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changing job just for money ?

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  • changing job just for money ?

    I am kind of at a cross road with my early career. Finished training 3.5 years ago and had been working very hard since then taking this forum mantra "work and live like a resident" deeply to heart by picking up extra call and working vacations ect. I had finished my student loans, paid off my house, cars and saved 2 mil in assets. Through my various locum side gigs, I had came across other private groups and many of them had offered me a job. One particular job offered caught my attention as the income potential is quite high and I am split as to if I should make a jump.
    1. Current job
      A partner in a fair democratic group and make between 550 to 600k a year, 75% MGMA. 13 weeks vacation, 45 to 50 hrs/week (including call), 6 weekend calls/year, 25 weekday calls per year with post call days off, small safe town, far from family. The job has a lot of nice intangible like good colleagues, good support staff, hospital is well equipped. I am happy for the most part here with the exception of being far from family and relatively lower income. This job tilt toward lifestyle over income.
    1. Prospective job
      Employee position with salary starting at 650 then 700 then 750k, 90% MGMA. 10 weeks of vacation. 42 weekday calls and 8 weekend calls per year. I can choose to work addition 4 weekend to bring my compensation to 800k a year. If I were to locum my vacations additionally it is not unimaginable to hit 1 million salary at this job. Normal work week hours including call range consistently from 60 to 70 hrs/week. Hospitals is not well staffed or supported as my current job. The staff and colleagues are nice though and I am well liked by people there. Town is more metropolitan and 1 hr. closer to family. And I like the guaranteed high salary. Obviously job tilt income at expense of lifestyle.

    If I was looking at these choices in residency, I would no doubt have chosen option 2 to work and crank it out for 5 years then slow down. But the choice is more difficult now at my current career as I have less of a financial burden and a decent nest egg and made partner already. Does any of the folks who have lived longer and are wiser have any advice as to what to do in this situation? Would you say “go for it … make that hay while there is sun” or “stay …enjoy your life ...money isn’t everything?” Impart me your wisdoms …..

  • #2
    Great post, and a situation that many people find themselves in after 3-5 years. A few details you left out that I'd like to know include your specialty, family situation and future income potential at current job.

    First my opinion: probably stick with your current job. It sounds great.

    Second, my unsolicited advice. You have done a great job saving and now make a very good income and can essentially "coast" for the next 20-30 years. Although you didn't share your personal family/kids situation, it's quite common for your perspective on money to change in the next 2-3 years. The thought of working a few extra weekends and losing 3 weeks of vacation just to make a few extra hundred thousand dollars (that you don't need) might not sound so great. Yes, the money is nice. But kids are only young once (as are you!). Again - I don't even know if you have kids.

    Being an hour closer to family *might* be valuable, especially if it involves better childcare from parents/in-laws. That would be a relevant factor.

    Lastly, I'm curious if you have future income potential in your current job that you are not considering. You are currently a partner in a practice and considering going to an employed position. Those are very different. As a partner, are there other ownership opportunities? Surgery center? Real estate? Other ancillaries? Perhaps some other income including taking call at other hospitals? Staffing other clinics? Med-legal work? In other words - most specialists in the range of $750-800k MGMA can typically supplement their income by $200-300k pretty easily in a variety of different ways.

    My suspicion is that you can focus on your current situation, look for some other avenues to generate income (if desired), and most importantly have the option to do that under your YOUR TERMS. The biggest issue I see with switching is becoming an employee and losing the freedom/flexibility you have in life. You didn't work so hard these last few years to give that up. Rather the exact opposite: your frugality and discipline has bought you freedom and independence. Take it.

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    • #3
      Never choose employment/servitude in my opinion unless you have no other option. Screw those guys.

      Comment


      • #4
        "If I was looking at these choices in residency, I would no doubt have chosen option 2 to work and crank it out for 5 years then slow down."

        Well, what is your exit plan? Comp, job, location. I doubt one hour less seeing family will make much of a difference. You will be busting tail all the time. My guess is once you are employed, the money will seem like the candy and you will lose your taste for it before 5 years.

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        • #5
          Originally posted by x10694 View Post
          [FONT=Calibri]Finished training 3.5 years ago and had been working very hard since then taking this forum mantra "work and live like a resident" deeply to heart by picking up extra call and working vacations ect. I had finished my student loans, paid off my house, cars and saved 2 mil in assets.
          Holy crap even for this forum nice work!
          Now stop living like a resident and stop working so much..
          I would stay with current job. 13 weeks vacation ?!? (use them for vacation)
          Caveat: depends on spouse if you have one

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          • #6
            Hour for hour, job #1 pays better. 70 hours per week is burnout hours.

            Comment


            • #7
              You barely need to work at all at this point so I certainly wouldn't make salary the top criteria when choosing between jobs. I prefer the control of ownership. It usually comes with more income, but apparently not in your case. Maybe if you adjust for hours worked though.
              Helping those who wear the white coat get a fair shake on Wall Street since 2011

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              • #8
                I agree with others I would choose to stay at your current job. Less work load, better support and ownership are huge positives for long term job satisfaction. When I first started out I had the choice of an employee position in a group that didn't want another partner vs one that paid considerably less but solid partnership track. I chose the partnership job and didn't regret it. The guy that took the other job lasted 2 yrs and left.

                Comment


                • #9
                  I'd always choose lifestyle over income (assuming income was sufficient for both choices) but I'm a work less kinda guy.

                  Comment


                  • #10
                    Stay where you are. The working conditions sound good. What good is money if you burnout. Your call schedule is unbelievable.

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                    • #11
                      There's no amount of money that would make me want to work 60 hours a week so . . . Job #1. Actually in your shoes I'd be looking for part time options.

                      Comment


                      • #12
                        It looks like if you worked comparable hours at Job 1 then you'd make more than Job 2 so I'm not sure why you'd consider switching.

                        Comment


                        • #13
                          What do you want money for (in general)?

                          Most people will say to buy a house, nice things, experiences, and time to do what they want. Some people just want to use it to "keep score." What is it for you?

                          Will job #2 provide you with more of the first three? How much more?
                          Is there a number where you wouldn't work anymore?

                          Lastly: How long could you last in job #2 without burning out? What about job #1? Does that lead to a difference in lifetime income?

                          Comment


                          • #14
                            job1, unless there is something else about the job you arent telling us. Why go for more money when you dont need it, at the expense of more hours, more call, less vacation, less weekends free? The second job sounds like its set up for burnout. Jobs can literally not pay me enough to take call anymore. At some point you'll need to figure out what is your definition/terms of having "enough".

                            Comment


                            • #15
                              Originally posted by EastBayHand View Post
                              Great post, and a situation that many people find themselves in after 3-5 years. A few details you left out that I'd like to know include your specialty, family situation and future income potential at current job.

                              First my opinion: probably stick with your current job. It sounds great.

                              Second, my unsolicited advice. You have done a great job saving and now make a very good income and can essentially "coast" for the next 20-30 years. Although you didn't share your personal family/kids situation, it's quite common for your perspective on money to change in the next 2-3 years. The thought of working a few extra weekends and losing 3 weeks of vacation just to make a few extra hundred thousand dollars (that you don't need) might not sound so great. Yes, the money is nice. But kids are only young once (as are you!). Again - I don't even know if you have kids.

                              Being an hour closer to family *might* be valuable, especially if it involves better childcare from parents/in-laws. That would be a relevant factor.

                              Lastly, I'm curious if you have future income potential in your current job that you are not considering. You are currently a partner in a practice and considering going to an employed position. Those are very different. As a partner, are there other ownership opportunities? Surgery center? Real estate? Other ancillaries? Perhaps some other income including taking call at other hospitals? Staffing other clinics? Med-legal work? In other words - most specialists in the range of $750-800k MGMA can typically supplement their income by $200-300k pretty easily in a variety of different ways.

                              My suspicion is that you can focus on your current situation, look for some other avenues to generate income (if desired), and most importantly have the option to do that under your YOUR TERMS. The biggest issue I see with switching is becoming an employee and losing the freedom/flexibility you have in life. You didn't work so hard these last few years to give that up. Rather the exact opposite: your frugality and discipline has bought you freedom and independence. Take it.
                              Thank you for your thoughts. I have a 2 years old daughter, and work in a non surgical field. My future income at this job is for the most part pretty stable. I don't see it going up much further but the opposite scenario is very possible with declining reimbursements. Also there are not other type of opportunities like you mention. The only scenario of a payout is if a PE buy out my group, even then I don't see my partners selling for it. So short answer for other opportunities for income via partnership is no.
                              Right now I am in work hard mode mentally and don't mind the hours for more money but I am also afraid that I will regret it in the future for missing out time with family ... hence this post.
                              Last edited by x10694; 01-05-2022, 06:24 PM.

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