It's amazing how burned out many physicians are.
Every year as I speak to more and more physicians--particularly during my second opinion financial consultation with them--a greater number of doctors express their discontent with the state of medicine today.
Too much work, lower pay, uncertainty about their future, and so on.
Most state that if they could walk away right now they would...
IF they had the financial means to do so.
Which leads to the question "How do you know if you have the financial means to walk away?"
I've been thinking a lot about that question. As a finacial planner who serves physicians and helps them take control of their personal financial lives and moves them toward financial independence, numbers come into play.
Such as when you want to retire, how much you want to spend in retirement, what your investment returns may be, and so on.
While those calculations are useful for developing a retirement plan and really help my clients understand their situation, what if you wanted to simply cut down on your workload?
Here's one way to make that happen:
Ask yourself, "If I have ZERO income, how long would I last?"
In other words, how long can you go on without working and having no paycheck?
If you answered less than 1 month, then you've done a lousy job of managing your money. I'm not sure how you take care of patients if you're that irresponsbile with your own matters. You should probably hire Suze Orman. I can just imagine what she would say to a doctor who calls in to her TV show.
If you answered less than 6 months, then congratulations are in order: you will be working until your second foot is in the grave. Hope you enjoy sacrificing your life for the government, lawyers, and everyone else who has hands in your pocket.
If you answered less than 1 year, then you're just starting to get somewhere. My physician friend, I might have a teensy bit of hope for you.
If you answered 5 years or more, then you're in the driver's seat babycakes! Kiss those nightshifts and weekend shifts in the hospital goodbye. Give the finger to all the medical bureaucrats who control the strings that dangle you like a puppet. Then tell them "I'm not putting up with your BS because you can't touch me anymore!"
Oh, and whisper to your physician colleagues who continue to slave away while being miserable, "Psst. I'm done, have fun sucka!"
So there you go. A simple way to determine whether you're financially secure as a physician.
Figure out where you fall on this spectrum and get your financial life in order so you can move yourself from being a 1 month tadpole to a a 5 year financial beast.
Not sure how to get there?
Then set up your second opinion financial consultation with me right now by clicking here:
Tadpoles and other weaklings who have no intention of taking action need not bother with the consultation. Only physicians who want to become financial beasts should sign up--and only if you qualify.