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Would you practice if you had a $25 million windfall?

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  • #16
    $25 million? I’d quit practicing medicine 5 minutes ago for 10% of that

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    • #17
      I currently like my job, so I would switch to part time or locums there.

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      • #18
        No. I would be out of there so fast the door wouldn’t have a chance to hit me on the way out.

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        • #19
          Originally posted by HikingDO View Post
          $25 million? I’d quit practicing medicine 5 minutes ago for 10% of that
          I'm with ya if 20%.

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          • #20
            Originally posted by The White Coat Investor View Post

            So far the answer is yes, but I do think about it especially when there is a less than ideal outcome.

            https://www.whitecoatinvestor.com/my...th-a-windfall/

            But I am half-time and not working at night when the hospital provides less support and the patient population is.....different. That likely limits liability. If I were in a job where I was being pushed to work faster than is safe I would probably feel differently too.

            I also had a partner who punched out on the advice of his advisor or attorney after selling his company. It would be malpractice not to advise me to do the same at this point. But life is risky....

            Maybe I should go buy a big WL policy. They get pretty good protection in my state. But the fact remains that I now have more to lose from practicing medicine than I will ever make from it.


            In my state, the hospital is on the hook through "vicarious liability" for any patient treated by a doc that was supplied by the hospital, as in an ER doc, a hospitalist, an anesthesiologist, a radiologist, or an intensivist. So in my state, WCI would not be exposed to a risk beyond his malpractice limits.

            I continue to practice despite my theoretical exposure being more than an order of magnitude greater than my malpractice insurance limits. It would be a shame to quit doing what I continue to enjoy.

            Why does Elon Musk or Jeff Bezos go to work every day? It isn't a need to pay the mortgage, yet they continue to work.

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            • #21
              Originally posted by White.Beard.Doc View Post



              In my state, the hospital is on the hook through "vicarious liability" for any patient treated by a doc that was supplied by the hospital, as in an ER doc, a hospitalist, an anesthesiologist, a radiologist, or an intensivist. So in my state, WCI would not be exposed to a risk beyond his malpractice limits.

              I continue to practice despite my theoretical exposure being more than an order of magnitude greater than my malpractice insurance limits. It would be a shame to quit doing what I continue to enjoy.

              Why does Elon Musk or Jeff Bezos go to work every day? It isn't a need to pay the mortgage, yet they continue to work.
              Elon Musk and Jeff Bezos goto work because they find meaning and purpose in the work they do. It’s quite unfortunate that physicians have lost that in the work they do (as demonstrated in these replies).

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              • #22
                I’d practice sleeping, practice cooking, practice my hobbies, etc. but medicine wouldn’t be one of the things I’d practice.

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                • #23
                  Resident opinion so maybe this will change in a couple years. Would keep working but only a few days a month...

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                  • #24
                    I’m a dentist, but I would say 25M would be enough for me to go ahead and hang up the bird-beak pliers and focus on my golf game and traveling. Less than 10M in after-tax windfall and I would probably keep working part-time because I enjoy what I do and because I have a goal to reach at least 10M of invested assets. As an orthodontist my liability exposure is quite low.

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                    • #25
                      Originally posted by whitecoatinvestoruser View Post

                      Elon Musk and Jeff Bezos goto work because they find meaning and purpose in the work they do. It’s quite unfortunate that physicians have lost that in the work they do (as demonstrated in these replies).
                      Yes, that is unfortunate. I currently have the luxury of continuing my work as a physician on terms that I enjoy, part time, and the part time aspect makes it low stress.

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                      • #26
                        H$LLno

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                        • radnater
                          radnater commented
                          Editing a comment
                          I've laughed for like 3 minutes at this...
                          Easily amused I guess

                      • #27
                        I'd probably just be part time, if I could pay for enough malpractice coverage to cover my 25 million dollar windfall. Maybe I'd join an academic center and just tell the chairperson what I would and not be willing to do. I do like rounding in the hospitals. I would easily give up any clinic or weekend time. I don't know if the facebook founder's wife still practices pediatrics, but that is a pretty big target on your back if you have that much money and are still practicing medicine. I don't want to work as a hobby just to enrich some stupid malpractice attorney. I wouldn't just sit around at home everyday or treat everyday like a vacation day. I think that would get pretty old pretty quickly. That's why these lottery winners end up less happy then before they won the lottery, when you don't have a real reason to go to work everyday, you loose a lot of your purpose in life. That's why the original matrix didn't work, people need some degree of struggle and adversity to keep going rather they realize it or not.

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                        • #28
                          For those that answered "no":

                          If it's not your passion, why are you practicing medicine instead of doing something else? Sad.

                          I plan to work right thru the $25M point and beyond. Never correlated retirement to any number.

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                          • Peds
                            Peds commented
                            Editing a comment
                            Who said it was not a passion?
                            One can have multiple items they can do.
                            Sad to think you can only be MD or bust....

                          • hightower
                            hightower commented
                            Editing a comment
                            I didn't know medicine wasn't my passion until I was already through college, med school, and residency. Once you're that heavily invested in a career and you're 260k in debt to it, you don't really have a choice but to keep working. Even now that my loans are gone, we're still financially dependent on my income, so I can't just walk away without a very solid alternative in place. If I could find something to do that I am passionate about and would at least be able to pay the bills, I'd quit in a heartbeat. Believe me, my eyes and ears are wide open looking for opportunities to do just that. It's a lot easier said than done though. It is sad, but that's life. Not everyone gets it right the first time around. I made the decision to go to med school when I was like 18 or 19 years old. I didn't know anything about myself back then and I didn't realize all this until I was in my 30s. I know myself a lot better now though, so I'm thankful for that. And I'm thankful the career I choose at least pays well enough that I could have the option to retire relatively soon-ish.

                          • Tyche
                            Tyche commented
                            Editing a comment
                            I'll speak to this. My career began in elementary school. I started getting paid for my work around age 10. I know I am not alone when I say for many people who went into their passion as a profession, the day comes when it is WORK, and work you might not want to do. Even more so for physicians, who unlike, say, golfers, can't practice their craft before training and becoming a professional. Physicians are betting they will like their field or their specialty. My passion was just that, my passion, and unfortunately it became work and then somewhat of a burden. If you're in a highly substantive field it can be hard to switch from that to something less meaningful. You are dubious that will be more fulfilling than what you're doing in the current moment. And then there's the whole fact of starting over. Once you spend years becoming a professional and at least moderately adept at your work the thought of starting back at square one on a hunch that you'll be more happy or more fulfilled is quite a risk. And then there's all the practical implications hightower mentioned. For me, however, the problem is I'm doing what I've always done and I surely wouldn't trade it for some desk job that allows me to cruise social media all day. Thanks to my husband's income I don't HAVE to work, but even then if I make the switch it will be a careful, thought out move.

                        • #29
                          Originally posted by EntrepreneurMD View Post
                          For those that answered "no":

                          If it's not your passion, why are you practicing medicine instead of doing something else? Sad.

                          I plan to work right thru the $25M point and beyond. Never correlated retirement to any number.
                          It's all relative. I only have so many hours in my day. I enjoy medicine and still need to make money so I continue to work. If I was in the position that I didn't have to work, there's other things I'd rather do with my hours. Even if I was a professional athlete making millions, there would still be an amount that would make me retire and do other things. In short, questioning people's passion for medicine who answered "no" is ridiculous...but you knew that.

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                          • #30
                            I hung up clinical 5 years ago at much less than that though I was looking at the numbers today figuring how long it would take to get there! No regrets. Do the things I enjoy the most and would do for free. Teaching mainly.

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