Comments on: 3 Way Financial Independence May Save The Practice of Medicine

By: The Physician Philosopher

The Physician Philosopher — Mon, 11 Jun 2018 10:14:51 +0000

The pain in medicine is palpable.

I see it in my older colleagues at work all of the time. I’ve even felt myself become jaded in my first year out. Without a hope or light at the end of the tunnel, it can become too much. The reason? Failed promises.

People promise that, at the end, it will all be worth it! But they fail to teach us how to get there. All they teach us about is the art of healing people. But who will be left to heal the people when the healer needs healing?

My aim is to teach our young students, residents, and early medical professionals how to save and protect themselves from the field that they aim to serve. The importance of financial independence and being able to stand up for yourself and your patient when you disagree with administration cannot be understated.

I am glad that you came out okay on the other side! Not everyone has been so fortunate.

TPP

By: The Physician Philosopher

The Physician Philosopher — Mon, 11 Jun 2018 10:14:11 +0000

The pain in medicine is palpable.

I am glad that you came out okay on the other side! Not everyone has been so fortunate.

TPP

By: Nathan Kemalyan

Nathan Kemalyan — Mon, 11 Jun 2018 02:50:00 +0000

It’s a sad fraternity we find ourselves in; the FBOP’s (fraternity of burned out physicians). Perhaps it’s better to enter the practice of medicine with the same expectations as a minister or priest, or even an elementary school teacher; you’ll work hard, encounter all the ailments in the world, either directly or by proxy, and there’s no guarantee you’ll ever be paid a dime for all the extra effort you put into it above and beyond what you might get for pushing a broom in a warehouse.
I immersed myself into that world of goodwill, benevolence, self sacrifice and marathon work. I poured out my heart and soul on the steps of that temple. by the grace of God, I managed to collect enough shekels to be secure in retirment (that’s different than financially independent) in spite of some spectacular speculative failures. I did, however, lose the joy in the art of practicing medicine and it took a radical dislocation to create the space for me to begin to find it again. We are not immune to the frailties of our forebearers; people dissapoint, even take advantage of us. We disappoint ourselves. Debt, and the perception of enslavement, control us when they have no actual tangible power over us. We are actually enslaved by our fear of hewing a different path than the herd. We were groomed to respect our forbearers and mentors. They failed us in one respect, however, that of innoculating us against the need to make up for all that deferred gratification as we studied late into the night under dim lights while others went dancing, camping, carousing. they took on the minor-league debt of a new car while we resisted the urge in trade for taking on major-league debt in refining our minds and earning a union card. Pent up need for gratification…far more insidious than the car salesman. “You deserve that; you have sacrificed so much”.
We have to change the narrative; “you deserve (the fastest pathway to financial independence you can tolerate); you’ve sacrificed so much. You deserve the right to enjoy the fruits of your labor, but they are not more stuff; they are an unhurried, unharried and unadulterated relationship with those you swore to aid and assist, whose health interest is your sacred vow. You deserve the right to say FU on their behalf and your own; no, we won’t prostitute our values for your carrot/stick game. Where else has someone said, we’ll pay you less, in return for exclusive access to more work, and a whole professional class sighed and said, “where do I sign?” What a concept! Volunteer. Work for your soul. Wear old clothes, drive a used car, and find the joy that is your birthright. Amazingly, the financial rewards, however much they may be, will be sufficient if there’s joy in your heart. If men and women can find a sense of inner joy in a concentration camp, hiding in an attic, as a political prisoner or as a wrongly convicted non-felon, you can feel free as a physician working to retire debt. One thing I told myself that turned out to be true, even at the depths of despair before my liberation, “it’s trouble in Paradise”. No one is really shooting at me…

By: The Physician Philosopher

The Physician Philosopher — Sun, 10 Jun 2018 13:49:18 +0000

The power of saying no is crucial for our well being.

I am glad to have heard about the message of FIRE before I made the big bump in lifestyle after training. Since I stayed in academics I see it as one of my big callings to make sure all of my students and residents (and as many students and residents as I can reach through my web site) know about FIRE, too. Particularly the FI part.

Strong work on being debt free! I look forward to that.

TPP

By: planedoc

planedoc — Sun, 10 Jun 2018 13:05:01 +0000

Good article.

Several years ago, when I became close to FI, I realized that I could eliminate the worst of my job, and only modestly decrease my income. I stopped night call and working weekends.

As I began working less, it left more time for other things I enjoyed. Those things began to bring in some money…and after a year of “part-time” medicine, I found I had more money left over after taxes and expenses than I ever had before!

I’m now completely debt-free. I have “enough” (I’ve not accumulated as much as many others, but “enough”). Most importantly, I now have the power of “no”.

“No, I won’t be able to do that”. “No, I think that’s not good medicine”. “No, I’m too tired to pull another shift on short notice”. “No, that contract is too one-sided”.

Had the FI community been around a few decades ago, I would have become an ardent follower. As my youngest son says “Dad, you were Dave Ramsey before there was Dave Ramsey”. Sadly, I wasted too much in my younger years

By: Side Hustle Spotlight 6.10.18 – Side Hustle Scrubs

Side Hustle Spotlight 6.10.18 – Side Hustle Scrubs — Sun, 10 Jun 2018 07:50:46 +0000

[…] it means saving the practice of medicine. In a guest post on Camp FIRE Finance, he discusses 3 Ways Financial Independence May Save the Practice of Medicine. He argues that FIRE decreases burnout by giving physicians a way out, decreasing pressure to […]

By: The Physician Philosopher

The Physician Philosopher — Fri, 08 Jun 2018 17:12:16 +0000

It is incredibly satisfying as long as you don’t lose site of what you are doing. For many of us, it turns into a job and we objectify people so that we can deal with the tradgedy we often deal with.

This depersonalization is one of the key symptom of a burned out doctor.

Keeping perspective is key.

I look forward to following your journey as you chase your dreams, WPF!

By: Jason@WinningPersonalFinance

Jason@WinningPersonalFinance — Fri, 08 Jun 2018 15:05:10 +0000

Fantastic post.

My professional goal right now is to make a career change to be a financial advisor. My desire to do so stems from the idea of wanting to help people (like a doctor does).

I’ll never be a doctor. Don’t have the right mind for it or desire to study medicine. I’ve always wanted to make an impact the way a doctor does. I can only imagine the satisfaction one feels from saving a life. This goes to show that even in a profession as rewarding as medicine, there can still be burnout.

Getting to FI is not the answer to every problem but it can certainly help with many of them.

I’ve held off this long on becoming a financial advisor because I think I’d be in a better position to help when I’m already FI or close to it. I want to avoid the cycle you describe of focusing on maximizing revenue instead of helping people.

By: The Physician Philosopher

The Physician Philosopher — Thu, 07 Jun 2018 14:01:19 +0000

Thanks, CD! I appreciate your contributions in this space as well!

I completely agree as I look to my older colleagues and note the apparent burnout that seems present in their lives. I feel bad as many of them work because they have to and not because they want to… they were never taught how to do this.

Hopefully, all of us physician bloggers out there can help spread the word. I certainly try in my main hustle as an academic anesthesiologist. Trying to earn the platform at work while I anonymously build my platform online outside of work.

Thanks for the support,

TPP

By: The Physician Philosopher

The Physician Philosopher — Thu, 07 Jun 2018 13:58:57 +0000

Yep! They are great examples of how this works.