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  • #16
    Congratulations on your remarkable success! We don't know what your annual spending is, so we can't tell if you are financially independent yet (which at your age I would take to be spending no more than 3% of 5.5 million). But let's assume that you are FI. It also seems like you enjoy work.
    This is a great place to be! Many people seem to retire from a job they don't like, then try to create something else to give them meaning (a sense of purpose, a way to demonstrate mastery of a task, a social connection, a feeling that what you do is important). If you can get all that from professional work, then keep at it! WCI (I believe) is still working despite likely no longer needing to. If there are parts of your job that you don't like, try to find a way to fix that. On the other hand, Physician on Fire stopped working (as an anesthesiologist) once he was convinced he was FI.
    But you asked what financial goals you should have. Here are some suggestions (based in part on things I have done).
    First, make sure that you are FI.
    Then consider some other ways to spend your money.
    Loosen the purse strings (i.e. spend more money on things you want to do or have).
    Pay people to do things you don't want to do (housework, yardwork, cooking, cleaning, etc).
    Set up trusts for your children and fund them. You can put restrictions on when and how they access the money if you want.
    Do you have other family members who could use assistance? Elderly relatives who need help? Young relatives going into debt for education? Help them. It will feel great.
    Are there charities you want to support? There's a lot of things wrong with the world that money can help. You can donate your time as well (as an anesthesiologist or otherwise).
    Are there public policies you would like to see changed? Find politicians who favor causes you support, who have a chance of flipping a contested seat, and give them money. They will be very grateful for relatively small sums, and you will be able to meet and talk with them if you like.

    Comment


    • #17
      If there is any charitable goals for your future, even if you already have that "covered", they could always use more. That's where I am approaching.

      Or with any extra "play money", dabble in day trading.
      $1 saved = >$1 earned. ✓

      Comment


      • #18
        Originally posted by fatlittlepig View Post
        The obvious next goal is to have the NW odometer roll over adding a new digit
        Why? Who cares?

        Comment


        • #19
          Originally posted by dayman View Post

          Why? Who cares?
          he’s happy with how things are going and wants a goal so I gave him a goal.

          Comment


          • #20
            I would suggest a goal of figuring out how to make your children financially independent without spoiling them in the process. Maybe some sort of trust fund which kicks out a basic income every year for the rest of their lives.

            Comment


            • #21
              How far away would the beach house be? We bought a cabin that's 2 hours from our house and it's such an easy distance, we're up here constantly. It's such a nice getaway and change of pace and we definitely spend more time together as a family, which is the big reason I wanted it. So you might think harder on the beach house depending on how far away it would be.

              The thing I plan to do once we are in your shoes ( or at least have the house paid off and 529s fully funded) is to significantly increase charitable giving. So that's what I'd look in to..

              But strong work on getting to where you are!

              Comment


              • #22
                Find a non financial goal, i recently had a thread on this same first world problem.

                Comment


                • #23
                  You could hope that the stock market has a big correction and cuts your net worth in half.

                  Comment


                  • #24
                    You really have a few choices.

                    You could continue on the same path. You seem to be enjoying your life and career and this would be a reasonable choice. You would be kicking the can down the road for future you to figure out but you leave a lot of doors open.

                    You could ramp up spending or charity if you prefer.

                    You could cut back on work.

                    I would probably take option one if I were in your shoes. I would make an effort to find some hobbies or join some causes that you feel strongly for or help your community. Become a School board member, run for public office, take a class, teach a class, join a book club, coach a sport, anything. You are in the unique position to be able to make a massive life change without financial ramifications. See what tickles your fancy.

                    Good luck. Great problem to have. Hope I have the same trouble someday.

                    Comment


                    • #25
                      I am not near your numbers yet but my wife cut down to 0.5 FTE. Happiest she has ever been. I don’t do well with idle time, having grown up poor and being an immigrant. I’ll golf a couple of days but then I feel like I need to get back grinding.

                      But yea, the wife like her job as much as you do?

                      Comment


                      • #26
                        Originally posted by TheDangerZone View Post
                        43yo dual physician household with a NW approaching 7MM. Congratulations on your success. I am about 10 years behind you, and hope to follow a similar blue print. Doubt we will have another longest bull market of all time to buoy my sails any time soon but that’s okay.

                        I enjoy reading these posts because they give me perspective on how I might eventually pull the trigger on early retirement someday.

                        You say you might wait on one of your friends to follow suit, I have thought about working until after my senior partners retire. They are 15-20 years older, hard workers and recruited me so it would seem almost like a betrayal if I retired before they did.
                        I hear you on this...but actually, its my second job in anesthesia and I've put some pretty good amount of blood/sweat/tears in there already that I truly don't think anyone would begrudge me. But, the plan isn't to call it quits before the little ones are through college...its more of where to repurpose our financial and behavioral goals.

                        Comment


                        • #27
                          Originally posted by doctorbone View Post
                          In a similar situation at age 42. I’m planning to work another 2-3 years in my current PP and then maybe go work at the VA. It would be fun to teach residents but also serve our veterans.
                          Awesome plan....giving back in a teaching role is quite noble once/before you have reached most/all of your goals. Kudos

                          Comment


                          • #28
                            Originally posted by fatlittlepig View Post
                            The obvious next goal is to have the NW odometer roll over adding a new digit
                            True...just not a real goal as much as something that just happens as we all chug away. But nice to watch the numbers rise rather than fall.

                            Comment


                            • #29
                              Originally posted by HiCOLAdoc View Post
                              Congratulations on your remarkable success! We don't know what your annual spending is, so we can't tell if you are financially independent yet (which at your age I would take to be spending no more than 3% of 5.5 million). But let's assume that you are FI. It also seems like you enjoy work.
                              This is a great place to be! Many people seem to retire from a job they don't like, then try to create something else to give them meaning (a sense of purpose, a way to demonstrate mastery of a task, a social connection, a feeling that what you do is important). If you can get all that from professional work, then keep at it! WCI (I believe) is still working despite likely no longer needing to. If there are parts of your job that you don't like, try to find a way to fix that. On the other hand, Physician on Fire stopped working (as an anesthesiologist) once he was convinced he was FI.
                              But you asked what financial goals you should have. Here are some suggestions (based in part on things I have done).
                              First, make sure that you are FI.
                              Then consider some other ways to spend your money.
                              Loosen the purse strings (i.e. spend more money on things you want to do or have).
                              Pay people to do things you don't want to do (housework, yardwork, cooking, cleaning, etc).
                              Set up trusts for your children and fund them. You can put restrictions on when and how they access the money if you want.
                              Do you have other family members who could use assistance? Elderly relatives who need help? Young relatives going into debt for education? Help them. It will feel great.
                              Are there charities you want to support? There's a lot of things wrong with the world that money can help. You can donate your time as well (as an anesthesiologist or otherwise).
                              Are there public policies you would like to see changed? Find politicians who favor causes you support, who have a chance of flipping a contested seat, and give them money. They will be very grateful for relatively small sums, and you will be able to meet and talk with them if you like.
                              These are all great suggestions and thanks for the perspective. Loosening of purse strings has occurred as the number approached and feel good to not force myself to wait to get a new guitar or go to a nice dinner. Increasing my financial charity to my Church is a goal for 2021. Family members seem to want to help us more than us help them....but we have an eye on their future and health for sure. And Trusts are something we think we are waiting a little longer to establish. We do have pretty tidy Wills set up that hopefully won't be needed for a while.

                              Comment


                              • #30
                                Originally posted by Cubicle View Post
                                If there is any charitable goals for your future, even if you already have that "covered", they could always use more. That's where I am approaching.

                                Or with any extra "play money", dabble in day trading.
                                Ha...yep...began dabbling in day trading during the pandemic (as did everyone else, it seems). Did pretty well and it continues to be a fun thing to do with a little funny money. Same with Crypto.

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