How big a salary will you be happy with?

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I believe oral surgery in the domain of dentists.

Agreed. But on the subject, one of my father's good friends is a regular dentist. Private practice, 2 other dentists working for him. Guy just dropped $900k on a beach house. In addition to his 3 others. Anyone know if dentistry actually pays that well?

 

[mfrizzo3]

500k

 

[Miss Alyssa]

Agreed. But on the subject, one of my father's good friends is a regular dentist. Private practice, 2 other dentists working for him. Guy just dropped $900k on a beach house. In addition to his 3 others. Anyone know if dentistry actually pays that well?

Was it a 900k house that he took a mortgage on or did he just transfer 900k in cash to buy the house?

Does he rent out the other 3 beach houses? If so it sounds like he's investing and has multiple streams of income in addition to being a dentist.

 

[theseeker4]

My very rough estimates of opportunity cost, taking into account my current pay, future COL increases and potential promotions vs. student loan debt and interest, pay during residency, etc. means to break even by the age of 40 in pay earned vs. debt plus wages lost by pursuing medicine, I will need to earn ~275k as an attending, assuming I will become an attending in PGY4. Since I am starting medical school next year at the age of 29, this looks pretty good to me, and while 275k+ would be ideal, I could definitely be satisfied with less than this.

 

[Kadava Reviva]

Agreed. But on the subject, one of my father's good friends is a regular dentist. Private practice, 2 other dentists working for him. Guy just dropped $900k on a beach house. In addition to his 3 others. Anyone know if dentistry actually pays that well?

Sorry, I'm in Canuckistan, so my knowledge in these matters is limited. Usually any healthcare professional practising in the U.S. makes a lot more $.

I think the most lucrative DDS specialties are oral surgery and orthodontics.

 

[Zedor]

http://www.youtube.com/watch?v=cJD8pZiRIzs&feature=player_embedded


This

 

[DarkHorizon]

It's not easy but here are a couple of my friends situations (none went to a top 5 law school but some went to a top 5 undergrad). I would say we're of similar intelligence range and none of us are "geniuses"

One graduated UG making 90 and a year late was making 100 after getting a masters. 10 years out of college I'm sure he'll be making more than 150

One friend graduated law school (not a top one) making 175. So obviously 10 years out he'll above 150.

Another graduated law school and choose the DA route. Much less money but 10 years out he'll be making more than 150.

My field requires 10 years of commitment before I make 6 figures. It's not ridiculous to say 150 isn't enough when I have friends of similar abilities who make that within 5 years of graduating and don't have the same debt burden.

No it's not easy to make 150 in other fields but med school isn't easy either. If I had an interest in law I could put similar hours in as a lawyer and make real money at a much earlier stage.

Yes, but none of your friends will see 500k that you'll make as a rads, which is about average. To get the kind of jobs your friends have, one has to be incredibly lucky, not so much for an average radiologist....just takes longer IMO.

 

[IlDestriero]

Yes, but none of your friends will see 500k that you'll make as a rads, which is about average. To get the kind of jobs your friends have, one has to be incredibly lucky, not so much for an average radiologist....just takes longer IMO.

Even at the top of your game in law, you're still screwed. One of my partners wives bills $600 an hour at a super premium law firm downtown. He said she actually ends up with something closer to $60/hr. Good money for sure, but she works late, at home, etc and the partners are getting RICH off her labor. The only ones making partner walk on water. She could leave, but she won't make that much at a little firm, with limited security, worse hours, and years of work to build a practice.

 

[pinipig523]

Princeton found that you only need to make $75,000 for money to make a significant difference in happiness. After that, more money just changes your day-to-day mood. Sure, you have loans to pay but there are so many loan forgiveness programs that you could always enroll in if loans are truly a burden for you.

At 75K you're netting probably around $50K, which means you take home approx $4K a month.

Consider that the average med student probably has 225K of loans (like me) and you're looking at a repayment of $2.5K a month x 10 years.

So your $4K - $2.5K = 1.5K.

An apartment costs 1.5K in Chicago. You want to eat, too?

That's ridiculous. You go to school and residency for at least 11 years and you don't think we should be making more than $75K?

Yes, money does not buy happiness and it's probably true that you can be happy with $75K... but that's not enough to live even a decent life when you have all these loans and have gone through soooo much opportunity costs. C'mon man... be realistic.

 

[Shnurek]

I agree with the above poster. For the amount of time, effort and finances that med students give up they should be fairly compensated. Or design a system like in France where med school is free and they only get double the national average of income.

 

[maybemed2013]

I just realize I need to increase my salary to 170,000 a year, I enjoy cooking but definitely want a cleaning lady.

 

[bomgd3]

http://www.youtube.com/watch?v=cJD8pZiRIzs&feature=player_embedded


This

People who spout off their opinions self-righteously as if they're fact aren't worth wasting time to listen to IMO. Even though I agree with some of the things he says, he's still an obnoxious loudmouth. We need fewer people like that and more thoughtful people in the national discussion.

/off-topic response to off-topic post

 

[thepoopologist]

I'm upping the ante

10,000 sq. ft mansion by the beach
An Aston Martin for black tie parties
A Lexus for outings around town
A Toyota for drives to the ghetto
$10 million in the bank
A vacation home in Paris
A vacation home in Buenos Aires
A vacation home in Tokyo
A Victoria's Secret Model wife

Hmmm....and No Debt

 

[thepoopologist]

A butler
A maid
A cook
A catering service

And ten slaves (of any race) on my plantation field

 

[Spaceman Spif]

Sorry, I'm in Canuckistan, so my knowledge in these matters is limited. Usually any healthcare professional practising in the U.S. makes a lot more $.

I think the most lucrative DDS specialties are oral surgery and orthodontics.

Agreed...but your first comment is partially true. Many oral surgeons are dual degree - meaning they get both their DDS and MD degrees during training. So I would think they would qualify in this discussion. Anyway, most only work 4 days a week, see about 30 - 40 patients per day in a regular practice, charge anywhere from 750 - 1500 for pulling ONE tooth, add on anesthesia time and tax, working 9 to 5 ....... you see where I'm going with this 😀 Best kept secret in healthcare HANDS DOWN

 

[Slack3r]

Agreed...but your first comment is partially true. Many oral surgeons are dual degree - meaning they get both their DDS and MD degrees during training. So I would think they would qualify in this discussion. Anyway, most only work 4 days a week, see about 30 - 40 patients per day in a regular practice, charge anywhere from 750 - 1500 for pulling ONE tooth, add on anesthesia time and tax, working 9 to 5 ....... you see where I'm going with this 😀 Best kept secret in healthcare HANDS DOWN

It's hardly a secret. There's a reason it's the most competitive dental residency.

 

[coloredcrayons]

In my wildest fantasy: Eighty thousand dollars.

 

[D elegans]

In my wildest fantasy: Eighty thousand dollars.

Time to adjust your expectations

 

[Fah-Q]

If you are working in medicine for anyone but yourself then you are being underpaid.

 

[skierbum]

Well...I would have to go with the princeton study-at least 75k a year. All I really want is to go into rural practice and have a house on the lake. 🙂

 

[Sheldor]

Well...I would have to go with the princeton study-at least 75k a year. All I really want is to go into rural practice and have a house on the lake. 🙂

Wouldnt paying of student loans and supporting a family preclude having a house on the lake, with only 75k?

 

[theseeker4]

Wouldnt paying of student loans and supporting a family preclude having a house on the lake, with only 75k?

With loans and a family, it probably would preclude anything other than a double-wide, an old Ford Escort and Ramen Noodles for each meal.....

 

[equinsu ocha]

This thread is funny. How many of you medical students have had a job and supported yourselves? If you haven't then I would argue you have NO clue about money. I make ~19k before taxes as a GRA (20 hr/wk) and can pay my rent/bills/food/gas/insurance/entertainment in a major city. Now I agree that physicians should be compensated very well, but you don't need 500k+ to have nice things and be happy. The key is obviously to keep your loans as minimal as possible, and don't be a greedy ****head

Bumble Bee Tuna

 

[mfrizzo3]

This thread is funny. How many of you medical students have had a job and supported yourselves? If you haven't then I would argue you have NO clue about money. I make ~19k before taxes as a GRA (20 hr/wk) and can pay my rent/bills/food/gas/insurance/entertainment in a major city. Now I agree that physicians should be compensated very well, but you don't need 500k+ to have nice things and be happy. The key is obviously to keep your loans as minimal as possible, and don't be a greedy ****head

Bumble Bee Tuna

I have. So GFY!

 

[MiracleforMD]

People who spout off their opinions self-righteously as if they're fact aren't worth wasting time to listen to IMO. Even though I agree with some of the things he says, he's still an obnoxious loudmouth. We need fewer people like that and more thoughtful people in the national discussion.

/off-topic response to off-topic post

I could NOT disagree more. We need people who say what they feel the problems are, how they are going to fix them, and why the problems came about in the first place. This is exactly what Carolla did. I''ll take that over any day over some dumb as-s politician who says some meaningless garbage to only garner support:

http://www.youtube.com/watch?feature=player_embedded&v=8_NJgKoBERM#!

Don't tell me that's the "thoughtful" people you want in our "national discussion."

 

[SexualOffender]

This thread is funny. How many of you medical students have had a job and supported yourselves? If you haven't then I would argue you have NO clue about money. I make ~19k before taxes as a GRA (20 hr/wk) and can pay my rent/bills/food/gas/insurance/entertainment in a major city. Now I agree that physicians should be compensated very well, but you don't need 500k+ to have nice things and be happy. The key is obviously to keep your loans as minimal as possible, and don't be a greedy ****head

Bumble Bee Tuna

Bro, I easily blow $500 in a good night in the city. I probably spend $19k/year just partying. Probably more like $25k, but whatever.

I plan to live like a rockstar after residency. I need to be making hundreds of g's to support my lifestyle.

 

[equinsu ocha]

Bro, I easily blow $500 in a good night in the city. I probably spend $19k/year just partying. Probably more like $25k, but whatever.

I plan to live like a rockstar after residency. I need to be making hundreds of g's to support my lifestyle.

go do some bicep curls

 

[SexualOffender]

Rolling with 17's dude, just in maintenance these days.

 

[Slack3r]

This thread is funny. How many of you medical students have had a job and supported yourselves? If you haven't then I would argue you have NO clue about money. I make ~19k before taxes as a GRA (20 hr/wk) and can pay my rent/bills/food/gas/insurance/entertainment in a major city. Now I agree that physicians should be compensated very well, but you don't need 500k+ to have nice things and be happy. The key is obviously to keep your loans as minimal as possible, and don't be a greedy ****head

Bumble Bee Tuna

Just because you live like a pauper doesn't mean everyone else wants to.

 

[equinsu ocha]

Just because you live like a pauper doesn't mean everyone else wants to.

Clearly, that's what I said.

Yes, I live like a pauper at 19k. For those who say they won't be happy unless they're making "tree fitty"

 

[Slack3r]

Yes, I live like a pauper at 19k. For those who say they won't be happy unless they're making "tree fitty"

$19000 before tax
After tax: $16000 (approx)

Take home: $1335/month
Rent + Utilities: $700
Cell Phone: $60
Car Insurance: $100
Gas: $80

That's $940/month (and very conservative estimates) leaving you just under $400 a month to spend on food and entertainment/miscellaneous expenses. Oh, and you don't have health insurance either, so better not get sick! Enjoy your Ramen, bro.

 

[officedepot]

.

 

[McPoyle]

This thread is funny. How many of you medical students have had a job and supported yourselves? If you haven't then I would argue you have NO clue about money. I make ~19k before taxes as a GRA (20 hr/wk) and can pay my rent/bills/food/gas/insurance/entertainment in a major city. Now I agree that physicians should be compensated very well, but you don't need 500k+ to have nice things and be happy. The key is obviously to keep your loans as minimal as possible, and don't be a greedy ****head

Bumble Bee Tuna

Once I am bangin this dude's wife... only then will I be paid what I deserve.

 

[JackShephard MD]

Once I am bangin this dude's wife... only then will I be paying what I deserve.

😕

 

[thepoopologist]

This thread is funny. How many of you medical students have had a job and supported yourselves? If you haven't then I would argue you have NO clue about money. I make ~19k before taxes as a GRA (20 hr/wk) and can pay my rent/bills/food/gas/insurance/entertainment in a major city. Now I agree that physicians should be compensated very well, but you don't need 500k+ to have nice things and be happy. The key is obviously to keep your loans as minimal as possible, and don't be a greedy ****head

Bumble Bee Tuna

Me, I made roughly $50k with a bachelors degree telecommuting from home as a web developer. It wasn't enough in Los Angeles, which is an actual major city and not wherever the hell you live. If I made $19000/year everyone would be ****ing whoever I was dating and I could maybe live in a house if ten day laborers were sharing the rent with me.

I understand your point, but I think the point of this thread is about how much benefit (salary) is worth the cost (medical training). If I was 18 years old then $19000 would be great. At 30 I would like enough money to not get trampled on by society. That's more in the $200,000/year range.

 

[CaptainSSO]

Bro, I easily blow $500 in a good night in the city. I probably spend $19k/year just partying. Probably more like $25k, but whatever.

I plan to live like a rockstar after residency. I need to be making hundreds of g's to support my lifestyle.

Please, please post a picture of yourself. I am laughing imagining how dorky you must look.

 

[SexualOffender]

lol I was a lineman in college. i'm not the best looking guy, i'm ****ing ugly tbh, but I wouldn't call myself "dorky". and I'm guessing I slayed more vag this past weekend than you have in your adult life. u mad brah?

 

[VisionaryTics]

lol I was a lineman in college. i'm not the best looking guy, i'm ****ing ugly tbh, but I wouldn't call myself "dorky". and I'm guessing I slayed more vag this past weekend than you have in your adult life. u mad brah?

I think you're that resident whom I saw doing curls in the squat rack today.

 

[nygiants fan]

lol exactly. Maybe if you live in a tiny apartment, have no spouse, no kids, and only a couple friends then maybe, just maybe it is possible. He shouldn't have to pay income taxes though at such a low salary. Also guy probably is on welfare making that kind of money...

You need money to have nice things. Let's be very generic and say, if you ultimately want a decent size house with a study and nice yard, live in a good neighborhood, perhaps be a member of a nice country club with golf/tennis, drive a decent car, have enough money to send your kids (number will vary obviously) to a nice, private school, and have enough left for one or two nice vacations a year then you'll need probably at least $400-500k/year depending on where you live. Impossible to do that at 19k a year. Impossible.

$400-500k/year. I don't mind working my tail off for every penny of it. My future kids will be able to go to private school and I'll make sure that they won't have any education debt. I'll live in a nice home and be able to take my family on nice vacations every now and then. I want to do for my future wife and kids what my parents did for me.

 

[CaptainSSO]

lol I was a lineman in college. i'm not the best looking guy, i'm ****ing ugly tbh, but I wouldn't call myself "dorky". and I'm guessing I slayed more vag this past weekend than you have in your adult life. u mad brah?

You "slayed some vag?" You realize only a grade A tool bag would ever talk like that, right? (No, of course you don't. Stupid question.)

Edit: VisionaryTics said it much more elegantly than I did.

 

[museic]

Financially speaking using your job as your cash flow to get rich is bad. The idea would be to get paid for investments. Medicine will give you the capital to do this but you don't need much to get rolling. IMO be a doctor out of passion, invest to get rich. If you want to just get rich go major in finance or accounting. Everyone I know that has done that is making bank, esp when considering dollar spent on education to dollar earned.

 

[museic]

lol I was a lineman in college. i'm not the best looking guy, i'm ****ing ugly tbh, but I wouldn't call myself "dorky". and I'm guessing I slayed more vag this past weekend than you have in your adult life. u mad brah?

this guy is making me laugh hard.

 

[bomgd3]

lol I was a lineman in college. i'm not the best looking guy, i'm ****ing ugly tbh, but I wouldn't call myself "dorky". and I'm guessing I slayed more vag this past weekend than you have in your adult life. u mad brah?

You are my favorite person on SDN now.

 

[equinsu ocha]

$19000 before tax
After tax: $16000 (approx)

Take home: $1335/month
Rent + Utilities: $700
Cell Phone: $60
Car Insurance: $100
Gas: $80

That's $940/month (and very conservative estimates) leaving you just under $400 a month to spend on food and entertainment/miscellaneous expenses. Oh, and you don't have health insurance either, so better not get sick! Enjoy your Ramen, bro.

Not bad estimates.... and yes I can afford my university health insurance. Once again missing the point though. I'm a graduate student who can survive with this salary. Obviously I would like more and this is only temporary. The point for all you who would rather argue for arguments sake than have a discussion is that if I can survive with 19k then you don't need 400-500k to be happy.

 

[theseeker4]

Not bad estimates.... and yes I can afford my university health insurance. Once again missing the point though. I'm a graduate student who can survive with this salary. Obviously I would like more and this is only temporary. The point for all you who would rather argue for arguments sake than have a discussion is that if I can survive with 19k then you don't need 400-500k to be happy.

So now you are telling other people what they need to be happy? Classy.

 

[JackShephard MD]

Bro, I easily blow $500 in a good night in the city. I probably spend $19k/year just partying. Probably more like $25k, but whatever.

I plan to live like a rockstar after residency. I need to be making hundreds of g's to support my lifestyle.

lol I was a lineman in college. i'm not the best looking guy, i'm ****ing ugly tbh, but I wouldn't call myself "dorky". and I'm guessing I slayed more vag this past weekend than you have in your adult life. u mad brah?

Go away troll.

 

[Slack3r]

The point for all you who would rather argue for arguments sake than have a discussion is that if I can survive with 19k then you don't need 400-500k to be happy.

First of all, no one said they NEEDED a large salary to be happy. The question posited is at what $$$ amount would you be happy WITH YOUR SALARY. No one is saying you can't be happy w/o several hundred grand a year; I make -$50k/year and my life is pretty awesome.

And btw, just because your pauper lifestyle is adequate for you, doesn't mean it's adequate for everyone else.

 

[Doctor4Life1769]

Not bad estimates.... and yes I can afford my university health insurance. Once again missing the point though. I'm a graduate student who can survive with this salary. Obviously I would like more and this is only temporary. The point for all you who would rather argue for arguments sake than have a discussion is that if I can survive with 19k then you don't need 400-500k to be happy.

you dirty lil hippy.

 

[jdh71]

You "slayed some vag?" You realize only a grade A tool bag would ever talk like that, right? (No, of course you don't. Stupid question.)

Edit: VisionaryTics said it much more elegantly than I did.

werd everyone knows you call it "vagoo"

 

[equinsu ocha]

So now you are telling other people what they need to be happy? Classy.

Just trying to inform those who have never had a job and had to support themselves financially. Something tells me you never have. We don't need more greed in this world, especially from our incredibly gifted physicians.