By Dr. James M. Dahle, WCI Founder
In the financial blogosphere becoming financially independent and sometimes retiring early seems to have become the end-all and be-all of our financial, and sometimes even non-financial existence. I think we're giving it too much credit. I don't think becoming financially independent in the traditional sense is actually going to make you dramatically happier than being almost financially independent. If it does, it likely means you are currently leading a terrible life. Let me explain.
What Is Financial Independence?
First, let's define financial independence. We'll do it very simply—you can live the rest of your life without changing your lifestyle or receiving earned income. Traditionally, using the 4% rule, that means having a portfolio that is something like 25 times what you are actually spending. If you have passive sources of income (Social Security, pension, rental property, etc.) then a portfolio 25 times the difference between your spending and your reliable passive income.
Now, let's assume you have a portfolio that is 24X your income and so you work and save a little more and compound interest does its thing and WHAM! You hit your number, 25X, and you are now FINANCIALLY INDEPENDENT! You're FREEEEEEE! The next morning you go into work, flip off the boss, moon your co-workers, take your Bobblehead dolls out of the cubicle, and you're off to a life of leisure, fulfillment, and happiness!
Really? That's how this is supposed to work? I just don't buy it. Hitting your number isn't going to increase your happiness much, if at all. Hitting that number allows you to do only one thing that you couldn't do before hitting it—stop working. If stopping work is going to dramatically increase your happiness, I would submit that you have allowed yourself to live a terrible, regrettable life. Life is short, you cannot plan to live a significant portion of it doing something you detest and expect to have a happy life. As Seth Godin says,
“Instead of wondering when your next vacation is, maybe you should set up a life you don't need to escape from.”
My Perspective on Financial Independence
[Update 2020: This post was originally published back in 2016, so I've made a few changes to the next three paragraphs for its republication in 2020.]
Let's take a look at financial independence from my perspective since that's the person I know best. I may or may not be am financially independent. It really depends. As George Foreman says, “The question isn't at what age I want to retire, it's at what income.” If I had to retire today in 2016, just on the investable assets we have had accumulated at that time, we could do have done it for the rest of our lives. We would have had an income higher than that of the average American household. But that would be have been a significant drop from our then current standard of living.
In 2016 I'm I was certainly independent of any need to practice medicine given the income from this site since it now makes more than my practice, but in some ways, I'm just exchanging one job for another. The retirement police would deny that's really retired. I don't really know what this site's residual income would be if I quit writing, interacting with others, going on speaking gigs, marketing, writing books, and writing for other sites and publications. I would guess I would still get at least half the income for quite some time, which we could also quite comfortably live (and save) on. But in reality, given our desired lifestyle/spending, if we had to support it just from investable assets in 2016, we would we're not have been quite financially independent and won't be for a few more years.
Guess what? I no longer care.
Over the last one to two years, I've been trying to mold my life into exactly what I want my life to be. I've cut back from 15-16 shifts a month to 12 (and now 8). I no longer work the overnight shift. I've offloaded many of the unpleasant tasks associated with WCI onto others. I've scheduled more trips. In fact, as I write originally wrote this we are were en route to Zion National Park to do some canyoneering, my fourth of nine trips/vacations in a three-month period. About half are with my family and the rest are “adventure trips” with friends. I have nearly aligned my actual life with my ideal life. If I were financially independent today, it wouldn't change my life or my happiness level one iota. As I think of ways in which my life would be even happier, I implement them.
[Update 2020: As I read these words I penned four years ago, my prediction turned out to be absolutely true. Crossing the threshold to financial independence did not make me any happier. In fact, it may have made me less happy. Mo' money, mo' problems. The more money and stuff you have, the more time and effort you have to spend taking care of it. It is certainly harder to motivate myself to work as I have to rely SOLELY on my passion to do so, rather than my passion plus the improvement of my financial situation as it was prior to FI.]
How Much Money Is Enough?
So what's the point of this rant? The point is that you need to figure out what is going to make you happy, and then work toward that goal. Maybe for you that does not include any paid work. Maybe it involves cutting back at work, changing jobs, or dropping some unpleasant duties.
4 kids, 5 days, 25 miles, all over 9000 feet. Brave or Crazy?
Who knows? But the sooner you figure out what is going to make you happier, the easier it will be to implement that. If you can figure that out, you can figure out how much “enough” is. How much income is enough? How much net worth is enough? Once you have those numbers, it will be easy to see that, most likely and for most readers of this site, that you will hit those numbers long before you actually want to stop working.
Financial Independence Enables Financial Security
I would submit that financial security comes before financial independence and that it is really financial security that adds to your happiness. Once you have maxed that out, your life is not going to get any happier from financial sources, no matter how much you make, have, or spend. If you want additional happiness, you will have to seek it outside the financial realm. As Bogle related in his book, Enough,
“There's a sign in Einstein's office that . . . says there are some things that count that can't be counted and some things that can be counted that don't count. And that really summarizes it up . . . the idea that you think you know something when you see a number is just greatly overdone. We think we can count everything that's important, and we can't do that. You can't measure character, you can't measure integrity, you can't measure moral conduct, you can't measure love, the things that are really important in our lives, in our society.
The Good News About Financial Independence
There is some good news out of all this.
- You don't have to wait until financial independence to be happy.
- You can increase your happiness by aligning your actual life with your ideal life as much as possible.
- Developing and following a financial plan that is highly likely to lead to financial independence will also make you happier, even before you hit your number.
- Remember the concepts of marginal utility and the law of diminishing returns. The rapid rate of increase in happiness you get when you first start getting your financial life in shape will gradually slow and then stop. Like the Starling Curve, going over the top may even make things worse.
What do you think? Do you think financial independence is oversold? Are you financially independent? Did hitting that point make you dramatically happier? Why or why not? Comment below!
You are, of course, absolutely right. But it’s not always that easy! There aren’t that many jobs at which one can make a decent, middle-class to upper middle-class living these days. Sometimes the only option is to slog at something you dislike, at least for awhile!
You are lucky you like medicine (and EM at that) and blogging. Some folks just want to read and travel, or play the trombone, or garden, none of which pays the bills.
Perhaps you are making it too hard? Some people love their jobs. Some love the life their jobs let them live. If you are in the latter camp, accept it and move on. If you are in neither, change.
Dr. Mom you are always wise! I just can’t seem to get my job to give me enough breathing room to enjoy life, but my job is one of the few in my area (which I LOVE). It’s proving hard to find balance and satisfaction.
You seem to have it worked out…and I’m impressed.
When I became FI, I left the bobbleheads in place, kept my pants on, and my middle finger down. I didn’t quit working or become six times happier overnight. But I did start asking questions.
Do I want to work this job until I’m sixty? No.
How much really is Enough for us? A little bit more.
Do I love my job? Not nearly as much as my days off.
I do plan on slowing down soon, and am definitely contemplating being fully retired by 45, but I wouldn’t say I’ve live a terrible, regrettable life. It’s been great so far, and the future looks even brighter.
Best,
-PoF
Its a good point and I think that WCI has the benefit of being an ER doctor, which is much more flexible with the schedules then the fields that require continuity of patient care. In Cardiology, part time work is available and what I will likely seek once we have hit our financial goals, but the message box continues to grow even while you are out on vacation. Then when you come back, if your colleagues have not done a nice job clearing the box, you are left with messages to shift through. This is what I struggle with and will see how scaling down will work over the next 10 years.
The key that is well said above is that happiness is the goal. Whatever that may mean for each individual. Not working and living on the cheap. Working a lot and living a fly life. Whatever it means to the individual then they should pursue it. It does not mean you have to love your job, just your choices.
I agree that ER docs, Rads, and Anesthesia inherently allows more flexibility in the schedule by not requiring continuity of care. My inbox is flooded even if I’m out for two business days, and unless you are in a sizable medical group, there may not be much room for cross coverage for part-timers or docs wanting to wind down on the schedule. Sometimes the profit-sharing aspects don’t work out if one doc wants to work less as well but still wants to remain a partner.
In a university setting, these options are even rarer.
The only way I can really see scaling down is by offering to do more hospital/consult work. This means more call and more weekends but the upside would be no inbox, and thus peace of mind when I am away from the office.
Maybe by the time I am ready to wind down in 10 years there will be a new way to handle the inbox. Only time will tell. Hard to believe the iPhone just came out in 2007, less than 10 years ago. Technology is moving quickly.
I think one of the points that Jim has made repeatedly is really taking a hard look at the aspects of your job that are burdensome. Then figure out a way to make them disappear, or at least a little smaller.
If I’ve learned anything is that you are not going to get anything without at least asking for it. Even for docs who have clinic, etc there are ways to minimize the pain involved when thinking creatively.
As an anesthesiologist, I’m very fortunate that I have the flexibility for extended weekends, longer trips and NO continuity of care. But I also love what I’m doing when I’m at work… Very little charting, almost no phone calls to patients, no rounding, I do get to follow-up on ICU patients but don’t have to deal with all the ICU care… And when I go home, I am home.
understand the marginal utility of wealth at or near retirement age
it is critical
Nice post White Coat Investor. And I think I have the same misgivings about the FIRE crowd. (My usual reaction to hearing someone talk about all the sacrifices they’re making to save lots so they can retire early is, gee, it’s really too bad they can’t find or create a job they enjoy.)
Being out here in Microsoft land, you see and hear many interesting takes on FIRE and one of the more insightful comments I ever heard come from Michael Halvorson, a former and early Microsoft employee, a computer book writer and now a history professor at Pacific Lutheran University. Mike said people imagined that financial independence meant you ended up with a life that felt like a vacation to Hawaii: eating all your meals out, trips to the beach, time with family, and no responsibility. In fact, he said financial independence felt like the weekend: driving kids to soccer practice, home maintenance projects, maybe a round of golf if it didn’t interfere with stuff your spouse had planned.
I can relate to that “weekend” concept. My extra four days off a month look a lot like that.
What a great way to put it. I’m not FI (at current spending levels), but good enough to start cutting back at my main gig. I’m still doing personal and family vacations, but that extra time off does in fact feel like the weekend. And THIS is a grand thing!
Great post you must understand yourself to make choices that result in improvement! Thanks.
Well said, WCI. As a PF blogger myself, I sometimes feel like I should want to quit immediately upon achieving FI. That’s what the other bloggers would have you believe.
Fortunately for me, I actually like my job (most days) at global mega-corp. I’m taking a relatively slow road to FI and planning on being there by 55 (in eight years). I’m not in a particular rush, but I want to have options later.
The financial discipline I’m exercising now will give me tremendous option value later.
Best post of the year! Thank you. Defining our personal point of enough has been very liberating and surprisingly (or not to some) good for our finances. Best wishes to all this holiday season!
Do not think most docs hit FI long before retirement age because of a delayed start and instant gratication buying luxuries and being poor asvers and investors
What % are financially astute?
Remember I said most readers of this blog, not most docs! I agree with you that most docs neither hit FI long before retirement nor are financially astute.
Most doctors do not hit FI before retirement because there are no formal courses given in medical school or residency. Websites like this are helpful but are not a substitute for more formal education. I have been very fortunate in delayed gratification, saving and investing. I would guess that I am in the minority. Most phyicians wouldn’t even know Bogle, Malkiel, or Swedroe. For that matter, most wouldn’t know Janet Yellin.
This discussion reminds me of a plaque my grandma had on her wall that went something like this, “What is the difference between work and play? One you have to do while the other you get to do. You decide which it is.” I think becoming FI makes it easier to have the latter attitude. I have seen several of my retiring partners delay retirement beyond what they had planned. They didn’t delay retirement for financial reasons, but once they reached the point they could retire financially, they realized that they actually enjoyed taking care of patients, working with the staff, having a purpose in life and feeling like they were contributing to society. Joy in the journey, but the journey becomes a lot more fun when you are in control.
Press update from my dad :-). “The difference between work and play, one you gotta do, the other you get to do. Which is which? It’s up to you.”
Final poem update (WCI, I wish there was an edit button so my OCD tendencies weren’t so apparent!):
What is the difference between work and play?
One you gotta do and the other you get to do.
So, which one is it?
It’s up to you.
Great poem! Appreciate your OCDness! None of my kids got mine.
First, the picture of the planned trip — crazy and brave!!!
We took a 19-Day trailer trip once. 6 kids, 4500 miles (or so), 11 states. So many wonderful memories.
Second, it really is about choices. FI gives you the freedom to make more. I actually do enjoy my job, it is one I can do for a long while, but I also enjoy spending time doing crazy, brave trips. At this point, we aren’t able to do as many trips as I would like.
cd :O)
In most ways, our “crazy trips” are far more limited by my kids’ school schedules than either finances or my work schedule.
Why not just take the kids out of school. Who cares about elementary or middle school grades? They probably learn more spending time with you and your wife and experiencing the world than they ever would in some mundane classroom.
They definitely miss the maximum allowed days per year. It really becomes problematic if they become ill late in the year. I can only use the “they have an appointment with a doctor” line while wearing ski bibs so many times a year.
It really isn’t a big deal for the elementary kids, but I can’t believe how long it took the middle schooler to make up for missing 4-5 days.
I used to think FI to quit working was the end all be all. Then I had 2 children and they are both currently under 3. Now going to work is easy and I almost look forward to it. I almost wish I’d blown more money when single and unmarried because while I have more money now, I have no time or energy to spend any of it as small children, while small and cute suck the life out of you.
Yea, its amazing how good a chaotic ED shift looks compared to wrangling kids on your own for a few days isn’t it?
Hang in there. I know just how you feel. My 3 are between ages 4-7. For a while there working seemed pointless because I had nothing to spend the extra money on. Getting caught late in the OR was miserable because I didn’t need the overtime and my wife wanted me home to help out. Found this site at that time so got off to a good start towards FI. Now the kids are older and finding fun things to do with the above average pay is easier.
Excellent blog, lots of great advice, but who told you about my bobbleheads???
I have had eighteen months of self-discovery (aka “midlife crisis”) around the time that I have legitimately crossed the financial independence threshold and emerged with the goal of creating a professional life that I like, rather than chucking the whole thing out the window and starting fresh. This will start in 2017 with going part time, picking up an interesting side gig that will allow me to grow in my field, and perhaps changing practice environments. I am hopeful that I can create a work life balance that allows me more quality time with friends and family, to pursue my travel passions, and to contribute in a lively work environment that values my effort.
We all have to ask ourselves what we’d rather do to occupy our time, and have the bank account to back it up makes it so much easier to choose what we do. I have plenty of colleagues who love practicing medicine (perhaps some have had nice inheritances waiting for them) and will likely to continue doing it for a full career.
We all have pretty unique skills (intubating people, cutting out an appendix…etc) that we hopefully enjoy doing, whether it is full-time or on occasion. I would hope to continue practicing medicine or being involved in the field to some degree even after I build that hefty bank account.
You are right about the travel. The greatest limitation is kids’ school schedules, unless you are home schooling them.
Thanks for the great read! I just stumbled onto your blog and will be stopping by much more frequently! To me, financial independence is not just a day that you reach and you never work again. Rather, it is that day where you can stop letting your paycheck control you and allow you to focus on doing what you want, when you want. This paragraph you wrote captures my definition of financial independence:
“Over the last 1-2 years I’ve been trying to mold my life into exactly what I want my life to be. I’ve cut back from 15-16 shifts a month to 12. I no longer work the overnight shift. I’ve offloaded many of the unpleasant tasks associated with WCI onto others. I’ve scheduled more trips. In fact, as I write this we are en route to Zion National Park to do some canyoneering, my fourth of nine trips/vacations in a three month period. About half are with my family and the rest are “adventure trips” with friends. I have nearly aligned my actual life with my ideal life. If I were financially independent today, it wouldn’t change my life or my happiness level one iota. As I think of ways in which my life would be even happier, I implement them.”
Because you are getting your finances in line, because you are setting up an additional source of income and are no longer solely dependent on your primary source of income, you were able to take left shifts, spend time with family, and take way more adventure trips than you probably ever thought you would. To me, that is the definition and the name of the game.
Thanks for the great read this morning!
Bert, One of the Dividend Diplomats
Working your tail off to save & invest enough to cover all your overhead does seem irrational and probably will lead to burnout. But saving and investing enough to cover your minimum overhead (food, housing, utilities, transportation) makes sense. The feeling you’ll get from having that part of your expenses covered is unmatched. I would say it’s even a little sweeter when you’re younger.
Once you’re financially independent you can continue working however much you want/need to pay for the fluff, the trips, the cars, the nice clothes and the dining out. It’s like a farmer who knows he/she has saved enough grains, planted enough buds and raised enough hens for the next few years – whatever else they decide to do is less forced and creates a little wiggle room.
From a slightly different (if not morbid) perspective, I find that while finally reaching FI may not increase my personal happiness immediately, it would bring me great comfort to know that my wife and children wouldn’t have to struggle financially if/when something happens to me. My knowledge that they won’t have to upend their lives if/when I can’t work does bring me happiness. Although I’m doing ok currently, I’ve got several chronic illnesses that could change my work circumstances at any time. Luckily I love what I do (peds critical care), but balancing time moonlighting/extra shifts with spending time with my family is a challenge, given that my drive to work more comes primarily from wanting to ensure my family is secure.
You can do that with life and disability insurance, no?
Depends on the illnesses and when he got them. I am skeptical a young doc with cystic fibrosis or type 1 diabetes is going to have insurance companies lining up to sell to them. Sometimes self-insurance really is the only way.
Well said, WCI. And, as usual, insightful comments from your readers. I was one of those docs who had a laser-focus on FIRE, convinced that nirvana was almost within reach. My internal mantra: just…need…to…grind it out…a bit more…
After guest-posting on your site about 1.5 years ago about my super-saving ways, the feedback from readers with greater wisdom and maturity than I was similar to your message today: if you’re not living the life you want, then create it.
I am now much closer to my ideal life than I’ve been in the last 10 years. I work less, spend more time with my kid, and I feel (usually) less burned out at work. There is still a fair amount of job-related nonsense that irks me, but I’ve been able to deal with that better by being there less. And, of course, being FI has helped, in that I have the nuclear option in my back pocket, should things become untenable at my current job. Just possessing that knowledge seems to be enough (for now).
Another thing I’ve learned about myself – with more time out of the office, I’ve been able to focus on other ventures that would be construed as “work.” But the ability to pursue these ventures on my own time, and not be beholden to any kind of schedule, is pretty awesome. Turns out I really like the idea of continuing to make money and not drawing down the portfolio; I just want to make money on my own time and my own terms.
Great to hear, M. Thank you for the follow-up. Perhaps a “Where are they now?” style follow-up post is in order.
Happy Holidays!
-PoF
Follow-up post? That sounds like work! ?
That will be on my ample to-do list. Thanks for the suggestion.
Can you link to your post? I can’t find it!
https://www.whitecoatinvestor.com/super-saving-for-an-early-retirement/
WCI’s comment filter won’t let me post the link, but you can find it by typing “super saving for an early retirement” into the search field on this site.
It won’t let you post a link to my site? That seems unlikely:
https://www.whitecoatinvestor.com/super-saving-for-an-early-retirement/
Great post! I do get a little tired of the FIRE Koolaid and the recent obsession with side gigs. I started out with a fair amount of debt and like many young docs I felt the need to “catch up” with everyone else at first. Several years into practice I copied one of my older partner’s practice of taking an afternoon off every week. Whenever I start regretting that time off that could have been creating more investable income for earlier retirement, I remember that those afternoons were the ones when I got to have lunch with my kids, run errands with my wife and have “mom and dad’s alone time”. It didn’t hurt that it was the same days that our favorite Mexican restaurant had $2 margaritas. If you’re not enjoying the ride it doesn’t really matter where you’re going or when you get there. And as doctors, we should know better than anyone that no one’s days are promised so try to love the life you’re living now!
So WCI how much are you spending on these 9 trips, round about? An average vacation for 4 of us cost us 7-12k for eg going to NYC staying in a vrbo apartment for 6 nights and going to few shows with kids easily close to 10k. If i do more than 3 of these trips, eg NYC, Hawaii, Europe i am maxed out on my vacation budgets. How do you keep your vacations expenses low?
Man, I would love to see what you are doing on your vacations to spend that much. We just got back from a trip to Rome, 6 of us, saw all the sights, stayed at a nice, 3 bedroom VRBO right next to the Pantheon, ate out all meals but breakfasts=$4,000.
As financially conscious as I consider myself, spending money really doesn’t seem too difficult. If you lived in a hub city, I’d imagine that airfare alone to Europe would be close to $500 apiece. For six people, you’re already looking at $3k.
I’d be happy to make some suggestions to help you crank up your vacation spendings. 😉
I agree. It would be tough for us to do a European trip for that price. Last time we flew direct from SLC to Paris. I think it was $2200 a piece for airfare. I’m sure there’s a cheaper way, but we’d have to do some games with airline miles to get it down to $4K.
We scored a deal on a spring break trip to Paris this year, and scheduled a 2-day stopover in Reykjavik, Iceland. $417 each without points, or under $1700 for four round trip tickets from the midwest.
If you can be flexible and subscribe to e-mail deals (this was Travelzoo), great deals can be had on a regular basis.
That’s great! we’ve been looking at doing something similar with Iceland. For those that don’t know, Icelandic Air will let you have as long of a layover in Iceland as you want without any additional charge. Yes, the email alerts are the way to go.
Can you share how you took 6 people to Rome for $4,000? I’m completely baffled by this. When we went, it was $1,500 each…so $6,000 just for airfare for 4 people
Not a major hub city, just an amazing wife at watching fares. She has a list of places that we want to visit and possible dates for the next year then she pounces when the great deals show up–usually only last for an hour before they’re gone. Airfare SLC to Rome $350/person, Cancun $400 over Christmas, Costa Rica $450 spring break, Maui $500 over thanksgiving. She’s amazing!
My guess is that most of WCI’s recent trips are visiting the great outdoors, hiking, backpacking, camping etc. Very cheap after the initial investments and just as much fun as NYC for a family.
Highly variable. If you’re really interested, let me list them:
# 1 3 day backpacking trip with the Boy Scouts. Trailhead is 1 mile from my house. I guess I bought a couple of freeze dried meals so we’ll call it $12.
# 2 10 day family road trip to Glacier NP and Banff area Maybe $3K including gas. Lots of hotel, campground, entrance fees, gas, restaurants
# 3 5 day family Backpacking trip to Wind Rivers Maybe $500 in gas and food.
# 4 2 day family canyoneering trip to Zion NP. Maybe $600 in gear rental, gas, food, lodging
# 5 6 day guys canyoneering trip to Lake Powell. My share of food and gas was probably $300 and I probably burned through another $50 worth of gear
# 6 5 day family Lake Powell Trip $700? You know, not counting the wakeboat depreciation and maintenance.
# 7 6 day surprise trip for my wife to Belize $4K
# 8 4 day family Lake Powell Trip $800
# 9 6 day fly-in hunting trip to Alaska (just me) $1000 (not counting the new shotgun). Remember my father is a bush pilot.
So I’d only call 2 of them expensive, but when you’re taking that many, the costs do add up.
I find your trips interesting. Focus more on actively doing things than having things done to you. My wife and I are a little older and can only imagine my wife complain about all the hiking and walking.
Bottom line. It doesn’t take a lot of money to enjoy good experiences. It takes time which is invaluable.
I was very happy when I was working, I liked my work, but not the things that go along with it. I retired 15 years ago and now I can do things that I could not do when I was working. I write this from the Bahamas where we spend 3 months a year…. Could not do that when I was working.
Enough Said !
Being financially independent myself (by your definition) – I have a different take. You are trading your talent, time, passion for earned income. If earned income is not a priority or drops out of top 5 priorities – what can you trade your passion, interest and time – may be cutting back to caring for elderly parents, learning a new vocation / hobby – whether it is knotting or photography or new language; volunteering at non profit.
I however agree with you – you should not retire – unless you can find an avenue to trade in your talent, time and passion.
I think the sentiment of “live the life you want to live today” is well taken. The MAJOR impediment to that for most docs is debt, particularly med school debt. What do you do if you decide as a MS4 that you hate medicine and would rather be a comedian, but you have $400k in non-dischargeable student loans? The odds of becoming the next Ken Jeong are extremely long, and if you fail you are worse than broke permenantly.
I am not a big fan of MMM (hate the attitude of many postings) but I completely agree with his attitude to the internet retirement police. Once you are FI, you are retired, even if you do something different (or even the same thing!) for money. It’s all in the mindset of whether it is essential to care for self/family to perform the tasks.
This post reminds me of the story of the fisherman and the businessman. I don’t want to provide a link to any particular blogs, but it’s easy to google.
I’ve been thinking about this a lot lately. Thank you for the timely post.
I am not in agreement with key aspects of this post. You start out with a straw man about how a “typical” person striving for and achieving financial independence would act. Becoming financially independent is a lifestyle that took years to achieve, so naturally there is nothing magical that occurs the day the balance sheet goes up a few more dollars. Just as nothing magical happened the day one received their medical degree or residency certificate. It is the journey. You claim the journey portion to support your claim, when in reality those that strive for financial independence also claim it.
One can look forward to retiring from medicine, and still enjoy working in medicine today. People can be varied in their interests, and a terrible life has not been lived.
Perhaps because emergency medicine is so different from other areas of medicine, but to many doctors, working 16 days a month already would seem like retirement. So going down to 12 seems like you are already at a MMM level of work, especially no overnight shifts. Many small groups cannot afford to do that, even if a group member wanted to.
Straw man arguments are the easiest ones to win. 🙂
I don’t doubt that emergency docs work fewer hours than many doctors. But bear in mind their shift count includes all holidays, weekends, vacations etc. And that doesn’t include the rotating shift aspect or the pace at work in many EDs (admittedly not mine.) Let’s do the count to demonstrate. Let’s consider an employed FP whose contract says 40 hours a week, 6 weeks a year of vacation, and 5 sick days plus all federal holidays off.
So 40 hours x 46 weeks = $1,840 hours Now let’s take out the holidays (10) and sick days (5). That’s another 120 hours. So we’re now at $1,720 hours. Let’s compare to an emergency doc:
15 nine hour shifts a month, but he’s usually stuck there an average of another hour after a shift. There are no holidays, sick days, or vacation days. Those are all taken care of by grouping shifts together or by switching shifts.
15 shifts/month * 10 hours/shift * 12 months = 1,800 hours, 3/4 of which are not during banker’s hours and many of which are chaotic.
It’s not residency by any means and it’s not the life of a general surgeon, but let’s not discount it too heavily.
I am in an anesthesia group of 5, that provides 24 hours 7 days a week MD coverage at a hospital with busy OB, and probably around 3000 hours worked a year, so when someone throws around 12 10 hour shifts a month, the grass seems very green. But I have heard that ER doctors have a high rate of burnout, so it can’t be all that green.
If it seems greener, gradually do what you can to mold your ideal life into your actual life. I assume you actually want to be working 3000 hours a year and that it makes you happy. If not, start doing what you can to change that. That might mean hiring another doc, paying someone to work some of “your” shifts etc. I bet if you ask around there is probably another doc who’d like to work less. Hire one more and each of you three go 2/3 time.
It’s interesting how revenue stream and skill set/intensity of job requirements determine how much take-home a certain type of doctor will have with no direct correlation with time spent at work. I’m not arguing for or against any specialty, but I would assume that the ER doc in the example above may earn 50%-100% more than the FP in income despite a similar number of hours! Likewise, a general surgeon will decidedly have longer hours than either the FP or ER doc, but have a similar or potentially even lower take than the ER guy.
In contrast, a Rads who may have 3 months of PTO a year may take home at least 100-120% more than the FP!
Obviously you have to be able to like what you’re doing, be good at it, and tolerate the level of brainpower for each job. To each his own.
Happy Holidays!
I am a family doc. I get 20 days off per year plus 5 cme days plus 8 holidays. Add weekend clinic at 3 or 4 per year and we take call those weekends. I will agree with 46 weeks. On weeks I still check inbox for an hour a day to keep burden off colleagues though. I am very pleased on weeks I work 50 hours and this is common in group. 46 weeks at 50 hours per week = 2300 hours and that’s probably a serious low ball. Holidays and most weekends off are great though. I really appreciate ED docs caring for my patients when I’m sleeping! And I appreciate the hours WCI puts in to help me make my 160k salary go farther. Wish I woulda started reading in residency and maybe I’d make more than $70 an hour though. But what I do is seriously needed and there is value to that.
Oh I’m very well aware there are many docs out there (including family docs) who work many more hours than the typical EM doc. I was just trying to demonstrate that an emergency docs hours are a little more than it initially appears when you think about “15-16 shifts a month”.
I am reminded by Tim Ferriss’ 4HWW approach. The goal isn’t retirement per second, but being able to do things that reflect your autonomy. It seems to me that that’s what matters most – how you improve your life with respect to the three dimensions of security, autonomy, and collegiality. (This is a classic way of measuring job satisfaction.) But security is only one of the three dimensions.
“If stopping work is going to dramatically increase your happiness, I would submit that you have allowed yourself to live a terrible, regrettable life.”
Um, no. My father lived a fulfilling life pre-retirement. He had a successful career, traveled the world, and raised a large loving family. I encouraged him to delay retirement. Every time he tried to retire his employer offered a promotion and a bigger compensation package. He had autonomy, authority, respect; he had it made.
Boy, was I wrong. Since retirement he is blissful. Best decision he ever made; just ask him.
I’m happy for you, but most people don’t find bliss in their jobs.
I guess that’s possible that life was awesome before retirement and awesome after retirements if you retire on the exact day that working becomes less fun than not working.