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30, Slow lane Doctor from England, UK joining

Absy

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Hi All

Read MFL for the second time and decided to read Unscripted after checking out the forum. I am a slow laner and a self confessed wantrepneur and 'ideas guy'. As a doctor working part time, I make a 5 figure income (after taxes) and live a comfortable life. I have a fantastic work-life balance, working 3-4 days a week on average and take all the time I need off for my kids' holidays. We aren't cheap but neither are we big spenders. I have my own standards and couldn't give a monkey's what the Joneses are up to. I get paid by the hour so no work = no pay. I am content but I aspire to more in life for my wife, kids and our future security among other ''why''s. As our family grows I will need to trade increasing amounts of time for money, unless we reduce our standard of middle class living.

I love shark tank (Dragon's Den here in the UK) and I have read countless books on entrepreneurship, however MJ's two will be last books on the subject I read unless I actually take action and start something.

I have two options; 1) stop faking and begin the process or 2) embrace the slow lane and make the most of it.

Happy to be aboard

Absy
 
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sthubbar

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Absy,

Nice to hear your story. I can relate.
 

Knugs

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Are you a full time locum and at which level do you work? GP/reg/consultant?
I found that since the new contract there was no way I could continue working in the NHS. How has the new locum pay cap affected you? I have heard that the pay cap doesnt really work.

Do you plan to continue working as a doctor? I find that difficult to give up since we invested so much into our career.
 
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ZCP

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Buy and sell something. Doesn't matter how. Doesn't matter where, on what exchange, or what platform. Just take an amount of money and increase it by buying something and selling it for more.

It will get the journey started.
 

Absy

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Thought of starting your own practice or making products from your medical knowledge?

Starting my own practice: This hasn't really appealed as my impression is that it is resource heavy and time consuming. I might consider it depending on how my primary two business ideas work out. Neither idea is medical.
Medical products: This has crossed my mind too.
 

Absy

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Jan 12, 2018
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Are you a full time locum and at which level do you work? GP/reg/consultant?
I found that since the new contract there was no way I could continue working in the NHS. How has the new locum pay cap affected you? I have heard that the pay cap doesnt really work.

Do you plan to continue working as a doctor? I find that difficult to give up since we invested so much into our career.

GP (I think they call it Family Medicine or Family Practice abroad). I love being a doctor (most of the time) and it would be difficult to give it up forever. My plan is to be independently wealthy by other means and allow medicine to be an enjoyable 'hobby'. Time to begin the process.
 
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RobD88

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Sounds like you're on the fence. I hope you decide on the fast lane. I look forward to reading more about your story.
 

Chromozone

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Starting my own practice: This hasn't really appealed as my impression is that it is resource heavy and time consuming. I might consider it depending on how my primary two business ideas work out. Neither idea is medical.
Medical products: This has crossed my mind too.

Don't follow the rest of the sheep-like advice regarding having your own clinic. The common thinking in the UK is to become an employee so that you're "safe" and have regular holidays and a regular salary. Yes, there's more responsibility owning your own clinic, but doing anything of value necessarily means that you will have more responsibility.

I'm the same age as you and also a GP in the UK. I went straight into owning my own surgery after finishing my post grad. The people I did my post grad with all went down the locum/freelance/salaried pathway and they're all working way harder for less money. In fact a lot of them have asked if I could hire them to work in my clinic now!

I earn >100k for two and a half days work (sitting on my butt) a week. It's not quite fast lane, but having your own clinic not only gives you more money it exposes you to a lot of high end solvable problems which you can use to launch a fastlane business. It also gives you way more credibility, leverage and connections when you try to create a medical product or service.

I genuinely believe that no doctor in the UK should ever complain about their situation. We have enough capital to get things going, we can go into a ridiculous number of industries which pay insanely well and the UK is one of the easiest places to start a business.

Good luck on your fastlane journey! :)
 

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