Financial independence through psychiatry

[FlowRate]

People (not me) who make 500g make more than $450 per hour.

They could be making a lot more than 500g if they're earning >$450/hr.. Although I'd imagine that at some point you start running out of people willing to pay your fee (and thus can't scale to the typical 2000 hr full time earning.)

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[dl2dp2]

I have ready White Coat Investor, and you're the one being inaccurate and misleading, for example by using acronyms without spelling out what they stand for. You haven't said, but if your top marginal federal rate is 37%, and you're filing as single or head of household,

Where are you getting these assumptions from? The post you quoted does not have any mention of gender that I can see.

See above. The assumptions are pretty transparent to me. I mean, why would the above poster assume HoH or single is pretty interesting. I would hazard to say vast majority of psychiatrist (esp female) file married joint.

 

[dl2dp2]

They could be making a lot more than 500g if they're earning >$450/hr.. Although I'd imagine that at some point you start running out of people willing to pay your fee (and thus can't scale to the typical 2000 hr full time earning.)

A lot more than 500g would be correct.
It’s actually remarkably difficult to run out patients who are willing to pay $300+ for a quality 30-min med mgmt appt. There are patients on Medicaid who would bend over backward to do that. The main bottle neck isn’t lacking of patient but inefficiencies having appropriate patients coming to you in a timely and reproducible fashion, which means it can take years and years to fill a set of hours. This duration is also highly variable depending on if u r business’s savvy. But it’s not rare for someone in their 50s with a couple of decades of experience to achieve this kind of life style.

 

[deleted736562]

A lot more than 500g would be correct.
It’s actually remarkably difficult to run out patients who are willing to pay $300+ for a quality 30-min med mgmt appt. There are patients on Medicaid who would bend over backward to do that. The main bottle neck isn’t lacking of patient but inefficiencies having appropriate patients coming to you in a timely and reproducible fashion, which means it can take years and years to fill a set of hours. This duration is also highly variable depending on if u r business’s savvy. But it’s not rare for someone in their 50s with a couple of decades of experience to achieve this kind of life style.

I know someone straight out of residency getting $500/hour, for 10 clinical hours a week. He had a full time job on top so didn't need to do more.

This kind of setup has its own ethical "qualms" or whatever, but the cash is there.

 

[hamstergang]

See above. The assumptions are pretty transparent to me. I mean, why would the above poster assume HoH or single is pretty interesting. I would hazard to say vast majority of psychiatrist (esp female) file married joint.

This is quite a stretch. It looks to me that you're reading gender into places it isn't just to be offended.

 

[deleted736562]

This is quite a stretch. It looks to me that you're reading gender into places it isn't just to be offended.

I'm not sure of this. Why is it hard to believe that a household with a physician gets 500k in yearly income?

 

[hamstergang]

I'm not sure of this. Why is it hard to believe that a household with a physician gets 500k in yearly income?

What was said was:

If you weren't joking about having a spouse, your combined income is still well above the average of most posting here.

I think that's right -- $500k isn't hard to believe, just likely well above the average. Is there data to suggest this isn't actually correct?

 

[Trismegistus4]

I think sluox is assuming I know his/her/their/xeir gender, and that on that basis, I'm making unjustified assumptions about the gender of his/her/their/xeir spouse, because he/she/they/xe has never stated his/her/their/xeir spouse's gender. But in fact he/she/they/xe have never stated his/her/their/xeir own gender, nor did I indicate which, if any, of the 37 different genders his/her/their/xeir spouse is, so... aw, forget it, I'm not woke and intersectional enough for this discussion.

 

[finalpsychyear]

I think sluox is assuming I know his/her/their/xeir gender, and that on that basis, I'm making unjustified assumptions about the gender of his/her/their/xeir spouse, because he/she/they/xe has never stated his/her/their/xeir spouse's gender. But in fact he/she/they/xe have never stated his/her/their/xeir own gender, nor did I indicate which, if any, of the 37 different genders his/her/their/xeir spouse is, so... aw, forget it, I'm not woke and intersectional enough for this discussion.

The answer to the mystery above is quite obvious but let's stay on task about the topic. I think psych in nyc can do well.

 

[dl2dp2]

This is quite a stretch. It looks to me that you're reading gender into places it isn't just to be offended.

Just because I pointed out a fairly clear implied assumption doesn't mean I'm "offended" by it. Believe me few things would "offend" me these days.

I think sluox is assuming I know his/her/their/xeir gender, and that on that basis, I'm making unjustified assumptions about the gender of his/her/their/xeir spouse, because he/she/they/xe has never stated his/her/their/xeir spouse's gender. But in fact he/she/they/xe have never stated his/her/their/xeir own gender, nor did I indicate which, if any, of the 37 different genders his/her/their/xeir spouse is, so... aw, forget it, I'm not woke and intersectional enough for this discussion.

You are missing my point. This is a FI thread, but people such as you are insisting on the details of exact personal compensation in the viability for FI, where some of the much more critical pieces are 1) are you married to a well-paying spouse; 2) do you have children; 3) where do you live and how do you plan your lifestyle (i.e. city vs. suburb, public vs. private schools, etc). The idea that psychiatrists need to be male and the main breadwinner is obviously sexist, and not even statistically true at this point. Now I would hope that you can recognize that an idea can be sexist but you as a person may or may not be sexist, so that such a statement shan't be construed as a personal attack.

Incidentally, if you look at the OP of the thread, you'll see that he comes from a dual-income dual physician household, so the kind of situation that you deem as so unusual and so "well above average", is perhaps not so unusual after all. And indeed, tax planning, which this little exchange is about, is critical for a family of that type.

Btw, you are committing a certain flaw in thinking that's very common and committed by woke media as well. The idea that there's a "gender pay gap", and the implications thereof, never mentions the fact that this gap goes away when you take into account of total household income--in fact, by FAR what determines how much total household income is is the number of workers in a household, not their genders. When you talk about things like FI, it's really total household income, not individual income that matters. There are things that matter a heck of a lot more in FI like one house one wife than details of the job with which you might make 300k vs. 500k.

 

[hamstergang]

The idea that psychiatrists need to be male and the main breadwinner is obviously sexist

But there's no reason to believe such a sentiment was implied.

 

[Mass Effect]

I know someone straight out of residency getting $500/hour, for 10 clinical hours a week. He had a full time job on top so didn't need to do more.

Either he's (or she's) self-employed and charging an arm and a leg or hired to do work that no one else would ever want to do to get paid that fresh out of residency.

I'm not sure of this. Why is it hard to believe that a household with a physician gets 500k in yearly income?

I don't think anyone said it's hard to believe a HOUSEHOLD with a physician getting that much yearly is sketchy. What the poster said was:
"let's just say, i don't make nearly as much as people [psychiatrists] i know... substantial number of people clearing 500g in my sub-market... i'm poor."

The line "I don't make nearly as much as people [psychiatrists] I know" implies that he knows psychiatrists clearing 500K. He didn't say couples/households/together. He said psychiatrists and I don't think it's a stretch for some of us to think he meant individual psychiatrists get paid 500K.

Btw, you are committing a certain flaw in thinking that's very common and committed by woke media as well. The idea that there's a "gender pay gap", and the implications thereof, never mentions the fact that this gap goes away when you take into account of total household income

What?

 

[AD04]

I know someone straight out of residency getting $500/hour, for 10 clinical hours a week. He had a full time job on top so didn't need to do more.

This kind of setup has its own ethical "qualms" or whatever, but the cash is there.

So how does one break into the sugar baby industry?

 

[calvnandhobbs68]

Lol wtf happened to this thread.

Also I used to be shocked by the 500 bucks an hour thing...until I realized that my baby’s newborn pictures were like 200 bucks for 20 minutes of picture taking and probably another 20 minutes of auto-smoothing and editing. No complex medical decision making or liability involved.

 

[deleted736562]

Either he's (or she's) self-employed and charging an arm and a leg or hired to do work that no one else would ever want to do to get paid that fresh out of residency.



I don't think anyone said it's hard to believe a HOUSEHOLD with a physician getting that much yearly is sketchy. What the poster said was:
"let's just say, i don't make nearly as much as people [psychiatrists] i know... substantial number of people clearing 500g in my sub-market... i'm poor."

The line "I don't make nearly as much as people [psychiatrists] I know" implies that he knows psychiatrists clearing 500K. He didn't say couples/households/together. He said psychiatrists and I don't think it's a stretch for some of
Either he's (or she's) self-employed and charging an arm and a leg or hired to do work that no one else would ever want to do to get paid that fresh out of residency.



I don't think anyone said it's hard to believe a HOUSEHOLD with a physician getting that much yearly is sketchy. What the poster said was:
"let's just say, i don't make nearly as much as people [psychiatrists] i know... substantial number of people clearing 500g in my sub-market... i'm poor."

The line "I don't make nearly as much as people [psychiatrists] I know" implies that he knows psychiatrists clearing 500K. He didn't say couples/households/together. He said psychiatrists and I don't think it's a stretch for some of us to think he meant individual psychiatrists get paid 500K.



What?

As I said, it's PP. Those numbers are very possible in rich areas. I mean people pay $100+/hour for dance and tennis lessons lol.

As for the rest, this is not the point I'm referencing.