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

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  • GXA
    replied
    I think I would continue working part time as long as my kids are at home and in school.  We are currently working on a plan to wind down over the next several years (I am 42) - so I really don't know if it would change much for us.

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  • Eyes4sucess
    replied
    Warren Buffet this past year at his annual meeting gave some great advice to young people and said "When you go out into the world look for the job you would take if you didn't need a job."

     

    I enjoy my job, and I would like to think I would continue with it even if I won $10M. I would definitely though down to part-time and spend a lot more time on international mission work as that's what I enjoy most about using my skills as a surgeon/physician in an area of great need, and of course explore and travel with family as well. Hopefully I soon gain the financial freedom to do this sooner than later!

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  • kingsnake
    replied
    Uh, yeah, I'd quit...walk out showing double middles!

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  • TheHappyPhilosopher
    replied
    10 million huh?

     

    Step 1: Verify that it was not a banking error and that I actually have the money.

    Step 2: Immediately put in my resignation.

    Step 3: Sell every remaining shift I have left to my partners.

    Step 4: Write an epic blog post about it.

    Step 5: Email PoF and brag that I have a higher net worth than him.

    Step 6: Email PoF again apologizing for my childish behavior.

    Step 7: Throw a big party for all my friends and solicit ideas for my future.

     

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  • EJ at Dads Dollars and Debts
    replied
    You can still get sued, but at least my focus would be caring for underserved people. Plus there is less liability in an outpatient setting then the acutely ill patient.

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  • EJ at Dads Dollars and Debts
    replied
    True. Very true. No suits are frivolous, but I think you knew what I was getting at....I had a pit in my stomach when I received my first one.  It sucked so bad. Truly terrible.

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  • High Income Parent
    replied
    I'd hand in my resignation if I could get my family to agree to a year-long trip around the world.

    Actually, I'd probably work a few more months while I planned the trip.

    Then I'd figure out the ideal place to live and try to find a job there. If they are incompatible I would do something else in that location that could help people besides medicine. Then after the kids are out of the house, maybe medical missions work part of the year while I fly fish and ski the other part.

     

    Tom @ HIP

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  • NaOH
    replied
    .

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  • CM
    replied







    At first I jumped and became instantly tense every time a nearby beeper or phone alarmed (post-traumatic beeper syndrome), but that disorder gradually melted away.
    Click to expand…


    I love your story, which I’ve picked up in bits and pieces, but this is the most complete picture I’ve gotten.

    Regarding the Pager PTSD, I’ve got that bad. When the washer, dryer, or microwave finish, BEEEP! My left hand starts reaching for the imaginary pager holster. It even happened at the dentists’ office recently. Every time the hygienist would squirt water, there was a little beep, which apparently had  a similar tone to the opening tone of my pager.

    How long did it take for that disorder to melt away?
    Click to expand...


    .

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  • VagabondMD
    replied




    I don’t know if the underlying premise is about how grateful we are for jobs that pay us well. I’m sure most of us have some amount of gratitude. I don’t need to drive through a part of town where people have limited upward mobility to understand the fortunate set up I currently have. I spent the first 17 years of my life growing up in an entire small town like that.

    I think the question is more about how much do you truly love your job and how much of continuing to work is about the money.

    Many people in many careers or jobs would happily quit their jobs if they came suddenly into independent wealth and no one would think to question them about it.

    But for doctors, there is an assumption (both by doctors and people outside of the profession) that we are called to do our work or that we love or jobs so much or that what we do is such an important societal good that the money has little to nothing to do with why we go into work. I think this thread questions that assumption.

    For me, I’m currently at a nadir with my satisfaction with my medical career so if I no longer had to do it for money, I would ask my boss to start looking for my replacement and then end up dropping down to a 0.1 FTE and do moonlighting for admitting shifts (I’m a peds hospitalists) and try to find out whether some of my job dissatisfaction would go away if I just had a few shifts a month to work.

    I don’t hate my job and am open to the possibility that I would discover that I really do get more out of it than just money if I cut down in hours. But my current level of satisfaction is so low that I would at least want to explore what else I could do with my time. Which would include travel for sure which always makes me happy.

    10 years ago, I probably would have cut down in hours to spend more time with my kids who were little and not in school yet but I loved what I did back then and did not go to to work for the money. Quitting would not have occurred to me even if I had come into big pile of money.
    Click to expand...


    I relate to those sentiments to a large degree. If I could carve out the 10-20% of my job (maybe even 50%) that I really like, I could and would do it indefinitely, even with the hassles that come with it. However, at least 50% is either uninteresting, of little value, or otherwise detracts from the overall experience such that I would not mind chucking the whole thing.

    Earlier in my career, I felt much different. I would have worked for free. Lest you think this comes from the perspective of golden age thinking ("things were so much better in the good ol' days"), I think it is more to do with the life cycle of a person in the professional world. Some sail through and enjoy it all evenly for an entire lengthy career. Others, flame out over time, for a variety of reasons- physical, emotional, spiritual, etc. I think I may be in the latter category. FWIW, so was my orthodontist father, so maybe I am wired to give it up 20-25 years in, as he did.

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  • artemis
    replied




    We would have never made it through medical school if all we wanted to do was be lazy all day.
    Click to expand...


    I would DEFINITELY want to be lazy all day!

     

    For about a week.  Then I'd be climbing the walls from boredom.

     

    I think most of us don't want to do absolutely nothing, we'd just like more flexibility and control over our time and a much better work-life balance.  And with the way medicine is changing, these things are getting harder to achieve short of just walking away from the whole affair.

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  • adventure
    replied


    Just because I would quit my medical job doesn’t mean I’d be sitting in the backyard sipping lemonade.  I’d probably be working a lot harder doing all sorts of other things (tending to a large garden, home repairs, photography, etc).  Eventually my goal would be to find a more enjoyable job that I could do full time and really love.
    Click to expand...


    Same.

    Leave a comment:


  • hightower
    replied




    I know the question is “do you quit your job?” but it seems to have evolved somewhat, so I’ll bite…

    First, no I would not quit.  I hope I wouldn’t even scale back much (if at all).  I have children.  For $10M I am unable to purchase someone else to model a strong work ethic for them who they look up to.  It goes without saying, I cannot purchase their future work ethic, or future happiness with $10M.  What I am left with is a more organic model where I work hard, I hope they see it, I hope they learn from it.  I am afraid part of this may be fantasy on my part, but it’s the best I have.  I cannot tell them they will find happiness in hard work and productive accomplishment if they see me sipping lemonade in the backyard everyday while they are growing up.

    I worry about liability all the time.  With annual backdoor Roth (x2) + profit sharing + cash balance plan about half of our annual savings has bullet proof asset protection.  If someone gave me $10M (and they paid the associated gift tax on any amount above $5.49M), it would necessarily land in my taxable account.  I think I would use my entire $5.49M exclusion (2017) to fund irrevocable trust(s) for my wife and children – the remainder would be exposed to unanticipated creditors (although my state does have a domestic asset protection trust statute, so I would need to research more).

    I feel like the underlying premise for this thread is “If you had $10M, would you be less grateful for having a job that allows you make several hundred thousand dollars per year.”  On days when you hate your job, drive through a part of town where people have very limited upward mobility and see if it changes how you feel about it – try to imagine being trapped in a job that would barely meet your needs for 35 years (or forever).  Really, try to imagine what that would be like.  That is many/most people’s reality.  Sometimes our jobs are very difficult and frustrating, but being permanently destitute would also be difficult and frustrating.  I know there are some choices in the middle – but try to be grateful for what you have, it will make you happier immediately.

     

     

     
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    I think you're hitting on the guilt that a lot of physicians feel when they consider the possibility of not working as a physician anymore.  But you're forgetting  that physicians can do other things with their lives if they want to.  Retiring from medicine doesn't mean sitting on your butt all day

    Just because I would quit my medical job doesn't mean I'd be sitting in the backyard sipping lemonade.  I'd probably be working a lot harder doing all sorts of other things (tending to a large garden, home repairs, photography, etc).  Eventually my goal would be to find a more enjoyable job that I could do full time and really love.  I could teach my kids (if I had any) hard work ethic and personal responsibility just as easily doing that kind of work.  I have a friend who's a professional musician. He's gone a lot in the summer on tour, but when he's home it's as if he's retired.  He can structure his days however he pleases.  Most of the time he works his butt off doing all kinds of stuff (runs a large urban farm, does side projects with other musicians, home repairs/projects, runs a local food  festival every summer which takes all year to prep for, etc).  And he watches his 2 year old son the whole time while is wife is at work.  My point in mentioning him is that when you take someone who's very motivated and hard working and give them lot's of free time, they tend to fill it with lot's of extra work.  I think many physicians would be the same way.  We would have never made it through medical school if all we wanted to do was be lazy all day.

    Leave a comment:


  • HLM
    replied
    I don't know if the underlying premise is about how grateful we are for jobs that pay us well. I'm sure most of us have some amount of gratitude. I don't need to drive through a part of town where people have limited upward mobility to understand the fortunate set up I currently have. I spent the first 17 years of my life growing up in an entire small town like that.

    I think the question is more about how much do you truly love your job and how much of continuing to work is about the money.

    Many people in many careers or jobs would happily quit their jobs if they came suddenly into independent wealth and no one would think to question them about it.

    But for doctors, there is an assumption (both by doctors and people outside of the profession) that we are called to do our work or that we love or jobs so much or that what we do is such an important societal good that the money has little to nothing to do with why we go into work. I think this thread questions that assumption.

    For me, I'm currently at a nadir with my satisfaction with my medical career so if I no longer had to do it for money, I would ask my boss to start looking for my replacement and then end up dropping down to a 0.1 FTE and do moonlighting for admitting shifts (I'm a peds hospitalists) and try to find out whether some of my job dissatisfaction would go away if I just had a few shifts a month to work.

    I don't hate my job and am open to the possibility that I would discover that I really do get more out of it than just money if I cut down in hours. But my current level of satisfaction is so low that I would at least want to explore what else I could do with my time. Which would include travel for sure which always makes me happy.

    10 years ago, I probably would have cut down in hours to spend more time with my kids who were little and not in school yet but I loved what I did back then and did not go to to work for the money. Quitting would not have occurred to me even if I had come into big pile of money.

    Leave a comment:


  • artemis
    replied




    On the flip, side we have to run a much leaner operation than big health systems.  We can’t afford to have an army of people to help us with meaningless use, MACRA, MIPS, and all the other stupid acronyms out there.  A lot of that falls on our shoulders....

    Like you said the combination of debt, stagnating/declining reimbursements, and administrative/documentation BS, I don’t see how many (especially in our age demographic) can love their jobs as physicians.
    Click to expand...


    The ever-growing mounds of paperwork are certainly a major factor leading to burned-out physicians.  I haven't got quite enough saved yet to be comfortable pulling the retirement trigger, but if my lifetime certification is ever invalidated and I'm subject to MOC, I'm outta here immediately, "adequate" retirement savings be damned.  That one is my own personal line in the sand.

    Leave a comment:

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