3 million for a nest egg yields 120,000 for retirement a yr. Whether that is a lot or not depends on every person. It's probably not great for the coasts or NYC but it's far more than the average US family lives on.
If my house is paid off and I have no other debt, 3 million is more than enough if I want to call it a day. I will make sure that I have 120k emergency fund so I can use when the market is down. 3 mil might not take you far if your are withdrawing on a down market.
It actually is very possible. I'm in a low paid clinical specialty and even with the stock market crash will be very close to the above situation you describe by dint of living very frugally during med school, residency, and as an attending spend about what the average family spends in the US. I've lived in high/very high COL areas after finishing residency but just save 50%+ of gross income.
I also was fortunate to participate in a very generous student loan program out of residency but graduated with the average med school debt.
If I made 350-450k like some other docs it'd be another story.
I do not have a family yet but also am a single income household and chose to live in a high COL area for family reasons and for other reasons.
A lot of people spend WAY more than what they need but my parents and grandparents were very poor growing up and passed along a scarcity mindset.
The Coachella rotation will be amazing however.
3/4/6 for me. Running the whole night with the specter of lawsuits and then being gaslit that I don’t *really* do much anyway. I have reasonable patient population, my specialists and hospitalist are mostly cooperative and I choose to work all nights, it works for me. But the above are so aggravating.
Gainesville
It's true, I live in the second largest Carolina in the North/South Carolina bi-state area and we're a very big deal.
They filled, and their ED is pretty busy. I think it'll be a great place to train. Level I trauma center, actively involved in a lot of research. We've approved 2 EMS research projects for them on the EMS Medical Directors Advisory Council. It's a non-profit health system. Definitely not the "need some free labor" type residencies.
So no concern about the naked pics?
Tell me more. I had not heart about this. I did see his woke use of pronouns which made me feel so comforted.
Low paying=around 275k or so GROSS in today's dollars.
Damn-- I was/am making 200k-220k post tax with total after tax compensation and would have been close to 1 million after 5 yrs had stock market not crashed so much. I can't imagine how it'd have been making 250-300k post tax. I do have primary care friends who make 300k after tax but it's very rare.
Yeah I saw some
Not everybody wants to live on 100-300k a yr as an attending for net expenditures. Everybody has a lifestyle that they want to lead; I lead mine and you lead yours. Not giving too detailed info for privacy and personal reasons. Your posts seem to have an unpleasant tone that's all I got to say man.
I have excel spreadsheets of my budgets from residency and as an attending and back before inflation hit it really was possible to live on 30k a yr or so in an average COL state as a single person without roommates. With roommates it's cheaper but eventually I realized that having roommates wasn't the best. Having built in social interactions was nice and was partly why I continued having roommates for much of residency.
journals.lww.com
As a very frugal, single medical student in a LCOL area with roommates for 3 of 4 years in the early 2010s, I managed to live off of an average $15k/yr. Rent+utilities was $600-800, car was paid off and cost $80 for insurance. I went on plenty of trips (most paid for with conference funds, but I flew across the country to visit home during breaks and went international after the Match) and went to the occasional bar or fancy restaurant. I bought most furniture secondhand from other students. I ate ramen out of laziness at 2am while studying, not because I couldn’t afford better food. I was pretty happy, I think. It can be done, though I am one of those born with a scarcity/frugality mindset.
This is so spot on. They truly don’t care. Img fmgs us md us do all the same. Pay is gonna plummet. Make hay while the sun is shining. Acep is being a bunch of *****s and pretending they are doing something but 3k new docs a year they will get their new members. Cmgs will continue to be their bosses. Acep is pure scum. Run.
I am hospital employed and it was a nice gig for a few years but the last two contract ”negotiations” the hospital has used so called contract appraisers (that they hire) to asess the contract and determine what “fair market value“ is, of course, using the neighboring communities CMG and academic dominated markets to set the number. Of course they don’t account for the profit the CMG takes out of their docs. We’ve taken about 15% pay cut with additional honor of 25% of our salary wrapped up in bonus that’s only paid out at the end of the fiscal year. Used to be paid out monthly.
Hospitals will trail the CMGs but they will use the FMV to screw everyone. Whats funny is they feel that 50th percentile is the right answer. I never understood this stupidity. They dont want 50% percentile outcomes. they are coming for everyone.
