What do doctors' do with their money?

[fullefect1]

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If you live in a semi-large town, by that I mean one with 5 to 10 thousand people, you will never have to worry about buying a $250,000 to $600,000 house. That's rediculous!

Thats's rediculous that you just said that.. I guess you have never checked out the prices of homes outside Lousiana.

However, I agree with the rest of your post being that you would have to be a dult not to be able to handle 200 thousand a year and live just fine.

 

[LSU-Tech]

Um, I think you need a reality check. This will totally depend on the area of the country you are in.

In the are aof Jersey where I live, $250,000 will get you a 1 bedroom bungalow or possibly a 2 bedroom small house. Property takes are absurdly high. Cost of lviing is different everywhere. And the decision to go to private school may be because of 1) a bad local school system 2) religious reasons 3) opportunities offered at the private school not offered at the public school or 4)a thousand other reasons.

??lviing?? I think you mean living.


Why don't you improve your comprehension skills and read the second paragraph before you give him your 2 cents. All he's saying is that if you want to live somewhere like Jersey you ned to realize that's your choice and a physician should not have a higher salary just because he or she does not know how to manage his or her own money. If you want to go out and buy the best house money can buy then that's your own preference.

It's not just physicians who have this problem. There are people like you in every profession. And besides, I'm sure everyone in the town you are referring to does not make more than $250,000 a year. And as far as private schools are concerned, if you have good parents who push there chidren to become more than they are, your children will most likely do exactly that. I learned nothing in high school and yet I've made either the president's or dean's list every quarter since I've been in college. Therefore I see little reason for private elementary schools, other than a way to shelter children from the real world. Most of them pass children even when they don't deserve it. Lets not make this issue sound like something other than what it really is. It's about keeping up with the Jonses and you know it.

 

[EricH]

??lviing?? I think you mean living.


Why don't you improve your comprehension skills and read the second paragraph before you give him your 2 cents. All he's saying is that if you want to live somewhere like Jersey you ned to realize that's your choice and a physician should not have a higher salary just because he or she does not know how to manage his or her own money. If you want to go out and buy the best house money can buy then that's your own preference.

It's not just physicians who have this problem. There are people like you in every profession. And besides, I'm sure everyone in the town you are referring to does not make more than $250,000 a year. And as far as private schools are concerned, if you have good parents who push there chidren to become more than they are, your children will most likely do exactly that. I learned nothing in high school and yet I've made either the president's or dean's list every quarter since I've been in college. Therefore I see little reason for private elementary schools, other than a way to shelter children from the real world. Most of them pass children even when they don't deserve it. Lets not make this issue sound like something other than what it really is. It's about keeping up with the Jonses and you know it.

Before you flame someone else you would do well to proofread. You have typos and inappropriate word usage also.

 

[docbill]

Yeah... some of you guys are really funny.

The rest of the working class lives well with less than 100,000.
Heck my family lived on 25k/yr and with 5 kids.

I would be happy making 100k/yr doing something I enjoy. Day in and day out. Rather than working in a big competitive academic environment, as a thorasic surgeon, where everyday is stressful and you never know who will backstab you next.

My spouse making 40-50k a year. 150k/yr combined. Wow.. I would have everything I need.

Don't need expensive private school.
Don't need to drive BMW. VW works just fine.
Don't need 5000 square feet house. Just 3 bedrooms and an office.

 

[gotgame83]

Um, I think you need a reality check. This will totally depend on the area of the country you are in.

In the aree of Jersey where I live, $250,000 will get you a 1 bedroom bungalow or possibly a 2 bedroom small house. Property taxes are absurdly high. Cost of living is different everywhere. And the decision to go to private school may be because of 1) a bad local school system 2) religious reasons 3) opportunities offered at the private school not offered at the public school or 4)a thousand other reasons not really anyone's business. I plan on settling back on Jersey despite the high cost of living, though. Why? Because it's my home and where my family is.

Someone else mentioned income taxes. What your salary is and what you actually take home are two different things. And if you are in a private practice, you have to consider the expense of an office, electricity, rent, housekeeping, maintenance, a secretary, supplies, etc.

Well said. Im from Toms River and Im always amazed at property taxes here.

 

[EMTLizzy]

It's not just physicians who have this problem. There are people like you in every profession. And besides, I'm sure everyone in the town you are referring to does not make more than $250,000 a year. And as far as private schools are concerned, if you have good parents who push there chidren to become more than they are, your children will most likely do exactly that. I learned nothing in high school and yet I've made either the president's or dean's list every quarter since I've been in college. Therefore I see little reason for private elementary schools, other than a way to shelter children from the real world. Most of them pass children even when they don't deserve it. Lets not make this issue sound like something other than what it really is. It's about keeping up with the Jonses and you know it.

wow. Easy there. No need to get all riled up.

People like me in every profession? The world should be so lucky.

I think we're all arguing different points here, and somehow we each got off on our own tangents.

And of course not everyone in my town makes a lot of money. In fact, most don't. It started off as a middle to upper middle class area and somehow skyrocketed in the last few years. Strange, actually. If you've lived here for more than 10 years you're probably in a blue collar job. If you just moved here then you're a gazillionaire.


I was getting at the fact that money doesn't go as far as we seem to think it does. The question of "where does our money go" will vary by where we live. Sometimes the cost of living rises without or incomes increasing proportionately (as in where I'm living now).


I don't get the country club thing or the private schools that cost tens of thousands a year. But then again, country clubs aren't something that interest me. As Groucho Marx said "I'd never belong to a club that would have me as a member." But if some people really enjoy playing tennis, golf, etc then it's worth it. Why not join and be a part of that if you enjoy it? Same for caribbean vacations, ski vacations, and Gucci clothing.

I don't look down on people who have a lot and spend a lot any more than I would someone who doesn't have a lot.

It doesn't make sense to me why there is such animosity against people who spend their money.

 

[nebrfan]

I plan on using my money to compensate for my baldness when talking with young, impressionable nurses 😉 😉

 

[mx_599]

Okay, so money is kinda a touchy subject, but bear with me...

What do the doctors who don't want a Bimmer or a huge house do with their money? I'll be the first to admit that I don't know the first thing about how far a dollar goes, even after being dependant from my family for 1 1/2 years, but I can't think of what someone would do with all the money after paying off their loans.

I don't want you to think I'm above and beyond these things either, but I can also say I don't think I'd know what to do with a big house of fancy car if I had one. 🙂

So what do doctor's do with the money they make?

Mastashake

buy toys

 

[mx_599]

I plan on using my money to compensate for my baldness when talking with young, impressionable nurses 😉 😉

ahhh...the nurse fantasy 😀

 

[mx_599]

Don't need 5000 square feet house. Just 3 bedrooms and an office.

and a kick a$$ garage. sorry to hijack your thread

 

[SOUNDMAN]

Besides, the malpractice insurance is a killer. The surgeons that I work with pay 150G every year for malpractice insurance.

One particular doctor (MD not DO) cannot afford to retire because of his lifestyle spendings. A lot of them are in debt that they are trying to pay off.

Where is this malpractice insurance at? What state. Perhaps if was a high risk OB/GYN surgeon, but even 150G's sounds about 50 to high. I work with a surgeon as well that lives beyond their means. I don't know how they do it, but I guess it's always easier to spend it than make it.

 

[markboonya]

i will eat lobster and prime rib every other night. and for the nights in between, i will eat at ruth's chris.

 

[fateema368]

You all will have enough to live comfortably, do the math seriously, ask your parents. Just because you purchase a 500,000+ dollar house doesn't mean you need to make 500,000 a year to pay it off? Honestly, have any of you consulted your parents about this? If you budget, live within your means and income of 300,000-400,000+ should do you just fine. And you'll still have a few million to retire on, if you budget accordingly. Come-on, if someone making 40,000-65,000 a year can afford a 250,000 house/mortgage--you can too! Trust me!

Boarding/private school maybe, again; chose one within your means. Malpractice depends on your specialty, but you can still live quite well despite it. Home/Car + insurance are something everyone must pay, make peace with-it and move one.

Remember, you'll have the majority of investments (house/car/loans) paid off by then, and with that salary you can retire with 3 million+ easily.

However, if your in-it for the money, as I've always maintained; medicine is not the field for you, for corporate law, malpractice law perhaps is best?

For me, I will plan to reinvest my skills, and money into my community-- a lot of people will be sacrificing to get me where I'm going, and I need to return that debt. I'm thinking of practicing for a number of years abroad, where I'll probably command a tenth (if I'm lucky) of what I could make in the US, and surprise, I won't be starving! Infact, I'll be living a great deal better than the majority of the population, here and there.

Average income for Americans is about 44,000 (now), with between 12-14% living below the poverty leval.
http://www.census.gov/Press-Release/www/releases/archives/income_wealth/002484.html

 

[cremaster2007]

I plan on paying off my debt, and then doing OMM on the side (like friday afternoon or on the weekends in my own clinic with a few friends of mine).....I'm going to put the OMM money away so I can buy a tropical island. Mostly because my sister told me once I could never buy an island, so even if I buy it for a week I will buy this island name it bethitoldyouso and then probably sell and use the money as I need it (kids education, house, investments, etc). You can bet though I will hire a money manager/financial advisor since I don't even balance my check book anymore..........damn online banking!

I would also like to be able to do doctor's without borders, or a free community clinic if my pocket book allows.

 

[cremaster2007]

Where is this malpractice insurance at? What state. Perhaps if was a high risk OB/GYN surgeon, but even 150G's sounds about 50 to high. I work with a surgeon as well that lives beyond their means. I don't know how they do it, but I guess it's always easier to spend it than make it.

last I heard malpractice insurance in florida for OB/GYN was somewhere near $350,000 which is why OB/GYN docs are leaving or practicing with signs there that say they don't have any "professional liability insurance"

I can't remember where I read that though............

 

[albaniandoc]

That is correct I am from Florida. Last year our hospital closed down our birth center because we did not have any doctors to deliver babies and did not have enough business because of that. There is no one performing abortions in the county I live in for the same reason.
The neurosurgeons I used to work with in the OR, have no malpractice insurance because they cannot afford it, and they have done just that, they put a sign at the door that says so.
The surgeons that I currently work with are cardiothorasic surgeons. They do pay around 150G a year for insurance I believe.

last I heard malpractice insurance in florida for OB/GYN was somewhere near $350,000 which is why OB/GYN docs are leaving or practicing with signs there that say they don't have any "professional liability insurance"

I can't remember where I read that though............

 

[Biodude]

You all will have enough to live comfortably, do the math seriously, ask your parents. Just because you purchase a 500,000+ dollar house doesn't mean you need to make 500,000 a year to pay it off? Honestly, have any of you consulted your parents about this? If you budget, live within your means and income of 300,000-400,000+ should do you just fine. And you'll still have a few million to retire on, if you budget accordingly. Come-on, if someone making 40,000-65,000 a year can afford a 250,000 house/mortgage--you can too! Trust me!

Boarding/private school maybe, again; chose one within your means. Malpractice depends on your specialty, but you can still live quite well despite it. Home/Car + insurance are something everyone must pay, make peace with-it and move one.

Remember, you'll have the majority of investments (house/car/loans) paid off by then, and with that salary you can retire with 3 million+ easily.

However, if your in-it for the money, as I've always maintained; medicine is not the field for you, for corporate law, malpractice law perhaps is best?

For me, I will plan to reinvest my skills, and money into my community-- a lot of people will be sacrificing to get me where I'm going, and I need to return that debt. I'm thinking of practicing for a number of years abroad, where I'll probably command a tenth (if I'm lucky) of what I could make in the US, and surprise, I won't be starving! Infact, I'll be living a great deal better than the majority of the population, here and there.

Average income for Americans is about 44,000 (now), with between 12-14% living below the poverty leval.
http://www.census.gov/Press-Release/www/releases/archives/income_wealth/002484.html

"Live within your means" seems to be a repeated mantra. Too bad not too many people follow it 😛

I've got one of my own from a fellow* with a nice house (5000 sq ft) and no debt to speak of that's similar but isn't..."Live well below your means." That's what I plan on doin' during the years that I pay off my debt, and it shouldn't be difficult for anybody to do this if you're used to living on less than 100k a year 🙄

I'll probably have enough to live on comfortably (not necessarily like a rich person) for the rest of my life by the time I'm 45 (4 - 5 years to pay off my educational debt...I can easily "live well below my means" at this point). Hopefully, I'll end up in a specialty that I really love by then and thus continue to practice anyway, donating the excess money to charities and non-profit organizations like the Red Cross. Of course, this income/savings/investment thing doesn't factor in a wife and kids 😱

*This fellow isn't a doctor. He isn't a lawyer or a businessman either, or in any field that people think is one that makes a lot of money. He doesn't make a lot, really. He just finds happiness in things that aren't material 👍