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At what net worth would you work less?

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  • #16
    Originally posted by BryanMD View Post

    Wait, back in the old days was before your mid 30s?
    This is my 7th year out so I was talking very early on in my career. The way things are going this could very well be mid-career for me.

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    • #17
      Does anyone else have a hard time envisioning cutting back? I go to several satellites. Cutting back means the other days are going to be busier and my really busy days are the ones I dread the most. I also wonder if a taste of more free time will make me dread my working days even more, accelerating burnout instead of extending my career. Cutting clinic is an option, but I take pride in being efficient and it seems like a waste to see fewer or leave early. I’m 4 years into practice and I like what I do a little bit less and less every year, even as the income continues to grow. I still like my job, but I can see now that I don’t want to be doing it for a lot longer than I have to.

      (Thank you for coming to my TED Talk)
      Last edited by TheDangerZone; 02-01-2022, 12:18 PM. Reason: Spelling

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      • #18
        I'm not sure that it is net worth driven, at least for me. The FIRE movement has raised social consciousness around the idea of dropping full time work to live some better life, but again I see nothing wrong with happily pursuing a career in research, medicine, innovation, etc. and enjoying every minute of it. At 61 I am starting to get a bit bored with my particular career path, which is my second full career, so I am thinking about another one that may or may not be paid. I'm sure being FI helps make that an easier decision. But I could have done it years ago and instead have generally taken on more, not less.

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        • #19
          Originally posted by JBME View Post
          work less can mean a lot of different things. Cutting back to .5 FTE is very different than cutting back to .9 FTE. Personally we're more about slow FI due to a combo of not wanting to retire with kids still in the house and enjoy life a bit more while our HH income is probably on the lower end of the scale here. That said, my wife has cut back to .9 FTE at $1.5m NW. If she feels there's still not enough balance, she'll cut back to .75 or .80 next year. NW won't factor into this but the goal is to be at $1.8-$1.9m in a year, and that's with her already cutting back 10%

          I did something similar to your wife, went from 4.5 days to 4 days a week. If markets are kind I may go to 3.5 days a week in 3-4 years. Working less than before is going to extend my ability to work longer, if desired, by preventing burn out.

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          • #20
            Perhaps stupidly, am considering taking on another side-gig.
            I did however encourage wife to cut back. But as TheDangerZone notes it's not always easily feasible depending on specialty. Her group needs to hire several more doctors and then maybe could manage it. Or go 50/50 with a partner.

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            • #21
              One of the terrific things about psychiatry private practice is that it is very amenable to cutting back. I anticipate going from 4 days a week to 6-10 hours a week in a year. But I’m 63 and I have a lot of other things I want to do. To me cutting back has to involve being afford to do so, but it’s motivated by wanting to do other things.
              My Youtube channel: https://www.youtube.com/channel/UCFF...MwBiAAKd5N8qPg

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              • #22
                Net worth was not a huge factor for me to cut back. It was more a combination of

                1. Improve my health. The spinner classes in the Y were offered in the afternoons.
                2. Watch my daughter grow up before it became too late.

                I initially cut my week to Fridays off, Then one afternoon off. Finally 3 afternoons. Now my only full working days are Tuesdays.

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                • #23
                  Originally posted by Kamban View Post
                  Net worth was not a huge factor for me to cut back. It was more a combination of

                  1. Improve my health. The spinner classes in the Y were offered in the afternoons.
                  2. Watch my daughter grow up before it became too late.

                  I initially cut my week to Fridays off, Then one afternoon off. Finally 3 afternoons. Now my only full working days are Tuesdays.

                  You are my hero.

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                  • #24
                    I cut from 1 to 0.75 FTE after accumulating 3m in assets.

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                    • #25
                      I am 12 year post residency. I am 0.5 FTE clinical for past 8 years. The rest 0.5 FTE is admin time. I chose this path not based on the net worth but based on what I want to do and where I want to spend my time

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                      • #26
                        Originally posted by Antares View Post
                        One of the terrific things about psychiatry private practice is that it is very amenable to cutting back. I anticipate going from 4 days a week to 6-10 hours a week in a year. But I’m 63 and I have a lot of other things I want to do. To me cutting back has to involve being afford to do so, but it’s motivated by wanting to do other things.
                        With this highly intelligent and financially astute group, there is a tendency to aspire to wealth. Wealth is not necessary to have a healthy and productive life.
                        It all comes down to actually accepting a work/life balance. For a "rich doctor" to maintain a large spend rate takes a lot of money. You are very fortunate to have that potential. But that does not have to be your choice. Unrealistic goals lead to the choice to keep working.
                        Fact: eventually you will leave medicine.
                        Social security was and is intended to eliminate the need to work until you drop. Be realistic and don't make stupid choices and make wise decisions you can live with.
                        Fact: eventually you will leave this life.
                        Self selection. Choose wisely.

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                        • #27
                          I have worked 4 days a week and one weekend a month since starting out. I haven't cut back per se, but I don't hustle for extra work like I used to (maybe around $2+$3 million?). I prefer to have an extremely full schedule 8-5 and that has been plenty of money.

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                          • #28
                            Early 50s, 2.6m in investments, net worth ~3.5m. DH (ER doc) has always worked minimum shifts to be full-time (12/mo) and I've been 80% to 90% FTE throughout my academic career. Trying to figure out the glide path now, probably start gliding and reducing more in ~3 years.

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                            • #29
                              Originally posted by huruta View Post
                              Early 50s, 2.6m in investments, net worth ~3.5m. DH (ER doc) has always worked minimum shifts to be full-time (12/mo) and I've been 80% to 90% FTE throughout my academic career. Trying to figure out the glide path now, probably start gliding and reducing more in ~3 years.
                              Is the choice based on stage of life or size of the savings (NW)?
                              I get the feeling NW is going to be whatever it is. Good for you.

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                              • #30
                                Net worth is but one factor that impacted my ability to cut back on my clinical career.

                                There are many other factors that go in to this and for me, these were/are the most important:
                                1) High income spouse - favors me working less
                                2) 2 children approaching college age (now in college) - favors me working more
                                3) Experienced burnout - favors me working less
                                4) Having a specialty than can be easily scaled (radiology) - favors me working less
                                5) Needing work to stay busy - favors me working more
                                6) Knowledge of an eventual inheritance - favors me working less
                                7) A relatively risk-averse equity allocation (65:35) and large cash position - favors me working more
                                8) No debt or second home - favors me working less
                                9) Increased interest in acquiring a second home - favors me working more
                                10) A partially dependent mother-in-law - favors me (gulp) working more
                                11) Net worth - above $6M favors working less, below $4M favors working more (or pick your own to suit your lifestyle and obligations)
                                12) Relatively unfrugal lifestyle - favorites me working more
                                13) Cutting my own hair - favors me working less

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