I’m 35. I make a lot of money as an emergency medicine physician. I have a lot of debt. I have a wife and kid. Am I crazy to think I can do this by 40? Why can’t I?
I own a beautiful home on the water in Florida, still with a large $800k mortgage. I could likely sell this for well over $1.5 mil today if I wanted to. I have $170k in student loans left.
I own about $900k in liquid investments and cash. I make between $500-600k a year currently.
Lets say I make $500k each year.
$100k –> taxes
$200k –> retirement/savings
$200k –> Spend
Do this for five years, that’s another 1 mil in the bank. So now I have invested 2 million and hopefully with returns that will be closer to 2.5 million. My student loans are gone (currently have three years left). I’ll have paid down the mortgage.
I’m not saying fully retire, but I’d just like to work less. I hate working night shifts. I hate the circadian disruption. I do a lot of fun stuff at my job, I get to help people, I don’t hate the work. But I hate night shifts, I hate the government and administrative bureaucracy.
I’m starting to work in telemedicine from home and these opportunities keep growing. I envision a hybrid kind of work. Maybe 5-10 shifts a month of clinical ED work and telemedicine work, maybe find some director work.
Five years. $2mil+ in the bank. Why can’t I do this?
Certainly, some unexpected things could derail it. Health issues, family issues, environmental disaster. But if those don’t happen, I don’t see why not.
Five years. Retire by 40. Why not?