First job: what was your take home pay?

[Homo sapien]

You only pay your MA $25k/yr ($12/hr)? That's rough man. Where I'm at (Midwest) minimum wage is higher than that.

They must live in Mississippi or west Virginia or something

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[Forcewielder]

They must live in Mississippi or west Virginia or something

I had no clue there were so many states with such low minimum wages. My first job 20yrs ago paid me 5.25/hr. A double cheeseburger was also only a buck. That same cheeseburger is now $4 so i don't know how $7.25/hr gets you much of anything these days.

 

[heybrother]

I once got paid $280 a week (+ free food / air conditioned housing) to work at a summer camp. Swam in the Blanco River every day. Went on long hikes under perfect stars.

Every once in awhile I look in the mirror and say "I want to be 20 again". I do have a lot more money now though, but youth is priceless.

 

[PMG03470]

You only pay your MA $25k/yr ($12/hr)? That's rough man. Where I'm at (Midwest) minimum wage is higher than that.

I am in PA, minimum wage is $7.25. We pay them $14.00, I am just a lowly associate and this is not my decision unfortunately.

 

[PMG03470]

They must live in Mississippi or west Virginia or something

Believe it or not many states, including NY (not the city) hold the federal minimum wage. I am in PA and the federal minimum wage is $7.25… eww to Mississippi and WV

 

[Feli]

Where in the country do you practice that 180k is just “survivable”?!?

Where I am you can live like a king on that salary.

You are clearly doing the IRB or SAVE plan with minimum pays, lol.
180k gross minus taxes and IRB payment = 100k gross (maybe)

I do technically agree it's very bad ROI but "survivable"... but who goes to school/training for 10-11yrs after high school and $300k-400k debt to live like a lot of people who do half that time/debt? It's unfortunate to say the least.

 

[Forcewielder]

You are clearly doing the IRB or SAVE plan with minimum pays, lol.
180k gross minus taxes and IRB payment = 100k gross (maybe)

I do technically agree it's very bad ROI but "survivable"... but who goes to school/training for 10-11yrs after high school and $300k-400k debt to live like a lot of people who do half that time/debt? It's unfortunate to say the least.

I hadn't ever run the numbers and someone better at it could get more detailed, but the opportunity cost is pretty incredible.

Consider that we all could have done nursing (or other bachelors level jobs) at 22yo making 60k. Even if you saved only 10% in a 401k (not even considering a match) then didn't save another dime after age 29 (when the typical pod finishes residency) that initial investment should be worth 2mil (10% annual rate of return) by 65yo. The nurse route would also now be 7yrs into their career and be making more than 60k. Meanwhile, the pod associate is bringing home just over 100k, for reasons you've mentioned above, and hope to be at the 250k mark eventually. The pod will have to save a much higher percentage of their income and pay off their loans before "catching up". I'm sure the break even mark is in your 50s with average investing amounts and whatnot. But hey, we get to call ourselves doctor.

 

[mandrew]

Whoever voted for that $75-100k has got some explaining to do. Maybe they misread it as first month out?

Yeah, because a lot of Podiatrists make $900,000 their first year out.

 

[mandrew]

400K gross or after taxes?

Before taxes obviously.

 

[mandrew]

Believe it or not many states, including NY (not the city) hold the federal minimum wage. I am in PA and the federal minimum wage is $7.25… eww to Mississippi and WV

In NY it depends on what county you are in.

 

[mandrew]

This question depends on your situation. Someone starting a practice cold will have very low collections in year one.