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

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  • #16


    Assuming that WCI is correct and that most docs would not quit working in this scenario
    Click to expand...


    That's not exactly what WCI said. That's how doctors respond when they're in a room full of doctors to the front, right, left, and back of them. I'll bet if you polled them privately, you'd see more willing to drop out.

    If you took those that privately said they would keep working, and gave them the $10 Million, I'm guessing nowhere near 100% keep working. Just a hunch.

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    • #17





      Assuming that WCI is correct and that most docs would not quit working in this scenario 
      Click to expand…


      That’s not exactly what WCI said. That’s how doctors respond when they’re in a room full of doctors to the front, right, left, and back of them. I’ll bet if you polled them privately, you’d see more willing to drop out.

      If you took those that privately said they would keep working, and gave them the $10 Million, I’m guessing nowhere near 100% keep working. Just a hunch.
      Click to expand...


      I completely agree. What doc of sound mind, in a room full of colleagues, is going to essentially declare that s/he is mostly in it for the money?

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      • #18




        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.
        Click to expand...


        It provides a good social life for me.  If I quit, I would miss talking with my colleagues on a day-to-day basis.  I imagine I'd get bored at home too.  FWIW, path lifestyle.

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        • #19


          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.
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          The issue is that the question you are asking similar to a person who suddenly finds out that he has a winning lottery ticket that puts $10M in his bank account post tax. What would he do?. He has never seen that much money all at once in his life and suddenly he is rolling in money. The first instinct is to quit, take a cruise, give to every brother and sister, buy three Ferraris and a McMansion and before you know it he is bankrupt.

          But most physicians are not lottery winners. They make their first million, then two and then five etc. The money is accumulated slowly. So there is no one point in time that they suddenly become rich. And depending on the market they might have 4.5M on one day and $3.5M a month later and $6M a year later. So they continue to work, accumulate wealth and adjust their lifestyle slowly. Rather than quit they work three days a week and have set hours. No calls or limited calls. More vacations.

          The Koch brothers, Buffet, Zuckenberg and others don't need to work a second but they still do, including addressing their day to day problems at work. They became wealthy over the years doing their job and not all of a sudden one fine day.

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          • #20







            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.
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            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…)
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            This is a good thread.  I quit OB with 5 million at 56.  The risk of a malpractice suit factored into that decision.  I could handle 10 million without going crazy I think.  I would quit over the next 3 months or so.  I would make an offer on house that I have long admired near my lake house and encourage my husband to retire to our farm full time.

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            • #21




              The Koch brothers, Buffet, Zuckenberg and others don’t need to work a second but they still do, including addressing their day to day problems at work. They became wealthy over the years doing their job and not all of a sudden one fine day.
              Click to expand...


              I'd quit my current job in an instant. Spouse would cut back on clinical work to 1/2 time.

              I certainly couldn't sit still. I'd work full time, but wouldn't have to work for money. Maybe being a tour guide, or a scout leader, or maybe make some beer, or maybe buy/invest in local businesses and help them grow.

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              • #22










                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…)
                Click to expand…


                This is a good thread....
                Click to expand...


                I am on a roll!  8-)

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                • #23
                  Good point POF.  I hadn't thought of that

                  I think to explain why people like Warren Buffett continues to work after being one of the wealthiest humans in history you have to consider the fact that he got that rich because he found a career he not only really loved, but was also a perfect fit for his natural talents.  I think the most successful people on earth are those that are fortunate enough to find that kind of a fit in a job that they really enjoy.  If you've seen the HBO documentary on Buffett (Becoming Warren Buffett) he talks about this very subject.  He says that what he does has never felt like work to him.  He really loves what he does and would do it for free/fun all day long and was truly never in it for the money.  I don't think that happens too often honestly.

                  It's a subject I've spent a lot of time thinking about myself recently as I have been burnt out in my job in the recent past.  I had a decision to make...Do I try to make my medical career work by finding ways to make it more tolerable or do I quit and try to find a career that I actually love doing.  It's a really hard decision because the money in medicine is so good (and relatively easy compared to finding a whole new career and starting over).  Plus searching for a completely new career would require a major lifestyle downgrade, at least for the short term.

                  So, I picked the path of least resistance and I'm trying out some new things while trying to keep my work/life balance at a comfortable level.  Going okay so far, but I may end up changing my mind.  Fortunately my wife is willing to go with the flow as long as our home life is happy.  So, I just have to follow whatever feels right.  Believe me, if an opportunity to do something I really enjoy comes along, I'm going to take it.  That's why I would quit if I suddenly became rich because I would then be able to shift my focus to just doing what I enjoy and hopefully finding something meaningful to do in the process.

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                  • #24
                    I'm early in my career (< 2 yrs out) so not sure I'd quit clinical medicine all together. But I certainly would not work full time, but who knows. 10 mill is financial freedom, beyond FI, IMO, at least for us. I think we'd move to Hawaii or CA and get a cute house on the water.

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                    • #25
                      It's hard to know but I think I get more from my job than I give it credit for. My interactions with patients, though often stressful, do have a sense of importance. Giving of one's time in its most impactful way is very rewarding. I suspect I'd work less but more intentional ... like I already should.

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                      • #26


                        myself recently as I have been burnt out in my job in the recent past. I had a decision to make…Do I try to make my medical career work by finding ways to make it more tolerable or do I quit and try to find a career that I actually love doing. It’s a really hard decision because the money in medicine is so good (and relatively easy compared to finding a whole new career and starting over). Plus searching for a completely new career would require a major lifestyle downgrade, at least for the short term.
                        Click to expand...


                        I am surprised so many doctors are unhappy with their work and lifestyle. I have really enjoyed my work but was unhappy at being compensated much less that I billed and collected in the late 1990's. So I decided to quit the multi-specialty and start my solo practice. It was initially tough and I worked some long hours but they were very productive and we lived frugally and invested wisely.

                        Now my work hours are drastically shortened, partly by me and partly by the intense competition in town between two giant health systems. If I had not invested wisely I would have been forced to work for a large corp, hospital or move to a rural area. But the cushion of alternative sources of income has made me enjoy my lifestyle without worrying about how many patients I should see each day..

                        I like my job and it has a purpose in my life. I would hate to be sitting at home and managing my money. I would also not like to be a tour guide or bar owner or have some other alternative job. Medicine and helping patients gives me the greatest satisfaction.

                        My good friend is a cardiologist who owns multiple properties and is worth >30M and still works 4 days a week. My former boss sold his multi-specialty clinic to a local hospital for $30+M and is worth $60M and still works 4+ days a week. The person who heads the ownership and investment in hotels that I partner with is worth $50M and still works five days a week. Their children are either in college or married and settled and all could just hang it up any day. But they feel that their job gives them the greatest satisfaction.

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                        • #27
                          If malpractice was an issue, I'd quit. But if not, I'd keep my current gig indefinitely. I'm working 0.34 FTE for the next year and believe me, it's amazing. I hardly work. I have SOOOO much time off. I'll end up taking over 12 weeks off this year. And when I'm at work, I thoroughly enjoy my interactions with my friends and patients. Sometimes I go in on my days off to complete paperwork that I could do at home, just because I want to catch up with everyone that's there, since I work so little. Plus they like to hold the baby so I get a little break ???? At this point I'm planning to go back to 0.75 FTE in about 14 months, when my babe turns 2. The main reason is that I'd like to really shovel money into the retirement accounts again and it's not as easy or satisfying when you're making 50 percent less. But if I had even 1M extra put into the retirement account right now, you bet I'd stay at this schedule long term.

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                          • #28





                            myself recently as I have been burnt out in my job in the recent past. I had a decision to make…Do I try to make my medical career work by finding ways to make it more tolerable or do I quit and try to find a career that I actually love doing. It’s a really hard decision because the money in medicine is so good (and relatively easy compared to finding a whole new career and starting over). Plus searching for a completely new career would require a major lifestyle downgrade, at least for the short term. 
                            Click to expand…


                            I am surprised so many doctors are unhappy with their work and lifestyle. I have really enjoyed my work but was unhappy at being compensated much less that I billed and collected in the late 1990’s. So I decided to quit the multi-specialty and start my solo practice. It was initially tough and I worked some long hours but they were very productive and we lived frugally and invested wisely.

                            Now my work hours are drastically shortened, partly by me and partly by the intense competition in town between two giant health systems. If I had not invested wisely I would have been forced to work for a large corp, hospital or move to a rural area. But the cushion of alternative sources of income has made me enjoy my lifestyle without worrying about how many patients I should see each day..

                            I like my job and it has a purpose in my life. I would hate to be sitting at home and managing my money. I would also not like to be a tour guide or bar owner or have some other alternative job. Medicine and helping patients gives me the greatest satisfaction.

                            My good friend is a cardiologist who owns multiple properties and is worth >30M and still works 4 days a week. My former boss sold his multi-specialty clinic to a local hospital for $30+M and is worth $60M and still works 4+ days a week. The person who heads the ownership and investment in hotels that I partner with is worth $50M and still works five days a week. Their children are either in college or married and settled and all could just hang it up any day. But they feel that their job gives them the greatest satisfaction.
                            Click to expand...


                            I think younger docs are having a harder time than our predecessors in some ways.  Medicine has changed drastically in recent years and its not really the same experience today as it was in the past.  For me (35 y/o), working as an internist is a big part of the problem.  This line of work is becoming nearly unbearable at times.  I feel like hospitalist work is not much different than working on an assembly line.  It can be downright demoralizing.  There are lots of reasons for this that I won't go into but it's related to the drastically different work environment doctors are practicing in.

                            If doctors job satisfaction was taken seriously and we actually had some control, life could be a lot different.  I often wonder if the docs working in private practice where they are partner are happier with their jobs than employed physicians.  It seems like they get more reward for a job well done and they get to have a say in how the practice is run.

                            Also student loan debt is a newer problem that is affecting docs in a very negative way.  The guys you mentioned above who are worth 10's of millions and still working have a much different day to day experience than the new grad starting his career with 300k in student loans and a 200k mortgage.  Being 1/2 million in debt AND getting slaughtered with hard work every day is difficult to be in love with.

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                            • #29




                              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 think this would be another great spinoff thread years down the road for supersaving WCI forum members.

                              Hopefully there will be many of us who have this problem: net worth > $10 million let's say, does the threat of malpractice drive people away from medicine if they still want to practice?

                              How do the docs that @Kamban references handle this risk with net worths well in excess of $10 million?

                              I'm in a low risk specialty and love what I do but the thought of potentially losing everything I've built up (as unlikely as it may be to lose a lawsuit that exceeds malpractice limits coverage) may make me reconsider should I be fortunate enough to hit that 8 digit mark in the future

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                              • #30
                                I would definitely try to work part time, because I do like working with patients (but am less of a fan of the paperwork required to get care for patients). If I couldn't find anyone willing to hire me part-time, I would plan to turn in my notice, but would also want to give my employer a reasonable time to fill my position in order to minimize the disruption to patients' care, certainly at least 90 days' notice.  I'd want to take up photography as a hobby, and to have the time to be able to do that. I'd be interested in teaching part-time.  Beyond that--who knows.

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