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Taxes are about 4k. Maintenance is around 10k annually.
ENT Doc, I’m not yet ready to retire. But, if I could get rid of my debt, I think I could then cover my expenses, even if my cut my salary in half. Right now, I’m categorized as part time. But, that’s not enough to cover all my expenses. So, I end up stressing looking for extra shifts to pick up. Having evaluated the other options in the area, my current employer is the best local option. With kids in school, my spouse’s job, and a moderate cost of living, relocating now is not a great option. I’ve just been trying to find other options to give me more financial freedom.July 23, 2019 at 9:44 am MST in reply to: What mortgage difference makes downsizing worth it? #232871Liked by ENT Doc
DCdoc, you’re right. The house was slightly over 400k. The absolute max I think I could decrease without ending up in a condo would be about 90-100k.July 23, 2019 at 9:17 am MST in reply to: What mortgage difference makes downsizing worth it? #232855
Thanks for the advice.
Lordosis, I became interested in FIRE about 2 years ago. I’ve made many changes. I could make more, but most of the additional changes that would speed things up would have a significant negative impact on my quality of life. Not too pricey distractions sound like the way to go for now.
Rogue Dad, you’re right. I hadn’t imagined that there would be no job options 7 months in. I thought we had given ourselves a good amount of cushion with our benefits being covered from 15 months from the time he would start his job search.
I’m not sure if I can go back full time. For my place, obtaining benefits is dependent on working a minimum number of hours for a 12 month period. I’m EM so there is a possibility (although painful) of picking up all the open shifts to try to reach that number. However, with new hires coming soon and already being below the average monthly hours required by a substantial amount, there is a possibility that I wouldn’t make the necessary hours in time for the tally.
The reason we are discussing moving is because I am unsure how the job opportunities will be different for him in the near future. We live in a smaller area without as many businesses, making his job search harder. He’s only had one interview in 7 months. Those facts make me nervous that the situation will essentially be the same in another 7 months. There’s a lot of turnover in the world of EM, I could probably find a job almost anywhere. But, I like my current job, and it seems more stable than most. There is no guarantee that I would find a similar setup if we move.
At this time, there does seem to be more stability in academics. I’m not sure how much that will change with CMGs becoming more involved in academics with residency based departments, etc. The uncertainty and instability in the field helps fuel my motivation for FI. On the bad days, it feels like a race against time….
The nature of EM contracts seems so transient that I feel many EM docs are at risk of having to face a similar issue. When my 1st job out of residency soured, I moved my family to another area. I researched well to make sure that there were plenty of diverse employment options. I’ve now been in the new area for 5 years. Over that time period, the local EM environment has changed significantly enough that I would have no good choices if my current job goes south. My spouse and I have discussed this situation multiple times. If things change, I would be nervous to move again. Continuing to move for “that good job” when it seems almost inevitable that the job will change significantly over the next 5-10 years is hard to stomach. But, the idea of long term locums is not desirable either.
Your situation is definitely more challenging with no options in the entire state. I’m sorry you are in this position. Good luck finding a solution that works for you and your family.
Wow. $1600 for 4 sessions. I figured a physician career coach would come at a premium cost, but that is much higher than I imagined. Lithium, your question regarding the nature of coaching is a good one. For $400/hour, I would definitely be interested in the possibility of self guided learning. However, I could see a good coach assisting with the motivation/inspiration to make changes that you already know you need to make intellectually. Also, if the coach has experience, the foresight that comes with having guided multiple prior clients may be valuable.
Vagabond, thanks for your offer. I will send you a message.