How well could you live as a fam med doctor earning 200k per year if you have no student loans?
No student loans
- Thread starter SandyH
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I don’t know if that’s possible to answer for sure.
Overall, yes, you’d probably be able to live very comfortably on $200K a year if you have no student loans. However, this (of course) depends on multiple factors. If you live in Manhattan, that will obviously buy you less than living in Tallahassee, for instance. If you insist on driving a brand new Tesla or Maserati every year, then that $200K probably won’t be enough. If you’re the sole source of income for your family and have multiple children that you insist on sending to expensive private schools, then that $200K won’t go far either. Etc.
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deleted87716
Are you kidding...? $200K puts you in the top 5% of earners in the country.
Yeah but 200k doesn't mean much nowadays
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It depends on the part of the country you are in... In some part of the country, you can purchase a decent home for 300k, which is ~ $1,800 mortgage payment per month assuming you put 20% down.
If you bring home 120k/yr after taxes, benefits etc... That's about 10k/month. Something is wrong with you (not you in particular) if 10k per month is not enough for you to make ends meet.
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Meh, I think that's an exaggeration. If spent wisely, 200K is a nice chunk of money. No, you might not be able to buy that yacht, but you and your family should be comfortable as long as you use the money wisely. However, physicians are notorious for being terrible with money, so that's something to keep in mind.
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deleted87716
:troll:
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You can never out-earn your stupidity. If you can’t make it on $200k, you can’t make it on $400k.
PS: if you cry about $200k, you do know the median household is somewhere like $58k right? 90%of folks would be flabbergasted by such a comment.
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This right here is what we call privilege.
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It really depends OP.
I don't have many loans (not fully paid off but I have much less than half of my fellow classmates)... but it just depends.
A solid outpatient FM job that is 8-5 with no call can get you anywhere from 200K-250K (depending on the area and location).
Take out 40% due to taxes and you are left with ~$120,000 - $160,000 for the year. --> That's ~$10-13K A MONTH!
Don't go being an idiot physician who tries to buy a baller mansion and a Porsche and you will be fine.
I know docs paying $5,000-7,000 a month in mortgages and $1200 car notes .... that's WITHOUT the maintenance for the home and the private school tuition for their kids and insurance and utilities included.
Poor suckers are taking call and working residency hours in their 50s-60s to upkeep the lifestyle they can't even enjoy LOL
IF IT WERE ME WITH NO LOANS ....??? THE WORLD IS UR FRICKIN' OYSTER.
I'D HIT THE MOTHERFRICKING GROUND RUNNING!
OH... YOU NEED ME TO SEE 25-30 patients a day??? I"M ON IT.
OH... YOU NEED SOME HELP AT THE LOCAL NURSING HOME/PRISON/REHAB/WOUND CARE FACILITY??? COUNT ME IN.
OH... NEED ME TO COME IN ON SATURDAY FOR A FEW TIMES A MONTH??? YOU GOT IT BABY!
I'd work like a madman for a few years until I can save up BIG BANK and slow down to learn and invest in some rental properties that can give me some passive income and hopefully allow me to leverage fat tax bennies while I work on my direct primary care venture on the side.
If I can live off of 40% of what I make and stack away the other 60% for a rainy day... pshhhh... #GOALS
Do that for a few years and then ...
Time to move back in with my parents into their paid off house.
2 trips a year with first class tickets to exotic destinations for my parents and I.
A personal trainer for my own physical and mental health and one of those pricy meal plan subscription services.
Yoga (I wonder if they have Lulu Lemon for Men....?)
A 12 cylinder BMW or Mercedes (for my inner car enthusiast) and a daily Toyota as the beater car.
Start one of those fake-ass motivational IG accounts and become a YouTube star and get monetized...?
*SIGH*
#GOALS.
I don't have many loans (not fully paid off but I have much less than half of my fellow classmates)... but it just depends.
A solid outpatient FM job that is 8-5 with no call can get you anywhere from 200K-250K (depending on the area and location).
Take out 40% due to taxes and you are left with ~$120,000 - $160,000 for the year. --> That's ~$10-13K A MONTH!
Don't go being an idiot physician who tries to buy a baller mansion and a Porsche and you will be fine.
I know docs paying $5,000-7,000 a month in mortgages and $1200 car notes .... that's WITHOUT the maintenance for the home and the private school tuition for their kids and insurance and utilities included.
Poor suckers are taking call and working residency hours in their 50s-60s to upkeep the lifestyle they can't even enjoy LOL
IF IT WERE ME WITH NO LOANS ....??? THE WORLD IS UR FRICKIN' OYSTER.
I'D HIT THE MOTHERFRICKING GROUND RUNNING!
OH... YOU NEED ME TO SEE 25-30 patients a day??? I"M ON IT.
OH... YOU NEED SOME HELP AT THE LOCAL NURSING HOME/PRISON/REHAB/WOUND CARE FACILITY??? COUNT ME IN.
OH... NEED ME TO COME IN ON SATURDAY FOR A FEW TIMES A MONTH??? YOU GOT IT BABY!
I'd work like a madman for a few years until I can save up BIG BANK and slow down to learn and invest in some rental properties that can give me some passive income and hopefully allow me to leverage fat tax bennies while I work on my direct primary care venture on the side.
If I can live off of 40% of what I make and stack away the other 60% for a rainy day... pshhhh... #GOALS
Do that for a few years and then ...
Time to move back in with my parents into their paid off house.
2 trips a year with first class tickets to exotic destinations for my parents and I.
A personal trainer for my own physical and mental health and one of those pricy meal plan subscription services.
Yoga (I wonder if they have Lulu Lemon for Men....?)
A 12 cylinder BMW or Mercedes (for my inner car enthusiast) and a daily Toyota as the beater car.
Start one of those fake-ass motivational IG accounts and become a YouTube star and get monetized...?
*SIGH*
#GOALS.
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Consider this, if you just invest $18,500 through your 401k and $11,000 through two back door ROTHs. Working from 30 to 60. Now consider with a $200k income you should easily be able to do this, and a lot more if you are half inclined to.
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200 k is about 4 k every two weeks. that is after taxes/ 403b/insurance.
so about 8 k ish per month (maybe more)
how much are you expecting ? what would get you excited?
what are you spending your money on?
Privilege. I'm throwing away 7 years of my life to get a depreciating degree, and I'm "privileged". How much does 7 years of your life worth to you?
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I think it's actually only going to increase in value as our population ages and gets even sicker...
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Depreciating? I'm going to need you to explain how that's the case
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With this kind of perspective, you're in for a rough ride.
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You gotta change your attitude bro/sis.
Why did you enter medical school if you thought it's a "depreciating" degree?
I'm sure somebody along the way told you that "If you are doing this for the money... don't do it."
I'm not saying money is the only thing about this profession but with this kind of an attitude... you are gonna despise medicine as a whole no matter how much you make.
My advice to you is to call the police immediately, and have them arrest the person that put a gun to your head and forced you to attend medical school and family medicine residency.
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Sigh, read the post history...
OP, maybe consider talking to some attendings and a money manager and come up with a plan?
OP, maybe consider talking to some attendings and a money manager and come up with a plan?
After taxes that leaves you somewhere around 130k to 150k depending on the state you live and your investing style. Out of that take around 50K to invest every year and that leaves you around 100k. How you spend that is up to you. So lifestyle is entirely dependent on you. If you don't save 50k per year or more for retirement then you will not even have the 100k/year lifestyle when you get there. If you have a pension from an employer you can most likely get away with saving less. I suggest you start reading whitecoatinvestor.com
Money managers will rob you blind. Most attending are just as lost as others when it comes to investing unless they have done extensive reading. Educate yourself. Then find a good hourly money manger that give you a road map and confirms/double check much of what you have read and educated yourself on.
LMAO.
I hardly think you threw away 7 years. You're talking about 200 to 300K per year in income with the ability to make more or work part time in absolute comfort while you go and get that MBA and get that "high paying" job on wall street. Or open your own donut shot if you want. You know why? Because you have no debt. So stop crying. Get out there and make some money and enjoy life. Life is short buddy.
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This is why people get the idea that doctors are greedy dinguses.
Although it’s not as bad as the anesthesia forum where people cry about their 400k salaries.
