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

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  • Kamban
    commented on 's reply
    I lived in the UK for nearly 4 years. I liked what I did but the weather was awful. Beautiful country for its size but I love living in SE USA much more. I had opportunities to emigrate / settle in New Zealand or Switzerland but having visited those countries I am glad I decided on USA. People who have always lived here sometimes don't realize how good this country is.

  • Kamban
    commented on 's reply
    @hightower

    I enjoy my work. I work only 25 hours or less per week. I take home 1/3 what I would make as a full time subspeciualist in my field but I love doing what I do that the money does not matte much.

  • DDSonFIRE
    replied
    25 Million.... sounds nice. lowers that SWR

    It wouldn't change my current plans for retirement, but I would definitely start the search for the right dds to come in, buy, and take over my practice and take care of my patients now instead of my planned 5 yrs from now.

    Dentistry has undeniably been good to me, but it's not my top passion, and buying an ownership stake of a practice currently run by dds in their prime would be an amazing opportunity for a young, motivated doc. I would have been glad to have found that myself, and would be glad to provide it.

    Summer's on the lake skiing the course, trick, wakeboarding, barefoot, jump, show, pontoon evenings, kayaking with wife, etc. Winter's for woodworking, DIY remodeling, travel, skiing, etc. Books, beer league soccer, travel and spend time with parents/inlaws before they get too old, and above all spend more time with kids and help the reach independence. And so much more. Man, I can't wait.

    Leave a comment:


  • AR
    replied
    Originally posted by afan View Post
    Chubb will happily sell you umbrella insurance for far more than $10M. Probably need to have your home and auto with them to get it. Not the cheapest company but they aggressively target high networth customers. $10M in umbrella would not be a particularly large policy.

    I agree that a larger umbrella policy would be part of the mix. They are too cheap to worry about.
    Thanks. Never looked at them (or even heard of them). I'll check it out.

    Leave a comment:


  • HikingDO
    replied
    Originally posted by AR View Post
    I wonder how many folks with 25 million who would stop practicing would also stop driving completely. For the exact same reasons it would make zero sense to drive a car.
    I’d definitely keep driving while quitting medicine. Driving is fun, medicine is not.

    Leave a comment:


  • afan
    replied
    Chubb will happily sell you umbrella insurance for far more than $10M. Probably need to have your home and auto with them to get it. Not the cheapest company but they aggressively target high networth customers. $10M in umbrella would not be a particularly large policy.

    I agree that a larger umbrella policy would be part of the mix. They are too cheap to worry about.

    Leave a comment:


  • Hatton
    replied
    At 25 million it might be time to investigate one of these companies like net jets.

    Leave a comment:


  • AR
    replied
    Originally posted by Zaphod View Post

    You can get 5 million no questions asked and for slightly more hassle you can get more, or at least this is what I was told. Yes, we get sued a lot (top 3-5 usually), luckily we have the most disparate sued/loss ratio, but it definitely makes for an annoying and stressful practice.
    I've already tried the "slightly more hassle" and no dice. If anyone reading this has 10 million, please let me know how you got it.

    Leave a comment:


  • Tyche
    commented on 's reply
    Or at least Canada...

  • Zaphod
    replied
    Originally posted by AR View Post

    Cheaper is not really an issue if you have 25 million and you enjoy practicing. I also think this is very specialty dependent. I'm guessing you're probably in one of the worst specialties for cost of malpractice.

    Can you really get more than 5 million on the car insurance? That's what I've got with my umbrella and I don't know of anyone who will sell me 10 million, do you?

    5 million is more than the typical malpractice policy, but not enough that it should change the decision much.
    You can get 5 million no questions asked and for slightly more hassle you can get more, or at least this is what I was told. Yes, we get sued a lot (top 3-5 usually), luckily we have the most disparate sued/loss ratio, but it definitely makes for an annoying and stressful practice.

    Leave a comment:


  • Tyche
    commented on 's reply
    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.

  • AR
    replied
    Originally posted by Zaphod View Post

    This can be insured to a greater degree for much much cheaper than malpractice.
    Cheaper is not really an issue if you have 25 million and you enjoy practicing. I also think this is very specialty dependent. I'm guessing you're probably in one of the worst specialties for cost of malpractice.

    Can you really get more than 5 million on the car insurance? That's what I've got with my umbrella and I don't know of anyone who will sell me 10 million, do you?

    5 million is more than the typical malpractice policy, but not enough that it should change the decision much.

    Leave a comment:


  • EntrepreneurMD
    replied
    Originally posted by artemis View Post

    Most people are not free. They have responsibilities to family and loved ones that they simply can't walk away from. Once you have financial responsibility to others, the calculus inevitably changes.
    It's not about freedom from responsibilities, it's about freedom to fulfill responsibilities. Following your passions in life leads to better financial outcomes because your heart is in it for all the right reasons. No burnout, unhappiness or regrets. One can reap the rewards of good decisions made decades ago, or struggle the consequences of bad decisions made decades ago. Likewise, the decisions made today will have major impact on the coming decades.

    I wanted initially to be a specialist in a very narrow field. That's what my brain said, but not where my calling was. I became a PCP and likely would not have been this personally fulfilled or financially successful as a specialist given my personality. I have freed myself to use hospitalists, to employ others for day to day patient visits, to manage my property and business, etc.

    To the contrary, I am there for my family more, achieved financial security to where a monetary windfall or lack thereof would not dictate my life's direction, take multiple vacations every year, want for essentially nothing other than the needs of family/friends/employees/patients, as you have prioritized. I was not always in this position, but committed myself to getting here. I do not view satisfying one's personal desires and wants as freedom, that would make me feel selfish and empty - freedom from responsibility is not a real freedom.

    Wish you well.

    Leave a comment:


  • Zaphod
    replied
    Originally posted by AR View Post
    I wonder how many folks with 25 million who would stop practicing would also stop driving completely. For the exact same reasons it would make zero sense to drive a car.
    This can be insured to a greater degree for much much cheaper than malpractice.

    Leave a comment:


  • Zaphod
    replied
    Originally posted by AR View Post

    So what was the business?
    I still think it could be done really, theyre just one company among many and there is no clear winner yet. It was basically making a better bra since theyre so terrible. Still think some of the sizing/fitting issues my ideas were better than theirs which makes sense given all my breast surgery experience, although them using photos/apps is likely more fun/engaging for the buyer.

    Leave a comment:

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