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$10M gets deposited in your bank account-- do you quit your job?

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  • $10M gets deposited in your bank account-- do you quit your job?

    This is an offshoot of another thread, but I thought it would be interesting to explore separately. It was my hypothesis that if you model what you would do if you (magically) had $10M deposited into your brokerage account, you can assess whether you really like your job (in anything professional, not just medicine) vs. are you doing it for the money.

    I think that $10M is a good number to work with because using the 4% rule, you could earn $400k per year, without income tax, and replace the post-tax salary of many, if not most, practicing physicians. Yes, you might quibble that $10M is different for a 35 yo orthopod with $500k of debt (and negative net worth) than it is for a 55 yo cardiologist with $5M banked and kids out of the paid off house.

     

    Nonetheless, if the WCI adds $10M to your current account, as your finances are today, do you keep your job, leave your job for another medical job, or quit medicine entirely? I arrive at work the very next day, notice letter in hand. I would then try to negotiate a position with no nights or weekends, working three days per week, every other week, and only doing the exams and procedures that I enjoy. I expect that this does not go well, and I end up on the street.

  • #2
    I've already lined up the part-time transition, so I would follow through with that (starting 10/1 -- same day as Vagabond MD). I would stick around until a replacement has been identified, hired, and learned the ropes here. I've been inquiring about a medical mission trip, which might not happen until next winter or spring, so I would want to keep my skills fresh until then, anyway. But after that, I'd be comfortable letting my skills and anesthesia career go.

    I think I'd continue the blogging and interacting here on the forum and in other places, but I might do it on a less regimented schedule.

    I would also treat the entire Dahle family to a wonderful vacation in the location and accomodation of their choice and profusely thank them for the ten million dollars.

    Cheers!
    -PoF

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    • #3
      Turn in resignation letter immediately. Take sabbatical planning next phase of life.

      Comment


      • #4
        Make partner, but then scale back work (at least 1 week vacation per month, maybe 80-90% current).  Wife (peds) texts her work to tell her she's never coming in again.  She won't even give the courtesy of written notice.

        Comment


        • #5
          Keep working until I'm sure and satisfied that the money is mine and the taxes are paid, which might be well over a year.

          But yeah, I quit my job.

          But the new job is managing money and being a landlord and real estate developer.

          Comment


          • #6
            Absolutely say goodbye to my employment immediately.  No question about it.  I would also sell my primary home and downsize to the small farm house we've always talked about.  Then, I would probably only need to withdraw 1-2% a year and use the money mostly to travel the world and spend time with friends/family.  Spend the summers working on the farm, the winters traveling (Hawaii is so nice in January!).  Any down time/boredom would be filled with living a healthy lifestyle and hobbies of which I have no shortage.

            Comment


            • #7
              I would cut back to the minimum and my efforts towards "patient experience" for those that don't need to be anywhere near an ED would greatly diminish.

              Comment


              • #8
                I think I really do like my job

                Not enough to continue full time of course

                With $10 million in the bank account, I'd drop down to part time at my current job

                I'd also give serious consideration to taking a part time job back in our HCOL hometowns in either California or New York

                This btw is the dream scenario we hope to encounter when my husband and I hit 50 (through our own earnings and investments). Although if WCI wants to expedite the experience with a generous donation, who are we to say no? ????

                Comment


                • #9
                  Its too much money to continue the risk of practice, unless you're in a really good field for malpractice etc...new job definitely money manager of your estate.

                  Comment


                  • #10




                    I think I really do like my job

                    Not enough to continue full time of course

                    With $10 million in the bank account, I’d drop down to part time at my current job

                    I’d also give serious consideration to taking a part time job back in our HCOL hometowns in either California or New York

                    This btw is the dream scenario we hope to encounter when my husband and I hit 50 (through our own earnings and investments). Although if WCI wants to expedite the experience with a generous donation, who are we to say no? ????
                    Click to expand...


                    Maybe WCI will supplant the med student scholarship with a lottery for his loyal followers.  

                    Comment


                    • #11




                      Its too much money to continue the risk of practice, unless you’re in a really good field for malpractice etc…new job definitely money manager of your estate.
                      Click to expand...


                      I agree, and I was thinking about placing a condition such that this was not a concern. In the real world, it is, but in our fantasy, we can change the conditions. Would this change your mind?

                      And, more realistically, how much money is too much to continue the risk of practice? Is a single OB with a $5M nest egg taking too much risk? (might be a good topic for another spinoff...)

                      Comment


                      • #12




                        Its too much money to continue the risk of practice, unless you’re in a really good field for malpractice etc…new job definitely money manager of your estate.
                        Click to expand...


                        Think this might be a bit extreme. Certainly you would need a solid asset protection plan but I don't think the risk of malpractice means you need to stop practicing.

                        Comment


                        • #13







                          Its too much money to continue the risk of practice, unless you’re in a really good field for malpractice etc…new job definitely money manager of your estate.
                          Click to expand…


                          Think this might be a bit extreme. Certainly you would need a solid asset protection plan but I don’t think the risk of malpractice means you need to stop practicing.
                          Click to expand...


                          Not that you need to, just that you need to consider what youre actually risking and then decide for yourself if it is then still worth it. Would not be for me, I dont love it enough for that. I would quit for anything in the 2.5-5 million range though. On the lower end I would just start a simple and sleek practice doing only low risk easy stuff, higher end I would quit and let the market do the work.

                          Comment


                          • #14




                            This is an offshoot of another thread, but I thought it would be interesting to explore separately. It was my hypothesis that if you model what you would do if you (magically) had $10M deposited into your brokerage account, you can assess whether you really like your job (in anything professional, not just medicine) vs. are you doing it for the money.

                            I think that $10M is a good number to work with because using the 4% rule, you could earn $400k per year, without income tax, and replace the post-tax salary of many, if not most, practicing physicians. Yes, you might quibble that $10M is different for a 35 yo orthopod with $500k of debt (and negative net worth) than it is for a 55 yo cardiologist with $5M banked and kids out of the paid off house.

                             

                            Nonetheless, if the WCI adds $10M to your current account, as your finances are today, do you keep your job, leave your job for another medical job, or quit medicine entirely? I arrive at work the very next day, notice letter in hand. I would then try to negotiate a position with no nights or weekends, working three days per week, every other week, and only doing the exams and procedures that I enjoy. I expect that this does not go well, and I end up on the street.
                            Click to expand...


                            I ask this question all the time at my live presentations. I can tell you how people answer when they are in a room with many others. Most of them would NOT quit working, but would cut back, drop call etc.
                            Helping those who wear the white coat get a fair shake on Wall Street since 2011

                            Comment


                            • #15
                              Assuming that WCI is correct and that most docs would not quit working in this scenario, what are some possible reasons for this?  Is it because people actually do love their jobs that much or is it because they just simply don't know what else they would do?  Or some combination of the two?

                              It would also be interesting to know how docs from different specialties would respond to this same 10 million dollar question.

                              Comment

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