Sinister

[caliking87]

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I just want to say I am grateful for SDN. where else could we post truths to equalize the constant lies being thrown at us from those who are trying to “grow the profession”. To any pre-pod out there who this may reach: Do NOT go to podiatry school. The debt will ruin your life. I can honestly say 90%+ of my life’s stress has come from the outrageous debt the schools guiltlessly throw into students. It will consume every facet of your life. It feels like play money during school. “You’re gonna be making doctor money” so the 50k yr of tuition isn’t bad right???
Wrong.
Ask ANY 3rd year resident right now what their current job contract is. 9/10 of them are sub 200k.
This is a predatory field. I regret it every single day.
To those creating podcasts and websites about how amazing this field is: go talk to 3rd year residents or new grads and acquaint yourself with how challenging and disappointing this field is. If you already know this and continue to push for more students to ruin their life, you are evil

 

[Adam Smasher]

You know what? I was just thinking how we haven't had a thread get locked for a while

 

[caliking87]

As long as people can still read it 😂😂

 

[heybrother]

Before someone comes on here and says this is just another SDN regular who is angry and disgruntled - they only have 19 posts so they are not a regular. Just a disgruntled podiatrist.

 

[caliking87]

Also, the Discover podiatry website advertises 215-350 as salaries. SOME SCHOOLS DONT EVEN PAY THEIR OWN FACULTY THAT

 

[Feli]

Also, the Discover podiatry website advertises 215-350 as salaries. SOME SCHOOLS DONT EVEN PAY THEIR OWN FACULTY THAT

No school does, man... the dean will make that at some pod schools.

The regular faculty/clinical DPMs for pod schools make significantly less (most start below that range, and perhaps low end of that range if they have been there a long while). Just look at the resume of core faculty at most pod schools... usually average training at best... many not board cert. They don't pay enough to attract better. It's a business.

The recruit ads with high salary statements is just job security for pod school faculty, so they keep their heads down.
Funny story, though: shortly before I started at Barry, the faculty had collectively approached the university and marketing for doing advertising with "average podiatrist salary" that was higher than any of them made. This stuff is sadly tale as old as time.

They'll tell busted pre-meds pods that podiatrists all make $200k+ or 300k++, yet at the same time, they will offer their own grads $150k to be full time teach/clinic pod school faculty (maybe tiny bonus if they seem a lot of clinic). And they wonder why their grads are upset and their faculty are nearly all with one foot out the door and looking for $200k-250k "good" VA or rural hospital pod jobs. 🙁

 

[Mia McBhul]

I just want to say I am grateful for SDN. where else could we post truths to equalize the constant lies being thrown at us from those who are trying to “grow the profession”. To any pre-pod out there who this may reach: Do NOT go to podiatry school. The debt will ruin your life. I can honestly say 90%+ of my life’s stress has come from the outrageous debt the schools guiltlessly throw into students. It will consume every facet of your life. It feels like play money during school. “You’re gonna be making doctor money” so the 50k yr of tuition isn’t bad right???
Wrong.
Ask ANY 3rd year resident right now what their current job contract is. 9/10 of them are sub 200k.
This is a predatory field. I regret it every single day.
To those creating podcasts and websites about how amazing this field is: go talk to 3rd year residents or new grads and acquaint yourself with how challenging and disappointing this field is. If you already know this and continue to push for more students to ruin their life, you are evil

me too brother. we have all been horribly duped!

 

[CAMBoot]

I agree with OP. I don’t think this thread should be locked either.

Podiatry is worth it for maybe 10% of the people graduating. If you can graduate with no debt, sure. But it’s a grueling journey starting the day you start school. It’s not medical school, but you definitely have to grind like it is. You have to pass boards like it is. You have to go through the Greek life sucking up of matching like it is. You have to do residency and grueling hours for 3 years. Then you usually go through 1-3 jobs that abuse you. Eventually you may start a private practice or get out of the field entirely. Hopefully in that time you’ve finally paid off your loans.

 

[DarkPathMedicine]

I agree with OP. I don’t think this thread should be locked either.

Podiatry is worth it for maybe 10% of the people graduating. If you can graduate with no debt, sure. But it’s a grueling journey starting the day you start school. It’s not medical school, but you definitely have to grind like it is. You have to pass boards like it is. You have to go through the Greek life sucking up of matching like it is. You have to do residency and grueling hours for 3 years. Then you usually go through 1-3 jobs that abuse you. Eventually you may start a private practice or get out of the field entirely. Hopefully in that time you’ve finally paid off your loans.

This! Exactly where I'm at right now after quite a few years out. This field drains your soul. It's not a great ROI for the bulk of graduates.

 

[Mia McBhul]

This! Exactly where I'm at right now after quite a few years out. This field drains your soul. It's not a great ROI for the bulk of graduates.

What do you plan to doing after you pay off your debts?

 

[DarkPathMedicine]

What do you plan to doing after you pay off your debts?

Getting out of podiatry altogether. Doing something unrelated and out of the health profession, apparently. I'll be opening a business with my brother with my savings so far.

 

[Adam Smasher]

I'm researching episodes for my upcoming podcast and it is going to rocket me to superstardom, I'll make the hospital employed kids jealous

 

[Bluecollarmed]

If you're making decent money (for podiatry) you really have to focus on not living above your means which is difficult to do when you 2-3x your residency pay at the low end. I have focused on maxing out as many retirement/savings routes as possible (403b, 457, HSA, backdoor Roth IRA for myself and SAHM, extra payments on the mortgage, etc). Nobody wants to work forever and having options to do something else if needed is where freedom comes from. I got lucky and got a good hospital gig out of residency but I also was top of my class and went to one of the highest volume residencies in the country. There's a lot of people doing well in all types of group/hospital/PP employment who aren't on these forums. If you're almost done with residency keep looking for a hospital gig, it may work out for you in the end. If you're out for awhile and tired of where you're at, I hope you saved some money along the way.

 

[Feli]

Yes, the pre tax stuff is best as it's advantaged in one way or another (401/403 gets match, etc), and Roth is the best of all for many reasons... but those all also have various restrictions in what you can buy (457, 401/403), what they're for (HSA, 529) and mainly, when (age) they can start to be used.

The cash ("taxable") stock account can't be overlooked; it does have supreme flexibility options. This is especially true if retirement is in sight and is planned to be done slightly, or significantly, before "retirement age" on the other accounts. It also has the obvious advantages of no management fees and ability to buy whatever you choose, sell options, buy dips on single stocks you like, whatever. Roth has that also... but your money can't be pulled.

Most podiatrists don't have the match, unfortunately. The ones with lowest income also won't have decent options, outside Roth. Solo owner pods have Solo401 or SEP and SIMPLE. Hospital pods will have options. But many now *technically* have 401/403 in their benefits, but the trend at more and more places is match doesn't vest for awhile (even many hospitals, some govt $ hospitals). The supergroups are likely just being cheap and facilities might be encouraging retention of docs (and being cheap). But in those cases, usually just max Roth and basic EF and pay off loans fast (and keep trying everywhere for better job) is the strategy for most young Pods. If no immediate match, the 7% guaranteed return paying loans is almost unbeatable.

Basically, the thing I've realized past few years is that retirement needs cash... to pay for health insurance before MCR, to pay expenses, pay bills (utilities, property tax, etc). You really have no income from retirement until social sec age... so cash savings (savings, CDs, etc) and cash stock account are useful there. We've eased off "retirement age" accounts in favor of flexibility. You can pull divideds or sell shares to cash with minimal tax on cash/taxable (tax was already paid on cash account, only taxed on gains), and do that at any age. [This is not so consequential if planning for standard 59.5 or higher retirement age]