Will obgyn65 meet his goal ?

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obgyn65 said:
Well she LOVED the pendant I bought for her. All silver and precious gems.

Also I am buying my air ticket to go back to Central America in April to run a medical clinic there. I will also buy meds and send kids' clothes and shoes. Therefore, I will be over $4,000 for the month, including real estate taxes. Making progress towards my goal :)
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So glad she loved the pendant! I was pretty sure she would; it sounds beautiful.
 
Interesting coincidence that the new season of the Amazing Race, which aired this past Sunday, features a team of twins who are OB/GYNs from Chicago.

They grew up in the projects and seem pretty young so maybe they just started their practice and have student loans to pay off, which would be why they're appearing on the show?

Because $1 million after taxes leaves about $250k each.

They were coy about their jobs, calling themselves "deliverymen" to another team.
 
Stanley said:
Let's see. He is a doctor who makes a much higher than average income. He has no children to spend money on. He has no spouse to be accountable to. He is a master of LBYM.

I would say he is well positioned to make his goal.
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Maybe you missed what his goal is. He is trying break his extreme LBYM habit and spend more than he needs to live on, which is still well below his means. It is a problem some retirees have - breaking a lifetime habit of saving as much as they can.

obgyn65 said:
My goal is to spend $50,000 this year for personal expenses. I can afford this, as my spreadsheet says I can spend two or even three times as much, even if I FIREd today. Will keep people informed of my progress under this thread.
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Alan said:
Maybe you missed what his goal is. He is trying break his extreme LBYM habit and spend more than he needs to live on, which is still well below his means. It is a problem some retirees have - breaking a lifetime habit of saving as much as they can.
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I would guess that 98% of Americans and 99.999% of world citizens would think that framing this as a problem would indicate some sort of brain disease.

Likely the progress of events will rescue us from this kind of problem in the fullness of time.

Ha
 
What I have found interesting about this thread is not that Obgyn makes much more than he needs, or that he wants to spend a bit more on himself. There are quite a few LBYM'ers who find it hard to spend more on themselves than they have in the past. The part I find unusual is that Obgyn seemed perfectly happy at his previous spending level. What I took from Obgyn's comments (if I'm reading this thread correctly) is that even though he was quite content with his spending, he wanted to spend more simply because he could afford to. My response to this was to wonder why he would want to spend more if he was already perfectly content.

Apologies for talking about you in the third person Obgyn!
 
Part of the answer is easy to admit - sometimes I feel guilty about having so much and being so frugal, or even being 'cheap', while I see so many people in need around me.
Major Tom said:
. The part I find unusual is that Obgyn seemed perfectly happy at his previous spending level. What I took from Obgyn's comments (if I'm reading this thread correctly) is that even though he was quite content with his spending, he wanted to spend more simply because he could afford to. My response to this was to wonder why he would want to spend more if he was already perfectly content.
!
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Interesting thread.....one of the things I've looked into is having a charitable trust which would then fund something that I value....I know that Nords has done this. Since you like giving so much, perhaps you could build a charitable trust, put your excess funds in there and then your decision would be who do you wish to receive the benefit of the proceeds? I'm just starting to look into this, however, you need a basic amount up front and then from there can add to it as you desire. So you could fund many wells or a well a year - or a family a years or something like that.
 
Well it looks like I will meet my goal after all. I went to HR Block today, and my federal tax bill alone will be about $10,000. Great !
 
obgyn65 said:
Well it looks like I will meet my goal after all. I went to HR Block today, and my federal tax bill alone will be about $10,000. Great !
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Just curious: do you not change your W-4 form on purpose so Uncle Sam lets you have accumulating loan at 0% interest and pay it back next year or because you should but never get around to changing your W-4?

BTW, it's very nice to read that you have higher purpose than your self-interests (helping others, clinics overseas, etc.) considering your income.:flowers:
 
obgyn65 said:
Well it looks like I will meet my goal after all. I went to HR Block today, and my federal tax bill alone will be about $10,000. Great !
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That is pretty low taxes for a single doctor. What's the rest of the story?

Ha
 
haha said:
That is pretty low taxes for a single doctor. What's the rest of the story?

Ha
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+1

I'm retired and paid more than that. Unless you mean that you underpaid by $10,000.
 
I have not yet heard obgyn offer to sponsor and pay for an ERF margarita/beer reunion party, which would help him quickly achieve his quota given all the elboe benders we have as members:D
 
Sorry for short message typing from iPhone on my way to airport . The $10k is extra, on my European investments. I pay all my other taxes on paychecks,, like most people . I have never had a single reimbursement from IRS. Have a food weekend everyone
 
obgyn65 said:
I pay all my other taxes on paychecks,, like most people .
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Like most people who do not have business or investment or rental or annuities or...All others pay quarterly estimated taxes. So should you, as you are likely paying a penalty for underpayment of estimated taxes.

Maybe one step toward your proclaimed goal of spending more would be to get more competent tax help.

Ha
 
haha said:
...All others pay quarterly estimated taxes. So should you, as you are likely paying a penalty for underpayment of estimated taxes.

Maybe one step toward your proclaimed goal of spending more would be to get more competent tax help.

Ha
Click to expand...

+1


Even TurboTax suggests quarterly payments for the coming year and provides completed forms with the suggested amounts.


I also have European income that I pay US taxes on and I make additional tax payments through the year to cover that income and avoid an end of year large underpayment and penalty charge.
 
obgyn65 said:
My goal is to spend $50,000 this year for personal expenses. I can afford this, as my spreadsheet says I can spend two or even three times as much, even if I FIREd today. Will keep people informed of my progress under this thread.

So far, I failed in January. It looks like I have spent only $2,000 so far. As mentioned in other threads, I have no problem giving some cash for projects helping others here and abroad, such as supporting free clinics, sending kids clothes to third world countries, or sending meds. But I just can't seem to be able to spend on myself. I don't really want anything more than what I have now - that's the simple truth.
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Get a great dane.
 
Alan said:
Even TurboTax suggests quarterly payments for the coming year and provides completed forms with the suggested amounts.

I also have European income that I pay US taxes on and I make additional tax payments through the year to cover that income and avoid an end of year large underpayment and penalty charge.
Click to expand...

Can someone tell me at what amount of underpayment of taxes the IRS slaps a penalty? I've always tried to plan for a small refund, but I'm curious and it wasn't in the intructions of 1040 form.

Obgyn can also just choose to pay extra when changing choices on his W-4. We also have some passive income, so our W-4's are not "Married" anymore, but single, with no dependants and sometimes add extra payments to the Fed (or state).
 
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