http://forum.earlyretirementextreme.com/ --- for those on the fast track to financial independence en Sat, 18 May 2013 23:39:12 +0000 http://forum.earlyretirementextreme.com/topic.php?id=681#post-8522 Sat, 11 Dec 2010 04:15:13 +0000 jampit3 8522@http://forum.earlyretirementextreme.com/ <p>Besides, we still make hundreds of thousands of bucks. Much more than others. Our ability to save a very high percent of our income is almost unmatchesd. Just don't spend it.<br /> JP </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8521 Sat, 11 Dec 2010 04:12:08 +0000 jampit3 8521@http://forum.earlyretirementextreme.com/ <p>I don't think I am "comfortable" with the system. </p> <p>We live an a for profit, capital driven society. I think the food system is flawed greatly,but I eat. Social Security and Medicare are pretty bad, but when I am 60+, if they are available, I will take advantage. IRAs and other investment vehicles are rip-offs to the financial system, but there we go. </p> <p>Medicine is my trade, my art. I spent a lot of time and energy learning it. I am not going to let men in gray suits, whatever their rules or motivations, keep me from doing that. There are games that we play to get around them, as we do to retire. </p> <p>When did we start giving in to the "man"?</p> <p>Keep the faith,<br /> JP </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8516 Sat, 11 Dec 2010 03:10:36 +0000 Sree 8516@http://forum.earlyretirementextreme.com/ <p>NH, If you truly are interested and like medicine, don't let the debt issue hold you back. If you think you will enjoy the work, then it will be worth it. There is a valuable sense of accomplishment getting through med school and residency, working harder than you ever have before, and achieving your goal. You are way ahead of me in your ERE knowledge. I wish I had stumbled upon ERE and YMOYL much earlier. With your income and savings ability, if you can bear the job, you would only need to work for a few years, then be set for life (money-wise).</p> <p>Kevin, very interesting. I wonder what I would see, peeking into the financials of my colleagues.</p> <p>Mo, I see what you are saying. No offense taken, and I have seen examples similar to yours, but when I say becoming a 'nobody' I don't mean being obscure or unmemorable, but I mean losing the respect of being a professional, in our culture that links so much of self-worth into one's occupation. </p> <p>Jampit, I still am not comfortable with the unfairness and waste of our system, and I somewhat envy the people who have come to terms with it.</p> <p>Thanks for all your perspectives, doctors. </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8496 Fri, 10 Dec 2010 20:24:28 +0000 jampit3 8496@http://forum.earlyretirementextreme.com/ <p>Mo, I am an ED Doc in a rural area. Even though I am not a primary care MD, I am often the only Doc some of these people see (unfortunately). A lot do not have money or insurance. I marshal together the resources to take care of whatever. </p> <p>I can b---- as we all do about abuse of the system and many other injustices in the world, but I have made peace with that a long time ago. I like taking care of those who have nowhere else to go. I treat them the same no matter who they are. There is certain old fashioned, idealistic satisfaction in this-- and I get a paycheck that is partially put to retirement. </p> <p>I can set my schedule at this point, and work as many/few hours as needed for me. More if I want to travel, etc. And I make several times as much as any patient. </p> <p>And... patients do remember me (small towns).</p> <p>And you are right--the training/education was awesome!</p> <p>JP </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8494 Fri, 10 Dec 2010 19:19:16 +0000 Mo 8494@http://forum.earlyretirementextreme.com/ <p>@NH, Consider this: if you live an ERE type lifestyle you'll be able to pay off your loans very quickly. I hate certain aspects of my career in medicine, but there are also things I love. I don't regret the training-- learning about the body, how it works, what can go wrong, etc... That's fantastic stuff. I don't regret learning a skill set that is valuable to me, and to others. As I move along the ERE path, I definitely value the fact that I understand health and disease well enough to plan for my own future. </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8493 Fri, 10 Dec 2010 19:13:01 +0000 Mo 8493@http://forum.earlyretirementextreme.com/ <p>@sree, I'm not trying to be mean, but don't you think you're already a nobody (just like me)? I am a doctor in Indiana, and I can only name one doctor in Ohio. I think he's pretty much a nobody too, even though he's a great guy and and a good doctor.</p> <p>I'm sure you've heard this argument before, but here goes: When you talk to patients and they say something like "I had a major heart surgery 3 years ago. Saved my life" and you ask "Really. Who did the surgery" and they say "Uhhh.... err... it was done at St Heart's Hospital... uhh... the guy had an office on 46th street..." So, the heart surgeon who saved his life was essentially a nobody to him too. I know some of my patients would answer the same. </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8488 Fri, 10 Dec 2010 18:42:40 +0000 Kevin M 8488@http://forum.earlyretirementextreme.com/ <p>From what I've seen (as a CPA doing physicians' tax returns/books) this comment is spot on:</p> <p>"I wonder if most of us are just conditioned to be high spenders/consumers." </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8482 Fri, 10 Dec 2010 17:26:01 +0000 NH 8482@http://forum.earlyretirementextreme.com/ <p>It's nice to find physicians in this forum!</p> <p>I'm a debtless 25 year old in the middle of the medical school application process, and seriously questioning my decision before the (seemingly) point-of-no-return: I have no in-state school, and dread the idea of being enslaved by $200,000 of debt or more.<br /> I've read and learned more than I can remember - YMOYL, Rich Dad Poor Dad, etc. - and don't seem to fit in with the rest of my pre-med peers. The interest in learning useful, fascinating things about the human body draws me to medicine; the stories of misery from nearly every physician I know or know of repels me.<br /> So, as I said, it's great to know that I'm not the only one... </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8388 Thu, 09 Dec 2010 00:31:25 +0000 Sree 8388@http://forum.earlyretirementextreme.com/ <p>MikeBos, I agree with you. I have definitely experienced the culture of achievement. Even though I am ready move on and leave my current career, I have some trepidation of feeling like a nobody after retirement. There may be an assumption of failure in other people's minds when they hear of one leaving medicine early.<br /> It almost feels like I will need to establish another occupation after retiring. But I probably won't. I want to learn and experience new things. To become an expert in another totally different area, without worrying about finding someone to pay me to do it. </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8374 Wed, 08 Dec 2010 19:26:49 +0000 Mo 8374@http://forum.earlyretirementextreme.com/ <p>Welcome! There are a couple of docs who post here.</p> <p>Since I "discovered" the concept of saving, I have actually been much happier with my choice to become a doctor.</p> <p>Strangely, as I've gotten more into the ERE thing, I've gotten less interested in the retiring part and more interested in the efficiency and minimalism side of things. </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8334 Tue, 07 Dec 2010 20:59:52 +0000 mikeBOS 8334@http://forum.earlyretirementextreme.com/ <p>@dragoncar I find a lot of the MD's I know are fairly competitive people hooked on accomplishment. So ERE might be antithetical to that, sort of an admission of defeat or something. Completely incomprehensible to someone who believes life is about achievement for the sake of itself.</p> <p>Not like us lazy lawyers who seem to be plentiful in the ERE world.</p> <p>Welcome, sree! </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8323 Tue, 07 Dec 2010 19:21:29 +0000 NateW 8323@http://forum.earlyretirementextreme.com/ <p>Welcome to the board! Keep up the good work and I'm positive you will meet your goals. 88% is very impressive! </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8321 Tue, 07 Dec 2010 18:35:16 +0000 dragoncar 8321@http://forum.earlyretirementextreme.com/ <p>It may be that doctors, on average, find their work more fulfilling or have a greater sense of obligation/duty To society. Most doctors I know are like that. </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8311 Tue, 07 Dec 2010 13:18:38 +0000 Chad 8311@http://forum.earlyretirementextreme.com/ <p>I'm with you Doc. I need a bigger cushin than Jacob has to be comfortable. I want a lot of room for error. Thus, it will take me longer to retire, which is fine. </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8286 Tue, 07 Dec 2010 01:51:54 +0000 DividendGuy 8286@http://forum.earlyretirementextreme.com/ <p>Welcome to the board! Maintaining an 88% savings rate of net income is very impressive!!! I'm only at 36% now, but have many plans in action to increase that to 60% next year. I think you'll find this board full of like-minded individuals. </p> <p>It's very interesting to see a person making a high income and still following an ERE plan. Congratulations and I wish you the best of luck going forward. </p> http://forum.earlyretirementextreme.com/topic.php?id=681#post-8284 Tue, 07 Dec 2010 01:14:11 +0000 Sree 8284@http://forum.earlyretirementextreme.com/ <p>Hi, I am 37 year-old doctor on my way to early retirement. Looking through the occupations, I don't see many doctors here. I wonder if most of us are just conditioned to be high spenders/consumers. If anyone read the guest post from medicinesux, I have a very similar mindset.<br /> I have been tracking all my expenses for the past 2 years and cut my yearly expenses down to $18,000 for the year 2010. I also read YMOYL a couple years ago which really turned me around. It feels good to save, but sometimes it's difficult when I realize I could be spending more. My savings rate is almost 88% after taxes. Potentially I could retire very soon, but I want some extra padding to be safe in case of low investment returns, or in case my future spending needs go up. Its very difficult to know when to pull the trigger. In my specialty, its not realistic to start back working or do part-time after quitting for a while. So its almost sink-or-swim, or else go into another field. Like Jacob suggested I may try to transition my money over to dividend paying stocks significantly before my target date to see how my investment income fares. </p>