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Fatlittlepig\'s Question for POF (Physician on Fire)

Home Personal Finance and Budgeting Fatlittlepig\'s Question for POF (Physician on Fire)

  • fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 1307
    Joined: 01/26/2017

    Great website, Seems like a nice guy. I think if we worked at the same hospital, he is definitely someone I would enjoy chatting with. I think we are at a similar age with assets in a similar ballpark range. There is just something about his plan that strikes me as odd.

    I think mathematically he probably has enough to get out, but would probably need to keep an eye on the market and spending?

    Why not work part time and keep running up the score, keep health insurance also (instead of possibly having to rely on unreliable health sharing ministries?)?

    I guess I am not getting a sense that he is totally burnt out and dreads work, why not work part time and make the early retirement plan bulletproof.

    FLP

     

     

    #205499 Reply
    Avatar G 
    Participant
    Status: Physician, Small Business Owner
    Posts: 1883
    Joined: 01/08/2016

    You must not have seen what his website brings in.

    #205516 Reply
    abds abds 
    Participant
    Status: Physician
    Posts: 249
    Joined: 01/16/2017

    Great website, Seems like a nice guy. I think if we worked at the same hospital, he is definitely someone I would enjoy chatting with. I think we are at a similar age with assets in a similar ballpark range. There is just something about his plan that strikes me as odd.

    I think mathematically he probably has enough to get out, but would probably need to keep an eye on the market and spending?

    Why not work part time and keep running up the score, keep health insurance also (instead of possibly having to rely on unreliable health sharing ministries?)?

    I guess I am not getting a sense that he is totally burnt out and dreads work, why not work part time and make the early retirement plan bulletproof.

    FLP

    Click to expand…

    I completely agree and wonder the same about may who embrace the RE part of FIRE. I’m all for the financial independence part as early as possible, and when I get there [in many years] I plan to slow way down, but at the very least cover my annual expenses as opposed to drawing from savings.

    #205517 Reply
    Liked by wonka31, Lordosis
    Avatar hospitalist md 
    Participant
    Status: Physician
    Posts: 93
    Joined: 10/31/2017

    i subscribe to POF and received email on blog income.. i must say he is doing just fine from alternate income stand point , to give up working as a doc,  which is what his whole blog is based on…. especially if it continues to grow at current pace….

    #205519 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 3341
    Joined: 09/18/2018

    If relying on income is a requirement, then one is not FI.

    #205521 Reply
    Liked by E5797, hatton1
    Avatar JBME 
    Participant
    Status: Spouse
    Posts: 571
    Joined: 03/26/2018

    I believe PoF donates 50% of his blog profits to charity. He’s not relying on it for his retirement, it’s just gravy at this point. From the latest quarterly report, just one quarter of profit will more than cover his spending. If he donates 50% to charity, then two quarters covers all expenses. He’s also moving to I believe a slightly lower COL area, and he did a whole post awhile ago about how he’s not retiring, at least in the traditional sense of retirement

    #205526 Reply
    Liked by RocDoc, ENT Doc
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2640
    Joined: 05/07/2017

    his annual spend was like 62k or something.

    if we could be happy at 62k annual spend, we wouldn’t need that much of a nest egg.  but that’s not where we are happiest.

     

     

    Avatar ticker 
    Participant
    Status: Physician
    Posts: 168
    Joined: 08/14/2016

    I think he’s grossing something like 7x his expenses from his blog alone. If he can’t afford to retire, I probably can’t afford not to get a second job.

    #205541 Reply
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3486
    Joined: 01/21/2016

    Great guy!

    Having read quite a bit of his work, I believe that he would like to live life on his own terms. A medical career does not afford that possibility. I respect his desire to give up his medical career, the steps he had taken to do so, and his sharing his story and lessons along the way.

    PoF is not living your life (flp), nor is he living my life. I would probably do some things differently in his shoes, and he probably would have quit 5+ years ago in mine. We all make decisions to shape our lives the best we can, given our personal goals, resources, and dispositions. There is not one true path for all to follow.

    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 2186
    Joined: 02/11/2019

    I do not think me or my family could live such a nontraditional life. Slow travel and home schooling sounds awful to me. But different strokes for different folks. I am sure if they hate it they will know before too long. So if in 6 month or even 2 years they decide it is not working out I am sure going back to medicine is an option.

    “Never let your sense of morals prevent you from doing what is right.”

    #205546 Reply
    hatton1 hatton1 
    Participant
    Status: Physician
    Posts: 3128
    Joined: 01/11/2016

    I have followed POF since he started the blog.  He has thoughtfully posted about his decisions.  I would be very worried about health insurance costs.  I elected to continue working part-time instead of total retirement.  FI gives you options.

    #205645 Reply
    Faithful Steward Faithful Steward 
    Participant
    Status: Financial Advisor, Small Business Owner
    Posts: 519
    Joined: 06/12/2017
    instead of possibly having to rely on unreliable health sharing ministries?

    Click to expand…

    Could you expand on what about healthcare cost sharing that you find unreliable?

    Michael Peterson, CFP® | Faithful Steward Wealth Advisors
    https://ProsperousPhysician.com | (717) 496-0900

    #205662 Reply
    Avatar bean1970 
    Participant
    Status: Physician
    Posts: 570
    Joined: 07/12/2017
    If relying on income is a requirement, then one is not FI.

    Click to expand…

    Everyone has to rely on some form of income to take care of basic needs (or left to government aid). I am assuming you mean wage income or self-employment income.

    I’m a PoF fan, but he has primarily substituted or shifted employer wage income with self-employment (blogging income). In addition though he has managed to save and invest wisely to give him a nice pot to have the flexibility to morph from 100% reliance on an employer.  Kudos to him. I also have no idea how to live on his budget. My kid’s grocery budget is more than $40 alone per day.  Very tall athletes eat a lot. That’s all I can say….

    Also kudos for him to share his story with the physician and financial world. We all can learn from each other even though everything necessarily doesn’t apply 100% across the board to everyone…the community of support and knowledge is priceless.

    #205666 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 3341
    Joined: 09/18/2018

    FI is the ability to liquidate assets absorb any losses and still meet spending needs for the rest of your life.

    Sure there are ways to generate income. How much is you need and how you approach that need is a personal choice. It’s not a question of source of earnings, FI is zero income, money is in the bank. Needs are variable, asset gains/losses are variable, length of life is variable.
    If you have to make more money, you aren’t FI yet.
    That’s not a criticism, everyone at some point makes a choice.

    #205680 Reply
    Avatar Kamban 
    Participant
    Status: Physician
    Posts: 2577
    Joined: 08/01/2016

    As everyone states, different people do differently.

    I have taken a path like FLP with part time work in the medical field while letting my investments grow untouched. My reasons are

    1. I like the work as a physician and it gives me a better status among my friends and in the community as a practicing medical specialist than an idle sit at home person. My self worth is important to me.

    2. Some of investments have occurred because my profession as a practicing physician with good salary was what some of the banks / lenders were looking for. If I had not had that job, I would not have had those opportunities.

    3. A successful blog is hard work to start and maintain. You need to be good in the field, research and post fresh articles and blog posts regularly. Even when you are on vacation. And if you slack off, the blog will wither and die. And should you die before you sell the blog, the blog becomes almost worthless soon ( though if you invest the earnings from the blog regularly, that should grow). I find it easier to earn an income that pays me more per hour than a blog would and the investments from it would not perish with me.

    4. Quitting my specialty for 2 years and coming back is not easy in my field. Keeping the toes in the water is much easier to do.

     

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