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Is time with my kids worth $1M?

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  • #16
    It's not just about enjoying being FI. It'll take years to get there, so you should set yourself up to enjoy the journey to FI. If that means working PT so you can enjoy the journey more and not burn out, and the cost is to reach FI a few years later, then fine. I'm unaware of people on their deathbed ever wishing they worked more or had more money or reached FI sooner. Instead they wish they had spent more time with their family

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    • #17
      The present value of $30,000 is $30,000 today.

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      • #18
        I  will couch it up today then per MPMD recs.

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        • #19




          Tough topic obviously, there’s never a right answer.

          One thing that many docs who work in shift-type specialties struggle with is the “cost of a day off” phenomenon.

          If you have a normal EM job you can make $1500/shift w/o much trouble.

          Especially first couple years out a lot of people deal with the feeling where they are sitting on their couch watching Office reruns and think “man I could have made $1500 today.”

          It’s a specific cognitive move that is a thief of joy.

          Rather than calculating future value of money that I am not making I reflect on young patients I have dx’ed with brain tumors. We can’t take it with us.
          Click to expand...


          That is so true. As a hospitalist , i always struggle with not picking up extra shifts but lately I have been less worried about the loss of income, now that my finances are in better shape.I actually felt better about giving up a whole weekend shift recently so i could be at home with family.

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          • #20


            Especially first couple years out a lot of people deal with the feeling where they are sitting on their couch watching Office reruns and think “man I could have made $1500 today.”
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            there's nothing wrong with that. a new grad with debt and energy wanting to hustle and maximize earnings is smart.

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            • #21
              Everyone is different.  You have to find the balance that is right for you.  I would go insane if I was home 24/7.

              I would go insane if I worked 24/7.

              I have found a ratio that works for me.  Some people have a different ratio.

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              • #22
                It will really depend on how you and your husband balance things out.  If he can earn that extra 30k, then why even bother working full time.  I noticed you mention your part time salary was purchasing better health care plan.  Do you need to buy health insurance?  Maybe you can continue working part time but have an employer that provides health insurance. that will be a big contribution.

                As a mom, I did the opposite.  I have worked full time at the beginning.  Now kids are all in school, we do not have a nanny anymore. So I decided to cut to part time.  Whatever paycut I will have, it is compensated by not having the expense of a nanny. My husband also wants to work more so he can earn more and he will not worry about me burning out.  HE is also aware I want to spend more time with our kids.  I arrange my long and short days according to my kids' activities.

                As busy as it is now,  I keep thinking I really only have <20 years with my kids and it is going fast.

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                • #23
                  Thank you, Lordosis, you're right that it's not all or nothing. I could certainly try to bump up my FTE after all the kids are in grade school. Best wishes to your family!

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                  • #24
                    Indeed, G! I think it's because of having ignored both the trees and the forest for this long. I haven't thought through the opportunity cost before now.

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                    • #25
                      It is tricky, nephron! Thanks for sharing your thoughts !

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                      • #26
                        That's a powerful story, brokebonemefix; thanks for sharing it!

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                        • #27




                          It’s not just about enjoying being FI. It’ll take years to get there, so you should set yourself up to enjoy the journey to FI. If that means working PT so you can enjoy the journey more and not burn out, and the cost is to reach FI a few years later, then fine. I’m unaware of people on their deathbed ever wishing they worked more or had more money or reached FI sooner. Instead they wish they had spent more time with their family
                          Click to expand...


                          Thanks for your wise perspective. I need to remember "to enjoy the journey to FI"!

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                          • #28




                            Tough topic obviously, there’s never a right answer.

                            One thing that many docs who work in shift-type specialties struggle with is the “cost of a day off” phenomenon.

                            If you have a normal EM job you can make $1500/shift w/o much trouble.

                            Especially first couple years out a lot of people deal with the feeling where they are sitting on their couch watching Office reruns and think “man I could have made $1500 today.”

                            It’s a specific cognitive move that is a thief of joy.

                            Rather than calculating future value of money that I am not making I reflect on young patients I have dx’ed with brain tumors. We can’t take it with us.
                            Click to expand...


                            Thanks for saying this. I could certainly be more grateful for my family's health and more appreciative of having this luxurious choice in the first place.

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                            • #29




                              I chose the part time path until my kids were in school… now mostly (but not always) I work while they are in school or are working themselves and I do email type work when they do homework. It works… we’ve been able to amass enough wealth by late 40’s to feel comfortable. Not FI if we stay in our current location but could be if we wanted to move to a LCOLA. I would not ever do it another way… but each person is different. If you choose one path you can always go to the other path… nothing needs to be permanent.
                              Click to expand...


                              This is a very appealing setup! Certainly something for me to consider proposing in a few years. How supportive was your employer (your partners?)?

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                              • #30




                                You might not even save all of what you make if you switch to full time. A good portion of it might go to extra childcare and convenience products geared towards making life easier that you don’t feel you need now, because you’ll be busier/more stressed out/tired.

                                Once you have all your financial ducks in a row, just make the choice that makes you happier. It sounds like you really like your parttime setup. I wouldn’t sweat it.
                                Click to expand...


                                Very possible that we wouldn't save all of the extra take home pay! I love being with my kids & I've lucked into a sweet spot with my FTE, so I'm pretty sure continuing PT will make us happier. I think I just wanted to hear from WCI community that continuing PT wasn't a huge mistake.

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