To explain our current situation, it important to understand where we came from. We started off with nothing. We received no financial support from our parents. My wife and I both graduated from college in 2002 with student loans. I graduated with my Doctorate in pharmacy degree, and she with a bachelors in Biology. She then went on to pursue her education by attaining her medical degree and went on to complete the coursework in 2006. She then spent the next 3 years in a residency program where she did not earn much money. During this time, I had made a conscious decision to take a pay cut from typical pharmacy practice by working as a pharmaceutical sales representative in 2002. I did this with a goal and the knowledge that effort and hard work may propel my career up the ladder in the industry and that the income potential is far greater than pharmacy practice.
We have made several large purchases over the years. Before we were married, I bought my first house in 2003 and still own it as a rental. We got married in 2005 and spent a significant amount of money on the rings and wedding. I went back to school in 2005 for my MBA and paid a portion of it out of my pocket. We bought another home in 2006 and sold it for a loss in 2009. We bought our second rental in 2007. Lastly, we bought our current home in 2009. We also bought a small Lexus sedan in 2006 and an Acura SUV in 2008.
Keep in mind that many of these purchases were never beyond our means. Our income slowly increased since we got married in 2005. I took on a new higher paying job in 2005. I took a promotion in 2008. Then, my wife became a full fledged physician in 2009.
Over the years, we have maxed out on all retirement accounts (401k, Roth, Traditional, and SEP). We also have been lucky enough to ride the wave of the stock market after the market crashed in 2008. We currently have 2 Million in assets and $950k in liabilities ($800k in mortgages) which brings our current net worth to over $1 million.
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