FIRE'd from Medicine @ age 43!

[drusso]

I envy this guy for sure. Kudos to a life well planned and executed!

Retired from Medicine at 43: Why, How, and What Now? - Physician on FIRE

I retired from a career as an anesthesiologist at age 43. Why would I leave this lucrative field, how did I make the decision, and what will I be doing now?

www.physicianonfire.com

"If you know me in real life, you’ve seen it. Dr. Stanley wrote a followup book called “Stop Acting Rich,” and that’s what I’ve done, embodying a “stealth wealth” lifestyle for the most part. My wife and I have lived a life of relative frugality, at least as compared to most of my physician peers. We’ve settled into a spending pattern where we’re both comfortable. We weren’t trying to achieve any particular goal — we just spent with intention on the things we value, donated generously, and saved and invested the rest."

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[BobBarker]

Sorry, but if he keeps up the months long foreign vacations he will be back doing anesthesia in a few years.

 

[Doctodd]

i love this paragraph....

"Late in 2014, I was studying for a bogus recertification exam and I started wondering if I’d have to do it again in 10 years. Spending time at the library studying irrelevant academic minutiae when I had two pre-schoolers at home wanting to play Legos and build puzzles with me didn’t seem right. "

i try to do it on weekends.....

 

[Agast]

Where's the pearl clutching over the impending physician shortage and doctors not wanting to work? Oh that's only if you're a female physician.

 

[drusso]

Where's the pearl clutching over the impending physician shortage and doctors not wanting to work? Oh that's only if you're a female physician.

There's a grey tsunami of physicians aging out of practice...but they will probably be replaced by PA/NP/DC/ND's...

FSMB Census of Licensed Physicians in the United States, 2018 | Journal of Medical Regulation

www.jmronline.org

 

[hyperalgesia]

Where's the pearl clutching over the impending physician shortage and doctors not wanting to work? Oh that's only if you're a female physician.

Maybe just in rural areas? In my area docs are climbing over each other trying to get the scraps insurance offers us.

 

[PhysicianOnFIRE]

Sorry, but if he keeps up the months long foreign vacations he will be back doing anesthesia in a few years.

We're not doing this on a whim -- our travels have been factored in to our financial plan.

For four months of travel, we're spending about $10k on airfare and lodging for four. But we'll be saving some money back home by not heating a home to 70 degrees in the winter, driving cars, etc...

It would be a cheaper to stay home, but traveling doesn't have to cost an arm and a leg.

Cheers!
-PoF

 

[cowboydoc]

We're not doing this on a whim -- our travels have been factored in to our financial plan.

For four months of travel, we're spending about $10k on airfare and lodging for four. But we'll be saving some money back home by not heating a home to 70 degrees in the winter, driving cars, etc...

It would be a cheaper to stay home, but traveling doesn't have to cost an arm and a leg.

Cheers!
-PoF

Congrats and enjoy!

 

[lobelsteve]

Meh. I love my job too much to bother thinking about quitting. Too many people to try and help and not enough time.

 

[Ligament]

We're not doing this on a whim -- our travels have been factored in to our financial plan.

For four months of travel, we're spending about $10k on airfare and lodging for four. But we'll be saving some money back home by not heating a home to 70 degrees in the winter, driving cars, etc...

It would be a cheaper to stay home, but traveling doesn't have to cost an arm and a leg.

Cheers!
-PoF

Congrats! What an acheivement, congrats on getting out of the rat race early.

 

[tmvguy03]

Maybe just in rural areas? In my area docs are climbing over each other trying to get the scraps insurance offers us.

This was fantastic imagery. And true

 

[SSdoc33]

We're not doing this on a whim -- our travels have been factored in to our financial plan.

For four months of travel, we're spending about $10k on airfare and lodging for four. But we'll be saving some money back home by not heating a home to 70 degrees in the winter, driving cars, etc...

It would be a cheaper to stay home, but traveling doesn't have to cost an arm and a leg.

Cheers!
-PoF

most important thing seems that you have to get your spouse on board. im still wearing the same pair of work shoes that i bought 10 years ago. my wife, on the other hand, isn't, if you know what i mean.

 

[lonelobo]

We're not doing this on a whim -- our travels have been factored in to our financial plan.

For four months of travel, we're spending about $10k on airfare and lodging for four. But we'll be saving some money back home by not heating a home to 70 degrees in the winter, driving cars, etc...

It would be a cheaper to stay home, but traveling doesn't have to cost an arm and a leg.

Cheers!
-PoF

Wow $2500 a month for travel and airfare for 4 persons......so do you home school your kids?

 

[gasdoc77]

I have to wonder if the practice he left was a busy anesthesia care team model with minimal involvement. I certainly see how, overtime, it would be difficult to derive personal satisfaction beyond the paycheck, particularly with higher ratios.

 

[ateria radicularis magna]

Haha that’s a gas.
I am pretty sure half the doctors over the age of 45 wish they could retire tomorrow.

 

[mid|ine]

I was on target for an early retirement. But math changes a lot with #2 on the ground. Still don't plan to do this into my 60s, but Ill probably be at it for another 10 years, then hope to go part time.

 

[PhysicianOnFIRE]

Wow $2500 a month for travel and airfare for 4 persons......so do you home school your kids?

Yes, "roadschool" or "worldschooling" for the most part. Just started this summer. Our boys are 8 & 10 years old now so the work isn't terribly demanding and they're pretty independent learners.

I have to wonder if the practice he left was a busy anesthesia care team model with minimal involvement. I certainly see how, overtime, it would be difficult to derive personal satisfaction beyond the paycheck, particularly with higher ratios.

I'm not sure what you mean by minimal involvement, but I was in a medical direction model with 3 to 4 rooms in the mornings, slowing down to 1 to 2 rooms by mid-afternoon. q5 call. I've worked in all sorts of practice types, having done extensive locums. I personally preferred medical direction, as I felt I was more involved, helping to care for all of the surgical patients in the hospital, doing all the blocks, epidurals, etc...

But at the end of the day, I'd rather be at home or traveling with my family than at the hospital for yet another add-on.

Cheers!
-PoF

 

[SSdoc33]

I was on target for an early retirement. But math changes a lot with #2 on the ground. Still don't plan to do this into my 60s, but Ill probably be at it for another 10 years, then hope to go part time.

what happened to becoming a real-estate mogul? you were giving hope for the rest of us. im seriously looking into getting a bunch of units to rent out, but-- it would seem -- that you cant just replace 300K/year immediately.....

 

[hyperalgesia]

what happened to becoming a real-estate mogul? you were giving hope for the rest of us. im seriously looking into getting a bunch of units to rent out, but-- it would seem -- that you cant just replace 300K/year immediately.....

Well he was asking for investors and you weren't there for him...

 

[SSdoc33]

Well he was asking for investors and you weren't there for him...

somehow, handing over 100k for a property ive never seen to a guy i never met didnt seem like the greatest idea. maybe i missed a great opportunity?

 

[drusso]

somehow, handing over 100k for a property ive never seen to a guy i never met didnt seem like the greatest idea. maybe i missed a great opportunity?

This is a safe space. Make yourself vulnerable...

 

[SSdoc33]

This is a safe space. Make yourself vulnerable...

giving money to midline does seem like a better idea than to give it to a nigerian princess via email, but ill stick with traditional investments for now....

 

[DOctorJay]

giving money to midline does seem like a better idea than to give it to a nigerian princess via email, but ill stick with traditional investments for now....

have you looked into real estate syndicate investments at all as an accredited investor? either individual multifamily property or through a fund? I'm looking into these options.

 

[drusso]

have you looked into real estate syndicate investments at all as an accredited investor? either individual multifamily property or through a fund? I'm looking into these options.

I’m vetting a few real estate syndicate opportunities centered on group homes, half-way houses for parolees, and sober living communities for addicts...being an accredited investor is key.

 

[DOctorJay]

I’m vetting a few real estate syndicate opportunities centered on group homes, half-way houses for parolees, and sober living communities for addicts...being an accredited investor is key.

haha! sounds more like C class and lower properties, I'm more interested in B grade evergreen stuff

 

[drusso]

haha! sounds more like C class and lower properties, I'm more interested in B grade evergreen stuff

Actually, you’d be surprised...higher end stuff in the mix too...

 

[mid|ine]

Im still doing real estate. In the process of selling 108 unit complex. Still have another 72. They both cashflow, but need to grow more before I can retire, especially with 2 kids now. Multifamily is so tough right now. Values have been skyrocketing and returns falling, so I am seeing few opportunities to buy. Maybe if we have a recession??

 

[mid|ine]

giving money to midline does seem like a better idea than to give it to a nigerian princess via email, but ill stick with traditional investments for now....

Hopefully a real person, with a real medical license and real property is a whole lot different.

what happened to becoming a real-estate mogul? you were giving hope for the rest of us. im seriously looking into getting a bunch of units to rent out, but-- it would seem -- that you cant just replace 300K/year immediately.....

I figure I need about $7.2m in equity to meet my goals. Based on a 7% return, net ~$300k/y before taxes, and grow capital by ~4%/y. Current returns are much better, but I like to plan on more conservative numbers before stepping away.

 

[Doctodd]

You can always start a YouTube channel. Lots of high school kids and others make a few thousand a month with streaming and whatever else. If I had unlimited free time I’d race online and make a few bucks.

 

[hyperalgesia]

I figure I need about $7.2m in equity to meet my goals. Based on a 7% return, net ~$300k/y before taxes, and grow capital by ~4%/y. Current returns are much better, but I like to plan on more conservative numbers before stepping away.

7% return with 4% capital growth is conservative? My conservative outlook is zero return and zero growth.

 

[SSdoc33]

Hopefully a real person, with a real medical license and real property is a whole lot different.




I figure I need about $7.2m in equity to meet my goals. Based on a 7% return, net ~$300k/y before taxes, and grow capital by ~4%/y. Current returns are much better, but I like to plan on more conservative numbers before stepping away.

i hear the # is around 10 mil. with 2 kids in t6he midwest, i think 7 is a good number, i keep threatening to semi-retire, but the wife and i wouldnt get along very well if i was in the house all the time. plus, i am nowhere near the above number, but i digress.

im thinking about laundromats, parking garages, and multi-unit buildings in somewhat sketchy neighborhoods. ill probably pull the trigger once the recession hits for real. c'mon trade war!!!

 

[ateria radicularis magna]

Why do you need 300 k per year ? What are you going to spend it on?

 

[hyperalgesia]

im thinking about laundromats, parking garages, and multi-unit buildings in somewhat sketchy neighborhoods. ill probably pull the trigger once the recession hits for real. c'mon trade war!!!

They say that time in the market beats timing the market...

 

[SSdoc33]

They say that time in the market beats timing the market...

Yeah yeah yeah. 401k gets added weekly. But we all know the downturn's coming

 

[hyperalgesia]

Yeah yeah yeah. 401k gets added weekly. But we all know the downturn's coming

Using what "we all know" as financial guidance has never been successful because it's reflected in current valuations. You're better off turning off the TV and putting everything in S&P index.

Let's test it starting today. I'm putting 100k into the S&P 500 at 2,847.11 per share. It's 8/23/19.

You're gonna sit on your money waiting for the downturn that everyone is talking about. Let me know when you want to invest your 100k...

edit: this is play money of course

 

[SSdoc33]

Using what "we all know" as financial guidance has never been successful because it's reflected in current valuations. You're better off turning off the TV and putting everything in S&P index.

Let's test it starting today. I'm putting 100k into the S&P 500 at 2,847.11 per share. It's 8/23/19.

You're gonna sit on your money waiting for the downturn that everyone is talking about. Let me know when you want to invest your 100k...

edit: this is play money of course

but isnt that the whole point you are trying to make? you dont plop 100k down at once, b/c you might buy it at the wrong time. you dollar cost average every week. there's a difference buying an index fund at one point in time, and buying a house that has gone down by 20% because trump threw us into a recession

 

[hyperalgesia]

but isnt that the whole point you are trying to make? you dont plop 100k down at once, b/c you might buy it at the wrong time. you dollar cost average every week. there's a difference buying an index fund at one point in time, and buying a house that has gone down by 20% because trump threw us into a recession

No, my point is you can't predict when the right time is. So it's best to just invest your discretionary money when you have it. You plop it all down.
And I'm gonna prove that to you now. 10 years from now, we are gonna look at this thread. My s&p investment will be through the roof and my guess is you will still be waiting for "the right time" or perhaps invested a small portion of your 100k.
For this test, I'm sorry we can't include laundromats or parking lots. This is just to demonstrate that timing the market doesn't work.

 

[Doctodd]

but isnt that the whole point you are trying to make? you dont plop 100k down at once, b/c you might buy it at the wrong time. you dollar cost average every week. there's a difference buying an index fund at one point in time, and buying a house that has gone down by 20% because trump threw us into a recession

based on what? Fannie and Freddie? Im still waiting for the govt to release the 2 entities after they paid back their billions in loans with billions in interest. The govt doesnt want to let go of the golden goose now while us taxpayers get screwed even though Trump wants to release them from govt receivership.

No worries.....we can just do another few trillion in QE and negative interest rates. Bailouts are great. Until then, keep rooting for a recession like porn-star-loving Bill Maher and the other celebrities who hate our country.

 

[SSdoc33]

based on what? Fannie and Freddie? Im still waiting for the govt to release the 2 entities after they paid back their billions in loans with billions in interest. The govt doesnt want to let go of the golden goose now while us taxpayers get screwed even though Trump wants to release them from govt receivership.

No worries.....we can just do another few trillion in QE and negative interest rates. Bailouts are great. Until then, keep rooting for a recession like porn-star-loving Bill Maher and the other celebrities who hate our country.

when you have something productive to add to the conversation, please do so. frankly, you sound like a raving lunatic.


as far as the topic at hand: S & P is at 2857 right now. by your logic, hyper, doesnt it make sense to buy 2k/week for a year, rather than plunk it all down at one arbitrary point in time? investing "when you have discretionary money" just because you have discretionary money doesnt seem like the wisest idea. basically, you are saying: all money i ever have that can be invested should be invested the second i get it.

 

[DOctorJay]

this is where people usually say "time IN the market is better than timING the market", thus if you have a large chunk of cash just put it in the market. some people will do this with their 401k contributions and the like every year if they can. I know POF and WCI have written about this. Also do this with backdoor Roth contribution at start of year.

otherwise it's dollar cost averaging if you have that lump sum to invest but are nervous to do it all at once so you spread it out in increments.

if you're investing when you get the check each month that's not truly dollar cost averaging.

 

[Doctodd]

when you have something productive to add to the conversation, please do so. frankly, you sound like a raving lunatic.

you missed the point it seems....and isnt Rachel Maddow your hero? You have me beat by thousands of miles with the lunacy in some of your posts.

 

[SSdoc33]

you missed the point it seems....and isnt Rachel Maddow your hero? You have me beat by thousands of miles with the lunacy in some of your posts.

 

[hyperalgesia]

as far as the topic at hand: S & P is at 2857 right now. by your logic, hyper, doesnt it make sense to buy 2k/week for a year, rather than plunk it all down at one arbitrary point in time? investing "when you have discretionary money" just because you have discretionary money doesnt seem like the wisest idea. basically, you are saying: all money i ever have that can be invested should be invested the second i get it.

I'm saying that, once you are diversified for retirement and you have the cash that you want to invest but are holding back simply because you think you can pick out a better time, you are probably making a mistake.

Theoretically you can make more money if you time the market correctly. And most people think they can do this. But historically, they just don't.

 

[SSdoc33]

I'm saying that, once you are diversified for retirement and you have the cash that you want to invest but are holding back simply because you think you can pick out a better time, you are probably making a mistake.

Theoretically you can make more money if you time the market correctly. And most people think they can do this. But historically, they just don't.

Agree 100%

 

[myrandom2003]

How do you even find opportunities, good or bad, in investing in real estate? I don’t think there is a Zillow or LoopNet for these things. So where do you look and how do you get educated in what’s a good opportunity?

 

[DOctorJay]

How do you even find opportunities, good or bad, in investing in real estate? I don’t think there is a Zillow or LoopNet for these things. So where do you look and how do you get educated in what’s a good opportunity?

How to Invest in Real Estate [Strategies to Consider] | White Coat Investor

What's the best real estate structure for you to use? REITs, direct ownership, crowdfunded or direct syndications? Today we map it out.

www.whitecoatinvestor.com

 

[epidural man]

I was on target for an early retirement. But math changes a lot with #2 on the ground. Still don't plan to do this into my 60s, but Ill probably be at it for another 10 years, then hope to go part time.

Not me...

I'm gonna have to work until noon on the day of my funeral. Hopefully, I'll have time off on the books so they let me go.

 

[jsaul]

based on what? Fannie and Freddie? Im still waiting for the govt to release the 2 entities after they paid back their billions in loans with billions in interest. The govt doesnt want to let go of the golden goose now while us taxpayers get screwed even though Trump wants to release them from govt receivership.

No worries.....we can just do another few trillion in QE and negative interest rates. Bailouts are great. Until then, keep rooting for a recession like porn-star-loving Bill Maher and the other celebrities who hate our country.

man you have really gone off the deep end bro. I hope this fox news loving fake news spewing is an act but afraid you are being for real.

 

[Doctodd]

man you have really gone off the deep end bro. I hope this fox news loving fake news spewing is an act but afraid you are being for real.

bro dont you remember u said the same things the last 3 times you replied to me? As for Fox, it seems they were correct when it came to your Russian collusion narrative, while everyone else was wrong. Dont you get tired of feeling like Charlie Brown?

And ratings are a joke.....if CNN didnt buy airport time, who knows how low they would be.

 

[deleted993114]

I envy this guy for sure. Kudos to a life well planned and executed!

Retired from Medicine at 43: Why, How, and What Now? - Physician on FIRE

I retired from a career as an anesthesiologist at age 43. Why would I leave this lucrative field, how did I make the decision, and what will I be doing now?

www.physicianonfire.com

"If you know me in real life, you’ve seen it. Dr. Stanley wrote a followup book called “Stop Acting Rich,” and that’s what I’ve done, embodying a “stealth wealth” lifestyle for the most part. My wife and I have lived a life of relative frugality, at least as compared to most of my physician peers. We’ve settled into a spending pattern where we’re both comfortable. We weren’t trying to achieve any particular goal — we just spent with intention on the things we value, donated generously, and saved and invested the rest."

The purpose of a life is not to seek the "brass ring" that is retirement.

Work serves a purpose in life and gives one stability, a steady "diversion", and a sense of purpose.

I could have retired years ago, but choose to work, despite cancer X2. Just take trips along the way and enjoy your life (and your work). I also cannot really get health insurance outside of a large group.

I do not envy that guy at all. I had a former partner who faked Parkinson's at age 40 (yes, age 40). He found some foreign neurologist who substantiated his claim (he had the wrong fake movements- more choreo-athetoid) and he immediately quit and received $400K per year (tax free) for his "disability". The guy was (and is) a sociopath who gamed the system. Is that an admirable goal?

I, on the other hand, was refused even short term disability for chemo for two different cancers, and thus worked all the while receiving treatment. Work helped take my mind off of things, rather than sitting at home and moping.

Work is not such a bad thing.