GUEST POST from Arlen Meyers
Some doctors are getting restless. Whether they are part of the young and the restless, the desperados or the old and the grumpy, they are thinking about limited career half-lives or how to help patients in a way other than seeing 20 a day for forty years.
We’ve all heard about the mid-life crisis. It’s that “is this all there is ?” moment. But, did you know that the quarter life crisis, is, according to some experts (particularly those interested in getting you use their products) an epidemic?
But, let’s first define the quarter-life crisis quickly in case you’re not aware of it. “Many people have heard of the quarter-life crisis, a period of insecurity and doubt surrounding careers, relationships and finances experienced by people in their mid 20s to early 30s ”
For most doctors, this is the period when they are just starting their medical careers due to the 12-15 years required to complete premed, medical school and residency. Then, it takes another 5 years in clinical practice to just find the bathroom.
As if becoming secure in medical practice isn’t enough, now you have to deal with questionable relationships, a mountain of debt and an iffy career pathway given all the changes in medicine and the lack of corporate loyalty and generational attitudes about job security, the gig economy and work-life balance. Add to that, you are skiing down the happiness curve.
What should you do?
- Start building a side gig
- Have a financial plan to pay off your debt, save for retirement, live within your means and protect your assets
- Adopt an entrepreneurial mindset and develop and practice entrepreneurial habits
- Expand your networks, particularly with people who are not doctors. Are you Linkedout?
- Have a Plan B career option. You probably won’t want to pay someone to help you, but find a coach if possible.
- Adjust your expectations
- Develop resilience in the face of headwinds and PISS on burnout
- Find a mentor, sponsor or friend who you can trust
- Have a sit down with your spouse or partner
- Take advantage of the multiple free resources available
- Build your social support network and engage them face to face and online
- Get experience doing something other than clinical medicine.
Count on it. There will be hard day ahead.
The Medicare trust fund will be depleted in 2026, the administration said. By contrast, the government said last year that the trust fund would be exhausted in 2029.
In a companion report, federal officials said the Social Security Trust Funds for old-age benefits and disability insurance, taken together, could be depleted in 2034, the same year projected in last year’s report. The fund that helps tens of millions of retirees is expected to be depleted a year earlier than projected last year, while the outlook for the disability trust fund is more favorable.
The bottom line is prepare yourself, your relationships and your career for what lies ahead. Don’t die with regrets.
Wouldn’t it be great if you had the choice of practicing medicine for free, moving on to something else or being able to be on the 10/20/30 plan ?
Now that the snow is starting to fall, you might also want to buy a new pair of skis.
o Twitter@ArlenMD and Co-editor of Digital Health Entrepreneurship
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