Gold for the golden years

[cjsmith]

Having spent a week with my parents, and now spending a week with Rob's parents, I am reminded of the need for long-range financial planning. My parents don't have a solid plan for retirement; my mom lives in fear. Rob's folks and most of the people they discuss are also elderly. I don't know who "Bill" is, but this week I learned that his assisted living facility costs thousands of dollars a month. "Catherine" is in a nursing home costing even more. Rob's aunt is very fortunate that she sold the family farm and moved in with her daughter a year or so before she had her stroke. Heck, if anything happens to Rob's mom, Rob's dad will need to hire a full-time bodyservant.

All of this sure makes me think twice about this whole veterinarian thing. Not that I had a good path to a secure old age as it was; don't get me wrong. But this is the single most financially devastating thing I've ever done in my life. It surpasses even holding on to BRCM stock during 2001.

People say having children doesn't necessarily guarantee good elder care. They're right, of course. But NOT having children is definitely a LESS reassuring situation. Basically, unless you have a few people who are younger and healthier than you are and who are also massively indebted to you, you'd best have a truckload of money. And I don't.

Comments

[cjsmith.livejournal.com]

Oh, I think it absolutely is. My income afterward will drop substantially, and business owner or not, I will never be able to recoup this investment. This decision, regarded solely financially, is in the high six digits of pure loss.

(Bringing emotional health into it too, well, there are reasons to consider going ahead anyway. But in a ledger book it's a larger negative than any I've ever had.)

[sharya.livejournal.com]

Yeah, I don't think you can discount the emotional health. That's a pretty major factor.

I think you'll be pleasantly surprised at how this all works out. Granted, you won't know for decades to come, but I think things will work out better financially, than you seem to think they will.

[cjsmith.livejournal.com]

Why do you say that it will work out better? You're not the only one to say this, and I'm curious. Best I can tell, I've researched it (not exhaustively but to a reasonable level) and I'm being realistic. My mother and sister, too, say that it will work out better than I'm guessing. In their case it's almost as if they're offended by the concept that it's financially not a step up in the world. (I tried to tell them that it's OK if it's not, as long as I know what I'm getting into and am willing to trade the money for the other benefits, but it was like I was speaking Martian. Family can be weird.)

[sharya.livejournal.com]

Hmm, how to explain without making me sound like a total spacecadet...

Basically, I find that anytime I make decisions that involve improvement to my emotional/spiritual health, everything else just seems to improve as well.

Between 10-15 years ago, I was having this huge breakdown, and my friend got me this book that really helped her (don't ask what it's called, I lent it out and haven't gotten it back yet). Anyway, it had this concept that if you take care of your bio/psycho/social self, then the financial aspect would just follow. People who had money problems, if they just focused on taking care of the money stuff at the detriment of their bio/psycho/social growth and development, never seemed to be able to take care of their money stuff. On the other hand, the people who took care of themselves, money just seemed to fall into their lap.

It sounds really hokey, I know, but life really does seem to work out that way. It's been that way for just about everyone I know...

[cjsmith.livejournal.com]

I can certainly see where someone who is happier will not only manage money matters better but also have more opportunities arise. Maybe this is what my family members were talking about as well. Someone who's happy has more energy, and that's almost like getting free extra time in the day.

[brooksmoses]

FWIW, I'm pretty sure my aunt's overall income from her vet clinic is well into the mid seven figures, after ... fifteen years, roughly, I think?

I suspect she's anomalous, though, given that she's got three other vets working for her who aren't getting that much out of it. But it seems a possible outcome.

[cjsmith.livejournal.com]

She's unusual, best I can tell, though not completely unique. A sizable emergency clinic in a big city will pull some serious income like that, too. Of course, the owner of that kind of place probably doesn't get much time to be a vet -- in between all the business management and consulting with lawyers and all. One big thing I need to ask myself is whether I'm willing to be a clinic owner. There are some definite downsides to it, and so far I've been guessing I'd rather not be. Partner, maybe... that's worth some musing.