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  •  fasteddie911 
    Participant
    Status: Physician
    Posts: 172
    Joined: 05/31/2016

    I’m young so who knows, but I’m shooting for FI at $2M, or 25-30x expenses, hopefully within 10-15yrs.  However, I’m not so sure about RE.  I share the same sentiment as some others here, the uncertainty of RE is a valid concern.  Healthcare, sequence of returns risk, etc.  I also agree when someone mentioned the psychological affect of relying on your portfolio w/o any income, I can imagine it’s not worry free.

    #172013 Reply
    Liked by Vagabond MD, Tim
     Kamban 
    Participant
    Status: Physician
    Posts: 1718
    Joined: 08/01/2016
    10M in hand at once, I think I quit for risk avoidance, etc

    Click to expand…

    I can’t comment on your specialty and its risks for malpractice but $10M is not a huge sum that one has to worry so much as to quit something you love. I know 3 physician couples in the $30-100M net worth, including my former employer. Dual physician couples, owned practices and employed physicians and had ancillary services and invested money in franchises and hotels. Even though many knew they were rich the exact amount was never clear. They all practiced into their late 60’s/70’s. One even got sued as the practice owner a couple of times but found ways to shield his wealth so that settlements were routine amounts and did not affect his net worth.

    #172016 Reply
    Liked by hatton1, Tim
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 4782
    Joined: 01/12/2016
    10M in hand at once, I think I quit for risk avoidance, etc 

    Click to expand…

    I can’t comment on your specialty and its risks for malpractice but $10M is not a huge sum that one has to worry so much as to quit something you love. I know 3 physician couples in the $30-100M net worth, including my former employer. Dual physician couples, owned practices and employed physicians and had ancillary services and invested money in franchises and hotels. Even though many knew they were rich the exact amount was never clear. They all practiced into their late 60’s/70’s. One even got sued as the practice owner a couple of times but found ways to shield his wealth so that settlements were routine amounts and did not affect his net worth.

    Click to expand…

    I think its far easier to shield as an owner and not being directly sued. Also, I think not being so much money is part of the problem, getting an egregious jury verdict with 10M NW is a much bigger issue than if you have 30-100M, thats money that allows mistakes and to put up a great fight, appeal, etc…

    #172017 Reply
     StarTrekDoc 
    Participant
    Status: Physician
    Posts: 1500
    Joined: 01/15/2017
    Splash Refinancing Bonus

    @startrekdoc
    Ha, ha, ha!
    “until kids get through college and settled “?
    How did you choose 14 yrs.? I tended to think of “settled” being meaningfully employed after college.
    Unfortunately for physicians that adds a few years.
    How many years after college did it take you to get settled? Daughter is headed to 12 yrs.
    Congratulations ! Jackpot, maybe 26 more yrs.
    Glad you enjoy your work.

    Click to expand…

    14 yrs makes even 60 yo and a nice marker point.  The kid variable is the major unknown, even outside trade war fears.   We have a 55 yo marker too, but if she goes to grad school, that just makes her out of that….no won’t be in the clear.   Having a salary during uncertain times, even if 1/2 time is better than $0 W2 cashflow

    #172018 Reply
     Tim 
    Participant
    Status: Accountant
    Posts: 600
    Joined: 09/18/2018

    @fasteddie,
    Using 4% rule, that’s $80k per year. For all the factors you mentioned, at any age most would say, “One more year.” Those hesitations are probably why most raise the target a bit if they hit it.

    #172096 Reply

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