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Student Debt

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shadesofgrey

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As a newer practicing pod I wouldn't give up a 6 figure job for podiatry.

4 years of school is 400k in lost income. Hopefully you have cash set aside to pay for school and living expenses or it's another probably 300k. In residency you can probably expect about 50k salary, so that's another 150k of lost income.

They may have changed the student loan rate for grad programs with the crisis, but for me it was 6% for federal loans. During residency you can't afford to make substantial payments so that's another approx 18k per year added to ur loans in interest before you start significantly paying them down.

Starting a new practice is great but you will likely have to take a small business loan out to get started and cover 1st year expenses. My partners are partial owners of a surgery center and the costs to get rolling are significant. They are several years in and still struggling to consistently make profit. In all fairness they had a prior center they eventually sold and made bank on.

As for jobs if you take an associate job you are probably gonna bring in 120-160k. Hospital jobs much better but more competitive.

Your gonna be working for a number of years to make up the income you gave up, and that doesnt factor in raises at your current job. If you purchase a house or new car add that into the rather large debt pile that is accumulated.

The math does dramatically change if you are debt free and could pay schooling from savings, but if that's the case and you lived frugally/invested wisely you could be quite wealthy in a short time just working current job. Just my opinion, but each their own.
 
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hailey6565

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As a newer practicing pod I wouldn't give up a 6 figure job for podiatry.

4 years of school is 400k in lost income. Hopefully you have cash set aside to pay for school and living expenses or it's another probably 300k. In residency you can probably expect about 50k salary, so that's another 150k of lost income.

They may have changed the student loan rate for grad programs with the crisis, but for me it was 6% for federal loans. During residency you can't afford to make substantial payments so that's another approx 18k per year added to ur loans in interest before you start significantly paying them down.

Starting a new practice is great but you will likely have to take a small business loan out to get started and cover 1st year expenses. My partners are partial owners of a surgery center and the costs to get rolling are significant. They are several years in and still struggling to consistently make profit. In all fairness they had a prior center they eventually sold and made bank on.

As for jobs if you take an associate job you are probably gonna bring in 120-160k. Hospital jobs much better but more competitive.

Your gonna be working for a number of years to make up the income you gave up, and that doesnt factor in raises at your current job. If you purchase a house or new car add that into the rather large debt pile that is accumulated.

The math does dramatically change if you are debt free and could pay schooling from savings, but if that's the case and you lived frugally/invested wisely you could be quite wealthy in a short time just working current job. Just my opinion, but each their own.
Ty for a more detailed explanation !
 

ftdoc11

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I was wondering the same, Im leaving a six figure salary to do this.. I most def need to know if its worth it too!
Define "worth it". From a pure financial prospective, probably not. However, I was in a similar situation with a high paying 9-5, but every day was miserable and I was bored out of my mind. Will my net worth be lower in the long run? Probably. Have I ever once missed going into that damn office? Absolutely not. For me it was worth it.
 
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Weirdy

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Possibility of owning my own business .. I was thinking of opening a surgical center. Don’t have that chance in the position I’m in now
You could own your own business without having to go to med school for it. With all due respect.

Does not make any sense financially or effort wise.
 
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hailey6565

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Define "worth it". From a pure financial prospective, probably not. However, I was in a similar situation with a high paying 9-5, but every day was miserable and I was bored out of my mind. Will my net worth be lower in the long run? Probably. Have I ever once missed going into that damn office? Absolutely not. For me it was worth it.
Thank you! Yes it’s not the best satisfying job! Basic 9-5 salaries position which is why I wanted to know would it be worth the debt.Thanks for putting that into your perspective!
 

hailey6565

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You could own your own business without having to go to med school for it. With all due respect.

Does not make any sense financially or effort wise.
I currently work in public health my goal is to be more clinically and enjoy surgery. Kind of a hard decision. As many ppl are not in this position, usually most students are barely making >50K which would be easy for another person to decide. Just always have been my goal to be a doctor.
 
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Weirdy

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I currently work in public health my goal is to be more clinically and enjoy surgery. Kind of a hard decision. As many ppl are not in this position, usually most students are barely making >50K which would be easy for another person to decide. Just always have been my goal to be a doctor.
I see now.
Your decision to pursue makes a lot more sense with that intention.

Just realize the amount of time, effort, and money you will be burning for the next 7 years.
It cannot be done on a whim- which I do not think you are doing.
 
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hailey6565

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Just FYI for those saying I would be crazy to leave my six figure income. I recently shadowed several podiatrist that spoke to me about salary! & stated that salaries range for how many patients you choose to see daily which could be an avg earning potential in Cali $300K+. So come to conclusion it would be worth leaving the employer im at now :)
 
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shadesofgrey

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Just FYI for those saying I would be crazy to leave my six figure income. I recently shadowed several podiatrist that spoke to me about salary! & stated that salaries range for how many patients you choose to see daily which could be an avg earning potential in Cali $300K+. So come to conclusion it would be worth leaving the employer im at now :)

I don't think your crazy, just that if I had a job making 100k 9 years ago I wouldn't have done podiatry. Granted I'm in the midwest so 100k goes much much farther than in Cali. I also think most students need to question if from a financial standpoint, podiatry is worth it given the significant debt that is incurred.

As for bringing in 300k+, keep in mind that would be significantly more than the average podiatrist brings in. This salary is probably not possible as an associate which are the vast majority of available jobs. A practice owner or select hospital jobs could potentially reimburse at that level. Possible? Yes. Likely? No.

Best of luck.
 
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hailey6565

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I don't think your crazy, just that if I had a job making 100k 9 years ago I wouldn't have done podiatry. Granted I'm in the midwest so 100k goes much much farther than in Cali. I also think most students need to question if from a financial standpoint, podiatry is worth it given the significant debt that is incurred.

As for bringing in 300k+, keep in mind that would be significantly more than the average podiatrist brings in. This salary is probably not possible as an associate which are the vast majority of available jobs. A practice owner or select hospital jobs could potentially reimburse at that level. Possible? Yes. Likely? No.

Best of luck.
Agree! But opening my own practice would be that way to go if I want that salary. As not many people are open to discuss salary which I found this information to be helpful especially for ppl like myself. As many hospitals don’t hire Pods btw for those who are focused on only landing a gig in that route. Just stating this info for prePODS who are having a hard time to come by this information.
 

xoxo111

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opening my own practice

You know opening up your own practice will require a lot of work and networking. You may open up your own practice right after residency but struggle to get patients in because, well, you have no networking. That's why people start out in multispecialty groups in order to get more patients because after you leave that said practice and open up your own practice, most of your patients will follow you. That's like 10 years from now, minimum, considering you only work at the multispecialty group for three years.

You will also have to pay lots of expenses out of pocket, you have to pay a full salary to your receptionist and your medical assistant (if you have one), you have to deal with insurance on your own and from what I have heard, lots of insurances don't even recognize podiatrists as actual physicians, and many of them even pay very late. You will also need to pay for malpractice, healthcare for yourself, and your employees out of your own pocket. You will probably be working 60 hours a week for the first few years at least.

You will make $300k with your own practice, no doubt, but it will be very long until you do.
 
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hailey6565

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You know opening up your own practice will require a lot of work and networking. You may open up your own practice right after residency but struggle to get patients in because, well, you have no networking. That's why people start out in multispecialty groups in order to get more patients because after you leave that said practice and open up your own practice, most of your patients will follow you. That's like 10 years from now, minimum, considering you only work at the multispecialty group for three years.

You will also have to pay lots of expenses out of pocket, you have to pay a full salary to your receptionist and your medical assistant (if you have one), you have to deal with insurance on your own and from what I have heard, lots of insurances don't even recognize podiatrists as actual physicians, and many of them even pay very late. You will also need to pay for malpractice, healthcare for yourself, and your employees out of your own pocket. You will probably be working 60 hours a week for the first few years at least.

You will make $300k with your own practice, no doubt, but it will be very long until you do.
Gotcha… do you think think getting a MBA so you don't have to hire ppl to do xyz will help if opening own practice?? As I know they don't teach about billing and coding in medical school.?
 

Weirdy

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Gotcha… do you think think getting a MBA so you don't have to hire ppl to do xyz will help if opening own practice?? As I know they don't teach about billing and coding in medical school.?
No.

Plenty of business owners out there with no MBA.

An MBA doesn't magically teach you how to open a business.
 
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AttendingPod

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Public Service Student Loan Forgiveness Program from the fed gov. For whatever reason, few ppl talk about it. Certain podiatry positions qualify for erasing your debt if you meet their requirements for 10 years. (For example, a 501c not for profit hospital hires you and you work for them for 10 years and you do income based payments). If you google it, they have more info.
 
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xoxo111

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Gotcha… do you think think getting a MBA so you don't have to hire ppl to do xyz will help if opening own practice?? As I know they don't teach about billing and coding in medical school.?

You can choose to hire someone to do XYZ for you, but remember, you will have to pay them out of your own pocket and that's another expense.
 
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air bud

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Public Service Student Loan Forgiveness Program from the fed gov. For whatever reason, few ppl talk about it. Certain podiatry positions qualify for erasing your debt if you meet their requirements for 10 years. (For example, a 501c not for profit hospital hires you and you work for them for 10 years and you do income based payments). If you google it, they have more info.
Very few podiatry positions qualify for this. Literally a few percent of that. Every other specialty has a very high percentage of positions where this is available. If you are an attending it is beyond terrible that you would offer this as a consolation for the debt these students will incur.
 
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