Before we start making plans for Dr. SW, let’s take inventory. Some key facts:
- He is a married, 38-year old specialty physician with two young children and a third on the way.
- He lives in Texas, a no-income tax state.
- Gross Income in 2016 (as reported on his 1040) was approximately $1.8M, up from $1.4M in 2015
- He has been in practice for three years, is a business owner, and owns the commercial property in which he practices.
- He has no student loan debt or mortgage debt on his home. He owes $225,000 on his office building.
- His wife handles the household budget of $70,000 a year. He simply writes her a check in January and she takes care of the rest. Although a few household expenses are run through the business (health insurance and cell phones), they are content with this budget and suggestions to treat or indulge themselves with more are met with a shrug.
- He writes a check to his protestant church annually, does some pro bono work as a physician, and is interested in medical volunteerism in the future.
Read more at: https://www.physicianonfire.com/hsw/