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  • I Un-Quit! (Oy!)

    Yes, I finally pulled the trigger and resigned from my practice. After a long-signaled withdrawal, capped with a hellish July 4th long weekend and new MD brought in supposedly to help me (that I will need to spend extensive time training), I decided to leave my 20+ year private practice job with no definite plan. I have hated my job for some time and suffered all of the symptoms and exhibited all of the signs that I read attributed to burnout.

    The $ facts:

    Me: Age, 50, unemployed in 90 days

    Wife: Works stable job with variable, conservatively $200-300k income and excellent retirement benefits (health, pension) that kick in and escalate significantly at age 55.

    Nest egg: Check, assuming 3% withdrawal, should be able to generate $150k+/year; roughly 65:35 allocation, mostly passive, $500k in cash (MM, Savings, CDs, checking)

    College savings: Check, enough to pay for two kids through college and maybe beyond (not included in nest egg number)

    House: Paid off in 2010, conservative value of $900k (not included in nest egg number)

    Debt: None

    Future: Unknown (and unknowable)

    Likelihood of resorting to eating dog food--or the dogs themselves: Nil

    I have some leads for future employment (including two offers) but plan to take a little time to sort through the opportunities. My current practice has offered me to stay on in whatever capacity, part time, full time, partner, employed, locums, no call, etc. as long as I want. While I feel sorry for my partners, I have put up with an untenable situation for some time, and I am only thinking about what is best for me.

    And that is what the decision ultimately came down to: what is best for me (and my family). For quite some time, I talked myself into the position that we needed more money/security and that leaving the practice would be unwise. I was being selfish, a poor team player, a weak provider, etc. I finally reached the point that I would not work and live this way even for $1M/year (not what I am earning) and decided to let go. It felt sort of strange at first, but I came home from work today and felt more upbeat and optimistic than I have felt in some time. Thanks for being a sounding board and any comments (especially words of encouragement ) are appreciated. (Criticism okay, too. )

     

  • #2
    Best wishes on your future! It's fortunate that you prepared yourself so well financially that you were able to make the decision to leave. I think you'll have a lot of fun as you plan your next adventure, be it work related or just enjoying life.

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    • #3
      Bravo!! Happiness is the goal. Well done on securing financial independence and giving yourself the freedom/luxury to be able to make these sorts of decisions

      Comment


      • #4
        Congrats!  It appears all your bases are covered financially.  Identity issues might be an issue going forward or maybe not.  I think those who have covered their financial bases will be exiting medicine at earlier ages.  Since I quit OB lots of my peers have asked me detailed questions about what financial calculators I used etc. I know from your posts that you have considered this move for a long time and have planned accordingly.  You seem to have hobbies and a stable home life so you should be ok.  Amazing the things we extrapolate from reading blogs. BTW I am reading Darrow Kirkpatricks book Can I Retire Yet so the 3% SWR is probably a wise assumption.

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        • #5
          Good for you (and your family)! Yes, this is selfish - the right kind of selfish. Nobody but nobody will watch out for you better than yourself and I'm happy to hear that you took the responsibility and had your finances in order so that you could take this step. We only live once and you won't have to face yourself in the mirror 10 years from now wishing you hadn't wasted them doing something you hate.
          Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

          Comment


          • #6
            Congratulations!

            Fear not, you will be fine.  Life is too short to suffer in a bad situation.  Taking some time off to decompress and consider options is the way to go for sure.

             

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            • #7
              Congrats!

              Comment


              • #8
                Congratulations and all the best for whichever road you choose to travel going forward- you are following your heart (while also having your head in the right place-your finances are in great shape) and that is one of the surest ways of finding happiness!

                Comment


                • #9




                  Yes, I finally pulled the trigger and resigned from my practice. After a long-signaled withdrawal, capped with a hellish July 4th long weekend and new MD brought in supposedly to help me (that I will need to spend extensive time training), I decided to leave my 20+ year private practice job with no definite plan. I have hated my job for some time and suffered all of the symptoms and exhibited all of the signs that I read attributed to burnout.

                  The $ facts:

                  Me: Age, 50, unemployed in 90 days

                  Wife: Works stable job with variable, conservatively $200-300k income and excellent retirement benefits (health, pension) that kick in and escalate significantly at age 55.

                  Nest egg: Check, assuming 3% withdrawal, should be able to generate $150k+/year; roughly 65:35 allocation, mostly passive, $500k in cash (MM, Savings, CDs, checking)

                  College savings: Check, enough to pay for two kids through college and maybe beyond (not included in nest egg number)

                  House: Paid off in 2010, conservative value of $900k (not included in nest egg number)

                  Debt: None

                  Future: Unknown (and unknowable)

                  Likelihood of resorting to eating dog food–or the dogs themselves: Nil

                  I have some leads for future employment (including two offers) but plan to take a little time to sort through the opportunities. My current practice has offered me to stay on in whatever capacity, part time, full time, partner, employed, locums, no call, etc. as long as I want. While I feel sorry for my partners, I have put up with an untenable situation for some time, and I am only thinking about what is best for me.

                  And that is what the decision ultimately came down to: what is best for me (and my family). For quite some time, I talked myself into the position that we needed more money/security and that leaving the practice would be unwise. I was being selfish, a poor team player, a weak provider, etc. I finally reached the point that I would not work and live this way for $1M/year and decided to let go. It felt sort of strange at first, but I came home from work today and felt more upbeat and optimistic than I have felt in some time. Thanks for being a sounding board and any comments (especially words of encouragement ? ) are appreciated. (Criticism okay, too. ? )

                   
                  Click to expand...


                  Bon Voyage e-friend! I pretty much have been checking this website for your post only the past 3-4 weeks.

                  Comment


                  • #10
                    Bravo!

                    You're clearly in extremely good shape whether this turns out to be your FIRE moment, or just FI / something else. Financially, you've got nothing to worry about, even if your wife wasn't bringing home a doctor's salary.

                    Take some time to decompress. LivingaFI has written about decompressing, or detoxing in a way that is entertaining, although contains a modicum of profanity.

                    I'm sure you've read Jeff, the Happy Philosopher's story yesterday. He found a way to work half-time in radiology, which is what saved him.

                    Once again, congratulations!

                    -PoF

                     

                     

                    Comment


                    • #11
                      Best of luck, if you don't mind me asking what did you hate about the job? What type of medicine do you practice?

                      Comment


                      • #12




                        Best of luck, if you don’t mind me asking what did you hate about the job? What type of medicine do you practice?
                        Click to expand...


                        I am an interventional radiologist. I have been on-call every other weekend and a majority of the holidays for the last 20 years. That's between 525 and 550 weekends of call. There was a time that I enjoyed it, all of it, but that time has long passed. There are other elements of my practice, like the shift from doing lots of angiography to lots of paracenteses and thyroid biopsies, that has also soured me. The final straw was a regime change in the administration which made radiology public enemy #1. I had enough of the BS and enough to quit, so I quit.

                        Comment


                        • #13



                          Best of luck, if you don’t mind me asking what did you hate about the job? What type of medicine do you practice?
                          Click to expand...


                          I am an interventional radiologist. I have been on-call every other weekend and a majority of the holidays for the last 20 years. That's between 525 and 550 weekends of call. There was a time that I enjoyed it, all of it, but that time has long passed. There are other elements of my practice, like the shift from doing lots of angiography to lots of paracenteses and thyroid biopsies, that has also soured me. The final straw was a regime change in the administration which made radiology public enemy #1. I had enough of the BS and enough to quit, so I quit.

                          Comment


                          • #14
                            Being available for per diem could be an interesting option, available for non-weekend, non-holidays, banker's hours.  But it doesn't sound like you need it!  Congrats on pulling the ripcord!

                            Comment


                            • #15




                              Bravo!

                              You’re clearly in extremely good shape whether this turns out to be your FIRE moment, or just FI / something else. Financially, you’ve got nothing to worry about, even if your wife wasn’t bringing home a doctor’s salary.

                              Take some time to decompress. LivingaFI has written about decompressing, or detoxing in a way that is entertaining, although contains a modicum of profanity.

                              I’m sure you’ve read Jeff, the Happy Philosopher’s story yesterday. He found a way to work half-time in radiology, which is what saved him.

                              Once again, congratulations!

                              -PoF

                               

                               
                              Click to expand...


                              Yes, Jeff's story has been inspirational for me, and his lessons and explanation hit home. I have been at it longer than he has, and I get the sense that my level of dissatisfaction and burnout run deeper, as a result.

                              It's still a little scary! My wife came home today and one of our best friends called her and wondered what was up! Her husband works in the same field and heard through the grapevine that I had resigned from my job--actually, I saw him at a party this weekend and warned him that something might be coming soon. People are looking at me funny in the hospital halls and doctors lounge--at least I think they are--maybe I am self-conscious or paranoid.

                              Other friends are expecting something big to come from this. What new and exciting line of work will I be pursuing. A personal hiking guide at Zion National Park? A new neighborhood gelato shop? Some fancy schmancy CMO job? What will the VagabondMD be doing next? There is some pressure to deliver!

                               

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