Sabbaticals in Healthcare: Is it even possible?

Discover the power of sabbaticals – revive from burnout, and pursue passions. Learn financing and planning tips for a rejuvenating career break

Have you ever had that dream where you walk away from your job and go backpacking throughout New Zealand for 9 months??

No?? Is that just me?? While your dreams won’t necessarily mirror mine, I do hope that you allow yourself to ponder the possibilities of your non-professional life.??

What if I told you that I would be making my New Zealand hiking dream, along with other career breaks, a reality? What if I told you that you can manifest your dreams into an actionable plan rather easily, while simultaneously sustaining and prospering in your career? Actualizing your dreams into existence is something that you can and should pursue.??

I’m referring to the potential to take sabbaticals, which I define as (“day job”) work respites of greater than 3 months in length.? I fondly consider them “hard resets” on your personal and professional lives, with infinite possibilities and a multitude of benefits that warrant turning your daydreaming into action.?

Some of the common benefits of sabbaticals include:

• Full recovery from burnout (it can take months)
• Uninhibited pursuit of hobbies and learning of new skills
• Adequate time for reflection and developing an action plan to realign your life with your values and passions
• Full immersion into pursuing your dreams, while not waiting for retirement

For those of us in healthcare, the prevalence of burnout is high, but we also tend to be higher earners with jobs that are in high demand.? These factors lend themselves to a need for longer work respites, having the potential to finance a sabbatical, and also having the confidence to seamlessly transition back into our professional role.?

So, why don’t more people take sabbaticals?

Taking sabbaticals is commonplace within some professions, such as academia, but healthcare is a field that has not widely adopted this practice, despite the high levels of burnout.? Another reason why sabbaticals are still on the fringe of healthcare work is that they require us to step way outside of our comfort zone, typically involving a lot of planning on many fronts: housing, transportation, finances, job-related responsibilities, and more.? It’s not easy to make plans to upend our lives in pursuit of the lesser-known sabbatical life, especially for the Type-A personalities within the healthcare ranks.

One of the barriers to many interested people is how to finance a sabbatical.? Most of us do not have the ability to conduct a paid sabbatical, through an employer benefit or passive income streams, forcing us to self-finance the pursuit.?With 3 sabbaticals under my belt, and currently planning for #4, here’s what I think you need to know:

• It’s entirely doable for the majority of us.
• You need to think about reallocating resources into a sabbatical bucket (e.g. lowering your 401k contribution for 1-2 years and putting that difference into a high-yield savings account).
• Understand your current annual spending, then plan on saving the equivalent length of time you’ll be without paychecks.? (e.g.? If you spend $50k per year and will take a sabbatical for 6 months, then you’ll need $25k+).
• Think not just about saving up for a sabbatical, but also about how to minimize spending while you are away (i.e. passive income sources, minimalist lifestyle, etc...)

Besides cogitating on how to get your financial house in order for a sabbatical, there are a lot of other considerations for how to get started.? Combining my personal experience and expertise on sabbaticals, here’s what I recommend considering for the sabbatical-curious:

• Create your dream scenario, take a life inventory (i.e. people, possessions, goals, interests, etc.), and then reconcile the two to form what is the optimal way to spend your sabbatical).
• Consider using job changes as your timing for a sabbatical, as opposed to immediately going from one job to the next without a break.
• Although it can feel daunting sometimes, enjoy the planning process, as it can be half of the fun!
• Start planning 6-12 months in advance, giving yourself a long “on-ramp” to your new life!
• Give your employer and others adequate (6+ months) notice of your plans, and try to get verbal and written agreements to return if you desire to do so.
• Have faith that you will figure out all of the “What-if?” scenarios, including re-entry back into your pre-sabbatical life, but DO make contingency plans for potential emergencies.

I’m hopeful that in reading this article, you feel a little bit more educated, empowered, and inspired about sabbaticals.? My feeling is that they are an under-utilized respite to reclaim our lives that often drift off course from our passions and values.? With so few things being guaranteed to us, including our mental and physical health, especially within what feels like a turbulent world, I’m hoping that more working professionals feel motivated to take action on their version of sabbaticals.??

If you are looking for more information on sabbaticals, including how to get started and break through the analysis-paralysis:

Check out my business at? www.thepablueprint.com

Email:? [email protected]

Find me on LinkedIn:? Shayne Foley

Frank's Financial Corner - with Frank Randall, MPA ?

Risk Management for Medical Professionals: Protecting Your Assets and Career

Risk management is vital for safeguarding your career and assets. Obtain comprehensive professional liability insurance to mitigate legal risks. Consider umbrella insurance for additional coverage that is often tied to your renters or homeowners insurance. Separate personal and professional assets through legal structures like LLCs, and PLLCs. Maintain an updated estate plan, including wills and trusts. Lastly be sure to have an own occupation long term disability insurance policy, outside of work for maximum income protection.

Need help with your finances? Frank Randall, MPA is a Financial Advisor serving the medical community Book a complementary meeting with Frank here.