Secret Lives of The Super Rich- Surgeon?

[Arijos0222]

On the show "Secret Lives of the Super Rich" on CNBC, I managed to see Dr. Jonathan Glashow on the show, an orthopedic surgeon who's practice is in manhattan.

I saw him on this show with other "super rich" individuals like hedge fund managers and investment bankers at this race club that has a 100,000 dollar fee for entry. He also has a race-modified Porsche 911 that he was racing.

Is he just blowing his (400K+?) income on these frivolous things or is he really bringing the cash in and cramming patients and making excessively huge sums of money?

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[JPodel]

Probably both, but I wouldn't blame him for buying all he does. I mean if that's what he enjoys (racing dope cars) then I'm perfectly fine with that, because at the end of the day, he does bring in mula.

 

[MarylandMatt]

He's gotta be making way more than $400k. He's an orthopedic sports surgeon with pro athlete patients. Kudos to him for enjoying himself and his money, took a lot of hard work to get there.

 

[Arijos0222]

Kind of crazy, though. I mean I don't think within 10-15 years docs will make that kind of money. I think the highest salaries we'll see during our time are most likely going to be 300-350K.

 

[Tolbert]

don't hate the player hate the game.
don't be mad he stuntin

 

[Southplains]

Physicians that make crazy money (let's just say 500k+) are doing way more than being physicians. They're also business men/women that are selling their training and expertise as a product. There is no shortage of examples of people making $1 million+ in medicine, but it's not because of their salary, it is because of their business ventures surrounding their medical training. Owning a large practice(s), imaging center/equipment, device patents/consultant gigs, etc etc. Honestly I don't even know all of the super-lucrative markets that can achieve this. Medicine will make you a very nice income, but capitalizing on the business of medicine will catapult you beyond that.

Edit: Oh another venture that's very lucrative is performing procedures that insurance companies are (currently) reimbursing very highly for and having a great business set up around it. Amazing PR, only one in town, that sort of thing. Cash only business only helps that (i.e. aesthetic plastic surgery, dermatology).

 

[bobthesun]

It totally depends. Orthoped is making about 400k per year (this guy looks to be making higher, ie TV appearances, 76ers, etc). So lets just say 400k to be safe. Assuming no kids and paid off loans then he has 200k post tax. He paid a 1 time 100k fee (he could have saved for 2-3 years for that), Lets say 2M dollar house (monthly payment of 10k, which is 120k per year).

That leaves him about 80k. Lets subract 2k per month for a nice car -> 56k That's plenty of money leftover for food, electricity, booz, hookers, etc. And he is definitly making more that 400k. Also lets not forget he owns his own business so you know that car payment is just a giant write-off.

Now I bet if he had a stay at home wife with 2 kids attending boarding school things would be different for this guy.

 

[darklabel]

It totally depends. Orthoped is making about 400k per year (this guy looks to be making higher, ie TV appearances, 76ers, etc). So lets just say 400k to be safe. Assuming no kids and paid off loans then he has 200k post tax. He paid a 1 time 100k fee (he could have saved for 2-3 years for that), Lets say 2M dollar house (monthly payment of 10k, which is 120k per year).

That leaves him about 80k. Lets subract 2k per month for a nice car -> 56k That's plenty of money leftover for food, electricity, booz, hookers, etc. And he is definitly making more that 400k. Also lets not forget he owns his own business so you know that car payment is just a giant write-off.

Now I bet if he had a stay at home wife with 2 kids attending boarding school things would be different for this guy.

I would fire my accountant if taxes took away 50% of my income, but I think you just overly generalized to make a point. Even with a family you definitely can still live quite a good life and the only toys that wouldn't be available to you would be the ultra rich kinda stuff (which I think is ridiculous).

However, I've always been more of a saver and would probably put it in the bank for future children, retiring earlier and spoiling grandkids.

 

[bobthesun]

I would fire my accountant if taxes took away 50% of my income, but I think you just overly generalized to make a point. Even with a family you definitely can still live quite a good life and the only toys that wouldn't be available to you would be the ultra rich kinda stuff (which I think is ridiculous).

However, I've always been more of a saver and would probably put it in the bank for future children, retiring earlier and spoiling grandkids.

haha yes, I made huge generalizations. But your right. Also, even 85k from your wife will go a long way. probably can pay for 2 kids in private school. That leave you with about 70k for vacations, etc. Also, I think people underestimate "a network" in medicine. Even super rich people want to say they have a friend who is a doctor and they can call him up in the middle of the night and ask for pain meds...(exaggeration but you get what I mean). Now think of the benefits!! You can maybe borrow his lake house or his ski in ski out home a few weekends a year. I want to be EM. I think the one week on-one week off lifestyle is great!

Same here!! My plan is to not live ultra lavishly(although I want to buy a porsche -bout 60k) and buy some rental properties so my future grandchildren can live life large. My parents passed on 2 homes for me but I mainly hope the passive income I generate will allow my grandchildren to follow what they actually love. I enjoy medicine(not a med student yet so don't hate) and I'm fortunate that it pays well. But maybe my kids love teaching elementary school children, being a marine biologist, firefighter, detective, etc. All great fields but not so much money on average.

Hopefully I get in with my meh grades :/

 

[darklabel]

haha yes, I made huge generalizations. But your right. Also, even 85k from your wife will go a long way. probably can pay for 2 kids in private school. That leave you with about 70k for vacations, etc. Also, I think people underestimate "a network" in medicine. Even super rich people want to say they have a friend who is a doctor and they can call him up in the middle of the night and ask for pain meds...(exaggeration but you get what I mean). Now think of the benefits!! You can maybe borrow his lake house or his ski in ski out home a few weekends a year. I want to be EM. I think the one week on-one week off lifestyle is great!

Same here!! My plan is to not live ultra lavishly(although I want to buy a porsche -bout 60k) and buy some rental properties so my future grandchildren can live life large. My parents passed on 2 homes for me but I mainly hope the passive income I generate will allow my grandchildren to follow what they actually love. I enjoy medicine(not a med student yet so don't hate) and I'm fortunate that it pays well. But maybe my kids love teaching elementary school children, being a marine biologist, firefighter, detective, etc. All great fields but not so much money on average.

Hopefully I get in with my meh grades :/

My grades were quite "meh" and some would say on the border of "eek" but with perseverance, I was able to make it. I believe you can too

 

[TheWeeIceMan]

haha yes, I made huge generalizations. But your right. Also, even 85k from your wife will go a long way. probably can pay for 2 kids in private school. That leave you with about 70k for vacations, etc. Also, I think people underestimate "a network" in medicine. Even super rich people want to say they have a friend who is a doctor and they can call him up in the middle of the night and ask for pain meds...(exaggeration but you get what I mean). Now think of the benefits!! You can maybe borrow his lake house or his ski in ski out home a few weekends a year. I want to be EM. I think the one week on-one week off lifestyle is great!

Same here!! My plan is to not live ultra lavishly(although I want to buy a porsche -bout 60k) and buy some rental properties so my future grandchildren can live life large. My parents passed on 2 homes for me but I mainly hope the passive income I generate will allow my grandchildren to follow what they actually love. I enjoy medicine(not a med student yet so don't hate) and I'm fortunate that it pays well. But maybe my kids love teaching elementary school children, being a marine biologist, firefighter, detective, etc. All great fields but not so much money on average.

Hopefully I get in with my meh grades :/

If EM was one week on, one week off, I think most physicians would drop dead after a couple months.

 

[bobthesun]

If EM was one week on, one week off, I think most physicians would drop dead after a couple months.

Are you sure? I know a doc who works 7am-7pm 7 days in a row and gets 7 days off. But your right, i think he was a hospitalist.

 

[sonofva]

Why does one week kill people. There's plenty of times as a med student where I've worked months at a time without a day off... :/

 

[TheWeeIceMan]

Are you sure? I know a doc who works 7am-7pm 7 days in a row and gets 7 days off. But your right, i think he was a hospitalist.

Yeah, I've never heard of an EM physician with that kind of a schedule. I suppose it might be possible to make that kind of schedule for yourself, but it seems kind of dangerous. Hospitalist positions are what are known for the "one week on, one week off" schedule. They alse tend to have a high burnout rate, for what it's worth.

 

[mcloaf]

Last I heard most EM's work 3 12's a week. The hospitalist 7-on 7-off sounds cool for a second but I think many/most find it to be a drag.

 

[mb021498]

I think you're underestimating the salaries of some orthopods... For instance, at a local fundraiser a mid-40 year old trauma surgeon donated $2.5M for something education related. And evidently the average starting salary for hospital-employed Joint replacement surgeons is nearly $650,000 (http://www.beckersspine.com/orthope...or-orthopedist-starting-salary--signing-bonus)

I would guess that those in private practice are probably netting more. There's also plenty of demand in Manhattan, so essentially Dr. Glashow is just in a very lucrative position. It doesn;t seem logical to spend $100k on an entrance fee, so my guess is that he is making at least $1M annually.

 

[TheWeeIceMan]

I think you're underestimating the salaries of some orthopods... For instance, at a local fundraiser a mid-40 year old trauma surgeon donated $2.5M for something education related. And evidently the average starting salary for hospital-employed Joint replacement surgeons is nearly $650,000 (http://www.beckersspine.com/orthope...or-orthopedist-starting-salary--signing-bonus)

I would guess that those in private practice are probably netting more. There's also plenty of demand in Manhattan, so essentially Dr. Glashow is just in a very lucrative position. It doesn;t seem logical to spend $100k on an entrance fee, so my guess is that he is making at least $1M annually.

How does a trauma surgeon donating 2.5 million have anything to do with ortho compensation?

This guy probably has a number of other revenue streams to make the kind of money that he is making. Median compensation for ortho surgery is around 350-400k according to Medscape. I would be very skeptical of what a recruitment group for ortho surgeons says about average starting compensation...

 

[mb021498]

How does a trauma surgeon donating 2.5 million have anything to do with ortho compensation?

This guy probably has a number of other revenue streams to make the kind of money that he is making. Median compensation for ortho surgery is around 350-400k according to Medscape. I would be very skeptical of what a recruitment group for ortho surgeons says about average starting compensation...

Orthopedic trauma surgery, if that makes sense.

And what "revenue streams" are you referring to?

 

[TheWeeIceMan]

Orthopedic trauma surgery, if that makes sense.

And what "revenue streams" are you referring to?

Any number of things. Owning a surgery center, consulting, real estate, TV appearances, owning a non-medical small business, etc. One of the perks of medicine is that it gives you enough disposable income to invest in things that can supplement your income. My point being that I find it unlikely that this dude got to where he is simply by ortho reimbursement. He is probably a great businessman and investor.

 

[Winged Scapula]

Agree with above.

For a "young" surgeon (ie, mid 40s), even if in a lucrative UES PP, he is extremely unlikely to amassed enough money to donate 2.5 million from salary/reimbursement alone in such a short period of time (ie, 10 years from completing training). The conventional wisdom is that the "super rich" in medicine make their money from avenues other than clinical medicine.