No announcement yet.


  • Filter
  • Time
  • Show
Clear All
new posts

  • Retirement

    What is retirement? - prompted by the comments about Mr. Money Moustache not really being retired.

    Background - My original career was accounting for about 5 years after completing formal education. I'm a graduate business school alum.  Wised up and went to Medical School.  Did residency and started private practice at age 35. Wised up again and returned to fellowship at age 43 - 45.  Had some luck in investments which allowed retirement from medicine at age 65.  I'm single.

    Early retirement was spent traveling.  Truly deciding to go somewhere and going within hours of the decision.  Drove semi aimlessly around the US taking a direction and not necessarily a destination. Volunteered at an orphanage in Africa.  Went on Safari in Africa a few times. Drilled water wells in Central America.  Played a tiny bit of golf.

    Have along the way started a real estate LLC which has all day to day management done by others but I'm pretty involved in identifying properties to purchase as well as fine tuning management. This keeps my business skill set active

    A year ago I started volunteering two half days a week in a clinic setting taking care of HIV infected patients.  This keeps my medicine skill set active.

    Financially I can do whatever I want and pretty much do.  I'm happy to take on new tasks and have not been bored for a second.

    I never understood how retired folks decide to move to a completely differentgeographic location, leaving friends, family, church or how one hopes to have golf be their sole activity in retirement.

  • #2
    Great story! What specialty did you practice? Do you have any advice for younger docs looking to branch out of medicine and start a company/LLC?

    I completely agree with you, I don't understand retired folks that get up and leave to a completely different area. For me (and I assume lots of docs/people) the goal is to retire early to spend more time with kids, family, and friends.



    • #3

      Fellowship at age 43.  Good for you.  Not many could take the hit to the pocketbook and ego for two years at that age.  Sounds like it was a good move for you though.  Care to share any more details? Income jump? Savings rate? Investment philosophy?  Sounds like we could all learn something from your story.


      • #4
        Sounds like an interesting life -- and your tale exemplifies the fact that retirement means different things to different people. To me, it means leaving your primary money-making vocation at a point where you no longer feel a need to trade time for money. That doesn't mean you can't earn money afterwards, but that you're no longer dependent on the income by virtue of having achieved financial independence. Of course, lots of people retire without FI, relying on Social Security, an eventual inheritance, other social programs, the generosity of relatives and others, etc...

        As WCI says, retirement is squishy.


        • #5

          I never understood how retired folks decide to move to a completely differentgeographic location, leaving friends, family, church
          Click to expand...

          I think the majority of folks remain in place (though I don't have data). Better weather doesn't trump family and social connections for most people.
          Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried (many) bags for a lovely and gracious 59 yo Cyd Charisse. (RIP) Hosted epic company parties after Friday night rehearsals.


          • #6
            Never have been a big fan of traditional retirement. Pursue your passions in whatever phase of life you're in. Certainly not going to spend all my time at work no matter how old I am. I still have plenty of time for golf now...


            • #7
              The issue with MMM in the thread was potential hypocrisy, which was a little ridiculous, because who really cares.  Anyway, just because you are a hypocrite doesn't mean you aren't right, it just potentially weakens your message.

              Regarding the definition of retirement, I am sure that next to no one cares what it means to anyone except themselves.  My view is that if you don't have a sense of purpose (job, hobby, family, religion, whatever) after you retire, you will end up unhappy.  PoF has blogged about this several times, so I am sure he has some views on what to do after retirement.  I think he is comfortable with the concept of retiring with nothing to "retire into," but maybe I am mistaken.


              • #8
                Different strokes.

                I have no desire to dig wells or volunteer. I respect those (including the OP) that do, but I want to sleep in, work out, play 18, catch a grandkids game and then repeat that every day with no obligations to anyone else. I'll contribute absolutely nothing to society and I know for a fact I'll be 100% happy (as long as no health or family issues arise)

                But the common goal remains the financial freedom to do what we want

                Congrats on the OP and the many seasoned docs on this thread who have done so


                • #9
                  I graduated with a degree in business / accounting and did business / finance graduate program. I started earning pretty well from the beginning.  I became CFO of an aerospace engineering company at age 24 but burned out quickly. Saw a psychiatrist who said "you hate your job, do something else". Back to classes to do premed requirements at age 25.  Started medical school at age 28. Initially residency in internal medicine.  Practiced in solo practice for eight years.  Chose infectious disease fellowship primarily because I wanted a "gentleman's practice" that provided an intellectual challenge and I saw the potential for burn out with continuing internal medicine.  Practiced solo ID for 20 years.  My business (accounting) career prior to medical school exposed me to some very wealthy and successful entrepreneurs that provided a good role model for building wealth. In my business career I was paid very well and invested from day one.  I continued saving at a rate of 20% or more of net income per year starting during my business career.  Advice - do what you enjoy.  Save a lot along the way. Develop an investment policy, write it down, follow it, don't change it without lots of thought.


                  • #10
                    Great story.  Thanks for sharing it



                    • #11
                      Wow that's an amazing story! are you retired now?


                      • #12
                        I retired from the full time practice of medicine in July, 2014.  I do volunteer 8 hours a week providing outpatient care to HIV positive patients who are socioeconomically underprivileged.  This started about a year ago.  I am the solo owner of a limited liability corporation that owns residential and commercial properties. Right now the LLC owns 11 properties and holds notes on two additional properties. This requires less than two hours a week of work as I employ and supervise a manager to take care of all the details. I do spend additional time keeping an eye out for more real estate investments, but not a lot. With my business experience I help a real estate investment partnership analyze potential purchases for group investment. This is done episodically but never more than eight hours a month.