Anesthesiology Take Home Pay and Debt Questions

[seelee]

I apologize if this question has been previously addressed (a search yielded no satisfactory results). I am starting Medschool next fall and at this point Anesthesiology is looking good.

I am a non-trad, married with 3 kids and we are expecting to have between 200-300K in debt by graduation. Obviously I am interested in specialties that will allow me to kick that debt in the rear as quickly as possible (not the only reason for my interest in this specialty).

My questions are as follows:
1. What is your average take-home pay (after taxes, overhead) and what region do you work?

2. Is it possible to pay of student debt within a few years (as opposed to thirty)?

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[Consigliere]

Not to sound brusque, but here goes...

Answer to:

1) By the time you are an attending the answer will have changed so drastically that there is no use in looking at todays' salaries. Now, compensation on average is around $250k. Expect to make more in the sticks (around $300 - $500k) and less in the big cities.

2) When Uncle Sam takes his 40% slice o' the pie, you will not be left with enough to pay off your debt very aggressively (ie <5 years). If you are frugal and pay down your debt aggressively you MIGHT get it paid off in 10 years.

I, for one, like to spend money NOW since you never know when you're gonna turn in your jacket. Look at those NFL players at the bottom of the sea somewhere.....more of a personal philosphy though...

 

[seelee]

Not to sound brusque, but here goes...

Answer to:

1) By the time you are an attending the answer will have changed so drastically that there is no use in looking at todays' salaries. Now, compensation on average is around $250k. Expect to make more in the sticks (around $300 - $500k) and less in the big cities.

2) When Uncle Sam takes his 40% slice o' the pie, you will not be left with enough to pay off your debt very aggressively (ie <5 years). If you are frugal and pay down your debt aggressively you MIGHT get it paid off in 10 years.

I, for one, like to spend money NOW since you never know when you're gonna turn in your jacket. Look at those NFL players at the bottom of the sea somewhere.....more of a personal philosphy though...

so is the 250-500 quote before or after taxes?

 

[ozzie20]

I apologize if this question has been previously addressed (a search yielded no satisfactory results). I am starting Medschool next fall and at this point Anesthesiology is looking good.

I am a non-trad, married with 3 kids and we are expecting to have between 200-300K in debt by graduation. Obviously I am interested in specialties that will allow me to kick that debt in the rear as quickly as possible (not the only reason for my interest in this specialty).

My questions are as follows:
1. What is your average take-home pay (after taxes, overhead) and what region do you work?

2. Is it possible to pay of student debt within a few years (as opposed to thirty)?

www.gaswork.com

http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp

Go to gaswork, look up a job, find the salary, go to paycheck city link, find the state that the job was posted for, enter in your dependents etc if you want, whether youre married or not, set the pay frequency to "annually" and you'll get an idea of what take home pay is.

From my experience (note, not everyone) its almost dead on. I used it to calculate my resident take home pay, and it was accurate almost to the dollar.

 

[fastosprintini]

well , the truth is that i earn more than i need but lees than what my wife wants to spend...it might be different though in a few years, so watch out.
fasto

 

[Bluemirage]

so is the 250-500 quote before or after taxes?

Before taxes. Do a search under "Salary." You will not find many posts discussing take home pay after taxes of between 250-500. Consig is right. By the time you graduate things will be very different; expect the salary ranges to decrease. There is talk of a redistribution of reimbursement, taking away from high reimbursement fields like ROAD specialities and giving it to Primary care fields. This info came directly from a bigwig in Anesthesiology (not going to mention names). Just pick something you love doing rather than worry excessively about salary. All specialties in medicine can provide you with a decent living depending on where you want to practice, your business smarts, how hard you are willing to work etc.

 

[Pilot Doc]

"take home pay" is for people without a degree.

Your overall tax burden will vary substantially dependent on state and local taxes, your deductions, your tax and investment planning, the status of the tax code in 8 years, etc. Regardless, it is not going to vary between an anesthesiologist making $X00K and another physician making that amount.

 

[maceo]

Before taxes. Do a search under "Salary." You will not find many posts discussing take home pay after taxes of between 250-500. Consig is right. By the time you graduate things will be very different; expect the salary ranges to decrease. There is talk of a redistribution of reimbursement, taking away from high reimbursement fields like ROAD specialities and giving it to Primary care fields. This info came directly from a bigwig in Anesthesiology (not going to mention names). Just pick something you love doing rather than worry excessively about salary. All specialties in medicine can provide you with a decent living depending on where you want to practice, your business smarts, how hard you are willing to work etc.

oh yeah great. Pay someone who doesnt do anything invasive the same as me who puts morbidly obese coronary patients who smoke to sleep on a daily basis. NICE.. that will work nicely

 

[jwk]

well , the truth is that i earn more than i need but lees than what my wife wants to spend...it might be different though in a few years, so watch out.
fasto

I'm confused. Will you make less or will your wife want to spend more? 😉

 

[fastosprintini]

I'm confused. Will you make less or will your wife want to spend more? 😉

actually both (i'm doomed!😱

 

[dhb]

actually both (i'm doomed!😱

same here 😉

 

[lisichka]

Not to sound brusque, but here goes...

Answer to:

1) By the time you are an attending the answer will have changed so drastically that there is no use in looking at todays' salaries. Now, compensation on average is around $250k. Expect to make more in the sticks (around $300 - $500k) and less in the big cities.

2) When Uncle Sam takes his 40% slice o' the pie, you will not be left with enough to pay off your debt very aggressively (ie <5 years). If you are frugal and pay down your debt aggressively you MIGHT get it paid off in 10 years.

I, for one, like to spend money NOW since you never know when you're gonna turn in your jacket. Look at those NFL players at the bottom of the sea somewhere.....more of a personal philosphy though...

what do you think will happen? salary cuts by 1/4, half?

or may be generalists and specialists will all be getting the same 100K per year under the new Universal healthcare plan?

may be RNs will partially take over gas ?
i'd appreciate anyone's competent input. thanks.

 

[psychbender]

what do you think will happen? salary cuts by 1/4, half?

or may be generalists and specialists will all be getting the same 100K per year under the new Universal healthcare plan?

may be RNs will partially take over gas ?
i'd appreciate anyone's competent input. thanks.

It is the year 2012, the Dow is trading below 1000, unemployment is at 40%, and there is an armed insurrection in El Kañsas. Okay, I forgot to mention everything west of the Mississippi is now in Mexico.

 

[perilou]

It is the year 2012, the Dow is trading below 1000, unemployment is at 40%, and there is an armed insurrection in El Kañsas. Okay, I forgot to mention everything west of the Mississippi is now in Mexico.

Love me some Colbert. 👍

 

[Lonestar]

Colbert is funny. But it seems to me that he is trying to fill the niche of a conservative late night show host by poorly acting like one. Just my two cents. 😀

 

[Mista Suprane]

Colbert is funny. But it seems to me that he is trying to fill the niche of a conservative late night show host by poorly acting like one. Just my two cents. 😀

um, pretty sure that's the point, to spoof bill o'reilly.

i think he does a pretty good job at it.