HHI 600k - Husband Wants To Quit

[Anonymous]

Anonymous wrote:Interesting that OP's husband is making 600k with 16 weeks vacation in his early thirties and every other MD thread is complaining about how they're overworked and barely scraping by under 200k with substantial student loans.

This is not a typical physician salary. I would think most physicians are making 200-300k unless they work crazy hours or are specialists.

[Anonymous]

The 16 weeks vacation are unbelievable. I can believe 16 weeks of non-work....if it is on call stuff. two weeks on 7 x12, one week off. But that is not vacation. With that said, those jobs do not pay 600K.

But OP said 600 HHI...is it 200K for him, and 400K for her?

[Anonymous]

In part this depends on his actual age. My husband's friend was making a $500,000 annual salary out of residency working for a large anaesthesiology practice at the age of 34. He received 8 weeks vacation with that practice. This was 15 years ago. I'm willing to believe OP's salary assertions. Either her husband likes being a doc or not. I'm guessing that he doesn't love medicine so is considering other options.

[Anonymous]

Our RE made $1.1M each years ... and that was 20 years ago. Some specialists really make big money.

[Anonymous]

Thanks again to all.

For all the doubters, please see salary numbers posted. Thank you.

[Anonymous]

Doctors who own a practice have to pay overhead as well as malpractice insurance. They don't take home nearly the amounts you think they do. Wives always exaggerate the earnings when bragging to friends and never mention the expenses.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DH is a early 30s physician and I'm a SAHM. We are just getting started in our life in NOVA after finishing up training a few years ago.

He is talking about quitting to join a startup that will pay half income but have substantial equity working for his father. His family has a business which is predicted to sell for 9-10 figures in the next 5-10 years, but nothing is guaranteed.

If he quits medicine for this job, he can never go back.

Any thoughts? Similar situations? 600k guaranteed (and growing) with 16 weeks vacation or move with lower income, higher potential (8-9 figures) but much more instability.

This is what is wrong with the American medical system., There is no way that any doctor should earn $600k a year. That is an obscene amount of money. Getting rich off off the ills of fellow human beings. Disgusting.

+1000

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH is a early 30s physician and I'm a SAHM. We are just getting started in our life in NOVA after finishing up training a few years ago.

He is talking about quitting to join a startup that will pay half income but have substantial equity working for his father. His family has a business which is predicted to sell for 9-10 figures in the next 5-10 years, but nothing is guaranteed.

If he quits medicine for this job, he can never go back.

Any thoughts? Similar situations? 600k guaranteed (and growing) with 16 weeks vacation or move with lower income, higher potential (8-9 figures) but much more instability.

This is what is wrong with the American medical system., There is no way that any doctor should earn $600k a year. That is an obscene amount of money. Getting rich off off the ills of fellow human beings. Disgusting.

+1000

Disgusting that people who help cure, help save lives, who have paid hundreds of thousands of dollars for their education, who worked insanely crushing hours in med school and residency, who continue to study new health and advancements... These people making a lot of money sicken you?

Basketball players...football players...actors and actresses who make MILLIONS a year...that I dont get. Why the hell should they be paid so much?

Doctors...pay them. They deserve it.

[Anonymous]

Anonymous wrote:A physician who takes 16 weeks vacation and makes 600k when he's just in his early 30s? Yeah, right.

Agree. This screams troll.

[Anonymous]

Since it's a family start-up, is there some urgency to taking that job? It's not like a regular job where he has a few weeks to decide on an offer.

Does he hate medicine and just want out or could he do it for a while longer? If he can do it for a while, why not set a target -- i.e. I'm willing to do this for x more years; whether x is one or 10, can't you then spend those years beefing up your savings so that when he does leave for a 300k job, you're less affected by the "lifestyle change"? Is there any room to save anymore on his current salary?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If he quits medicine for this job, he can never go back.

Is he not planning to keep up with his licensure requirements? That would be short-sighted of him. Not to mention the training wasted if he leaves practicing for ever. I know of a few doctors (different specialties) who left (to specific jobs, or to have children) and went back. Not sure why he couldn't leave that door open, even if he had to return in a slightly different capacity than the one he left.

If you're not seeing patients full time, maintenance of certification is almost impossible for more than a few years.

this is not true.

[Anonymous]

I think the one thing of which you can be sure is that any forecast that a business will be worth 9-10 figures in 10 years is almost certain to be wrong. Ventures of that size often come with risk, and business/technology changes so fast that a five or ten year forecast is worth little. Large firms that carry that kind of risk tend to have other irons in the fire (the ones that survive do, anyway).

[Anonymous]

If this is for real, I would not give up 600k/yr (or even 200-500k/yr) "guaranteed," for a business that may or may not be worth 10 figures in a decade or two. Business valuation is wrong more often than not; while those might be the private equity predictions now -- all it takes is for investment tastes to change again; one competitor to emerge; or one run in with a gov't regulator for a 10 figure valuation to suddenly drop to a 5 figure valuation.

With 4 months off, even if he hates medicine, he's not working all that much. Why not stay in until his 40s and then make a decision? By that time this company will have taken off or not -- if it takes off, is his family really going to say he can't have a cushy VP gig in the family business? If it doesn't take off, well he'll be glad he didn't give up his 600k/yr gig.

The only things that changes the preceding is if he desperately wants out of medicine. If he is miserable and the money just doesn't make it better for him (and I know MDs like this), then tell him to go with the 300k job and you as the wife need to learn to live with it. If he's merely ambivalent about medicine -- he can stay in for a while.

[Anonymous]

OP how much of your identity and lifestyle is tied up in being "the doctor's wife"? There are wives I know that care deeply about the "prestige" or status and there are others who just want their DHs to be happy. If you can't afford your current house, schools, the life you envisioned at less than 600k, then I think the decision is easy. If you can afford it and are banking a lot of your money anyway and he would be happier working with his family, then tell him to go for it.

If this start up can really pay 300k (can it really -- that seems like a LOT even for a family member), that's really good money even if there is never a full fledged IPO payout. If he makes 300k for the next decade, the start up never launches, and he has to find something else to do 10 yrs from now -- he will; he's a smart man with an MD. Maybe it'll mean starting over and returning to medicine with a different fellowship or residency or starting his own business or whatever, but it's doable.

What do you want to see happen here?

[Anonymous]

Anonymous wrote:I think the one thing of which you can be sure is that any forecast that a business will be worth 9-10 figures in 10 years is almost certain to be wrong. Ventures of that size often come with risk, and business/technology changes so fast that a five or ten year forecast is worth little. Large firms that carry that kind of risk tend to have other irons in the fire (the ones that survive do, anyway).

+1