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Location: Sitting on a bar stool. Guinness in hand.
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Quote:
Originally Posted by AnesthesiaMD
I wasn't really talking about my career. I have a side business that brings me relatively passive income that brings in more than my medical practice. But globalism effects all facets of the economy. Let's say I am a physician in a Wisconsin factory town. I once had an office full of patients that had good insurance. Now I have a practice that has a lot more Medicaid patients because they are all unemployed or underemployed. They feel the pain the worst, but everyone that they once patronized feels it as well.
Yes but how many of these folk are Xers? How many are later baby-boomers? How many are milenials?
I'm more trying to get at that this is a cross generational issue. Just because you were set, I no small part to your skill set, doesn't mean other Xers are or ever really had a good chance to do so. Globalization has been going on for a while now. All those bombed out countries and countries taken over by stalin like communism after WWII recovered and joined the world market again. The markets are now return to something prior to WWI.
Now Let me just say to you. I agree with you sentiment above.
But methinks for a long while most anesthesiologists will not have many problems building wealth after they pay off any loans they have. being a Xer had little to do with your success or wealth building.
Last edited by baystater; 02-05-2017 at 12:20 PM..
Speaking as a millennial, have you ever heard of compounded interest?
The boomers worked their entire lives and saved. Of course they got all that wealth.
Exactly, my parents put away money their entire lives. Buying a 25 inch color TV in the late 70's was a major splurge for them. Now when they go and buy a car it's cash....
Believe it or not, I had a car that I was $10k upside down in even after two years+ of paying $620/month. It was to the point where I even had trouble trading down because of the negative equity, and when I finally did, I was able to trade it in on a car that cost half as much (had to go new because of the negative equity), but the negative equity added like $150/month on to what would have been a $250/month payment. If I had just sold the car, I still would have been on the hook for $10k.
I had no trouble making the payments, but was looking to reduce expenses all around
New cars are for suckers.
I buy cars with about 60 to 80K on them, ten years old, around $5K. Drive them for two years and I usually get most of money back. Last car I actually made money on but I purchased for a really good price and it was desirable niche car.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,604,784 times
Reputation: 9169
Quote:
Originally Posted by thecoalman
New cars are for suckers.
I buy cars with about 60 to 80K on them, ten years old, around $5K. Drive them for two years and I usually get most of money back. Last car I actually made money on but I purchased for a really good price and it was desirable niche car.
Someone has to buy new cars for you to get your used car...
#1 The Baby Boomers have spent an entire lifetime building wealth - so of course they will be wealthy - especially when one looks at the compounding effect of a relatively great 3 and a half decades or so of the stock market.
#2 Many of these Baby Boomers will pass down wealth when they die in regards to paid off properties, cars, leftover stock monies, etc...
#3 It is time to admit that the recovery left many people behind. It seems a bit odd to cheer Obama when talks about all of the new jobs created -- then cheer Bernie when he talks about the net new jobs being less pay, little if any benefits, the decline of benefits, the 11 million or so more people on food stamps than at the peak of the recession, etc... And the employment participation rate is down for 28 to 54 year olds.
I read somewhere that if every single person on earth were allowed to live a baby boomer lifestyle, we would need the resources of four more earths to sustain them all.
Yes but how many of these folk are Xers? How many are later baby-boomers? How many are milenials?
I'm more trying to get at that this is a cross generational issue. Just because you were set, I no small part to your skill set, doesn't mean other Xers are or ever really had a good chance to do so. Globalization has been going on for a while now. All those bombed out countries and countries taken over by stalin like communism after WWII recovered and joined the world market again. The markets are now return to something prior to WWI.
Now Let me just say to you. I agree with you sentiment above.
But methinks for a long while most anesthesiologists will not have many problems building wealth after they pay off any loans they have. being a Xer had little to do with your success or wealth building.
I don't think that last statement is true. There is a lot more competition now in all of the white collar fields. There is much more emphasis on education because globalization made it unlikely to succeed in occupations where college was not necessary.
Undergraduate schools that I considered my safety schools, are now considered competitive schools.
You used to be able to graduate Law school and be guaranteed a good living. Same with CPA's, PhD's MBA's, etc.
I used to see foreign medical graduates getting choice residency spots, and now even American medical school graduates are failing to match for residency positions.
My Millennial cousin is trying to get into medical school now. She has better scores than I had and she is having a tough time. She is considering doing an extra year in a masters program to better her chances. And this in in spite of the fact that many new medical schools have opened up since I graduated.
So you are right, that once you get passed all of that, an anesthesiologist will still earn a good living, but the odds of getting to that point are lower.
We are entering a new feudal system where Millennials are the serfs and Boomers are the lords.
Yet another person consumed with ENVY over what I and others worked hard for, EARNED and invested.
I just don't get it. Why ever on earth do people still come to the US if all the opportunity is all dried up? Oh wait... maybe, just maybe that opportunity still exists. I see Mark Cuban, Mark Zuckerberg (#4 on the richest in the US), Sergey Brin, Laurene Jobs, Abigail Johnson, Elon Musk, Dustin Moskovitz, Pierre Omidyar, Carl Cook, Sahid Khan, Travis Kalanick, etc. These people are neither OLD, nor were they born with a silver spoon in their mouths. These people CREATED wealth and created empires. There are so many more it isn't funny.
So the opportunity IS out there. You just have to figure out a way to make and EARN your own. I can assure you people wouldn't be flocking to this country from all over the world if there wasn't opportunity. My best guess is too many young people want to skip that hard work part and skip that risk part of the equation. They just want their McMansions, and a super sized bank account on the side, then wonder why they don't get the success they demand. After all... they DID spend all that time honing their skills playing Nintendo, X-Box AND GameBoy!
I buy cars with about 60 to 80K on them, ten years old, around $5K. Drive them for two years and I usually get most of money back. Last car I actually made money on but I purchased for a really good price and it was desirable niche car.
Not really, I buy cars new and run them into the ground. My last I had for 15 years, I've had one for 17, my current car is 8 years old, and we just bought another for my wife which we will be keeping until it explodes.
You're gambling on a used car, with a new car, you control the early maintenance schedule.
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