Do you think doctors are rich people?

[Anonymous]

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Anonymous wrote:

Anonymous wrote:Taken as a whole, physicians still have the highest salaries of any profession:

Median income for attorneys: $123K
Median income for software engineers: $108K
Median income for physicians: $208K

And of course, some specialists will earn far more than that.

You have to take into account opportunity cost. Residency is low pay at 50-60k for around 7 years after 4 years of medical school which is 60-100k a year depending on where. It’s better to be at engineer and make 100k throughout your 20s. Also, Physician Assistant is great - only 2 years no residency and make anywhere between 100-200 k

Agree with all of this. In the overall financial picture, physicians do not come out ahead. Not to mention your 20s are spent studying and working insane hours.

Well said. My DH has sacrificed his health and youth and I'm not sure the money when or if it comes is going to be worth it I've worked hard to keep us on track with our financial goals during his training, but the first 5 years of his attending salary are already allotted to catching up (down payment/no equity never owned, paying off student loans, retirement, 529, etc). This doesn't make us poor, but I don't think we're living the lifestyle that people imagine. Seeing medicine for what it is, if our children showed an interest I would encourage them to pursue PA or NP unless they want to be a surgeon.

Agree, people seem to forget that making a lot of money comes at a cost. DH makes 300K but works 50-60 hours or more every week, plus 12 weekends a year. He leaves early for 7 am meetings, is never home in time for dinner, and brings work home with him (notes to write, images to read). I feel like a single parent most of the time.

I get this because I felt this way too. I'm sure it also happens in lots of other occupations these days too, like big law, etc. But we did make it through raising our kids, mostly because my DH really prioritized going to as many family events as he could and being a supportive Dad despite the long hours and weekend work. This was the main reason I was a SAHM for many years, it really kept my husband sane- he didn't have to worry about anything with the household or getting the kids anywhere, figuring out who was going to stay home with sick kids, and that was priceless to us looking back. Although I did not have a career where I would have earned a big salary, so for us (we have more than the typical 2 kids) and no family nearby at all, so I'm not sure what we would have done if I did have more earning potential.

I think that's the other piece of the puzzle for docs. What does their spouse do? Many of my DH colleagues did not have the student loans he did, and married another MD, or another professional who could support the household, save for retirement, etc. while they were making hardly anything during residency and fellowship.

[Anonymous]

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Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My husband worked in a private practice in Maryland, where there are limits on the amount of money doctors can get reimbursed by insurance companies for procedures. The old docs in the practice who started out under the old rules were rich, with huge houses, boats, vacation homes, etc. The young docs on the current salary were barely making ends meet in the DC area. We left, and now feel comfortable on the same salary in a lower COL area. But we are far from rich. Med school loans are costing about 3k per month for the forseeable future. Started saving for retirement, college, etc at age 35 instead of 25. We could definitely be richer if we moved to a less desirable area of the country.

We're paying our DC1's med school and I know it will make a huge difference. Medicine is becoming the choice for only high income families now.

Yes, because it's a $400k degree unless you attend a state school. it's difficult to borrow $400k. My spouse is peripherally involved with admissions at Georgetown and almost all their students are wealthy. It's a concern to many that you have to come from
signigicant money to become a physician.

The state schools are also $$ and you can't be really picky where to go, because the admission rates are so low. UVA in state is between 72 and 77/year. Everyone wants to be specialist because the costs are so high. I hope more schools would follow into NYU's steps and make med school free, at least for pediatricians and primary care physicians.

I didn't realize NYU did this. That is amazing!

[Anonymous]

A friend of ours is a pediatric eye surgeon. She makes $100k/year for each day of the week that she works. Right now she’s working 3 days a week but has worked as little as 1 and as much as 5. Seems like a good gig to me.