Does medicine make you rich one day?

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Will you be rich as a future physician after you paid off your school debt?

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DrBumblebee

DrBumblebee

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Man/woman doesn't satisfy with the money...

The "rich doctor" myth may be just that (although "rich" is relative). Overall, only about 11% of physicians said that they consider themselves rich, while 45% said that their income is no better than that of many nonphysicians. Another 45% said that although their income probably qualifies them as rich, they have so many debts and expenses that they don't feel rich.

The specialties with the highest percentage of physicians who consider themselves rich were pathology (15%), radiology, oncology and gastroenterology (14% in each). Even among some of the higher-earning specialties, a majority of anesthesiologists, critical care specialists, dermatologists, urologists, and emergency medicine doctors said that they don't feel rich because of debts and expenses.

Source: http://www.medscape.com/features/slideshow/compensation/2012/public​
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To me, being "rich" has less to do with income than it does net worth. I see being "rich" as being financially independent to the extent that you don't need to work anymore to maintain a comfortable lifestyle for the rest of your life.

I read the book "The Millionaire Next Door" a couple years ago... there was a chapter on physicians that discussed how many will purchase big homes, luxury cars, etc. after the completion of their training and how the bulk of their income goes towards maintaining this lifestyle without any substantial increase in their net worth from year to year. Personally, I'm interested in living a modest lifestyle after training and saving >50% of my income, if possible, to make financial independence achievable as soon as I can. Even if I want to continue working, which I think I would... it would still be nice to have the option/freedom not to do so.
 
CityLights said:
To me, being "rich" has less to do with income than it does net worth. I see being "rich" as being financially independent to the extent that you don't need to work anymore to maintain a comfortable lifestyle for the rest of your life.

I read the book "The Millionaire Next Door" a couple years ago... there was a chapter on physicians that discussed how many will purchase big homes, luxury cars, etc. after the completion of their training and how the bulk of their income goes towards maintaining this lifestyle without any substantial increase in their net worth from year to year. Personally, I'm interested in living a modest lifestyle after training and saving >50% of my income, if possible, to make financial independence achievable as soon as I can. Even if I want to continue working, which I think I would... it would still be nice to have the option/freedom not to do so.
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👍
 
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CityLights said:
To me, being "rich" has less to do with income than it does net worth. I see being "rich" as being financially independent to the extent that you don't need to work anymore to maintain a comfortable lifestyle for the rest of your life.

I read the book "The Millionaire Next Door" a couple years ago... there was a chapter on physicians that discussed how many will purchase big homes, luxury cars, etc. after the completion of their training and how the bulk of their income goes towards maintaining this lifestyle without any substantial increase in their net worth from year to year. Personally, I'm interested in living a modest lifestyle after training and saving >50% of my income, if possible, to make financial independence achievable as soon as I can. Even if I want to continue working, which I think I would... it would still be nice to have the option/freedom not to do so.
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+1

But, I think it'd be better to work on for mental health. IMHO, it's no good to get yourself isolated from the general public. idk.
 
These kinds of polls don't show much. That 45% said that their income is no better than that of many nonphysicians is a somewhat misleading statement, what is meant by "many" here? In quantity, sure there are many people that make as much as physicians. As a proportion of the US population? Very few people can make as much as a physician.

Very few working people in any field except finance will probably say they feel rich, regardless of how much they make. The more people make, the more they want, and thus their expenses seem to always rise with their means to pay them.
 
It takes many, many millions of dollars before a person truly "feels" rich

Sure, you could compare net worth or income and see a physician with 10 or 100 times the net worth of their neighbors, but that physician won't "feel" rich because without putting in all those hours his livelihood goes to ****
 
Are they asking fully fledged attendings or residents who still have that debt hanging over their head? I would imagine that their answers will be different.
 
Alrighty--let me chime in.

If you become a doctor, you will become rich. You may or may NOT become wealthy.

IMO, if you make over 100k and have no kids, you're probably rich.

Doctors are very poor financial managers. I believe only like ~9% of physicians become millionaires. Doctors have high-income but also bring on high expenses (dunno why).

Live smart--and you'll be fine.

You can also be a doctor and be poor.

It really is ALL ABOUT HOW YOU LIVE
 
I like how plastic surgery came in last place.

It's all relative I suppose. One of my buddies calls anyone making over 50k a year rich. It seems like no matter how much you make, you only see those that are above you.
 
You're only deceiving yourself if you think money will bring happiness.
 
TheWeeIceMan said:
I like how plastic surgery came in last place.

It's all relative I suppose. One of my buddies calls anyone making over 50k a year rich. It seems like no matter how much you make, you only see those that are above you.
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Definitely agree with this.
 
I would speculate that the percentage of physicians who feel well-off will further decrease as time goes on. Graduates today are coming out with unprecedented debt loads at rates that are higher than they were in the past, and loans can no longer be deferred during residency which increases the amount of interest that will accrue.

Couple that with downward pressure on reimbursement and prospective physicians really should be heading into the field with their eyes wide open. I'm sure medicine will always be a stable/secure field, but those expecting the field to make them "rich" should maybe think twice about their intentions.

In-state tuition to me still seems like a great deal. Some DO schools or OOS/private MD schools with >50k/yr price tags for tuition alone are pushing it though. Add living expenses to that and it's not difficult to see how some people can be coming out with 300k in debt that will grow considerably in residency as well.
 
Brb making 500k a year and not feeling rich... Makes me laugh so hard. My parents barely make $150k and we are wealthy because WE INVEST OUR MONEY AND SPEND FRUGALLY. If my parents made 500k then we would be SOOOOO rich.
 
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I don't want a family and I don't want to own a a ridiculous house. $175k/year, even with $2-3k/mo loan repayments, would be amazing for someone like me.
 
theweeiceman said:
i like how plastic surgery came in last place.

it's all relative i suppose. One of my buddies calls anyone making over 50k a year rich. it seems like no matter how much you make, you only see those that are above you.
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+1
 
I've grown up quite modestly and intend to do so after completing my medical training. I consider myself fortunate to not have grown up with a silver spoon like some of my classmates have. Literally nothing is satisfying to them in a materialistic sense.
 
Wonder why Path and Radio are the highest...and they're also the specialties with the least patient contact.


Patients must be really stressful things....
 
TheWeeIceMan said:
I like how plastic surgery came in last place.

It's all relative I suppose. One of my buddies calls anyone making over 50k a year rich. It seems like no matter how much you make, you only see those that are above you.
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This was my working definition for a long time, but my folks supported a family of 5 on less than $20k.
 
I'm not sure what is the purpose of everyone saying what their family makes. If you take pride in your working class background, then that's great. But honestly, there is NOTHING wrong with wanting an upper middle class life like the one you had, and having that as ONE reason to go into medicine.
 
I imagine it probably has an effect on the likelihood of perceiving oneself as rich though.
 
Though then again, I have also seen poor folk be pretty foolish with money once they got it.
 
rachelkj said:
I imagine it probably has an effect on the likelihood of perceiving oneself as rich though.
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Maybe. Honestly, I define "rich" as the point where you can legitimately say "money is no object." My parents told me that the point of "richness" comes around $350,000/year pretax (we don't make NEAR that much.) I don't expect to make that much as a physician, but I definitely expect to make an upper middle class income.
 
Yes, if you manage your money well then medicine will make you rich one day.

DrBumblebee said:
fig9.jpg


Man/woman doesn't satisfy with the money...

The "rich doctor" myth may be just that (although "rich" is relative). Overall, only about 11% of physicians said that they consider themselves rich, while 45% said that their income is no better than that of many nonphysicians. Another 45% said that although their income probably qualifies them as rich, they have so many debts and expenses that they don't feel rich.

The specialties with the highest percentage of physicians who consider themselves rich were pathology (15%), radiology, oncology and gastroenterology (14% in each). Even among some of the higher-earning specialties, a majority of anesthesiologists, critical care specialists, dermatologists, urologists, and emergency medicine doctors said that they don't feel rich because of debts and expenses.

Source: http://www.medscape.com/features/slideshow/compensation/2012/public​
Click to expand...

cool down
 
Mehd School said:
I've grown up quite modestly and intend to do so after completing my medical training. I consider myself fortunate to not have grown up with a silver spoon like some of my classmates have. Literally nothing is satisfying to them in a materialistic sense.
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That's pretty sad, but I guess it's just the reality.
 
DrBumblebee said:
fig9.jpg


Man/woman doesn't satisfy with the money...

The "rich doctor" myth may be just that (although "rich" is relative). Overall, only about 11% of physicians said that they consider themselves rich, while 45% said that their income is no better than that of many nonphysicians. Another 45% said that although their income probably qualifies them as rich, they have so many debts and expenses that they don't feel rich.

The specialties with the highest percentage of physicians who consider themselves rich were pathology (15%), radiology, oncology and gastroenterology (14% in each). Even among some of the higher-earning specialties, a majority of anesthesiologists, critical care specialists, dermatologists, urologists, and emergency medicine doctors said that they don't feel rich because of debts and expenses.

Source: http://www.medscape.com/features/slideshow/compensation/2012/public​
Click to expand...

Most doctors make friends who are in the same or higher income level as them. They have friends who are other doctors, lawyers, business people. People tend to hang out with people in their same socio-economic class. You wouldn't be able to go golfing every weekend with someone who couldn't afford to.

As such, you won't feel rich. However, doctors do make a lot of money, usually within the top 2% of America and most definitely within the top 5%. Whether or not you feel rich isn't important though, its whether or not you can pay off your debts, not have to worry about your finances too much and live a comfortable life and satisfy at least some of your wants and needs. If you have that, you are "rich" to me.
 
goofball said:
Maybe. Honestly, I define "rich" as the point where you can legitimately say "money is no object." My parents told me that the point of "richness" comes around $350,000/year pretax (we don't make NEAR that much.) I don't expect to make that much as a physician, but I definitely expect to make an upper middle class income.
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In Alberta, general surgeons start off 400k/year pretax and Alberta is one of the lowest tax provinces in Canada.
 
Medstart108 said:
In Alberta, general surgeons start off 400k/year pretax and Alberta is one of the lowest tax provinces in Canada.
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This is entirely possible in the US depending upon your preferences. If you're willing to not live/work in a huge urban center, you could approach and surpass that salary in a lot of specialties.

Sent from my SAMSUNG-SGH-I717
 
NickNaylor said:
This is entirely possible in the US depending upon your preferences. If you're willing to not live/work in a huge urban center, you could approach and surpass that salary in a lot of specialties.
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I've heard this from others as well; so major urban centers tend to pay less despite much higher cost of living, and vice versa, due to supply and demand?
 
nychila said:
I've heard this from others as well; so major urban centers tend to pay less despite much higher cost of living, and vice versa, due to supply and demand?
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In general, yes, which is opposite from most other jobs where being in a city usually means a higher income. Being in cities is desirable for physicians; not many want to raise a family in an area that doesn't offer the same opportunities that they may have had growing up.
 
goofball said:
Maybe. Honestly, I define "rich" as the point where you can legitimately say "money is no object." My parents told me that the point of "richness" comes around $350,000/year pretax (we don't make NEAR that much.) I don't expect to make that much as a physician, but I definitely expect to make an upper middle class income.
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Research shows this occurs at about $75k/yr. Beyond that level, further increases in income do not increase life satisfaction.

That said, it's relative. If I am making $300k/yr, so are most of the people I am around. You compare yourself to your peers, THEREFORE, you do not feel "wealthy" or "rich" unless you are in that top X% of your peers. Hence, it is likely that those 10-15% of each specialty that feel wealthy are also primarily the top 10-15% of earners in their category (whether we define that category by medical specialty, physicians in the given geographic region, or otherwise).

As for this question, I would also answer "no" because I wouldn't define "rich" by financial means. It is not one's money that makes one happy. Often, a lot of money has the reverse effect.... The love of money will never leave you satisfied. If that's your primary motivation for medicine, it's time to get a life.
 
NickNaylor said:
This is entirely possible in the US depending upon your preferences. If you're willing to not live/work in a huge urban center, you could approach and surpass that salary in a lot of specialties.

Sent from my SAMSUNG-SGH-I717
Click to expand...

Even in an urban area, if you are a partner in a successful private practice, you could be making even more than this. It's not unheard of for ophthalmologists who do lots of Lasik to make 1 million+/year.
 
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