Your expectations Vs Realty with their chosen profession.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend is a psychologist and she makes 150/hour cash and she schedules her appointments whenever she wants, totally flexible around her kids’ schedule. Totally jealous -MD

In this area, a PhD psychologist can charge $200+ per hour and doesn't have to take insurance (very few do). A LCSW (with a MSW degree) can charge $160-$200 and also doesn't have to deal with insurance hassles.

The psychiatrist my DD sees charges $300 an hour. Many charge more, but still, given the difference in cost and commitment to getting the various degrees, I'd say the LCSW and PhD win out, especially because unlike med school, both of those degrees can be done part time and/or online, allowing the candidate to work and get experience while getting their degree.

If you google the median pay for a psychologist, it’s very low. Not what we want for DD.

Are you sure that you are seeing the pay for PhD clinical psychologists (assuming that is what your daughter wants to do)? In an area with a COL comparable to where you live? There are a range of jobs that might call themselves "psychologists," including school psychologists, researchers, etc that are not all going to earn the same as a clinical psychologist in DC.

I am a research psychologist with a PhD, not a clinician, and I am very happy with where I ended up. I earn a lot more than the median income for "psychologist" from the Bureau of Labor Statistics. I also earn more than my husband who is an engineer.

Great to hear about research psychology - that's what my college-age DD is considering and I'd be very happy for her if that's where she ends up. (Not the OP, obviously!)

[Anonymous]

Anonymous wrote:

Anonymous wrote:My friend is a psychologist and she makes 150/hour cash and she schedules her appointments whenever she wants, totally flexible around her kids’ schedule. Totally jealous -MD

150 times 22 (assuming she seems 22 clients a week) times 50 (assuming two weeks of vacation) times 0.7 (assuming she spends 30% on business operating costs) =

$115k/year

Terrible salary for someone with a PhD

That's for working ~30 hours per week (22 clients at 50 mins and give the other 8 hours for paperwork/prep/etc.). All while setting their schedule around her kid's schedule. Seems pretty good to me. Most professors make ~$100K or less and they have a PHD.

[Anonymous]

Anonymous wrote:I will be happy if they are not working in a sandwich shop at age 30. That is about my expectation.

Same, PP. Same.

[Anonymous]

I told my kids I had two expectations for their careers:

1) They would not join the military; and

2) They would find something they were happy with.

So far, they have exceeded my expectations.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Expectation: some deep thinker or public intellectual, going for PhD in economics and eventually getting tenure.

Reality: a finance bro. I hope it’s a phase.

PS: I would never say it out loud, only on an anonymous forum.

Why would you hope it’s a phase? Finance professionals can certainly better support their families than, say, academics or “public intellectuals”

PP. I work in a, say, Wall Street adjacent area, and I see up close that there is a cost to that life. It’s totally OK to try it out in your 20s, but to make it your life, you have to have a very clear understanding of certain things. For example, some of those jobs don’t age well, meaning that there are people being chewed by the system.

I do as well as a finance professional, and I was raised by a PhD psychologist. I am utterly unconvinced the finance bro model is the way to go, particularly if you are not a "bro." Chewed up and spit out is all too common and there is no underlying core value to keep you grounded. I actually think you are depraved in values if you can't see how being in a "helping" profession might be a positive life decision, even if they "only" make 250k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend is a psychologist and she makes 150/hour cash and she schedules her appointments whenever she wants, totally flexible around her kids’ schedule. Totally jealous -MD

150 times 22 (assuming she seems 22 clients a week) times 50 (assuming two weeks of vacation) times 0.7 (assuming she spends 30% on business operating costs) =

$115k/year

Terrible salary for someone with a PhD

$115k a year is a great salary, especially if they like their job.

And especially if they have a PhD. You get paid less teaching to undergrads.

[Anonymous]

Anonymous wrote:I will be happy if they are not working in a sandwich shop at age 30. That is about my expectation.

Same.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Expectation: some deep thinker or public intellectual, going for PhD in economics and eventually getting tenure.

Reality: a finance bro. I hope it’s a phase.

PS: I would never say it out loud, only on an anonymous forum.

Why would you hope it’s a phase? Finance professionals can certainly better support their families than, say, academics or “public intellectuals”

Class over wealth. Weird that this is unimaginable to you.

[Anonymous]

DD23 had talked about becoming a nurse while in HS. Lifelong medical issues and received tremendous support from nurses.
Nurses always encouraged her to pursue her dream and advised that she’s be excellent. DH and I thought the same.

DD studied an unrelated field and now is a government contractor doing clerical work. She briefly took a med tech position in a psychiatric hospital and based on experiences there, moved on and chose current path.

She is living at home with the goal of saving enough to move out in 6 months.

[Anonymous]

Anonymous wrote:Extremely disappointed my daughter wants to be a psychologist. She is very bright and hardworking — could’ve gone into tech or medicine if she wanted

Why aren't you proud that she wants to help people who are struggling???

She seems to have better values than you.

Our society definitely needs well trained mental health professionals at this point.

(And in that profession, people can make very comfortable incomes. I feel bad for your kid.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Expectation: some deep thinker or public intellectual, going for PhD in economics and eventually getting tenure.

Reality: a finance bro. I hope it’s a phase.

PS: I would never say it out loud, only on an anonymous forum.

Why would you hope it’s a phase? Finance professionals can certainly better support their families than, say, academics or “public intellectuals”

Class over wealth. Weird that this is unimaginable to you.

Is it weird that I value financial stability for my DD? We are not wealthy — DD doesn’t have a trust fund or a downpayment waiting for hee!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend is a psychologist and she makes 150/hour cash and she schedules her appointments whenever she wants, totally flexible around her kids’ schedule. Totally jealous -MD

In this area, a PhD psychologist can charge $200+ per hour and doesn't have to take insurance (very few do). A LCSW (with a MSW degree) can charge $160-$200 and also doesn't have to deal with insurance hassles.

The psychiatrist my DD sees charges $300 an hour. Many charge more, but still, given the difference in cost and commitment to getting the various degrees, I'd say the LCSW and PhD win out, especially because unlike med school, both of those degrees can be done part time and/or online, allowing the candidate to work and get experience while getting their degree.

If you google the median pay for a psychologist, it’s very low. Not what we want for DD.

Are you sure that you are seeing the pay for PhD clinical psychologists (assuming that is what your daughter wants to do)? In an area with a COL comparable to where you live? There are a range of jobs that might call themselves "psychologists," including school psychologists, researchers, etc that are not all going to earn the same as a clinical psychologist in DC.

I am a research psychologist with a PhD, not a clinician, and I am very happy with where I ended up. I earn a lot more than the median income for "psychologist" from the Bureau of Labor Statistics. I also earn more than my husband who is an engineer.

PP here. I googled “clinical psychologist median salary” and this is what popped up:

$124k average salary in California (!!!)

Source: https://www.salary.com/research/salary/alternate/clinical-licensed-psychologist-ph-d-salary/ca

NOT what we want for DD. If she wants to live in a HCOL like California, she’ll definitely need more than that. We are not wealthy — we can’t afford to give her a downpayment on her house like most of DCUM.

She needs to go into tech, finance, medicine, or law. That is what bright, ambitious middle class kids do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Expectation: some deep thinker or public intellectual, going for PhD in economics and eventually getting tenure.

Reality: a finance bro. I hope it’s a phase.

PS: I would never say it out loud, only on an anonymous forum.

Why would you hope it’s a phase? Finance professionals can certainly better support their families than, say, academics or “public intellectuals”

PP. I work in a, say, Wall Street adjacent area, and I see up close that there is a cost to that life. It’s totally OK to try it out in your 20s, but to make it your life, you have to have a very clear understanding of certain things. For example, some of those jobs don’t age well, meaning that there are people being chewed by the system.

I do as well as a finance professional, and I was raised by a PhD psychologist. I am utterly unconvinced the finance bro model is the way to go, particularly if you are not a "bro." Chewed up and spit out is all too common and there is no underlying core value to keep you grounded. I actually think you are depraved in values if you can't see how being in a "helping" profession might be a positive life decision, even if they "only" make 250k.

Okay, then quit your finance job and become a psychologist.

Oh wait. Your quality of life will drastically diminish if you do that. Money is important, folks!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Extremely disappointed my daughter wants to be a psychologist. She is very bright and hardworking — could’ve gone into tech or medicine if she wanted

That's top funny; it's almost impossible to get an appointment with a psychologist in the DC area right now. Booming field with money earning possibility.

Agree. I also have friends who started as psychiatrists and dropped out because the profession is, "writing scripts all day and hoping no one kills themselves or another person" vs. "doing hands on therapy and feeling like they're actually making a difference" like psychologists. I can't imagine feeling shame a kid wanted to be a PhD psychologist, that's just absolute crazy talk. Maybe they're less in it "for the cash?" but they're not exactly slumming it slinging burgers JFC.

Literally everyone except for upper-middle class white people would be upset that their kid decided to be a psychologist

Is OP white? I don't get that sense.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend is a psychologist and she makes 150/hour cash and she schedules her appointments whenever she wants, totally flexible around her kids’ schedule. Totally jealous -MD

In this area, a PhD psychologist can charge $200+ per hour and doesn't have to take insurance (very few do). A LCSW (with a MSW degree) can charge $160-$200 and also doesn't have to deal with insurance hassles.

The psychiatrist my DD sees charges $300 an hour. Many charge more, but still, given the difference in cost and commitment to getting the various degrees, I'd say the LCSW and PhD win out, especially because unlike med school, both of those degrees can be done part time and/or online, allowing the candidate to work and get experience while getting their degree.

If you google the median pay for a psychologist, it’s very low. Not what we want for DD.

Are you sure that you are seeing the pay for PhD clinical psychologists (assuming that is what your daughter wants to do)? In an area with a COL comparable to where you live? There are a range of jobs that might call themselves "psychologists," including school psychologists, researchers, etc that are not all going to earn the same as a clinical psychologist in DC.

I am a research psychologist with a PhD, not a clinician, and I am very happy with where I ended up. I earn a lot more than the median income for "psychologist" from the Bureau of Labor Statistics. I also earn more than my husband who is an engineer.

PP here. I googled “clinical psychologist median salary” and this is what popped up:

$124k average salary in California (!!!)

Source: https://www.salary.com/research/salary/alternate/clinical-licensed-psychologist-ph-d-salary/ca

NOT what we want for DD. If she wants to live in a HCOL like California, she’ll definitely need more than that. We are not wealthy — we can’t afford to give her a downpayment on her house like most of DCUM.

She needs to go into tech, finance, medicine, or law. That is what bright, ambitious middle class kids do.

Is there a reason you haven't pursued one of those avenues yourself? Most of the world does not have someone paying for everything into adulthood. She can finance her grad school, wedding and house downpayment like any other responsible adult would-within her means.