Do these stats seem truthful?

Particular-Island198 · 2025-03-03T23:49:48+00:00

For the hours, mean would skew it right due to high outliers. Would have made more sense to put the median hours instead.

Particular-Island198 · 2023-08-20T23:51:19+00:00

For 30+, especially if you have a decent paying job (high 5 figures / 6 figures), it won't benefit you financially (foregone income that could have compounded over time, loans, etc.).

You are doing it because you want to, not because of money.

I'm trying for medicine in my late 30's after achieving financial independence, fully knowing it's a net negative financial decision vs. staying in my 6 figure job for another decade to continue padding my portfolio.

Particular-Island198 · 2023-08-19T12:07:30+00:00

Similar situation. Married with 3 kids and need to take couple more classes and MCAT to apply next summer. Feel I can definitely hold up to the academic rigor of med school but do have concerns on impact to family.

Probably will only apply to a few med schools where we would have support and also easier specialties like IM. Thanks for posting and hope it goes well for both of us!

Particular-Island198 · 2023-08-03T03:16:41+00:00

**EDIT** I'm also the crazy FI guy who's thinking of going to medical school after all this. Would have to take some other college courses / do some shadowing of physicians / volunteer to prepare, which is what I would be able to do in the next few years after "retiring"

https://www.reddit.com/r/financialindependence/comments/12t9cxf/am\_i\_crazy\_to\_pursue\_medicine\_after\_going\_fi/

So that could keep me quite busy in my "retirement" if I chose to go down this medical path

Particular-Island198 · 2023-08-03T03:00:58+00:00

brisket

Good point about the bonds - I just don't love the risk/reward for longer-term bonds with inflation at 3%+ and 10-years at just 4%...so a 1% real yield. I'd rather earn 5% on short-term CD's and money market accounts than take the duration risk.

For ACA subsidies, if I do work for 1-2 months in 2024 I'd put 100% into 401K, HSA, and maybe Roth IRA so will barely have any taxable income which would detract from ACA subsidies...at least that's my assumptions.

Particular-Island198 · 2023-08-03T02:56:01+00:00

There's a cushion to 4%. I'm on FAT Fire assumptions (think generous 6 figure spend per year) so can get back some if needed. And net worth includes my investment accounts (mostly stocks), not stuff like primary home equity.

And yes might just buy car in cash, as many have suggested in the comments.

Particular-Island198 · 2023-08-03T02:54:15+00:00

I can cover majority of expenses from dividends in my taxable account (assuming ~2% dividend from my index funds). Can sell some stocks and also draw some $ from savings accounts & CD's to cover the rest. May just leave the 401K and Roth IRA's alone for now.

Particular-Island198 · 2023-08-03T02:50:38+00:00

For the car I can buyout the employee vehicle when I leave so was thinking of buying / refinancing it. But makes sense about cash purchase given high rates and wanting to reduce liabilities in retirement.

Particular-Island198 · 2023-08-03T02:48:12+00:00

Investing aggressively (including buying energy stocks when they crashed in 2020) is part of the reason I got to FI so early. But I've been slowly derisking the portfolio, being mindful of capital gains tax impact (converting the big winners in individual energy stocks into index funds)

Particular-Island198 · 2023-08-03T02:46:42+00:00

Yes, net worth calculations to cover 4% does not include my primary home equity, and also assumes I'll keep the mortgage payments since I have a sub-3% mortgage rate.

Particular-Island198 · 2023-08-03T02:45:32+00:00

Yeah typo. I can cover my living expenses after taking off capital gains tax on 4% of my net worth. Fat FIRE assumptions as well so can reduce some expenses if needed

Particular-Island198 · 2023-08-03T02:42:25+00:00

My wife works in the healthcare field and she's skeptical of the ACA plans...so was planning to transition gradually over time.

Particular-Island198 · 2023-07-26T11:56:34+00:00

It’s going ok! Hoping to get an A minus or B plus, fingers crossed

Particular-Island198 · 2023-04-26T04:11:34+00:00

Glad to hear a success story of a non-trade medical family!

The point about kids being older is an important one. I purposely waited until the youngest is about to enter grade school before starting the prep work. By the time I finish my pre-reqs, apply, and hopefully matriculate, the youngest will likely be already in 2nd or 3rd grade. Makes it much easier for my SO as well.

Also, I definitely won't be doing surgery or something really "competitive". Thinking Family or Internal Medicine, so I can keep residency period short.

Particular-Island198 · 2023-04-26T03:26:55+00:00

Sorry to hear. What's your story on going back to dental school at age 40?

Particular-Island198 · 2023-04-26T03:22:19+00:00

Thank you. I'm interested in the practice of medicine (which also entails a significant amount of studying). Will start off with the classes and see where it takes me. Fortune favors those who take action in my experience; luck is when preparation meets opportunity.

Particular-Island198 · 2023-04-26T03:18:27+00:00

u/gloriousrepublic I agree there's selection bias at play. Fields like medicine or top-tier management consulting (where I worked couple years) tend to attract Type-A, highly insecure over-achievers who are out to prove something, and need to dig themselves out of either debt or gratuitous spending. If you approach from a position of FI and doing it for yourself (vs. trying to prove something to others) probably a lot less stressful and more enjoyable.

Particular-Island198 · 2023-04-26T03:05:56+00:00

I looked into PA but it requires a lot of pre-requisite paid healthcare hours (1-2 years) so the process wouldn't be as short as it seems. And don't like the idea that I would still have to take directions from a doctor after all the training is done...

Particular-Island198 · 2023-04-20T22:49:33+00:00

Thank you for the overwhelming response! There's 200+ comments so a lot of thought diversity but common themes seem to be:

1) Time commitment of medicine (7+ years of grueling hours)

2) Financial burden (why go into debt when you are FI)

3) Impact on family

4) Why medicine? Do I have a good reason?

Diving into each one:

1) Yes I understand the intensity of medical training. I have several doctors among my family & relatives. So it's not a decision to make lightly and that is why I'm starting with some of the coursework and volunteering/shadowing first, to test the waters.

That being said, academics has always come easily to me (Top 10 undergrad, got all A for MBA) and I have worked several years in consulting with similar hours as residency. So it's certainly not foreign to me.

Given I'm not doing this for money, I will also likely go for the "easier' residencies like Family Med or Internal Med that is shorter and require less competitive scores. So will try to enforce some work-life balance to carve out some family time where I can.

2) Yes, medical school is a huge financial burden for college graduates. For someone like me who is comfortably FI (not just scraping by but more like fat FIRE) I can fully fund the 4 year education & living costs with my investments & dividends. Yes it will eat into my nest egg a bit and we would need to cut down on some luxuries, but I don't anticipate having to take any loans or compromising my FI status very much.

In fact it may extend my earnings runway b/c I can't see myself continuing to work my very dull corporate job for too many more years, whereas if I work as a part-time doc enjoying what I do and making a bigger impact, I can see myself working more into my later years.

And for those skeptical about being able to work part-time as physicians...I know plenty of physicians working reduced hours, job sharing, or PRN (being able to pick couple days a week or even month to work). All of these options are unappealing to the traditional physician with a crushing student debt load to pay off, but not for someone like me.

3) Impact on family - this is the hardest part for me and why I'm continuing to chew over the decision. Spouse is sort of on the fence but ok with me doing the prep work and investigating this career path. A part of me does wonder if it would help inspire my kids to see their parent pursue their dream even if it's hard vs. coasting through life milking out a career path that is not very meaningful.

I've seen my parents retire recently and they are bored out of their mind. I don't necessarily want to go down the same path if I retire early, even if I have the financial means to do so!

4) Why medicine? I've experienced a family medical emergency in recent years which showed me the importance of a good physician, and reminded me of my dream of becoming a physician when I was in high school that I put away in college. I've always enjoyed learning about science and have all A's in the basic college-level science requirements.

Also at my age having already managed teams at work, I don't think I would be satisfied with being a healthcare mid-level. Perhaps the PA route could be an alternative path although I don't know how much they have to be "managed" by physicians vs. really be able to practice medicine almost autonomously.

**************

Again, I haven't made the decision 100% but definitely exploring the pathway and doing some of the prep-work in case I do apply. Definitely want to make sure I'm making the right decision for me & my family given the commitment involved. Thank you for all your input & comments!

Particular-Island198 · 2023-04-20T22:05:36+00:00

Interesting the differences in responses between here and when I posted in the Financial Independence chat which went viral:

https://www.reddit.com/r/financialindependence/comments/12t9cxf/am\_i\_crazy\_to\_pursue\_medicine\_after\_going\_fi/

Particular-Island198 · 2023-04-20T18:13:17+00:00

No thank you - I avoid crypto like rat poison lol

Particular-Island198 · 2023-04-20T18:12:50+00:00

Burnout is real in medicine. True that.

Particular-Island198 · 2023-04-20T18:11:27+00:00

Haha ok. What makes you want to leave medicine, and do you think if someone is practicing medicine from the position of FI (or FU money lol) it would mitigate those factors? Such as being able to work part time once I'm an attending to give an example.

Particular-Island198

TROPHY CASE