Surgeons Go Head to Head with Harvard MBA's

Everyone has a story of some physician's risky investment scheme. Surgeons have been known to invest in ostrich farming, cattle ranching and similar ventures with little previous experience. Never mind the high failure rate for new restaurants, perfect money pit for the surgeon extraordinaire. (Some of the more tyrannical feel a kinship with "Hell's Kitchen" host, perhaps "Hell's Operating Theater" is in the offing.) Off shore investments, no problem. I am interested to hear your stories and I have included a short poll.

Don't you miss being a surgeon?

Hey, everyone wants to know after you retire if you don't miss seeing patients. You should have an answer ready before you contemplate retirement. Now that I don't take call anymore, I sleep in pajamas and not fully clothed in jeans and polo shirt. My husband thought my kids were weird because they all just climbed into bed in their daytime clothes. Now I can set a proper example for nighttime sleep attire.

I do miss my secretary and I admit to having spent the last two years of retirement painfully disorganized. My secretaries were all great over the years -- Liz, Sarah and Judy -- loyal, supportive, organized. Not having a secretary is what I miss the most. They told me where to be and when. They told me when I was behind. They were wonderfully compassionate to my patients. One even helped raise my youngest child. Once my secretary spoke so highly of me to the AAOS (American Academy of Orthopedic Surgeons), they let me on the Professional Liability Committee. So when you retire, you need to plan for a post-secretary world.

My solution to the problem has been an iPhone. I am a late adopter of technology. I am sure those other brands of digital assistants would have required reading instructions and besides the keyboards were ridiculous. If I might make a suggestion, an iPhone would make a wonderful retirement gift for the orthopedic surgeon.

The Biggies

In my post orthopedic surgeon incarnation, I buy foreclosures with my husband. We even bought our current home overlooking the local yacht club at a foreclosure sale several years back. The thing about it was that the people that lost their house ate out nearly every night, had a big boat, wore Don Alain clothing and took expensive ski vacations. Their college age daughter had a BMW. They looked great. Their friends figured they just had some bad luck in business. In reality, the problem was self-inflicted.

Look over your spending habits. Can you cut back in certain areas and still be happy? Can you eat in more than you eat out? Do you really need the upkeep and cost of an expensive toy (boat, airplane, etc.)? How much do you spend on vacations and were they worth it? If your child attends private school are you really getting more value than you would in a public school? Can you get a good value in a used car?

Part of the problem of working hard, especially as a surgeon, you expect rewards. First thing you know, you have rewarded yourself with, let's say, a big contribution to consumer spending. Maybe there are better rewards in life. Stay tuned.

Opening Thoughts

This blog is for everyone hoping to maintain on less. Several years ago, the American Academy of Orthopedic Surgeons (AAOS) started to urge their members to reduce, reuse and generally live on less because reimbursement for physician services was going down at the same time malpractice insurance and other practice associated costs were going up. Apparently this program was successful. As urban legend would have it, the AAOS was invited never to return to Las Vegas for their annual convention. The orthopedic surgeons were blacklisted in Vegas for being too frugal. Casinos, hotels and restaurants simply lost money when thousands of penny pinching surgeons descended on the town. Now the orthopedists are reduced to meeting in places like, well, Chicago.

I may not get you blacklisted in Vegas...but I hope to show you how to "live like an orthopedist" or at least help you hold on to your money and make it grow.