I picked the wrong specialty (IM)

[ussdfiant]

---

Members don't see this ad.

Just wanted to say that I should have gone into Gas. I'm a medicine attending at a large community hospital and as I was leaving work I saw a Ferrari California in our Physician lot. After I picked my tongue up off the ground I went over to the driver and said "What specialty SHOULD I have gone into to drive a car like this?" I'm sure you know the answer. I come to find out that this is the same guy whose Maserati I took a picture of when I saw it in our garage. Now, I'm happy enough with my Escalade, but I was humbled by the tales of riches that this (really nice and not boasting, cause I was asking) anesthesiologist was telling.

 

[Don8455]

As a resident about to do a fellowship and then enter into the anesthesia workforce, I'm not sure what to say to this. If money is your motive, then don't pick medicine at all. As for you and your Escalade, congrats. Because as a whole, medicine is going nowhere but down as far as compensation. So I'm sorry that you didn't pick anesthesia way back when....yeah...you could have made a lot more. But now....not sure it applies. Especially with you being in primary care, Obamacare will make sure you are well taken care of.

 

[IlDestriero]

Give me a break.🙄👎
ALL, yes ALL, of the surgical subspecialists (except peds) make/can make more than, probably, any anesthesiologist. They work for it though!
He probably did the smart thing and married into money. It worked for me, and my father.😉

 

[karizma098]

this is a bit silly.

it's fairly difficult for an anesthesiologist to afford a car like that, it took a decade of hard work and opening multiple practices before my old man was able to -

many of the internists that have a few clinics, businesses, etc, have some pretty crazy cars around here as well. i feel that docs with that level of material wealth also usually are getting extra income from other sources.

 

[fakin' the funk]

Just wanted to say that I should have gone into Gas. I'm a medicine attending at a large community hospital and as I was leaving work I saw a Ferrari California in our Physician lot. After I picked my tongue up off the ground I went over to the driver and said "What specialty SHOULD I have gone into to drive a car like this?" I'm sure you know the answer. I come to find out that this is the same guy whose Maserati I took a picture of when I saw it in our garage. Now, I'm happy enough with my Escalade, but I was humbled by the tales of riches that this (really nice and not boasting, cause I was asking) anesthesiologist was telling.

I don't get it. It's not funny, it's not really inflammatory, it's not from some 1-post troll.

 

[Sergio99]

Give me a break.🙄👎
ALL, yes ALL, of the surgical subspecialists (except peds) make/can make more than, probably, any anesthesiologist. They work for it though!
He probably did the smart thing and married into money. It worked for me, and my father.😉

it's fairly difficult for an anesthesiologist to afford a car like that, it took a decade of hard work and opening multiple practices before my old man was able to -

many of the internists that have a few clinics, businesses, etc, have some pretty crazy cars around here as well. i feel that docs with that level of material wealth also usually are getting extra income from other sources.

If money is your motive, then don't pick medicine at all.

Hello,

All these posters have said everything there is to say about the topic, but I am writing just to reinforce what they said so eloquently.

I don't know where people get this crazy idea that anesthesiology is a gold mine. Well, it is not: most surgical specialists make more money than anesthesiologists, and many medical specialists do, too, if they know how to conduct business. We are limited by our hands-on approach to our practice, where we have to do everything ourselves and cannot delegate to anyone. Our fee in any given surgery is usually 15-20% of what the surgeon makes. It is true that the surgeon's fee covers preop and postop care, but still, their net income is more than our net income.

The reason most of us do anesthesia is that it is great fun. You do things and see the effect immediately, without having to wait three weeks. It is also very exciting and very challenging, because you have the patient's life in your hand the whole time.

So the moral of the story is this: if you choose a specialty for any reason other than its being fun and exciting, you are in for a big, long life of unhappiness and disappointment.

Greetings

 

[Ignatius J]

Yes, anesthesiologists make good money.

We can split hairs as to who makes more. Truth be told, income depends on a variety of factors- academic vs. private, partner vs. non-partner, years working, etc.

Any anesthesiolgist who tells you that they are at the bottom looking up in compensation is lying to you. That doesn't mean it's the specialty you should choose.

Choose what you like. That's the key to happiness.

 

[IN2B8R]

Give me a break.🙄👎
ALL, yes ALL, of the surgical subspecialists (except peds) make/can make more than, probably, any anesthesiologist. They work for it though!
He probably did the smart thing and married into money. It worked for me, and my father.😉

OK, so where were you when I was looking for a rich, handsome girl? You coulda helped, but too darn late now...

 

[IlDestriero]

OK, so where were you when I was looking for a rich, handsome girl? You coulda helped, but too darn late now...

Unless you're into dudes, I'm not your guy. Not to mention that my wife and I may have some issues with that plan. I was always lucky with the ladies, so I'm probably handsome enough...😍

 

[IN2B8R]

Unless you're into dudes, I'm not your guy. Not to mention that my wife and I may have some issues with that plan. I was always lucky with the ladies, so I'm probably handsome enough...😍

Straight as a ruler here! I was talkin 'bout you finding a hot, rich chick when I was eligible I could land the hot ones on my own, but getting that hot & rich chick was outa my grip--which is where you would have come in.... Anyhow, married to a hot chick with 3 kids now, so those days are long gone, but I sure do have some good memories....🙂

 

[sevo85288]

Last year;s MGMA data supports the OPs assertion that anesthesiologists do well. But no one should pick a speciality based on this.

 

[bigeyedfish]

Just wanted to say that I should have gone into Gas. I'm a medicine attending at a large community hospital and as I was leaving work I saw a Ferrari California in our Physician lot. After I picked my tongue up off the ground I went over to the driver and said "What specialty SHOULD I have gone into to drive a car like this?" I'm sure you know the answer. I come to find out that this is the same guy whose Maserati I took a picture of when I saw it in our garage. Now, I'm happy enough with my Escalade, but I was humbled by the tales of riches that this (really nice and not boasting, cause I was asking) anesthesiologist was telling.

What a waste of a thread. 👎

What are you going to to when you finish anesthesia and pull up in the parking lot in your ferrari and see the spine surgeon in his bugatti? And the neurosurgeon in his Koenigsegg? And the radiologist in his pagani?

Wait, you won't see the pagani, radiologists wake up late.

I think you should go back and do a residency in urology where you can experiment on yourself with penis enlargement.

 

[spezimdoc]

Just wanted to say that I should have gone into Gas. I'm a medicine attending at a large community hospital and as I was leaving work I saw a Ferrari California in our Physician lot. After I picked my tongue up off the ground I went over to the driver and said "What specialty SHOULD I have gone into to drive a car like this?" I'm sure you know the answer. I come to find out that this is the same guy whose Maserati I took a picture of when I saw it in our garage. Now, I'm happy enough with my Escalade, but I was humbled by the tales of riches that this (really nice and not boasting, cause I was asking) anesthesiologist was telling.

Haha I know which hospital this is although I wasn't there long enough to see the Ferrarri but I definitely saw the Maserati. I could not believe it when my attending told me that an anesthesiologist drove it. However, someone said they are leased.

 

[aneftp]

Again, let's get down to financial advice 101.

It's not how much you earn. It's how much you keep and grown your investments.

My best friend from college and med school in Dallas makes over $800K a year as a fee for service anesthesiologist (yes they do make that much in Big D), although he says the recession has hit that area so he maybe pulled around $600K last year. Fee for service OB was way down due to the recession.

He HAD a Lamborghini up into this year. Had to give it up cause he's spending way too much money. He basically took a $75K hit trading the Lamborghini in. He still "downgraded" to some 90-100K Mercedes (forgot which model but it wasn't the the cheaper mercedes). Lives in a 900K (he owes $800K on mortgage) 5500 square ft home. And his wife drives a GL 550 which ain't cheap either. He's making payments on both cars for next 4 years.

Meanwhile I live in the Orlando area, live in a modest $500K (owe $300K on mortgage and purchased just last year) home 3200 square feet. My income is around $440K). I drive nice cars too, Audi Q7 V8 model, and BMW 335 Convertible but they were paid for with cash.

So we are both the same age (35) and he makes so much more than me. Guess who has the bigger retirement and liquid cash reserves? Me, the guy making much less.

My motto: 1/3 for taxes, 1/3 for liquid cash plus retirement, 1/3 to live on each month (including saving for your kids education). Live by that motto and you will sleep well at night. Once you learn to live off 1/3 of you gross income, you will learn all that extra money laying around is "bonus" and stock it away for a rainy day/vacation/buy whatever gadget/car you desire.

Live below your means like I do. You can't and will not ever be able to keep up with the Joneses.

 

[Apollyon]

Again, let's get down to financial advice 101.

It's not how much you earn. It's how much you keep and grown your investments.

My best friend from college and med school in Dallas makes over $800K a year as a fee for service anesthesiologist (yes they do make that much in Big D), although he says the recession has hit that area so he maybe pulled around $600K last year. Fee for service OB was way down due to the recession.

He HAD a Lamborghini up into this year. Had to give it up cause he's spending way too much money. He basically took a $75K hit trading the Lamborghini in. He still "downgraded" to some 90-100K Mercedes (forgot which model but it wasn't the the cheaper mercedes). Lives in a 900K (he owes $800K on mortgage) 5500 square ft home. And his wife drives a GL 550 which ain't cheap either. He's making payments on both cars for next 4 years.

Meanwhile I live in the Orlando area, live in a modest $500K (owe $300K on mortgage and purchased just last year) home 3200 square feet. My income is around $440K). I drive nice cars too, Audi Q7 V8 model, and BMW 335 Convertible but they were paid for with cash.

So we are both the same age (35) and he makes so much more than me. Guess who has the bigger retirement and liquid cash reserves? Me, the guy making much less.

My motto: 1/3 for taxes, 1/3 for liquid cash plus retirement, 1/3 to live on each month (including saving for your kids education). Live by that motto and you will sleep well at night. Once you learn to live off 1/3 of you gross income, you will learn all that extra money laying around is "bonus" and stock it away for a rainy day/vacation/buy whatever gadget/car you desire.

Live below your means like I do. You can't and will not ever be able to keep up with the Joneses.

You've just summarized "The Millionaire Next Door".

 

[Jay K]

this is a bit silly.

it's fairly difficult for an anesthesiologist to afford a car like that, it took a decade of hard work and opening multiple practices before my old man was able to -

😱 Good g_d, NOW I know who you are, or at least who your father is... No wonder you know so much about PP and anesthesia groups in the Chicago area/midwest.

 

[Jay K]

Goodnight, all you mofos are banking... I'm driving a 12yr old Toyota and wouldn't even dream of the grossing what your buddy in Dallas is making - he's GOT to be making some money off the backs of new hires yet to make partner. Grossing over 800K a year?!?!?!

Also, I'm pretty certain someone pulling up in a Ferrari and a Bugati is leasing...

 

[aneftp]

Goodnight, all you mofos are banking... I'm driving a 12yr old Toyota and wouldn't even dream of the grossing what your buddy in Dallas is making - he's GOT to be making some money off the backs of new hires yet to make partner. Grossing over 800K a year?!?!?!

Also, I'm pretty certain someone pulling up in a Ferrari and a Bugati is leasing...

There's very little HMO penetration in Texas in general, thus the potential to make much higher income. He works hard, like 60-70 hours a week. Yes he's a partner but it's the 3 most senior partners of the group that take the extra income from the new anesthesiologists to the group.

But the point is live below your means. I tell him a get worried when I am spending more than 6-7K a month (includes business/personal expenses). He tells me, he starts at spending habits $15K a month. It's simply crazy. He's got these side rental income that hasn't turn out well with the housing crash.

And yes, he did have some lease to own deal with his Lamborghini. It was a 2 year lease with the option to buy all together. They do a lot of these deals with these exotic cars. With Ferraris, there's a huge waiting list if you want to buy a brand new one from factory (if you want to buy at retail price).

You can buy whatever you want. It's a free world. If it's your dream car, you should go for it if you can afford it. But always remember to have your emergency savings and retirement accounts maxed out first before you make a move.

It's pretty sad to see a doctor's home foreclosed on in Florida when I read about it in the newspaper. Guy had like 7 luxury cars, 2 homes, a beach condo. Who needs 7 luxury cars?

 

[GoodmanBrown]

There's very little HMO penetration in Texas in general, thus the potential to make much higher income. He works hard, like 60-70 hours a week. Yes he's a partner but it's the 3 most senior partners of the group that take the extra income from the new anesthesiologists to the group.

But the point is live below your means. I tell him a get worried when I am spending more than 6-7K a month (includes business/personal expenses). He tells me, he starts at spending habits $15K a month. It's simply crazy. He's got these side rental income that hasn't turn out well with the housing crash.

And yes, he did have some lease to own deal with his Lamborghini. It was a 2 year lease with the option to buy all together. They do a lot of these deals with these exotic cars. With Ferraris, there's a huge waiting list if you want to buy a brand new one from factory (if you want to buy at retail price).

You can buy whatever you want. It's a free world. If it's your dream car, you should go for it if you can afford it. But always remember to have your emergency savings and retirement accounts maxed out first before you make a move.

It's pretty sad to see a doctor's home foreclosed on in Florida when I read about it in the newspaper. Guy had like 7 luxury cars, 2 homes, a beach condo. Who needs 7 luxury cars?

For those who are interested in the 1/3, 1/3, 1/3 philosophy, were does debt reduction come in? Should you be paying down your debt with the 1/3 of liquid assets, or do those payments come out of your general living 1/3?

 

[Mman]

You can pay your loans off from whatever chunk you want. The important part is that the more you save now, the exponentially more you will have saved at retirement.

Personally, my day to day living takes up about 1/4-1/3 of my net income (not gross). I save about 1/2 of my net income towards retirement and the remaining 1/6 is either saved or goes towards special purchases (house, car, big vacation, etc.)


Just don't live beyond your means. While it would be nice if I could plan to have my current level of income for the next 20 years and be comfortably retired at that point, I have no idea what's going to happen so you really don't want to have huge outstanding debts. Don't buy the $2 million dollar home just because you can afford the payments now, buy the $600,000 home that you can put a sizeable downpayment on and have completely paid off in a few years.

 

[chicamedica]

I agree with whoever said "Do what you like". I switched out of anesthesia to IM and have no regrets whatsoever, never looked back and never will. Money is not even a part of the equation for me. I ended up being so miserable in anesthesia, you could not PAY me enough to want do it.

that said, many of my colleagues love being anesthesiologists and thrive doing that sort of work. I am of the strong opinion that anesthesiologists deserve to get paid as much as they do and more, because they put up with a lot of bullsh*t that I was unable and unwilling to tolerate.

 

[DOtoCanada]

You can buy whatever you want. It's a free world. If it's your dream car, you should go for it if you can afford it. But always remember to have your emergency savings and retirement accounts maxed out first before you make a move.

It's pretty sad to see a doctor's home foreclosed on in Florida when I read about it in the newspaper. Guy had like 7 luxury cars, 2 homes, a beach condo. Who needs 7 luxury cars?

Am I the only one who is proud to still drive my paid-off subcompact that I bought for $11,000 brand new in undergrad? I've made a game of how many miles I can put on it before it implodes.

 

[panetrain]

Ferrari California...Not bad...It's a little too serious of a car for my taste, that's why I went Lambo. 😀

Just wanted to say that I should have gone into Gas. I'm a medicine attending at a large community hospital and as I was leaving work I saw a Ferrari California in our Physician lot. After I picked my tongue up off the ground I went over to the driver and said "What specialty SHOULD I have gone into to drive a car like this?" I'm sure you know the answer. I come to find out that this is the same guy whose Maserati I took a picture of when I saw it in our garage. Now, I'm happy enough with my Escalade, but I was humbled by the tales of riches that this (really nice and not boasting, cause I was asking) anesthesiologist was telling.

 

[panetrain]

This makes no sense to me unless he financed the entire car and it was a murci or higher. Pulling 800K/per year, I doubt that's the case. Most exotic owners finance 2/3 and put 1/3 down on a 3-5 year note. This allows you to essentially never be upside down in the vehicle. Even if he was pulling in only 600K, that is more than enough change to swing the payment on a basic gallardo LP or spyder. That is unless we are talking about a Murci SV or the legendary Lambo Reventon?


My best friend from college and med school in Dallas makes over $800K a year as a fee for service anesthesiologist (yes they do make that much in Big D), although he says the recession has hit that area so he maybe pulled around $600K last year. Fee for service OB was way down due to the recession.

He HAD a Lamborghini up into this year. Had to give it up cause he's spending way too much money. He basically took a $75K hit trading the Lamborghini in. He still "downgraded" to some 90-100K Mercedes (forgot which model but it wasn't the the cheaper mercedes). Lives in a 900K (he owes $800K on mortgage) 5500 square ft home. And his wife drives a GL 550 which ain't cheap either. He's making payments on both cars for next 4 years.

Meanwhile I live in the Orlando area, live in a modest $500K (owe $300K on mortgage and purchased just last year) home 3200 square feet. My income is around $440K). I drive nice cars too, Audi Q7 V8 model, and BMW 335 Convertible but they were paid for with cash.

So we are both the same age (35) and he makes so much more than me. Guess who has the bigger retirement and liquid cash reserves? Me, the guy making much less.

My motto: 1/3 for taxes, 1/3 for liquid cash plus retirement, 1/3 to live on each month (including saving for your kids education). Live by that motto and you will sleep well at night. Once you learn to live off 1/3 of you gross income, you will learn all that extra money laying around is "bonus" and stock it away for a rainy day/vacation/buy whatever gadget/car you desire.

Live below your means like I do. You can't and will not ever be able to keep up with the Joneses.[/QUOTE]

 

[Hampster10]

OK, so where were you when I was looking for a rich, handsome girl? You coulda helped, but too darn late now...

+/- moustache?

 

[notinkansas]

Am I the only one who is proud to still drive my paid-off subcompact that I bought for $11,000 brand new in undergrad? I've made a game of how many miles I can put on it before it implodes.

I had a jeep that I bought in 1996. Loved that thing, and I was playing the same game. In late 2008, I was involved in MVA that took out the right front fender, hood and headlamp assembly, thus "totaling" it at about 197,000 miles. I'm driving a corolla now and still miss the jeep.

 

[aneftp]

This makes no sense to me unless he financed the entire car and it was a marci or higher. Pulling 800K/per year, I doubt that's the case. Most exotic owners finance 2/3 and put 1/3 down on a 3-5 year note. This allows you to essentially never be upside down in the vehicle. Even if he was pulling in only 600K, that is more than enough change to swing the payment on a basic gallardo LP or spyder. That is unless we are talking about a Marci SV or the legendary Lambo Reventon?


My best friend from college and med school in Dallas makes over $800K a year as a fee for service anesthesiologist (yes they do make that much in Big D), although he says the recession has hit that area so he maybe pulled around $600K last year. Fee for service OB was way down due to the recession.

He HAD a Lamborghini up into this year. Had to give it up cause he's spending way too much money. He basically took a $75K hit trading the Lamborghini in. He still "downgraded" to some 90-100K Mercedes (forgot which model but it wasn't the the cheaper mercedes). Lives in a 900K (he owes $800K on mortgage) 5500 square ft home. And his wife drives a GL 550 which ain't cheap either. He's making payments on both cars for next 4 years.

Meanwhile I live in the Orlando area, live in a modest $500K (owe $300K on mortgage and purchased just last year) home 3200 square feet. My income is around $440K). I drive nice cars too, Audi Q7 V8 model, and BMW 335 Convertible but they were paid for with cash.

So we are both the same age (35) and he makes so much more than me. Guess who has the bigger retirement and liquid cash reserves? Me, the guy making much less.

My motto: 1/3 for taxes, 1/3 for liquid cash plus retirement, 1/3 to live on each month (including saving for your kids education). Live by that motto and you will sleep well at night. Once you learn to live off 1/3 of you gross income, you will learn all that extra money laying around is "bonus" and stock it away for a rainy day/vacation/buy whatever gadget/car you desire.

Live below your means like I do. You can't and will not ever be able to keep up with the Joneses.

[/QUOTE]

Let me clarify. He brought the car "used" at $175K and change. I think it was a 1-2 year old car with less than 5000 miles. He put down $50K, it was a lease to buy. He kept it for 2 years. Decided to trade it in. Overall it cost him $75K to keep the car for two years.

Either way, exotic cars are very expensive. They are not worth it unless you have a lot of money to blow away.