour concrete down the sinks and leave the water running, or they steal all the copper, etc. But I think that since foreclosures have become so prevalent, the realtors have to embrace them. My Godmother is a realtor, and she's pretty much confirmed that in the last year or so, realtors have had to be more open-minded to foreclosures (and dealing with all the redtape). In the Atlanta area, some of these foreclosed homes are selling for 30% off what they would have a year ago. Its a buyer's market, and for those that are patient, I bet they could find some real steals.

[Aethn Anvel]

Originally Posted by Naerik

not to downplay anything

but saving for years for:

1. mame machine...3grand tops?
2. remodling bathroom....10 grand?
3. outdoor fireplace.....1grand?
4. jacoozie half broken....2 grand?
5. house in vegas area....250 grand?

but you probably have a 30 year mortgage....so lets say 10% downpayment of 25k

41 grand....life savings


lame :/

Waiting for Pictures of your grand estate after a post like this

[chaos]

Hopefully I will get some better pictures this week. Got a steal on a foreclosure, it's nothing like Millie's or Eomer's place, but it's going to be a long term project for me, and eventually I think it will be really nice. There's nothing wrong with it right now, just needs a carpet cleaning. I close at the beginning of June, I'm really excited but it's turning out to be quite an expense. Yard supplies alone come out to about 1100 bucks.

[Lyrical]

Originally Posted by chaos

Hopefully I will get some better pictures this week. Got a steal on a foreclosure, it's nothing like Millie's or Eomer's place, but it's going to be a long term project for me, and eventually I think it will be really nice. There's nothing wrong with it right now, just needs a carpet cleaning. I close at the beginning of June, I'm really excited but it's turning out to be quite an expense. Yard supplies alone come out to about 1100 bucks.

What % do you think you saved (if this was a regular sale)? Also, was the purchase that much harder than a regular purchase of a house?

[Zennin]

Originally Posted by aychamo_aycono

Hi man, thank you for the reply.

My degree is (will be) a M.D. The $42k/year is about average for what they pay first year residents (first year doctors). Yes it's very low! Especially when you figure that we will be working at least 80 hours a week. Each year in residency they bump the salary up about $2,000/year are so. Once you finish residency (3-5 years) you get a huge pay increase, as you become either an attending physician or go into private practice.

I agree the $300/month is a tease, but at least it's something. It's a pretty good deal where I plan on doing residency, as the living is cheap there. Here in Brooklyn, most of the hospitals don't give any kind of "extras" with the residency pay, so the $42k/year or so they get here, I don't know how they live off of it. I'm currently on student loans, etc, and I think I live better now off of loans than as I will as a 1st year resident, LOL.

Luckily my car is completely paid for. So my monthly expenses are low, mainly just cell phone, gas, rent, utilities, etc. I was considering getting a motorcycle when I get start residency to help cut down on fuel.

I dunno. Scares the shit out of me (all of the financial worries.)

wait wait wait wait....Aychamo is going to be a fkin doctor?! this is the guy that was flashing not only his ass but his brown eye all over yahoo live for like a week? omg! avoid hospitals in nyc!!

"Hello, I am Dr. Aychamo. Today I will be showing you my hairy rectum. Questions? Comments? Concerns? No matter... /drops pants and bends over"

*runs away crying*

[TheCutlery]

Originally Posted by Zennin

"Hello, I am Dr. Aychamo. Today I will be showing you my hairy rectum. Questions? Comments? Concerns? No matter... /drops pants and bends over"

Just making my rounds...I'm a little behind.

[Tarrant220]

Originally Posted by Zennin

wait wait wait wait....Aychamo is going to be a fkin doctor?! this is the guy that was flashing not only his ass but his brown eye all over yahoo live for like a week? omg! avoid hospitals in nyc!!

"Hello, I am Dr. Aychamo. Today I will be showing you my hairy rectum. Questions? Comments? Concerns? No matter... /drops pants and bends over"

*runs away crying*

rofl I was just thinking the same thing, it frightens me a great deal.

Imagen waking up in surgery to him brown eying you because of a wager me made the nurses in there with you.

[Eomer]

It's not frightening, it is awesome.

[findar]

Originally Posted by chaos

Yard supplies alone come out to about 1100 bucks.

this is one thing people dont realize is the major issue with home ownership. yardcare. holy fuck it can overwhelm you. i dropped $200 alone in just a 20 foot row of bushes today.

[aychamo_aycono]

Originally Posted by Zennin

wait wait wait wait....Aychamo is going to be a fkin doctor?! this is the guy that was flashing not only his ass but his brown eye all over yahoo live for like a week? omg! avoid hospitals in nyc!!

"Hello, I am Dr. Aychamo. Today I will be showing you my hairy rectum. Questions? Comments? Concerns? No matter... /drops pants and bends over"

*runs away crying*

Haha I know right? Between my 3 closest friends and myself we have 2 people getting their MD in 2009, one is a CRNA (Nurse Anesthetist), and one is a very successful businessman. When we get together the greatest stupidity ensues and we have to wonder how we got to where we are.

I guess it just goes to show you have to have fun outside of work. During my gynecology rotation I was assisting a surgeon and he starts talking about 2girls1cup.com, calling a hemostat a homostat, etc. In the hospital I'm professional as hell, and I'm great with patients and know my shit. Outside I'm a goofball.

To me, it's that we see so much pathology at work that I need to have fun outside of work, or else it'd all end up being too much. You can only watch so many people die in the ICU before you need to laugh about something to help yourself. We're all just humans anyway.

[Naerik]

Originally Posted by Aethn Anvel

Waiting for Pictures of your grand estate after a post like this

id post but im renting, house shopping now actually.

See here in LA, the housing market has gone to shit, i can buy a 800k house for around 450k.

gotta love trust fund babies