I didn't know a single doctor who had built up a portfolio and simply retired… that is until I met the Physician on Fire. Many others would leave medicine and find a different way to impact others. For many physicians, if finances weren't an issue, many would still remain in medicine, but practice differently. However, as I began to hear more and more about physicians burning out and as I began to meet other physicians who left medicine to pursue other ventures, the idea didn't seem so crazy anymore.Īs I began to understand more about the FIRE movement, I realized it was more about choices and options. Physicians have worked too hard to get where they're at to even consider the idea of retiring. While I was reading some of those other FIRE blogs and how people were replacing their incomes and quitting their jobs, it didn't seem that this was something physicians would do. Here are those top 5 misunderstandings: 1) It doesn’t apply to physicians Then I came across a blog called Physician on Fire and over the years he’s helped me realize that some of my understandings about the FIRE movement weren’t quite correct.
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At the same time I was learning how to create positive cash flow from real estate and decided the FIRE movement wasn't a great fit. I thought about my life as a doctor, paying student loans, living in California, having kids, wanting to travel and I decided, nope, it's not for me. The idea sounded fascinating but then when I looked at his numbers, I saw his yearly expenses amounted to $30,000. Once your portfolio reaches a certain size, you can retire early and draw 4% annually from the portfolio to live off of. In it, he talked about how you can use your current savings rate, your current expenses, and something called the 4% withdrawal rate to figure out when you could retire.
Money Mustache, The Shockingly Simple Math Behind Early Retirement. I was introduced to the concept when I stumbled upon a blog post years ago by Mr. It’s actually an acronym that stands for Financial Independence, Retire Early. Here at PIMD this week we are celebrating all things FIRE, especially our WCI Network partner, The Physician on FIRE, who left medicine over a year ago at age 43.
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