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Doctors and Retirement
Old 03-18-2012, 01:08 PM   #1
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Doctors and Retirement

I started telling people at work about my upcoming retirement (21 clinic days to go) and their responses have so far totally depended on their age. The older ones (over 60) are all asking what I'll do all day and think it is a terrible idea, but the young Docs (under 40) have declared me their hero and idol and want me to tell them how I did it and advise them how to retire early. I have seen many young docs get out of training and immediately buy a big house and a Mercedes. They start on the treadmill where no matter how much they make they spend every penny of it. Maybe I can talk to some of the ones who have asked for advice and help them to avoid some of the mistakes young doctors often make when it comes to finances.

Jackson
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Old 03-18-2012, 02:32 PM   #2
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Congrats on your upcoming retirement and you would be doing them a great service to keep them off the treadmill.
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Old 03-18-2012, 02:38 PM   #3
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Originally Posted by Jackson D View Post
I started telling people at work about my upcoming retirement (21 clinic days to go) and their responses have so far totally depended on their age. The older ones (over 60) are all asking what I'll do all day and think it is a terrible idea, but the young Docs (under 40) have declared me their hero and idol and want me to tell them how I did it and advise them how to retire early. I have seen many young docs get out of training and immediately buy a big house and a Mercedes. They start on the treadmill where no matter how much they make they spend every penny of it. Maybe I can talk to some of the ones who have asked for advice and help them to avoid some of the mistakes young doctors often make when it comes to finances.

Jackson
Congrats!

As for your young doctors, reading The Millionaire Next Door should open their eyes. But our culture promotes the treadmill trap they've fallen into, so it won't register with all.
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Old 03-18-2012, 06:20 PM   #4
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Yes, congratulations and well done!

I've always thought my doctors worked too hard and too long. But they all have huge houses in expensive neighborhoods, drive expensive cars, and take expensive vacation trips. I guess they're happy with that tradeoff, but I can't help feeling just a little sorry for them.
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Old 03-18-2012, 07:15 PM   #5
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Yes, congratulations and well done!

I've always thought my doctors worked too hard and too long. But they all have huge houses in expensive neighborhoods, drive expensive cars, and take expensive vacation trips. I guess they're happy with that tradeoff, but I can't help feeling just a little sorry for them.
Not this doctor! I have never been house poor, I'm driving the third car I ever bought, and my recent cruise was purchased with frequent flyer points.

Congratulations Jackson D!
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Old 03-18-2012, 08:08 PM   #6
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Congrats !
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Old 03-18-2012, 08:28 PM   #7
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Surely, many doctors work hard, but are there some "Marcus Welby" positions any more, the kind of job where a doctor would enjoy his profession, and make a good living, instead of retire to play golf or surf the Web all day? Or a doc can go to a small town and be like Michael J. Fox's character in the movie Doc Hollywood? A knowledgeable and kind doctor who is respected and appreciated by his patients?

Oh well, such romantic situations probably only exist on screen!
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Old 03-18-2012, 08:59 PM   #8
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From one doc to another -congrats! I too have been planting the seeds around that I am getting out sooner rather than later and I don't see the age thing affecting the response. Most docs just do not have a plan to retire. They will be doing it as long as they are allowed. I think there are a few main reasons:

1) their entire identity is doctor. It is not what they do, it is who they are. these are often the older ones, but not exclusively. the old "retired" ones who despite no longer able to do it still come in to the hospital for Grand Rounds- for the free donuts and coffee, and because they don't know what else to do with themselves.

2)they are over extended- multiple kids, private schools, fancy cars, expensive hobbies, +/- medical school debts. they have saved some for the college educations for one but not all their kids. But that is partly because they feel much like the #1's above. So they never planned to save to allow them to stop.

3) they love it.. Love what they do and these are not necessarily the same as the #1's above..many of whom hate it or don't care for it much anymore but cannot see themselves not doing it.

I am none of these... --and when I think of things to do next I prefer to envision NOTHING to do with the world of Medicine. It is a shame because a lot of time and education has been invested in doing this so I can be pretty darn good at it .. but call me burnt out, or lost in the wrong world, but I cannot relate to the #1's,2's, or 3's above.
I cannot wait to stop doing it (for many reasons).
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