Northwestern Mutual

Changing Careers: Leaving Wall Street for A Career in Medicine

Mike Fruscione wasn’t fulfilled by his career on Wall Street. So he changed careers and became a doctor. Thanks to solid financial planning, he was able to continue to support his family as he slashed his income to almost nothing to go back to school.

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Mike and his wife Christine talk about working with Northwestern Mutual Wealth Management Advisor Kevin Luchetta to make Mike’s dream a reality.

Mike: I was doing well in my job. I was very comfortable, had a great life, had a nice apartment in Manhattan. Things were great. But I wasn't really fulfilled. So, I thought I could do something. Maybe I could cure cancer in 30 years.

I had done a lot of volunteer work while I was working on Wall Street and I decided after a very successful career to transition. I thought medicine would be a great way to do that.

As a medical student, obviously not being able to work and support a family was really difficult and scary.

Kevin: I met Mike, probably about 15 years ago when he was a young investment banker. Mike went from a very easy financial life on Wall Street, honestly, to a very difficult financial life as he went back to school.

"All the financial planning that Kevin had put in place really set us up for the future."

Christine: It’s been such a transition moving to a new state. He works crazy hours. I really hold down the fort.

Kevin: When he stopped working his income went from a significant level to a very low level.

Mike: I remember initially preparing a budget; we were very prudent initially.

Kevin: Doing the planning early and having the savings made a substantial difference in his life where he could still get by, and didn’t have to go into debt.

Christine: We’re able to essentially live on Mike’s salary now. I think that’s a big part of all that Kevin has done for us.

Mike: All the financial planning that Kevin had put in place really set us up for the future. It’s just been a very seamless transition which makes things very easy for us and gives us less to worry about.