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Hold onto it. I can’t imagine that Buffett, at his age, hasn’t already offloaded the majority of the responsibilities of Berkshire to his managers. If the stock drops after Buffett passes away, I think that’ll be a good time to buy more.
When you’re trading time for money, I think the answer about which mentality is “right” depends on how long you and your loved ones end up living and being healthy. Hard to predict.
Why don’t you think you’d like IR? There’s such a large range of pathology that they treat and there’s so much you can do with it if you go to a good program. As you know, it’s nothing like diagnostic radiology.
You said you think you think you’d enjoy just about any surgical field including vascular surgery and ophthalmology. But IR is way more similar to vascular surgery in my mind than Ophtho is.
Thank you all for the very well thought out advice! To be honest, when we wrote the question and before we received all your responses, we weren’t even sure where we stood financially and so we haven’t figured out the follow up questions that you all have brought up, which is HOW we will find jobs that allow us to cut back. As Anne alluded to, we’re unfortunately not in shift work fields and it’s not going to be easy to make part-time work out. I think if we start trying to figure that out now, it’ll take 1-2 years before it actually fully happens, at which point I’d project us to be closer to 1.7 – 2mil in savings.
We have no interest in ever having a million dollar home and we’re hoping we don’t have to send our kids to private school. Renting does have some benefits in that it makes us more flexible in terms of changing jobs if we need to. We also don’t have a ton of stuff and so I’m hoping renting would allow us to just move to better school districts in the area when we need to.
For me, if I cut back to fewer days, they’ll simply compress the same number of patients into fewer days, as no one else does what I do in our clinic and the patients need to be seen. It’s been a losing struggle to prevent myself from rapidly becoming way busier than I want to be. Eventually I think I’d have to do something non-clinical like the FDA and/or figure out something creative where I can work a day or two a week to see subspecialty patients in someone else’s comprehensive clinic, the VA, etc.
For my wife in primary care it’s been a similar struggle. If we even take a few days off for vacation, she comes back to work to find an overbooked schedule, with a huge stack of lab/imaging/consult notes that need to be reviewed, patient phone calls to be returned, etc. There do seem to be other primary care docs who would be interested in sharing a patient panel and she’s been trying to figure out how to make that work. Their styles of practicing medicine would have to mesh well and they’d have to work well as a team. Alternatively, she’s still fresh enough from her training that she could switch to being a hospitalist. And since hospitalist is a shift work job maybe there are positions, (maybe locums?) that would let her work fewer shifts a month. But we weren’t sure if the hospitalist schedule works better with young children than primary care. Could any internists could share their thoughts on making part-time work out, as either a hospitalist or primary care?
Thank you also for your thoughts about how parenting may change over time. It’s something we’ve thought about but find it hard to fully appreciate at this early period as parents. All your thoughts have been greatly appreciated!
You mean- how do you calculate the income that you write on the life insurance form?
I remember just a few years ago all my radiology friends could not find jobs and now there’s a shortage of radiologists? So weird.
“The other physicians said the administrative day is basically a day off because there is no requirement to go in to the office and it should be easy to finish paperwork during the other work days.”
I’d be surprised if this is entirely true. Most primary care docs I know are swamped with paperwork, charting, patient phone calls, and lab/result follow ups. They spend as much time doing that uncompensated stuff as actually seeing patients. But it is a very good thing that they give her a day to catch up on this stuff!.. most of the primary care docs I know have to complete most of that at home after putting their kids to bed or on the weekends.
Last I checked the NYTimes calculator was a bit outdated with the new tax law. You can still make the calculator work but may have to negate some of the tax benefits associated with deducting mortgage interest and property tax.
You should not need to max out the 19k in the tsp to get your full 5% match at the VA. Can’t you get the full match at both institutions? Why do you have to figure out which match is better?
No. Good grief. If this is the way medical care is going maybe we’ll hold off on having that second kid. Are respiratory therapists competent to handle this? b/c that’s all that was present during our daughter’s birth with meconium.
The nation’s debt went up dramatically as a result of this tax law.
And red states by in large receive far more federal assistance:
Real estate depreciation. And then outright tax fraud – it isn’t a loophole but seems to get discovered frequently when extremely wealthy individuals get investigated for something else (ie manafort). Making me suspect that it’s fairly common and not frequently caught.
Or I guess they could try to close the loopholes that seem to allow many far wealthy than we are to pay nothing in taxes. Something strange is going on when my physician colleagues in Canada make more than I do but do not pay higher taxes.
Paid over 6 figures.
It fine b/c The only way to cut taxes is by cutting the biggest costs: Medicare, medicaid spending, which will undoubtedly first mean cuts to our reimbursement. (They never seem to want to negotiate down the crazy high costs of the meds). Either way we lose.
Or they could just keep borrowing debt to pay for
It and we can have our cake and eat it too.. until we can’t.
The way more and more physicians are becoming employed and increasing healthcare costs do not bode well for the future of our profession.March 10, 2019 at 2:07 pm MST in reply to: What Career besides medicine/dentistry would you recommend to your children? #197313