Salary Decay

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rajiv

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i'm beginning the post-bacc process. i'm very excited.
If I specialize I'll finish residency in my early 40s.

My parents' doctor friends tell me that it "won't be worth it" and that i won't be rich like them. That's fine with me, but I want pay my bills, get a house, send my kids to school, etc, blah blah.

I recently came across this url which surveys nationwide MD/DO salaries: http://www.physicianssearch.com/physician/salary2.html

Are you all conifident that these slaries will hold up or do you think that they will decrease?

For instance, the site notes that the average cardiologist, after 3 years of practice makes $300,500 (before taxes, malpractice insurance, profit-sharing, overhead costs). What's the take home? Do you know of resources that may help pan those out?

Thanks.
 
where on the site does it say this amount is before insurance and overhead?

300k salary implies thats their take home before taxes, so all insurance and overhead have already been subtracted. After taxes, its probably around 200k + whatever profit sharing and benefits they get.

rajiv said:
For instance, the site notes that the average cardiologist, after 3 years of practice makes $300,500 (before taxes, malpractice insurance, profit-sharing, overhead costs). What's the take home? Do you know of resources that may help pan those out?

Thanks.
Click to expand...
 
rajiv said:
i'm beginning the post-bacc process. i'm very excited.
If I specialize I'll finish residency in my early 40s.

My parents' doctor friends tell me that it "won't be worth it" and that i won't be rich like them. That's fine with me, but I want pay my bills, get a house, send my kids to school, etc, blah blah.

I recently came across this url which surveys nationwide MD/DO salaries: http://www.physicianssearch.com/physician/salary2.html

Are you all conifident that these slaries will hold up or do you think that they will decrease?

For instance, the site notes that the average cardiologist, after 3 years of practice makes $300,500 (before taxes, malpractice insurance, profit-sharing, overhead costs). What's the take home? Do you know of resources that may help pan those out?

Thanks.
Click to expand...

They are right; if you value money as much as they do you are on the wrong path. One thing is for sure is that doctors will not go broke anytime soon. The variations in salary are so wide, its almost not worth calculating because things change so quickly. Know you will be comfortable at the least.
 
bonez318ti said:
where on the site does it say this amount is before insurance and overhead?

300k salary implies thats their take home before taxes, so all insurance and overhead have already been subtracted. After taxes, its probably around 200k + whatever profit sharing and benefits they get.
Click to expand...


I actually e-mailed them and asked. The list showed the gross income before taxes, insurance, profits, etc.
I'm hardly crying for myself, but my older MD friends (50s/60s) sound scared for my financial well-being.

The article was very useful. I'll be looking into how and if some doctors find a balance of the extremes by working in a private firm and allotting a few days each month to a clinic or a broader population.

I guess we're in a business too.
 
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