My carpenter makes $116/hour

[Anonymous]

Anonymous wrote:

Anonymous wrote:From that, your carpenter has to pay for health insurance, retirement/401k, insurance for his company, overhead costs, various taxes, etc.

+1 Plus people in the trades wear their bodies out faster than doctors so he won't be able to work as long. And they don't get special "carpenter's mortgage rates" and all the other white collar gimmes that doctors take for granted.

And their work comes in peaks and valleys. They don't necessarily get steady paychecks.

[Anonymous]

Anonymous wrote:For general services. I am a physician and make $124/hour. After 4 years of college, 4 years of medical school, $250K post-graduate educational debt, 5 years of post medical school training working 90 hours a week for $50-$70k/year (latter only at the end), and 10 years of additional clinical experience. I am a W2 employee and cannot deduct expenses.

This country is headed for a very very serious physician shortage.

Moreover, your job is largely replaceable by AI.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:From that, your carpenter has to pay for health insurance, retirement/401k, insurance for his company, overhead costs, various taxes, etc.

He works alone, has no employees. Out of my $124/hr I also have to pay retirement, insurance (health, disability), plus umbrella not included, commuting, taxes, etc. None of which are deductible against income.

Your "carpenter"
Pays all his own business taxes same as you.
Pays all his own retirement, insurance health, disability and umbrella just like you.
Pays his gas for going to clients etc.

Shut up MAGA cult of stupid.

Triggered

[Anonymous]

You know who else was a carpenter?

Jesus. Jesus was a carpenter.

[Anonymous]

Anonymous wrote:

Anonymous wrote:From that, your carpenter has to pay for health insurance, retirement/401k, insurance for his company, overhead costs, various taxes, etc.

He works alone, has no employees. Out of my $124/hr I also have to pay retirement, insurance (health, disability), plus umbrella not included, commuting, taxes, etc. None of which are deductible against income.

So does the contractor, and as a self employed person, they also have to pay the employer's portion of FICA. They also have to pay for private health insurance rather than as a group, which have cheaper premiums. They also don't have the employer paying a % into their 401k. They also have to pay for liability insurance, commuting, etc.

Being self employed has it's pros, but it's not all that lucrative if you factor in all the benefits that they have to pay for themselves. That's why self employed people charge more per hour.. because they have to pay for their own benefits and self employment tax.

I've been both self employed and an employee.

[Anonymous]

Anonymous wrote:Physicians in the DC area don't make as much money which is why it is so hard to find a good one. The good ones join concierge practices to make more money or move to a city where they can make more money.

All your post is telling me is that you are not good at your job.

yeah- you know that physicians on the coats make les money. go work in Milwaukee/denver/boulder/ohio/New Mexico/arizona or even Chicago for 5 years and bank half of the 500k-700k you will be making and come back to the east coast of you like. the money you make at the beginning that you can save/invest is the most valuable money you will ever earn.

[Anonymous]

Anonymous wrote:You know who else was a carpenter?

Jesus. Jesus was a carpenter.

Bravo, I was waiting for the JC reference.

[Anonymous]

The funny thing is, the more the general population opts for higher education, the more the tradespeople will be able to charge. It’s such a tiny percentage of young people who know how to do anything practical anymore.

[Anonymous]

Anonymous wrote:For general services. I am a physician and make $124/hour. After 4 years of college, 4 years of medical school, $250K post-graduate educational debt, 5 years of post medical school training working 90 hours a week for $50-$70k/year (latter only at the end), and 10 years of additional clinical experience. I am a W2 employee and cannot deduct expenses.

This country is headed for a very very serious physician shortage.

Blown away by this post. What a sad state of affairs this county is. Upside down world. I thought it was hard to get over "professional sports players" salaries, even salaries of "influencers" but this crap, a carpenter making close to that of a physician boggles the mind. It takes literally a few hours to learn how to lay carpet and day or two to learn how to lay carpet proficiently. Now brick laying is a little more skilled but carpet laying? That's nuts.

[Anonymous]

Anonymous wrote:For general services. I am a physician and make $124/hour. After 4 years of college, 4 years of medical school, $250K post-graduate educational debt, 5 years of post medical school training working 90 hours a week for $50-$70k/year (latter only at the end), and 10 years of additional clinical experience. I am a W2 employee and cannot deduct expenses.

This country is headed for a very very serious physician shortage.

You need to lobby more so that when people see Nurse Practitioners or Physician Assistants they aren’t billed the same exact rate for an office as seeing a physician!

You need to start blaming private equity companies from buying up medical practices. They are big on hiring fewer doctors and more NPs and PAs

[Anonymous]

Anonymous wrote:

Anonymous wrote:Physicians in the DC area don't make as much money which is why it is so hard to find a good one. The good ones join concierge practices to make more money or move to a city where they can make more money.

All your post is telling me is that you are not good at your job.

yeah- you know that physicians on the coats make les money. go work in Milwaukee/denver/boulder/ohio/New Mexico/arizona or even Chicago for 5 years and bank half of the 500k-700k you will be making and come back to the east coast of you like. the money you make at the beginning that you can save/invest is the most valuable money you will ever earn.

"physicians on the coats" what does this mean?!

[Anonymous]

Anonymous wrote:

Anonymous wrote:For general services. I am a physician and make $124/hour. After 4 years of college, 4 years of medical school, $250K post-graduate educational debt, 5 years of post medical school training working 90 hours a week for $50-$70k/year (latter only at the end), and 10 years of additional clinical experience. I am a W2 employee and cannot deduct expenses.

This country is headed for a very very serious physician shortage.

Blown away by this post. What a sad state of affairs this county is. Upside down world. I thought it was hard to get over "professional sports players" salaries, even salaries of "influencers" but this crap, a carpenter making close to that of a physician boggles the mind. It takes literally a few hours to learn how to lay carpet and day or two to learn how to lay carpet proficiently. Now brick laying is a little more skilled but carpet laying? That's nuts.

But how many days does it take to learn the difference between carpentry and laying carpet?

[Anonymous]

Anonymous wrote:

Anonymous wrote:For general services. I am a physician and make $124/hour. After 4 years of college, 4 years of medical school, $250K post-graduate educational debt, 5 years of post medical school training working 90 hours a week for $50-$70k/year (latter only at the end), and 10 years of additional clinical experience. I am a W2 employee and cannot deduct expenses.

This country is headed for a very very serious physician shortage.

You need to lobby more so that when people see Nurse Practitioners or Physician Assistants they aren’t billed the same exact rate for an office as seeing a physician!

You need to start blaming private equity companies from buying up medical practices. They are big on hiring fewer doctors and more NPs and PAs

I tried to find a new doctor and made an appt. I got here and was given NPs and PAs the 3 times I went to that office. Every time I made an appt I said I'm making an appt with the doctor right? Yes they said. They charged me and my ins to see the doctor and I only saw NPs and PAs this is fraud and it happens constantly.

[Anonymous]

I sometimes hear that physicians have (in general) a very poor grasp of finance and business because their training is so focused. I have often thought it overblow, but OP is certainly playing to type.

Typical charge-out rate in the trades is around 2 to 2.5x nominal wage. So if he's charging you $116/hr he is probably really making about $50 to 60/hr. On that $116 he is charging you, he has to pay for all his tools, truck, overhead, BOTH sides of SS taxes (remember as a W2 employee you only ever see half of that deducted from your check). He also has to pay worker's compensation insurance, general liability insurance, sometimes has to bond for projects, and have commercial auto insurance.

He also is not having anyone kick in 50-80% on his health insurance, it is 100% his baby.

For him to take home $120k/year he probably needs to be charging you more than he is, frankly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Physicians in the DC area don't make as much money which is why it is so hard to find a good one. The good ones join concierge practices to make more money or move to a city where they can make more money.

All your post is telling me is that you are not good at your job.

yeah- you know that physicians on the coats make les money. go work in Milwaukee/denver/boulder/ohio/New Mexico/arizona or even Chicago for 5 years and bank half of the 500k-700k you will be making and come back to the east coast of you like. the money you make at the beginning that you can save/invest is the most valuable money you will ever earn.

"physicians on the coats" what does this mean?!

I used the context clues of cities listed to get 'coasts'.