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.« Back to Inspiring Stories
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.
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.