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Updated about 4 years ago,
Guidance for a future physician towards growing passive income
Hello all,
I'd like to preface by saying I've always been an incessant planner, so if this bugs you, I totally understand and feel free to keep scrolling. I am 21 and was accepted into medical school and will start this summer. I've been fortunate enough to receive full rides for both undergrad and medical school, which will allow me to graduate medical school with 0 debt to my name. Although attending physician salary is 10-12 years away, I want to learn as much as possible about investing so I'm fully prepared to make the most of my advantageous situation. I've done several rough calculations (obviously no one can predict the future of medicine, or anything for that matter) and my take home once I am an attending for all the specialties of interest to me will be about 150-200k after taxes, living expenses, and maxed out 401k and Roth IRA contributions. I.e., starting at 30-32 years old, I will have 150-200k per year to invest and no debt. Additionally, my household income during residency will be ~120k for 4-6 years prior to becoming an attending depending on residency length. I am passionate about medicine and it is a job I know I will enjoy. However, I want to set myself up for success via passive income real estate streams as fast as possible so if I want to work less, want to travel more and work part time, do charity work, side businesses, etc., I will have the option to do so. Essentially, I want freedom. My goal is to have passive income streams at 200k/yr by 45. Adjusting for inflation, that should allow me and my family to have a comfortable life without having the pressure of NEEDING to work, persay. How would you advise going about this, what resources do you recommend I study and look into, etc.?
thank you!