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Jesus Christ
Are Millennial MDs Turning Their Backs on FIRE?
Started by drusso
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I would just say no. My friend sent his kid all the way from Norman, OK to Oregon to study marine biology. She did graduate in 4 years and had a great experience.
No FIRE.
I don't see the point in working like crazy to save and then live a frugal lifestyle.
I'm just working a steady schedule that is sustainable. Weekends are basically free. Work 8/9 to 430. I can do this forever basically.
I want to pay for my kids schooling and will help them with a down payment for a house. Wife and I want them to live closeby in general. CA is expensive so they'll need the help.
If I have to work more years to provide that for them, so be it. I signed up for it when I decided to have kids so I don't mind.
I don't see the point in working like crazy to save and then live a frugal lifestyle.
I'm just working a steady schedule that is sustainable. Weekends are basically free. Work 8/9 to 430. I can do this forever basically.
I want to pay for my kids schooling and will help them with a down payment for a house. Wife and I want them to live closeby in general. CA is expensive so they'll need the help.
If I have to work more years to provide that for them, so be it. I signed up for it when I decided to have kids so I don't mind.
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Sounds like ass, tbh
Not too many patients in clinic so it's not bad.
Which model are you looking for?
It is. Getting a $6,000 bracelet now is better than getting the same bracelet for $7,000 next year. You technically saved $1,000!
10M for sure. Could get 1M/year on returns on that 10M basis.
FIWO is the new FIRE for most.
Currently taking 6-8 weeks off presently. Hopefully will get to 12 weeks in the next 2-3 years and eventually FIWO in by 45.
U of O has a great Marine Biology program.
$10M is the minimum.
This is my new mantra..."Five is a nightmare, Greg..."
Most of the models aim for only using interest and ensuring the principal continues to grow.
But without kids, what would I do with my remaining fortune?
And even with kids, are they worthy of inheriting a vast fortune just bc they share your genes? Is it healthy for them?
I have a good childhood friend who is a trust fund baby. Dad has kept him solvent ever since college. He’s worked some as an actor in LA and does a little real estate on the side but never really had a real job. He’s now morbidly obese. He also rips off the government by taking unemployment and food stamps every month. He says every “actor” he knows in LA does this. 🤨
I think $3, $5, and $10 mil are all correct.
If I were single, $3 mil would be plenty. If our family drove nicer cars, had a bigger house and vacation home, and flew first class then we'd need closer to $10 mil.
We are in a low cost of living state, so $5mil is about right for our family. Having said that, I feel completely comfortable cutting back a bit at $3mil and just reducing our savings rate.
The key is not to waste your younger years so you have higher number later on.
So it’s a combination of how you get there is just as important as what you end up with (if not more).
I really want to cut down to 3 days/week by time I’m 45 so I can maximize time with kids
I enjoy the "well known NYC college" substitution, but the cropping of the picture which leaves Fordham clearly visible at the bottom.
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Kaiser or something similar?
That’s why I don’t get FIRE..the goal posts keep getting moved
I’m a big fan of this concept as well, but I admit one thing that gives me pause about staying in clinical practice is the potential of a random medmal suit being filed. I know the likelihood of a suit reaching personal assets is extremely low, but there’s also the personal and mental aggravation that would come from this...
If I had a net worth of eight figures, I’d be kicking myself for putting myself in the position where that could be possible in the first place. I’d potentially consider working at a VA or somewhere with the equivalent of sovereign immunity.
Yes, VA would be a good way to finish off. Spend enough time there to avoid the liability and leave with a small pension.
I volunteer already when I can and plan to continue.
Not sure if you mean volunteer doing clinical medicine, but that’d be a no for me unless there was sovereign immunity.
In general, I don’t really think I’ll ever stop working at least part time or volunteering in some way. But once I hit eight figures, it would have to be with something involving minimal personal liability.
Federally qualified health clinic
I don't know East Coast colleges too well but is Fordham really worth that much ( connections, quality of education etc)?
Seems ridiculously high
Everything costs that much
I could go to state school with a better ranking and get in state tuition which is a third of the cost.
In state tuition for UCs is under $20k a year.
I can see paying a premium for an Ivy or Cal Tech/MIT.
Having gone through this two years ago almost all of these universities offer merit scholarships which effectively discount the costs. My son got offers ranging from 40-50% off tuition at every private university he applied to. Miami/baylor/pepperdine level etc. don’t go to
Any of them though
Any of them though
merit scholarships are not gonna happen.
and i fear they would get "lost" in a big state school.
i dont know if it is the best ROI, but getting a piece of paper from a well known college probably will give my kids a leg up, despite not really teaching them any legitimate work-ready skills. its a gamble, but i do think it puts a finger on the scale. it will basically be a $1 million gamble.
My elementary school teacher thought I was slow/special
Although in retrospect, maybe they were right
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Getting back to the original question of the thread, it's definitely a coin toss on how many are trying to FIRE at my shop.
I'm four years out now in a group of 45ish anesthesiologists. A fair number of new grads joining the group. I think I ere a bit more on the financially conservative side. Pick up extra work for extra pay, no new car (2017 Camry for me and a 2015 corolla for wife), new business class trips, investing heavily as I can. I don't get the impression that most other people in my age group are doing the same. I see a lot of business class flights to destinations and fancy cars from my colleagues. A few three to four years into practice beyond me heard me talking about a backdoor roth IRA with a resident and asked me some questions about how to set one up. Many more young faculty dropping to 0.9 FTE within three to five years of practice. Equates to 13 weeks off and $550ish. Often they don't have a super high earning partner either. More of a light FIRE rather than chubby FIRE I guess.
I think even being aggressive as I'm being, I'm less certain about the retire early end of things. Because I'm split with anesthesia, I could certainly see myself taking less call early? I have a diverse job I don't hate, so for now I could see myself doing something with it in some fashion for another 30 years. Ask me again in 10-15 I guess.
I'm four years out now in a group of 45ish anesthesiologists. A fair number of new grads joining the group. I think I ere a bit more on the financially conservative side. Pick up extra work for extra pay, no new car (2017 Camry for me and a 2015 corolla for wife), new business class trips, investing heavily as I can. I don't get the impression that most other people in my age group are doing the same. I see a lot of business class flights to destinations and fancy cars from my colleagues. A few three to four years into practice beyond me heard me talking about a backdoor roth IRA with a resident and asked me some questions about how to set one up. Many more young faculty dropping to 0.9 FTE within three to five years of practice. Equates to 13 weeks off and $550ish. Often they don't have a super high earning partner either. More of a light FIRE rather than chubby FIRE I guess.
I think even being aggressive as I'm being, I'm less certain about the retire early end of things. Because I'm split with anesthesia, I could certainly see myself taking less call early? I have a diverse job I don't hate, so for now I could see myself doing something with it in some fashion for another 30 years. Ask me again in 10-15 I guess.
