For those who asked, I'm active-duty military stationed in an area with a really high amount for cost of living and housing allowances. I get $3660/mo for my base pay, $2950/mo for housing, $800/mo for cost of living, and about $500/mo for "other stuff". My income is public information so no point in hiding it. It also increases my PGY3 year.
The military prohibits moonlighting so I'm not doing any.
Psych actually has a really great lifestyle, but as others have said, the nature of the work turns many away. Also, if you're not comfortable with basically everyone on earth thinking you're not a physician and never went to medical school, you probably shouldn't do it.
It's not considered to be one of the more competitive areas, but this is changing. At least in the military match, psych this past cycle was more competitive than FM, IM, Peds, and a couple other things. I don't pay attention to the civilian match so I cannot comment, although I have read that medical students are starting to realize this hidden gem of a specialty. Also, there is a LOT of neurology in psychiatry, which may further turn people away, as most medical students seem to dislike or struggle with neuro. At least, a good psychiatrist should also have a firm grasp of neurology anyway.
Outside of residency, psych still does pretty well. Outpatient only practices without call and less than 50 hours per week can still net $160k-$170k yearly. It pays better than the primary care specialties. Depending upon how one structures his practice and fellowships, it's possible to barely break $200k. Some shrinks do addictions fellowships and open up their own treatment facilities and make millions depending upon the area (google Talbot recovery for an example, though the original founder and current medical director were both IM-fed Addictions Medicine guys). The less scrupulous will open up methadone mills and rack up $300,000 plus. As with the primary care fields, psychiatrists are in pretty high demand and can see really good offers in certain areas. Some guys also open up cash-only practices in upscale areas treating the scorned wives of business executives and do well. It's pretty wide open.
The field itself is awesome. It's wide open to research. We learn more and more about these disorders every day. We just had a grand rounds on the neural pathways implicated in PTSD and what changes take place within the neurotransmitters, receptors, and pathways. It's also challenging, because everything relies on the history and what you *think* is going on based upon your understanding of how things work and interact. You could be completely wrong, which is ok because nobody knows **** at this point.
I have to say, though, after doing a few months of psych then having to do my medicine wards month, I honestly have no idea how you IM guys do 3 years of that crap. I thought I was, "missing out" on clinical medicine until I had to start doing it again. I was happy for that rotation to end. Now that I'm done with boards and almost done with internship, it feels great to realize that I don't have to know or care what glomerulopathy an IVDA might have (although I still remember up to this point)