compensation

[8744]

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Don't really like to revolve a thread around monetary compensation, but I recently talked to an ER doc that said working 3 days a week was barely enough to pay for his mortgage and to really enjoy your life, you have to work more shifts... is this true?? What have you guys heard about starting salary's and such.

As a resident with three more year to go until I can make any decent money and who is daily staring into the abyss of financial ruin, my heart bleeds for this guy.

Jeez. If you're paying the equivalent of nice middle-class salary for your mortage and it bothers you then you need to move. I live in a 2300 square foot house and my mortage is only $1100. Don't need too much more house than that, even if I was making 250K instead of 39K.

We are downsizing, by the way. The move, selling the house, and other expenses of falling back a year in our career plans leave us no choice. We'd rather live in 1400 square foot house and make ends meet on 42K (which is what I will make in Lansing) than live in big house. Medical school and residency are an exercise in delayed gratification.

All we really want is garage with a door to the back yard so we can let the dogs in without having them track mud and snow directly into the house. (I have five dogs) I don't think that's a big extravagence, is it?

Hey, anyone coming to Durham...our house is on the REMAX web site if you're looking for a nice place in a safe neighborhood.

 

[SoCuteMD]

As a resident with three more year to go until I can make any decent money and who is daily staring into the abyss of financial ruin, my heart bleeds for this guy.

Jeez. If you're paying the equivalent of nice middle-class salary for your mortage and it bothers you then you need to move. I live in a 2300 square foot house and my mortage is only $1100. Don't need too much more house than that, even if I was making 250K instead of 39K.

We are downsizing, by the way. The move, selling the house, and other expenses of falling back a year in our career plans leave us no choice. We'd rather live in 1400 square foot house and make ends meet on 42K (which is what I will make in Lansing) than live in big house. Medical school and residency are an exercise in delayed gratification.

All we really want is garage with a door to the back yard so we can let the dogs in without having them track mud and snow directly into the house. (I have five dogs) I don't think that's a big extravagence, is it?

Hey, anyone coming to Durham...our house is on the REMAX web site if you're looking for a nice place in a safe neighborhood.

I can't wait to own a house with a yard, and a DOG 🙂. SIgh...just a few more years.

 

[colforbinMD]

I can't wait to own a house with a yard, and a DOG 🙂. SIgh...just a few more years.

I have the dog. I am rapidly learning there will be no house with a yard in my near future though. DC housing prices are RIDICULOUS!!!!!!!!!!!!!!!!!!!!!

 

[EMApplicant]

You mean...like working five days a week?

The horror.

you may not realize it now, but 5 shifts a week would be pretty brutal over the long term...

 

[cdql]

But it seems like the guy was trying to accumulate some money. So you gotta work hard while you're still young. Of course, being 50 and working 5 shifts is just pure murder!

 

[Arctic Char]

on that note -

i am interested in EM, but the one con that inevitably enters my thoughts: will i be able to keep up with this kind of work when i'm 50? i've never been 50, nor have i been a 50 yo EM doc, so i don't know.

so, i'm graduating with ~$150k in debt. i plan on being very financially wise out of residency and will make the most beneficial sacrifices (i hope). in your humble estimation, when would i be able to retire comfortably if i make around $200k per year? (try to generalize about all the subjective confounds this requires)

i know you guys may not be accountants or FA's, but a nutshell projection would nice to see. thanks in advance.

 

[jawicobike]

on that note -

i am interested in EM, but the one con that inevitably enters my thoughts: will i be able to keep up with this kind of work when i'm 50? i've never been 50, nor have i been a 50 yo EM doc, so i don't know.

so, i'm graduating with ~$150k in debt. i plan on being very financially wise out of residency and will make the most beneficial sacrifices (i hope). in your humble estimation, when would i be able to retire comfortably if i make around $200k per year? (try to generalize about all the subjective confounds this requires)

i know you guys may not be accountants or FA's, but a nutshell projection would nice to see. thanks in advance.

Based on extensive research the answer is exactly 32 yrs 64 days and 3 hours after finishing residency.

Seriously though I know a few family physicians making $120-$160 grand a year who will be able to comfortably retire in their late 50's.

 

[8744]

you may not realize it now, but 5 shifts a week would be pretty brutal over the long term...

Oh, I know. I have worked five 12's in a row on an EM rotation and it does wear one down a tad.

 

[Jeff698]

Why is it that we settle for average when it comes to financial investments?

For me, it's because of something you (and another poster) already alluded to. Finance bores the crap outta me. My ADHD personality isn't going to let me sit still for crap that bores me. How I made it through histology is still a mystery to me.

Secondly, if I can get average returns on my investments, I likely will be happy. I plan on living well under my means for security. As long as I can feel secure and enjoy my life, I won't kill myself if my investments don't outperform those of the doc who I turn patients over to at the end of my shift.

I plan on 'paying myself first', ie putting my investment income out of my reach straight from my check and then spending the rest. I'll hire someone I can trust to do the tax/investment thing, follow their advice, and then concentrate on being a great dad, husband, EP and nature photographer (my hobby).

Did I mention finance bores the crap outta me?

I hope that answers the question. 🙂

Take care,
Jeff

BTW, this just typing this has made me sort of sleepy.

 

[jawicobike]

For me, it's because of something you (and another poster) already alluded to. Finance bores the crap outta me. My ADHD personality isn't going to let me sit still for crap that bores me. How I made it through histology is still a mystery to me.

I plan on 'paying myself first', ie putting my investment income out of my reach straight from my check and then spending the rest. I'll hire someone I can trust to do the tax/investment thing, follow their advice, and then concentrate on being a great dad, husband, EP and nature photographer (my hobby).

Did I mention finance bores the crap outta me?

That's awesome a self-aware man.

 

[cdql]

I think Jeff nailed it right on the head. By the time we get off from work, few of us have the energy or motivation to dedicate towards researching investments and finance. It's hard to do well in any type of investment without the proper research!

That being said, it is always important to pay attention to what your financial advisor is doing. After being to tens and tens of financial seminars for physicians, they always harp on one point, "Only one person cares about your portfolio and it's gotta be you!"