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

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  • #46
    So... very simply, if I had full financial freedom, what would I do with my time? What do I value? Where do I find meaning in this life, in this limited time I have been given to dwell on this earth?

    Life has its stages. As the savings continued to grow, as the mortgage got paid off and there were no more braces to pay for, or tuition bills to pay, the realization that work is becoming optional sort of washed over my brain. In a weird sort of way, this transformation in thinking hit me both slowly and suddenly, all at the same time.

    Part of the human condition is the need for a reason to get out of bed in the morning, and that “reason for being” leads to a higher level of fulfillment in life. If you are interested in an Eastern expression of this need for purpose, google the Japanese term “Ikegai”. It helps explain why many billionaires get up and go to work every morning.

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    • #47
      I said NO to the question. HaHa I am already retired. 25 million falling into my bank account would just lower my SWR.
      I feel for Wideopenspaces for wanting to quit because of a lawsuit. Been there.
      I understand WBD need for a reason to get out of bed.
      I am living the life I want now and working on new hobbies and making new friends. I am going to a Botanical Garden lecture this morning at 9AM on birding. If I was working I could not do this.

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      • #48
        part time.

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        • #49
          I would absolutely walk away.
          Last edited by Daville; 01-15-2020, 08:51 AM.

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          • #50
            Not a physician, but I would shift my practice to practicing travel, scuba diving and kiteboarding. But, would do lots of volunteer work to stay mentally engaged.

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            • #51
              Nope.
              I have a million hobbies etc. But I might find meaning in raising awareness of useless administrators and paperwork and how that needs to be crushed. That would be most enjoyable.

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              • #52
                Originally posted by djohnflatfeecfp View Post
                Not a physician, but I would shift my practice to practicing travel, scuba diving and kiteboarding. But, would do lots of volunteer work to stay mentally engaged.
                Kiteboarding is super fun. Like wakeboarding while driving the boat.
                Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                • #53
                  Originally posted by Hatton View Post
                  I said NO to the question. HaHa I am already retired. 25 million falling into my bank account would just lower my SWR.
                  I feel for Wideopenspaces for wanting to quit because of a lawsuit. Been there.
                  I understand WBD need for a reason to get out of bed.
                  I am living the life I want now and working on new hobbies and making new friends. I am going to a Botanical Garden lecture this morning at 9AM on birding. If I was working I could not do this.
                  How fun!! I love hearing about your post- working life:-)

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                  • #54
                    Originally posted by Hatton View Post
                    I am going to a Botanical Garden lecture this morning at 9AM on birding.
                    I don't even know if I want to google this...

                    "Oh look another bajillion point declin-Ooooh!!! A coupon for pizza!!!!" <--- This is what everyone's IPS should be. ✓✓✓

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                    • Hatton
                      Hatton commented
                      Editing a comment
                      A lecture about birds. Specifically lovely photographs of birds that can be seen in the local botanical gardens at different times of year.

                  • #55
                    I’m less than 6 months into being an attending, but I would absolutely quit my job for $25 million. My work is physically demanding as a sub-specialty surgeon, and I don’t get to choose my patients. I’d continue medicine via international mission work that allows me to teach residents in other countries part of the year. Otherwise I’d spend a lot of time with my spouse and infant and explore a lot of other things that I am interested in.

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                    • #56
                      I think there are two issues being discussed here with regards to the $25M windfall

                      1. Not liking job and / or having million other things to do - then quit the job.

                      2. Liking the job but worried about being sued because of the wealth - then try and keep your wealth quiet, have good malpractice insurance and also consult a estate attorney to place the assets in trusts where they cannot be pried out easily. Especially if there are other beneficiaries like your wife and children and your portion is not substantial enough to go beyond what the malpractice offers.

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                      • #57
                        Originally posted by Kamban View Post
                        I think there are two issues being discussed here with regards to the $25M windfall

                        1. Not liking job and / or having million other things to do - then quit the job.

                        2. Liking the job but worried about being sued because of the wealth - then try and keep your wealth quiet, have good malpractice insurance and also consult a estate attorney to place the assets in trusts where they cannot be pried out easily. Especially if there are other beneficiaries like your wife and children and your portion is not substantial enough to go beyond what the malpractice offers.
                        I agree. It seems as though there are mechanisms to protect assets (through for example higher malpractice insurance limits). I do find it sad though, that we have so many physicians who spent most of their youth toiling away at their specialty, who would gladly give it up if they had 25 million. I mean you only have one life to live, I wonder if most would have done something else if they could go back.

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                        • #58
                          Originally posted by Kamban View Post
                          2. Liking the job but worried about being sued because of the wealth...
                          I think most of us who mentioned being sued didn't do so in the context of losing the wealth; I know I mentioned it because being sued is hugely stressful from an emotional standpoint - and the odds of ever facing a civil lawsuit drop enormously once a physician retires from medicine.

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                          • #59
                            Yes, I would continue to practice, but completely under my own guidelines and in a very curtailed fashion (<<20 hours a week, mostly pro-bono and boutique cases, second opinion/review).

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                            • #60
                              Originally posted by whitecoatinvestoruser View Post

                              I agree. It seems as though there are mechanisms to protect assets (through for example higher malpractice insurance limits). I do find it sad though, that we have so many physicians who spent most of their youth toiling away at their specialty, who would gladly give it up if they had 25 million. I mean you only have one life to live, I wonder if most would have done something else if they could go back.
                              I would have chose a different path if I started with $25M. I am quite positive that I would not have gone to medical school. I might have been a science teacher. I always wanted to do that but was talked out of it because of poor pay and lack of jobs in areas desirable to me.
                              Sticking with it because I invested the time just seems like sunk cost fallacy to me.
                              I enjoy being a physician. Financial stability, open job market, helping people, reasonably respected job, long term relationships, intellectually stimulating... But I guess I never had that burning desire that some claim. I figured they were making it up.
                              There are also a lot of cons to this job that we did not know about ahead of time...

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