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When does time become the limiting reagent?

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  • #16
    Originally posted by familydocPA View Post

    It's posts like this that make me think I'm not crazy when I think about making changes sooner than later to live life to the max right now. So much about medicine and personal finance is about delayed gratification, but to what end? I'm only 35 but have a NW of $1.5M so it's tempting to just "power through" 5-10 years to reach financial independence.

    For me the challenge is untangling the wisdom in this approach from the feelings of burnout... I'm starting TPP coaching next week.
    I feel like people use the fear of terrible events too go with the you only live once mentality. And usually that's to justify spending more saving less because tomorrow may never come.

    The way I think about it is I am living life the way I am happy to right now. Could I be spending more? absolutely! What it really bring me any more happiness? Probably not. Could I work less and spend more time with my family? Absolutely. But what I rather do that now or a few years from now? I personally think that in a few years from now it would be more advantageous for me to back down on work a little bit to spend more family time. My kids will be older and will be more than I can do with them. And it also allows me to maximize these early years to secure my finances.

    This way when the opportunity comes to coach a sport, volunteer at the school, or just pursue common interests with my children I will be able to afford the time to do so.

    ​​​​​Money equals time. However money now buys more time later. You just need to know when to start the scale back otherwise you might miss too much.

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    • #17
      Originally posted by Lordosis View Post

      I feel like people use the fear of terrible events too go with the you only live once mentality. And usually that's to justify spending more saving less because tomorrow may never come.

      The way I think about it is I am living life the way I am happy to right now. Could I be spending more? absolutely! What it really bring me any more happiness? Probably not. Could I work less and spend more time with my family? Absolutely. But what I rather do that now or a few years from now? I personally think that in a few years from now it would be more advantageous for me to back down on work a little bit to spend more family time. My kids will be older and will be more than I can do with them. And it also allows me to maximize these early years to secure my finances.

      This way when the opportunity comes to coach a sport, volunteer at the school, or just pursue common interests with my children I will be able to afford the time to do so.

      ​​​​​Money equals time. However money now buys more time later. You just need to know when to start the scale back otherwise you might miss too much.
      That's the challenge, Lordosis - I feel like most people go too far with this mentality (YOLO), but some (especially on this board and others like Bogleheads) will forever defer today. I'm not talking about going crazy - I'm talking about looking at everything as "opportunity cost" to no end.

      Money is a tool, and having it doesn't mean we've mastered it. Often those that have it, have actually been mastered by it.

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      • #18
        Originally posted by familydocPA View Post

        That's the challenge, Lordosis - I feel like most people go too far with this mentality (YOLO), but some (especially on this board and others like Bogleheads) will forever defer today. I'm not talking about going crazy - I'm talking about looking at everything as "opportunity cost" to no end.

        Money is a tool, and having it doesn't mean we've mastered it. Often those that have it, have actually been mastered by it.
        I can say from my experience its a balance. Since I started med school late, I was only an attending for 1 year before my wife got diagnosed (with a projected <1 yr survival fwiw, shes almost at 5 years but struggling). We were always frugal, and even through her treatments we still saved 20% for retirement and paid off student loans etc. The difference is that we became more purposeful with our money (I will take expensive trips, and had to book many last minute due to taking vacation time for her scans etc), and I chose to slow down at work a little. So no more FIRE by 45 but more coastFI, and I'm still at my goal. I'm actually making more working 38 hrs/week than I was when I was working 60/week while trying to make partner at a horrible group. So I wont be a decamillionaire, but within a year I will be joining the 2 comma club barring a huge stock market crash (which if if happens may ironically make me a decamillionaire after the recovery ) It absolutely reinforced/gave me perspective on having "enough". Its a hard balance, I havent quite figured it out but I hope I'm doing well enough.

        Lordosis- just dont become like adam sandler in "Click". Or YOLO your way to the poorhouse. There is a balance somewhere

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        • #19
          Originally posted by Mazshax View Post

          I'm right there with you. My wife was diagnosed with cancer at age 28, less than a year before I finished training. It has obviously significantly changed my thoughts on the importance of money vs time.

          I wonder if stories like ours aren't more common than I appreciated.
          Im sorry to hear that. I hope all is well. I actually have a coworker with a similar story as us. It's quite sad that it happens. I hope you can find a balance.

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          • #20
            I have also found it hard to allow myself a certain level of being purposeful with my money to pursue things that are of benefit beyond that of padding the bank book. The PhD years were quite lean on the stipend I had, but for the area it worked out just fine with a roomie. I like the comments that money saved now is time later and that there is a blance between enjoying the fruits of one's hard work /savings but not going too far overboard.

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            • #21
              I knew early on that my favorite years would be the ones with little kids. Which is why I went part time right out of residency. It's much easier to work once my kids are in school. Thankfully we've always balanced living today with saving for tomorrow and should be able to retire early if we want, but I'm glad I've been around in the way that I've wanted at this stage of life.

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              • #22
                It was about 45 for me. More a function of capital than age though.
                Helping those who wear the white coat get a fair shake on Wall Street since 2011

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