Opportunity - should I take it?
Opportunity - should I take it?
Hi, I am 38 years old, clean single, and is a Cardiologist. I have about 1.5 million as my total asset. I live frugally. I am pretty sure I will get to FIRE goal in about 2 years. I plan to continue working afterward, but more on my terms. Currently, I am employed by the hospital, and I generate way more than what they pay me. I enjoy the current lifestyle. It is not bad.
Now, there is an opportunity for partnership for Ambulatory Surgical Center. This opportunity will likely triple my current income in 2-3 years. However, I am very sure I will have to work myself to the bone and will likely have no life. And with this partnership, I will achieve FIRE, but I probably won't slow down. Who knows, I still may.
My thought is I am making a pretty good income for what I do. I am not sure if I want to pursue the Ambulatory Surgical Center gig even though it is a great opportunity with the potential to create a large amount of income. I just hate the thought of missing out on this opportunity. I think it came down to $$$.
As of now, I already know what I need and the amount I need for retirement (of course, I can't afford the Yatch or nice toys). And I like to do things while I am young and healthy. If I do the Ambulatory Surgical Center then I can afford a Yatch and some nice toys. To me, the latter is not worth my Youth.
What do you think?
Now, there is an opportunity for partnership for Ambulatory Surgical Center. This opportunity will likely triple my current income in 2-3 years. However, I am very sure I will have to work myself to the bone and will likely have no life. And with this partnership, I will achieve FIRE, but I probably won't slow down. Who knows, I still may.
My thought is I am making a pretty good income for what I do. I am not sure if I want to pursue the Ambulatory Surgical Center gig even though it is a great opportunity with the potential to create a large amount of income. I just hate the thought of missing out on this opportunity. I think it came down to $$$.
As of now, I already know what I need and the amount I need for retirement (of course, I can't afford the Yatch or nice toys). And I like to do things while I am young and healthy. If I do the Ambulatory Surgical Center then I can afford a Yatch and some nice toys. To me, the latter is not worth my Youth.
What do you think?
Re: Opportunity - should I take it?
I think $1.5M or $2M is not enough to live on for another 60 years, unless you have several other income streams (rentals, part time jobs, pension).
At your age, you could start working on your own terms. It doesn't sound like you want to work 3 times as much to earn that "triple salary".
At your age, you could start working on your own terms. It doesn't sound like you want to work 3 times as much to earn that "triple salary".
- JupiterJones
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Re: Opportunity - should I take it?
If you didn't have either job--your current one or the new opportunity--which one would you apply for?
Sounds like you're leaning toward staying where you are. That makes sense to me. It'd be a shame to work so hard as a cardiologist that you wind up needing a cardiologist yourself.
Sounds like you're leaning toward staying where you are. That makes sense to me. It'd be a shame to work so hard as a cardiologist that you wind up needing a cardiologist yourself.
"Stay on target! Stay on target!"
Re: Opportunity - should I take it?
I mean "a Yacht", and "clean single means no kid attached or previous marriage"
Re: Opportunity - should I take it?
You have a nice life and the only thing pulling you toward partner in the Ambulatory thing is $.
Stick with the nice life. That's the real American Dream.
(I have a doc friend who calls me to tell me how miserable she is in her psycho workplace. The stress is destroying her health.)
Stick with the nice life. That's the real American Dream.
(I have a doc friend who calls me to tell me how miserable she is in her psycho workplace. The stress is destroying her health.)
- anon_investor
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Re: Opportunity - should I take it?
+1.Carousel wrote: ↑Sat May 22, 2021 5:46 pm You have a nice life and the only thing pulling you toward partner in the Ambulatory thing is $.
Stick with the nice life. That's the real American Dream.
(I have a doc friend who calls me to tell me how miserable she is in her psycho workplace. The stress is destroying her health.)
Re: Opportunity - should I take it?
Thank you for your inputs.
Re: Opportunity - should I take it?
Life is too short to waste it working more than you need/ want to.
Re: Opportunity - should I take it?
You may be single now but what IF you marry and then have or adopt children? Would your FIRE number support a potential future family? I suggest that you consider this eventuality as a distinct possibility.bruingent wrote: ↑Fri May 21, 2021 4:24 pm Hi, I am 38 years old, clean single, and is a Cardiologist. I have about 1.5 million as my total asset. I live frugally. I am pretty sure I will get to FIRE goal in about 2 years. I plan to continue working afterward, but more on my terms. Currently, I am employed by the hospital, and I generate way more than what they pay me. I enjoy the current lifestyle. It is not bad.
Now, there is an opportunity for partnership for Ambulatory Surgical Center. This opportunity will likely triple my current income in 2-3 years. However, I am very sure I will have to work myself to the bone and will likely have no life. And with this partnership, I will achieve FIRE, but I probably won't slow down. Who knows, I still may.
My thought is I am making a pretty good income for what I do. I am not sure if I want to pursue the Ambulatory Surgical Center gig even though it is a great opportunity with the potential to create a large amount of income. I just hate the thought of missing out on this opportunity. I think it came down to $$$.
As of now, I already know what I need and the amount I need for retirement (of course, I can't afford the Yatch or nice toys). And I like to do things while I am young and healthy. If I do the Ambulatory Surgical Center then I can afford a Yatch and some nice toys. To me, the latter is not worth my Youth.
What do you think?
If this ambulatory surgery gig gets you to your number faster, and since you seem to be of two minds about it, I'd take it when I'm still single and in my 30s, work until I hit my number, then FIRE. If after a few months you find it's very demanding / exhausting, then maybe you can always go back to your hospital job?
You'd still not be "old" in your 40s to not be able to enjoy your yatch and toys!
That's just my opinion. Good luck!
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Re: Opportunity - should I take it?
I don't like working myself to the bone. It sounds like you can make ends meet in your current situation where you don't have to do that.
John Bogle: "It's amazing how difficult it is for a man to understand something if he's paid a small fortune not to understand it."
Re: Opportunity - should I take it?
You have a nice life. Why mess things up by involvement with the Ambulatory Surgical Center? You mentioned a "partnership with" so I presume there is some equity involved, either a contribution to it or some of your salary in a form of equity, either could involve financial risk and complicate your ability to extricate yourself from the arrangement.
The closest helping hand is at the end of your own arm.
Re: Opportunity - should I take it?
Well your mileage may vary, I chose time over money.
I have a couple of things that help me when I make decisions like this. One, I’m known for following the adage, “you can’t follow your own path if you’re on the road to another person’s city.”Similarly, I like a statement an elderly client said to me back when I was still working when I asked him for some words of wisdom. He was in an accomplished athlete long since retired. He told me: “be yourself, you can’t be anybody else. “
Good luck.
I have a couple of things that help me when I make decisions like this. One, I’m known for following the adage, “you can’t follow your own path if you’re on the road to another person’s city.”Similarly, I like a statement an elderly client said to me back when I was still working when I asked him for some words of wisdom. He was in an accomplished athlete long since retired. He told me: “be yourself, you can’t be anybody else. “
Good luck.
- lthenderson
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Re: Opportunity - should I take it?
When presented with a job choice that offered great work/life balance or money, I have always gone for the work/life balance and never regretted it. You can have a job that offers work/life balance and the money to allow you to FIRE at 40. Sounds awfully hard to trade that for one that promises to work you to the bone.
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Re: Opportunity - should I take it?
2 M is definitely enough for someone single to live off of. It's plenty more than enough actually. You'll probably have a very healthy life. Just don't have high housing costs.
- NewMoneyMustBeSmart
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Re: Opportunity - should I take it?
What did you mean when you said "... is a cardiologist?"
-- |
Few are those who see with their own eyes and feel with their own hearts - Einstein |
*Everything I write here is an unreliable opinion*
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Re: Opportunity - should I take it?
I agree with many others. You already make great income and certainly on your way to FIRE soon. Seems like the other opportunity is all about $.... but you already make great $. We always want more. I'm thinking you've already made it. Of course some people are different and they love to be driven and staying ambitious. I just don't get that vibe from your post, which is absolutely not a bad thing!
Re: Opportunity - should I take it?
There is wisdom in knowing how much is enough. Of anything.
I hear your gut pulling you in one direction already. So what really, really good reason do you have to ignore the pull of your inner wisdom?
I hear your gut pulling you in one direction already. So what really, really good reason do you have to ignore the pull of your inner wisdom?
Re: Opportunity - should I take it?
If you like the current lifestyle: then just keep doing what you do. I wouldn't do this ambulatory surgical thing. we all have one life to live; and I think we have to do what makes us happy. certainly if that ambulatory surgical thing makes you happy, then by all means do it. However, it sounds like it would not. there is the law of diminishing marginal returns. how much happier would you be with all that extra money??? I reckon not much. I don't necessarily recommend total FIRE, but how about Coast FIRE?? you are a cardiologist: that means you can probably work at your own terms.
Re: Opportunity - should I take it?
I’d go for 3X income. If you don’t like it, go back to hospital employed.
Disclaimer: I'm not very smart, and this is just my hypothesis.
Re: Opportunity - should I take it?
Note making $ sooner means getting it into the market sooner and more years of compounding. I would go for such an opportunity as a single person without kids. Just decide you’ll do it for a period and have a backout plan. Can you sell your share of such a partnership ? Do you have to sign a contract for a certain period of time ? I would sign a 5 year contract to make 15 years of income in 5 years. Knowing at end of 5 years I can take some time off and change to something at a slower pace would make the long hours more tolerable. But that’s me, some people simply can’t think like that.
- climber2020
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Re: Opportunity - should I take it?
It's not that simple. These arrangements aren't always something you can just walk away from unscathed. I know people who have had their retirement plans derailed due to a surgery center business gone bad. It's uncommon, but it's a risk.
Re: Opportunity - should I take it?
Does this triple salary come from producing 3 times your current RVU’s or does it come from being a partner at an outpatient center? Is it physician owned only or is there a facility involved?
Re: Opportunity - should I take it?
I'm not sure how what you described works for doctors, have you tried asking on the White Coat Investor forums?
There's always pros and cons to staying or leaving a job. Most of the time for me, moving to a new position has been a boon. A few times it was mixed, and I'd say only once was it really a bad choice but I had no way of knowing that at the time. Even that bad one taught me some good technical skills and a lot of what to look for in future employment opportunities.
There's always pros and cons to staying or leaving a job. Most of the time for me, moving to a new position has been a boon. A few times it was mixed, and I'd say only once was it really a bad choice but I had no way of knowing that at the time. Even that bad one taught me some good technical skills and a lot of what to look for in future employment opportunities.
"...the man who adapts himself to his slender means and makes himself wealthy on a little sum, is the truly rich man..." ~Seneca
Re: Opportunity - should I take it?
Great advices. I value my free time more than money. I am very blessed to be in my situation.