Every factor pointed me towards part-time work, but there are some factors that could make it less rosy for you. Dr. Dahle will examine both sides of that part-time coin.
I was recently asked by a reader about how to decide when it just wasn’t worth it to work more hours. He noted he had been cutting down on his hours due to a high marginal income tax rate. I felt like the subject deserved a little bit of a broader treatment.
Determine your own marginal utility of money. Analyze how much you enjoy your job and your hobbies. See if there isn’t a way you can either increase your hours or decrease your hours to get the mix just right for you.
Social security taxes are regressive and Medicare taxes are flat. When you average it all together, it turns out the curve isn’t nearly as steep as most think it is, at least once you make as much as a resident physician.
Some of your overhead is variable, but most of it is fixed. With fixed overhead, everything you make once you pay off the overhead is profit. Taxable profit to be sure, but profit nonetheless.
Both time and money are limited and fungible (exchangeable), and it is up to you spend them as will do the most good and bring you the most happiness.