An emergency doc's budget

[The White Coat Investor]

Why is your attending salary so low? I think you need to sell that other house. The charity of $1990 is ridiculous. You need to retire one day also. Lastly, maybe a higher paying job. I thought EM makes $200/hour.

I know the thread is pretty long, and gets derailed many times, and so I'm sure you haven't read the whole thing, but you ask some good questions.

About the salary- when I posted this I was a pre-partner, i.e. an employee on a partnership track. None of those positions pay $200 an hour, I assure you. In fact, many are closer to half that. My income is now quite a bit higher as a partner, above your $200/hour figure.

I'm not exactly sure why you think I'm not saving enough for retirement. I've consistently saved 20-50% of my income toward retirement each year since leaving residency. Even in residency, the least I saved was 12% toward retirement. Trust me, that's plenty, and I'll be retired or part-time long before most emergency docs.

As far as the second house- I'd love to sell it. Are you interested? Neither was anyone else in 2010 (or most of 2011 for that matter.) It has been rented for the entire last year and provides enough income to pay the mortgage, insurance, and taxes on it. Repairs come out of my pocket, but it's a break even proposition at this point when you add in the tax benefits.

As far as your thoughts on my charitable contributions, the fun thing about having your own money is that you get to spend it on whatever you like. You can go on a trip, buy a fancy car, give it away, or blow it on hookers. Your choice! Welcome to America, comrade. 🙂

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[TrumpetDoc]

I'd love to see a dime a dozen 200/hr jobs...in places that aren't craptastic to raise a family. Been looking pretty hard lately and coming up dry.

 

[tkim]

I'd love to see a dime a dozen 200/hr jobs...in places that aren't craptastic to raise a family. Been looking pretty hard lately and coming up dry.

Are we talking $200/hr in addition to all business expenses covered, or $200/hr and you pay expenses, a la, independant contractor.

 

[TrumpetDoc]

From what I've been seeing most seem I to be IC jobs at that level. I have seen some with employ at that level but usually all in rather undesirable places family wise.

 

[The White Coat Investor]

Are we talking $200/hr in addition to all business expenses covered, or $200/hr and you pay expenses, a la, independant contractor.

With most partnerships, the income varies. It might be $190 one month and $290 the next. Those figures are usually pre-malpractice, pre-benefits, pre-taxes etc, so comparable to an independent contractor, not an employee.

The Daniel Sterns 2012 survey says the 10th percentile for employees was $110/hour and 90th percentile was $200/hour with an average of $150. For partners it was $123/$273/$180 and for ICs it was $120/$230/$170.

So you'll have to look pretty hard for $200/hour as an employee but should be able to find $150 pretty easy. Likewise you should be able to get pretty close to $200/hour as a partner without too much difficulty. If you're one of those at $300 an hour, count your blessings. You're pretty rare.

 

[tkim]

With most partnerships, the income varies. It might be $190 one month and $290 the next. Those figures are usually pre-malpractice, pre-benefits, pre-taxes etc, so comparable to an independent contractor, not an employee.

The Daniel Sterns 2012 survey says the 10th percentile for employees was $110/hour and 90th percentile was $200/hour with an average of $150. For partners it was $123/$273/$180 and for ICs it was $120/$230/$170.

So you'll have to look pretty hard for $200/hour as an employee but should be able to find $150 pretty easy. Likewise you should be able to get pretty close to $200/hour as a partner without too much difficulty. If you're one of those at $300 an hour, count your blessings. You're pretty rare.

My group "pays" $150/hr before expenses, but witholds a portion of that $150 to pay expenses, then returns the rest, and then calculates partnership 'bonuses' quarterly, which average $30-40/hr. It was a hard thing to figure out at first, but now I get it.

 

[docB]

As far as your thoughts on my charitable contributions, the fun thing about having your own money is that you get to spend it on whatever you like. You can go on a trip, buy a fancy car, give it away, or blow it on hookers. Your choice! Welcome to America, comrade. 🙂

I assumed that was what you meant all along.😀😛

 

[ccfccp]

I assumed that was what you meant all along.😀😛

Oh... I got it... her NAME was Charity...😀😉

 

[EctopicFetus]

Phoenix is still a great market for em. IC jobs and employment can be found at 180-220/hr..

just saying..

 

[RustedFox]

To think that we would have a dime-a-dozen 200/hr gigs.... if it weren't for the medmal nonsense and the health insurance snafu.

Waaaaaiiiil..... Waaaaiiiil.....

 

[RustedFox]

Bump for easy reading.

 

[deleted547339]

Bump for easy reading.

I just googled "medical resident budget" and this came up. Read the whole thread. Was literally about to bump it.

Nice work.

Any current residents (or attendings) want to post their budgets? Still waiting to find out whether or not my wife will have a job next year (fingers crossed), so our budget is very much in flux, but we're trying to plan the best we can.

 

[RustedFox]

Yeah, there's good stuff on here. I'm trying to do some financial "planning" (pay off loans/save for retirement/buy a car that turns into a boat), and I remembered this'n from awhile back.