Smart Money MD wrote an important article this week about physicians having the financial ability to retire early-https://smartmoneymd.com/why-every-doctor-needs-to-think-about-early-retirement/.
Perhaps the most important lines are:
The strongest negotiating chip one can have is the ability to walk away from the deal if the other party doesn’t agree to favorable terms. The only real way to do that is if your livelihood doesn’t depend on the job itself.
For indeed, physicians face increasing barriers to independence and security in the future. “Medicare for all” may not happen soon or at all, but we don’t know that. Regardless of that, there is clearly societal and governmental pressure to reduce the cost of health care-which is likely to affect physician compensation for many years to come.
Despite the fact that we get a late start, most of us make significant incomes in our early years of practice. It is crucial that those early years are focused on paying off debt, minimizing new debt (fancy cars and houses), and establishing significant savings toward retirement. Only then will you have the financial strength to pick and choose the terms under which you practice in the future.