Coast FIRE: A Strategic Path for Self-Employed Doctors to Reduce Burnout and Enhance Autonomy

Coast FIRE is a unique and compelling concept within the broader Financial Independence Retire Early (FIRE) movement. For those unfamiliar, Coast FIRE occurs when an individual has saved and invested enough money to allow their investments to grow on their own, reaching their retirement goal without the need for further contributions. This allows individuals to "coast" to full financial independence, freeing them from the pressure of earning a high income and enabling them to focus on meaningful work and personal passions.

For most doctors, you are looking at around $5 million of net worth to support your doctor lifestyle for 30 years. I talk about this in my blog post: The Pentamillionaire Doctor: Your 10-Step SimpliMD Roadmap

For many of you, this coast FIRE concept is particularly appealing. The journey to becoming a doctor is long and arduous, often leading to significant financial and personal sacrifices. By reaching Coast FIRE, you can alleviate the financial burdens that come with our profession and reduce the risk of burnout, allowing you to work part-time, pursue purposeful projects, and maintain professional autonomy.

Let’s talk about reasons you should consider this:

Why Physicians Should Consider Coast FIRE

1. Reducing Burnout Risks

   Burnout is a significant issue, with many of us experiencing high levels of stress due to long hours, demanding work environments, and the emotional toll of patient care. Coast FIRE offers a way to mitigate these risks by providing the financial freedom to work part-time or on projects that are more aligned with your personal values and passions. This shift towards purposeful, sustainable work can help you maintain a healthier work-life balance, ultimately reducing the risk of burnout in the latter half of your career. I talk about this in my post Job Stacking for Doctors: A Modern Approach to Work-Life Balance

2. Enhancing Professional Autonomy

   One of the biggest challenges faced by our tribe today is the loss of professional autonomy. Large healthcare corporations often impose strict regulations and guidelines, limiting your ability to make independent decisions about patient care and your own career. By achieving Coast FIRE, you can regain control over your professional life choosing to work in jobs and environments that respect your autonomy and allow you to practice medicine in a way that aligns with your values. Most of the time these are going to be self-employment type jobs. Check out my post that talks about this Unleashing Professional Autonomy: Navigating the Occupied Landscape of Healthcare

3. Sustainable and Purposeful Work

   Reaching Coast FIRE allows you to transition to part-time work or focus on passion projects without the pressure of meeting high-income targets. This not only makes your work more enjoyable and fulfilling but also more sustainable in the long term. You can dedicate your time and expertise to causes you care about. For me in Act 2 of my career while coast FIREing this includes improving rural maternity care, addressing health disparities, or developing innovative solutions like ChatRx. I talk about this more in my post Reflections On My Retirement, Time for Act 2

The Role of Micro-Corporations in Achieving Coast FIRE

Starting a micro-corporation can be a game-changer if you are aiming to reach Coast FIRE. By forming a micro-corporation, you can optimize your earnings and maximize your financial independence. Here’s how:

1. Tax Optimization

   Flowing earnings through a micro-corporation allows you to retain 10-15% more of your income through small business tax optimization strategies. This means more money can be saved and invested towards achieving financial independence. By taking advantage of tax deductions and credits available to small businesses, you can accelerate your journey to Coast FIRE. Read more about his in my post Strategies Doctors Can Employ to Slash Their Tax Bills

2. Efficient Job Stacking

   A micro-corporation provides the flexibility for you to take on side work and multiply your income streams efficiently. You can job stack a W-2 position with 1099 contract work, allowing you to diversify your income sources and increase your overall earnings. This approach not only boosts your financial security but also provides opportunities to explore different areas of interest within the medical field. One common approach that I see physicians doing is downshifting from a full time worker, you can read about this in my post Begin Your Self-Employment Freedom by Downshifting Your W-2 Job

3. Preserving Professional Autonomy

   Operating as a micro-corporation empowers physicians to maintain their professional autonomy in the marketplace. They can negotiate contracts, set their own rates, and choose the projects and clients they want to work with. This level of control is invaluable in a profession where autonomy is often compromised. By running their own business, physicians can create a work environment that aligns with their principles and professional goals. It is my belief that Every Doctor Needs To Preserve Their Professional Autonomy—read why in the hyperlink.

Why SimpliMD?

SimpliMD is more than just a platform; it's a community of like-minded physicians dedicated to professional growth and excellence. By joining SimpliMD as member, you gain access to a wealth of resources, support, and inspiration. Whether you're looking to form a micro-corporation, integrate your 1099 income, or wisely job stack, SimpliMD is here to guide you every step of the way.

Call to Action

If you’re a physician looking to take control of your career and make a meaningful impact, I invite you to become a SimpliMD member. Join us in our mission to empower physicians to flourish through micro-business competency. Let’s work together to ensure that every physician can thrive as both a healer and an entrepreneur. I invite you to purchase my new evergreen course “Creating a Practice Without Walls” this available this month only for our introductory price 50% off by using “EARLYBIRD” at check out.

I invite you to let me be your personal business guide to help you form a micro-corporation, integrate your 1099 income, and strategically job stack. Together, we can create a healthcare landscape where every physician has the opportunity to succeed and every patient receives the care they deserve.

Final Thoughts

Reaching Coast FIRE is not the end of my journey; it’s a new beginning. It’s an opportunity to focus on what truly matters—helping others, advocating for the underserved, and driving positive change in the healthcare system. Through SimpliMD, ChatRx, and my ongoing efforts in rural maternity and neonatal care, I am committed to making a difference.

Let’s embrace the freedom of Coast FIRE together and use our time, talent, and resources to create a better future for all. Join SimpliMD today as a member and be a part of a community that values both professional excellence and compassionate care. Together, we can inspire, support, and empower every physician to thrive as a micro-business within the marketplace.