Anesthesia Side Hustles

[deleted126335]

They are clever. They just ensured they'll get their pick of the absolute best applicants in the country. People will be turning down Harvard, Duke, etc to go there.

I wonder how they're funding this.

There were one or two anesthesia residencies that I am aware of that did something similar in the 90s. When the med student applicant numbers dropped off a cliff, they upped the salary by about $25K. Which was nearly a doubling at that time. as a result they needed to hire a helluva lot less CRNAs or recent grads at market rates.

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[Twiggidy]

They are clever. They just ensured they'll get their pick of the absolute best applicants in the country. People will be turning down Harvard, Duke, etc to go there.

I wonder how they're funding this.

Yep. It will be THE MOST competitive medical school to gain admission.

 

[Twiggidy]

NYU Makes Tuition Free for All Medical Students
"NYU raised more than $450 million of the roughly $600 million it estimates it will need to fund the tuition package in perpetuity, including $100 million from Home Depot founder Kenneth Langone and his wife, Elaine"

If you just crunch some dirty numbers, lets say they have a total enrollment of 500 at 55k in tuition per student, that's 27.5 million dollars alone. You reduced enrollment and maybe even lower some faculty salaries then just about every private medical school (and probably and handful of public schools) would be able to do this and still likely have money left over. It wouldn't be a shock if a good amount of law schools were the next especially since they've come under public scrutiny for cost.

 

[MirrorTodd]

I’m working with an OMFS resident who went there for dental school. He indicated that it’s essentially paid for by them since there are about 350 dental students and tuition is 80k/year. ****ing insane.

 

[Twiggidy]

I’m working with an OMFS resident who went there for dental school. He indicated that it’s essentially paid for by them since there are about 350 dental students and tuition is 80k/year. ****ing insane.

I got into Boston University as one of my medical school choices and quite literally the admission packet had a pamphlet to join the Navy included. They were not ashamed the school was so expensive. I would only assume that sort of debt for an Ivy and even then I'd give a hard look at a state school.

 

[pgg]

I got into Boston University as one of my medical school choices and quite literally the admission packet had a pamphlet to join the Navy included. They were not ashamed the school was so expensive. I would only assume that sort of debt for an Ivy and even then I'd give a hard look at a state school.

When I heard this news, I did wonder how their current students on military scholarships reacted ...

 

[deleted682700]

Real estate

Go through Patrick.net and you will soon figure out why residential real estate is unaffordable and inflated beyond reason. A shack in sanjose costs over 1.5 million and even 2 incomes are not enough to sustain this. 2008 recession the periphery particularly in the Central Valley of California, housing went down to 20-25% of the peak absolute auction.

Now come to commercial real estate, hotels and multifamily housing is being auctioned off. But there is a reserve price above which the properties have to be bid. Check this out https://www.ten-x.com/commercial/search/
The problem is with the economy. The hotels are becoming less profitable because of Airbnb and online bidding. Wait a little bit longer and you will see absolute auction.

The reason is velocity of money flow, a proxy to economic confidence and lending is at 2001 levels?
Ramblings

 

[Ezekiel2517]

Go through Patrick.net and you will soon figure out why residential real estate is unaffordable and inflated beyond reason. A shack in sanjose costs over 1.5 million and even 2 incomes are not enough to sustain this. 2008 recession the periphery particularly in the Central Valley of California, housing went down to 20-25% of the peak absolute auction.

Now come to commercial real estate, hotels and multifamily housing is being auctioned off. But there is a reserve price above which the properties have to be bid. Check this out https://www.ten-x.com/commercial/search/
The problem is with the economy. The hotels are becoming less profitable because of Airbnb and online bidding. Wait a little bit longer and you will see absolute auction.

The reason is velocity of money flow, a proxy to economic confidence and lending is at 2001 levels?
Ramblings

K.
It's been great for me and quite profitable.

 

[acidbase1]

K.
It's been great for me and quite profitable.

What kind of real estate do you own? Commercial? Residential? Both?

 

[Apollyon]

All y'all have said it, but I like my aphorisms: "How to be a successful anesthesiologist or EM doc? One or fewer houses, and one or fewer spouses." Alternately, "If you can't keep it in your pants, it's coming out of your pocket!"

 

[deleted162650]

All y'all have said it, but I like my aphorisms: "How to be a successful anesthesiologist or EM doc? One or fewer houses, and one or fewer spouses." Alternately, "If you can't keep it in your pants, it's coming out of your pocket!"

Don’t forget: “If it floats, flies, or f*cks just rent it.”

 

[Man o War]

The classic mistake I see my colleagues make is assuming because they’re smart, that they will successful at business. I have seen more anesthesiologists piss away money than I can even count on various investments/businesses trying to become the next Mark Cuban.
I know one guy who lost a huge sum of money on a shady investment. Somewhere in the million dollar range was the total loss when it was all said and done, borrowed from his retirement. It’s amazing that someone so smart can be that stupid.
Slow and steady wins the race......

 

[Twiggidy]

What kind of real estate do you own? Commercial? Residential? Both?

If you're on the coasts it just seems to hard to get into real estate without a substantial amount of initial capital. Also when we refer to real estate are we talking investment properties or flipping?

 

[deleted126335]

When I heard this news, I did wonder how their current students on military scholarships reacted ...

 

[narcotics999]

Try to own a hospital. Post ACA, hospitals are making huge profit. Per Kaiser, Medicaid on average pay 107% of hospital cost, private insurance 144%. Before ACA, hospitals had to eat up a lot of non-paying bills.

 

[deleted171991]

I just wanna echo the "AVOID divorce" part. I was out fishing yesterday with an ortho buddy who's in the middle of a divorce. He was telling me that poof, 1/2 of his net worth is gone (and 1/2 was still into the 7 figures). That doesn't even factor in the future lost earnings from alimony, etc. He was joking that the 250K he has into his boat was the best money he ever wasted 'cuz if ti was still in the bank then 1/2 would be gone anyways.

Remember the rule of 1's:

You get:
1 Good Job
1 Wife
1 Mortgage
1 Expensive hobby
Maximally fund your 401K

Do all the above and you'll be fine financially.

And 1 Kid.

 

[anbuitachi]

The classic mistake I see my colleagues make is assuming because they’re smart, that they will successful at business. I have seen more anesthesiologists piss away money than I can even count on various investments/businesses trying to become the next Mark Cuban.
I know one guy who lost a huge sum of money on a shady investment. Somewhere in the million dollar range was the total loss when it was all said and done, borrowed from his retirement. It’s amazing that someone so smart can be that stupid.
Slow and steady wins the race......

actually, to be rich you often have to take much more risk, and of course with that risk, can come failure. slow and steady gets you to an OK range, but if you want to be better than that you probably need to take those risks. some will win and some will lose!

 

[deleted162650]

actually, to be rich you often have to take much more risk, and of course with that risk, can come failure. slow and steady gets you to an OK range, but if you want to be better than that you probably need to take those risks. some will win and some will lose!

I think this is very true. Most of the guys that make it big have weathered at least one big failure/lost it all episode. I’ve accepted the fact that I’m too risk averse to ever make it BIG.

 

[deleted162650]

And 1 Kid.

Greedy lil MF’ers aren’t they.

 

[narcotics999]

I just wanna echo the "AVOID divorce" part. I was out fishing yesterday with an ortho buddy who's in the middle of a divorce. He was telling me that poof, 1/2 of his net worth is gone (and 1/2 was still into the 7 figures). That doesn't even factor in the future lost earnings from alimony, etc. He was joking that the 250K he has into his boat was the best money he ever wasted 'cuz if ti was still in the bank then 1/2 would be gone anyways.

Remember the rule of 1's:

You get:
1 Good Job
1 Wife
1 Mortgage
1 Expensive hobby
Maximally fund your 401K

Do all the above and you'll be fine financially.

BTW, about 35% anesthesiologists are females. Most of them are not lesbians.

 

[deleted162650]

BTW, about 35% anesthesiologists are females. Most of them are not lesbians.

1 Spouse

Okay, happy now you social justice warrior you?

 

[Psai]

BTW, about 35% anesthesiologists are females. Most of them are not lesbians.

 

[dhb]

Are we talking hot lesbians or crew cut lesbians?

 

[deleted162650]

Are we talking hot lesbians or crew cut lesbians?

You don’t like the crew cut lesbians??

 

[Twiggidy]

You don’t like the crew cut lesbians??

So, more Ellens or Portias?

 

[HalO'Thane]

I have dabbled in real estate myself. I have recently purchased a few condos as well as a commercial real estate property (small retail center on a busy street near one of the busiest hospitals in the region ) with a few other physicians. I would keep in mind a few things:

1. I do think that the saying “location, location, location” is still the most important factor in buying a property. Although the real estate market is potentially overvalued across the board right now I do think historically that the best located properties tended to bounce back better than others.

2. I have tried to keep my properties small and flexible in case there is a downturn in the economy. When I say flexible I mean with the commercial real state offices any one of those offices can be used for a variety of purposes. In case one tenant moves out it is not a huge hassle or risk to find another tenant.

3. All of us are busy so I have turned my properties over to a property manager. It is a pain to have to fork over 10% of my earnings to someone else when I do feel like I can do a lot of those functions myself, but I do think time is money and I also think a poorly managed property by a novice can be even more costly in the long run.

4. After accounting for mortgage payments, insurance, taxes, and property manager commission my partners and I are actually not making much of a profit right now. We all have the understanding that this is a long-term plan. Eventually the mortgages will be paid off and the rent will continue to go up over time. This is, as mentioned in other posts, meant to diversify our retirement income so we are not entirely reliant on the Dow Jones or the even less reliable government to keep our Social Security intact. This is an income stream that can also even be passed on to my kid.

5. I would also recommend putting your properties into an LLC in order to shield your personal income from any potential lawsuits.

All of this has been a fairly new experience for me over the past few years. There have definitely been some trials and errors in the process but we will see how things go for us in the long term!

 

[chocomorsel]

I served as an expert witness for a defendant once. It was an educational and insightful experience and also paid very well. The jury gave a defense verdict. I would recommend doing it at least once for any anesthesiologist. The system needs smart, honest people who are not professional experts.

How does one get such a gig?

 

[GravelRider]

I thought this thread was about to get fun talking about side hustles with lesbians, but somehow we got back on topic.

 

[deleted682700]

Florida, Oklahoma, north South Dakota, puertorico and a few others are non recourse states. Which means they cannot be confiscated or garnished as part of a legal settlement?

Also halothane has an interesting post. If you can get 33% net profit on your income even with 80% loan it will survive because of the income generation and revenue flow.

 

[resiroth]

Go through Patrick.net and you will soon figure out why residential real estate is unaffordable and inflated beyond reason. A shack in sanjose costs over 1.5 million and even 2 incomes are not enough to sustain this. 2008 recession the periphery particularly in the Central Valley of California, housing went down to 20-25% of the peak absolute auction.

Now come to commercial real estate, hotels and multifamily housing is being auctioned off. But there is a reserve price above which the properties have to be bid. Check this out https://www.ten-x.com/commercial/search/
The problem is with the economy. The hotels are becoming less profitable because of Airbnb and online bidding. Wait a little bit longer and you will see absolute auction.

The reason is velocity of money flow, a proxy to economic confidence and lending is at 2001 levels?
Ramblings

Ironically enough housing appreciation in Silicon Valley is arguably most reasonable.

You are considerably underestimating salaries. The median Facebook employee compensation (not median software engineer, median of all Facebook employees) is 240,000 a year.

If you’re curious: Levels.fyi - Compare career levels across companies

A friend of mine is an e5 after about 5 years of work out from college. He’s 27 and makes more than most anesthesiologists. Total compensation is 350k a year. 200k cash, 600k of stock with 25% disbursed annually...but the best part is that’s based on stock price at offer. So for ex. Say stock is flat for 4 years. He gets 150k of stock in 4 years, same as now. But if Facebook goes up 50% (10% a year isn’t crazy for tech, for reference his prior stocks appreciated 200% for past 4 years even with the recent dip) then he makes 200k base, 225k stock, total compensation at 425k.

Or in the case of my friend at amazon...even 250k of vesting stock (over 4 years) ended up being 600-700k this year (amazon vests 40% in each of the last 2 years).

So you can argue that stocks will crash, and while FB wouldn’t dip much from where it is now (lower pe than sp500 despite much faster growth) amazon absolutely could. That doesn’t change the fact that ordinary people are making 300 to 500k, and want to live near work. They aren’t speculating on property values like 2008...they just have a lot of money and want to live near work.

I wouldn’t invest in real estate there, but I also think calling it a bubble isn’t right. It’s just people making a lot of money and buying their own homes. Sometimes with cash.

PS: look at how other areas faired in the 2008 recession, from what I recall Nevada was far worse than Silicon Valley but I could be wrong.

 

[pgg]

Those Valley people better make hay while the sun is shining and save some money because it won't last. That world moves fast and doesn't have room for old people.

 

[anbuitachi]

Those Valley people better make hay while the sun is shining and save some money because it won't last. That world moves fast and doesn't have room for old people.

Why not? We are entering an age of tech never seem before. It's creating many millionaire 20 yr olds. I think it will last

 

[vector2]

Why not? We are entering an age of tech never seem before. It's creating many millionaire 20 yr olds. I think it will last

Tech in general will last, but one shouldn't forget about survivorship bias of the broader tech market. For every FB or AMZN there were probably 10 companies which went under and were removed from the Nasdaq composite.

 

[caligas]

How does one get such a gig?

My parter has done a bunch of cases. He was offered work but was not interested and gave the attorney my name. You can use your contacts with your malpractice carrier to put your name out there. You could also contact law firms directly and let them know you are interested, they might call someday.

 

[pgg]

Why not? We are entering an age of tech never seem before. It's creating many millionaire 20 yr olds. I think it will last

What happens to all the 20 year olds who don't become millionaires when they're 35 or 40 and suddenly too old to work in tech?

I don't know what'll happen to Google after it's forcibly broken up (it'll happen). The abomination that is Facebook might endure forever. There was a time when Altavista, Myspace, Webcrawler, Blackberry, Pets.com, Palm Pilot, Compuserve, AOL were golden. Most of the people who escaped the wreckage of those companies got new jobs in tech, assuming they weren't old.

 

[narcotics999]

What happens to all the 20 year olds who don't become millionaires when they're 35 or 40 and suddenly too old to work in tech?

I don't know what'll happen to Google after it's forcibly broken up (it'll happen). The abomination that is Facebook might endure forever. There was a time when Altavista, Myspace, Webcrawler, Blackberry, Pets.com, Palm Pilot, Compuserve, AOL were golden. Most of the people who escaped the wreckage of those companies got new jobs in tech, assuming they weren't old.

Why would you think google will break? Back in old days, microsoft bundled IE with windows and faced more serious threat of splitting, it still managed to be intact.

While high-flying tech companies prefer young talents, there are plenty of more traditional tech companies for older guards. Even non-tech companies are demanding software engineers. Heard about walmart labs?