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What now?

Discussion in 'Chit-Chat' started by Arleaux, Aug 21, 2006.

  1. Arleaux

    Arleaux

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    Looking for a little bit of guidance.
    As some of you may already know, I recently lost my in-laws.
    https://forum.ih8mud.com/showpost.php?p=1336960&postcount=6

    Doc & I were very close, I ran his clinic for the past 15 years & in his passing he really took care of me financially. He left me roughly twice what I need to be debt free (mortgage, autos, cards… everything). The problem is that I don’t know what I want to be when I grow up, which should really be any day now since I am closing in on 40. I have taken almost all of my prerequisites for med school, but at my age & with kids 5, 7 & 11 years old, I know that I would rather be w/ them & my wife than in med school. I guess it was something I always wanted, but I missed the boat.

    My wife started nursing school today (last two years of a BSN program), & I am contemplating this route. I really like medicine & I would only need to take 12 more hours of classes to get accepted, & grades are not an issue, my only B was in organic. I am still pissed about that one!

    I own three Exmark mowers & everything else I need to start a lawn service, & I really dig the work. My concern here is longevity.

    So… my questions are.
    1) What would you do career wise?
    2) Would you pay off everything?
    3) Would you invest & how?

    I am going to see a financial advisor next week, but I would really like some input from you guys.

    Running another clinic is not an option. I have turned that corner.
     
  2. srafj40

    srafj40

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    First thought is to get as debt free as possible and invest the rest.
     
  3. valentine

    valentine

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    Doesn't nursing have crazy shifts? Wouldn't that be hard on the kids? Hectic schedule etc...Who's dropping me off at school, who's picking me up from school, who's going to make it to games/practice, help with homework???

    The lawn service would at least more of a set schedule. Seems that would be my choice.

    I've passed up on a whole bunch of overtime lately because I'm coaching my middle son's tee-ball team & don't regret missing out on the $$ at all. The time I've spent with him has been priceless!
     
  4. Bluto

    Bluto

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    In your shoes and debt free?
    What I would do?

    F- med school, find a (flex with hours) job with benefits while the wife finishes. When the wife starts a full time (insurance benefits for the family) RN career quit your job and pursue the lawn care biz. If you tire of the biz, no problem (good grades) going back to school to pursue something that will land you a job in a couple of years.

    F-Med school I say because Ive seen people at your age with family ending up divorcing during school or after graduation. (bc of commitment (time and concentration) to studies)

    Your heart is with your family so you have a greater chance of not finishing grad school (if you do finish it aint with honors).

    Disclaimer: You asked for opinions and of course there are always exceptions to everything. Investment part you got covered - you are going to see an financial advisor right?

    :)
     
  5. beaufort-fj60

    beaufort-fj60

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    Take your time, don't rush into anything. If anyone comes to you with a hairball scheme, tell them to jump off a bridge. There are vultures and opportunists that watch the papers and will be hitting you up for "extra" insurance policies and etc....

    Be careful


    With that said, I would:

    1. Payoff everything
    2. Find out what the "traditional" best case scenario would be for a 401k type investment for someone your age. Double that number and never touch it again until retirement age
    3. Be very careful with what left after that.


    I'm sorry for your loss.
     
  6. bkfj40

    bkfj40 SILVER Star

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    start buying up more 80's from virginia :)


    do what you have a passion for...it seems like the lawn business could be somewhat flexible and allow you to help out with your kids....go for a niche - don't try to be the cheapest, try for providing services that others don't....


    bk
     
  7. mot

    mot

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    I doubt any of my former bosses would ever do anything like that for me. ;)

    That is awfully nice of him, but very sorry to hear about his passing. :frown:

    I don't have any sound advice, but I would pursue the debt-free route first and see what my options are after that. Sounds like you know what you want (spending quality time with the fam) and you can't go wrong with that.

    Good luck, Chris!

    Mot
     
  8. DenverCruiser

    DenverCruiser

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    What I would do:
    Pay off all debt. Since you said you like it & you already have the equipment, I would mow lawns (I also like that kind of work and would seriously contemplate it if I was in your situation). Your concerns with that would be, as you said, longevity. Your goal should be to get an employee or two, who you can trust, once your body is not up for all the hours.
    INVEST ALL THE OTHER MONEY.
    Best of luck in these hard times.
    What does your wife think?
     
  9. Arleaux

    Arleaux

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    So far I'm hearin pay off everything & mow.

    Damn, is there anyone that thinks I should go to nursing school?
     
  10. Cruisin'Carolina

    Cruisin'Carolina

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    Sorry again for you loss......

    I would hold off until after you see the advisor.

    No reason you can't go to nursing school.....even now....if you are debt free you can mow or find another job....

    You need benefits....benefits,benefits....

    I ran a lawn service, it was great, I was young and made more money while I was in school than I made when I left. Once you get some accounts going, unless you are a one-man show, sales tax, WC, etc. eat you alive....

    The only way I would do that is if you had benefits....

    A lot depends on your wife's school schedule and what that will allow you to do.
     
  11. ATLcrusher

    ATLcrusher

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    "So wait your name is Gay Fokker and you're a nurse?" :D

    As I'm sure you know, there's a huge shortage of nurses; but I agree with someone above who said that for someone just getting out of school the hours would probably be s***. Probably wouldn't allow much quality time with the fam.

    I take it Doc didn't have a partner in his practice? i.e. the practice will cease to exist?
     
  12. BOUNDER

    BOUNDER

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    money comes and goes - don't be fooled - doubt you will be given you're a family man ;) Education is the greatest investment you can own - follow your passions (nursing is a passion/calling for many - (God bless them!) - "crazy hours" can be managed. I've worked with HUNDREDS of financial advisors and brokers - be wary of this persons depth of experience - $3-5$ mil net worth is fairly common out there- so ask all the questions and include insurance!
     
  13. Cruisin'Carolina

    Cruisin'Carolina

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    God point....ay chance on selling the practice?
     
  14. tcb

    tcb

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    Full Time Air Guard!
     
  15. Arleaux

    Arleaux

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    You are correct in that he was the only physician. We had 2 PT's & a PA, but I have already helped them find employment elsewhere. Doc had stopped doing surgery a few years back and most of the patients were treated w/ a combination of diet & lifestyle change, along w/ physical therapy. I have completed a couple feasibility studies on bringing in another orthopod & I could certainly make it work, but I don't want to. Doc had a niche that would be very hard to fill. I now own a fourth of the practice, but I have no interest in keeping it open w/o him.

    Are there any CRNA's on MUD?

    By the way, I look really good in this.
     
  16. PHBeerman

    PHBeerman

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    Nursing is a high need industry right now. If that is where your heart is, I would say go to nursing school.
     
  17. Arleaux

    Arleaux

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    It is definitely going to be sold.
     
  18. KArmstrong

    KArmstrong

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    Go to nursing school & follow up with the CRNA program. We've got loads of CRNA clients that do well ... my sister is in Jacksonville, FL and says they're in even greater demand there.
     
  19. Arleaux

    Arleaux

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    I was in Kaua'i w/ my unit when he died. They did an amazing job getting me home. Then they raised a ridiculous amount of money for their memorial (most of which is going to Habitat for Humanity). Air Guard Rocks!!!
    I have given it some thought, but they don't just hand those slots out on the street corner. I could probably do some "guard bummin" until a slot did open, but I hit my 20 in May & I think I would rather just stay traditional until I retire in 5-10 years.
     
  20. albee

    albee

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    My wife teachs at a med school and has interns at her office. I see them come and go every year. It puts a lot of pressure on the interns family. So it needs to be a family decision, not just your decision. Unless you have a solid extended family close that can help with the kids then forget about being a doctor. Even if you get into a med school close to home, chances that you will match with a local intern program are low. Then you will need to relocate to wherever you match forcing your wife to find a new job. I vote for the nurse option. Good luck
     
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