How can a Psychiatrist maximize his full income potential?

[habbohomer]

Sorry if this is the wrong place to post this, I'm not really sure where else to ask.

Hey guys. Currently I am a pre med student looking for some guidance. I am really into psychiatry and it's my top choice in terms of the specialty I want to pursue. The problem is, it seems as though I'll finish medical school with roughly $450K of student debt worst case scenario. Looking at average psychiatrist salaries, it seems like I'll be in debt for longer than I thought.

So my question is, what can I do, if I decide to pursue psychiatry, to maximize my income and neutralize my potential debt? Also can anyone link me a statistic to the growth of psychiatrist income per year as I'm many years off from actually practicing.


It's not that I'm money hungry or anything, but I want to start a family at/near the end of my residency and I think it'll be tough to do so when my income might be too low.

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[TexasPhysician]

There is a wide range of income with every specialty in medicine. All of them will get you through that debt. It’s way too early to think about this now.

 

[J ROD]

crawl first grasshopper......there are many ways to get there in terms of money.

 

[JKinSC]

Unless you get intentionally stupid with your finances, you’ll have no problem paying off your loans, I promise. And if you do get stupid with your finances...well, that’s why God made accountants.

 

[PikminOC]

Op is right. It's a big commitment and the time spent becoming an attending physician. I don't know if I'd do it again with that much debt involved and ever increasing government regulations trying to quash private practice.

 

[nexus73]

You’d probably make a very good anesthesiologist, too. Make some money. Pay off loans. Go back and become a psychiatrist later.

 

[birchswing]

You’d probably make a very good anesthesiologist, too. Make some money. Pay off loans. Go back and become a psychiatrist later.

It's weird you say that. Sometimes I browse the anesthesiology forum and I mistake it for a forum for day-traders. What's the deal with anesthesiologists and money? They seem to have a lot and want more. And they seem to have impulsive tendencies on how to achieve that.

 

[hamstergang]

Currently I am a pre med student

Currently, there are certainly options for making a significant amount of money in psychiatry. Will there be 9 years from now when you're out of residency? Maybe, probably, but who knows what will happen to healthcare in this time?

 

[habbohomer]

Currently, there are certainly options for making a significant amount of money in psychiatry. Will there be 9 years from now when you're out of residency? Maybe, probably, but who knows what will happen to healthcare in this time?

So what are some of those options?

 

[Splenda88]

Expect to make anywhere between 200k to 400k, depending how much you want to work...

 

[jbomba]

Expect to make anywhere between 200k to 400k, depending how much you want to work...

Locums seems to average 180-200/hr. Perhaps more if you do corrections or another less than enjoyable location.

Doing locums you should easily be able to hit 4-500k without having to do intern level hours.

 

[habbohomer]

Locums seems to average 180-200/hr. Perhaps more if you do corrections or another less than enjoyable location.

Doing locums you should easily be able to hit 4-500k without having to do intern level hours.

From what I understand of locums, is it really heavy on travel? I'm trying to personally stay grounded to start a family.

 

[Psychresy]

From what I understand of locums, is it really heavy on travel? I'm trying to personally stay grounded to start a family.

I dont think that's the case. There are locums assignments all over the country. You just find assignments in your region.

 

[PikminOC]

Currently, there are certainly options for making a significant amount of money in psychiatry. Will there be 9 years from now when you're out of residency? Maybe, probably, but who knows what will happen to healthcare in this time?

Nothing good
More mid-levels
Medicare for all?