What's a "good" salary nowadays?

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Probably a dumb question based on various factors, I know.

But it seems like everyone and their mom who's an attending seems to be making $400,000+ nowadays.

I'll be an attending in a couple years, but with my specialty I'll most likely be making in the upper 200s, low 300s if I'm lucky.

Too late now obviously, but I'm wondering if I should have sucked it up and went into a specialty I hated like surgery just for the extra income lol.

For those making $400,000+, now depressed/ worse off would you be if your salary went down to $300,000?

 

[mmmcdowe]

I think you really have to keep in context the significant difference a few years of training can make. For example, graduating at 30 and getting an attending salary of 300k versus 35 and getting a higher one may it first seem like a no-brainer for the bigger salary. However, you're wealth multiplier at 30 for invested dollars is almost double what it is at 35. You may not feel as rich making 300k at 40 as if you were making $600,000, but give it a few years and you will see you will easily have more than a million invested in the bank by 40 and then if you wanted you could spend every dollar you made and you'd still be set for retirement. There is always the opportunity for career advancement. You will be board certified by the time the neurosurgeon graduates and you can be negotiating your second job at a much higher salary while also having hundreds of thousands of dollars invested and loans paid off.

The short answer is ultimately what we describe as feeling rich comes from spending money not saving money. I don't feel particularly rich on a day-to-day basis because half of my take-home pay disappears into investments. I would feel a lot richer spending that money on a luxury cruise every month but I wouldn't actually be richer. You can live by all objective standards a very high quality of life in most locations on a 300k salary and still invest a large chunk, but you won't feel rich. I could definitely live my same quality of life on 300k, I just wouldn't be investing as much as I do currently.

 

[initialize]

I think you really have to keep in context the significant difference a few years of training can make. For example, graduating at 30 and getting an attending salary of 300k versus 35 and getting a higher one may it first seem like a no-brainer for the bigger salary. However, you're wealth multiplier at 30 for invested dollars is almost double what it is at 35. You may not feel as rich making 300k at 40 as if you were making $600,000, but give it a few years and you will see you will easily have more than a million invested in the bank by 40 and then if you wanted you could spend every dollar you made and you'd still be set for retirement. There is always the opportunity for career advancement. You will be board certified by the time the neurosurgeon graduates and you can be negotiating your second job at a much higher salary while also having hundreds of thousands of dollars invested and loans paid off.

The short answer is ultimately what we describe as feeling rich comes from spending money not saving money. I don't feel particularly rich on a day-to-day basis because half of my take-home pay disappears into investments. I would feel a lot richer spending that money on a luxury cruise every month but I wouldn't actually be richer. You can live by all objective standards a very high quality of life in most locations on a 300k salary and still invest a large chunk, but you won't feel rich. I could definitely live my same quality of life on 300k, I just wouldn't be investing as much as I do currently.

True! But what's depressing is that I'm already in my mid 30s (did some stuff before med school) so I'll already be a geezer before I feel well-off 😂

 

[mmmcdowe]

True! But what's depressing is that I'm already in my mid 30s (did some stuff before med school) so I'll already be a geezer before I feel well-off 😂

It's all relative to your own story my friend.

 

[thesauce]

2 to 300 is an astronomical amount of money. Be halfway diligent with it and you will have more than enough.

 

[Splenda88]

True! But what's depressing is that I'm already in my mid 30s (did some stuff before med school) so I'll already be a geezer before I feel well-off 😂

You will be fine. Started med school in my mid 30s.

4 yrs out of residency and I have net worth (NW) of 1.5M+ already (started with a NW of ~400k because my spouse 401k when she was working and home appreciation). My salaries have been in 400s.

300k is a good salary despite what you see in SDN. The key is not to go crazy as far as spending when you start making attending salary.

 

[finalpsychyear]

it's not really that 250-300 is low or anything. Circumstances matter specifically debt and phase of life. If your an attending 30-32, single, even with some debt its amazing time to invest/save and progress in your career and you have the energy to do it. But if your allmost 40 like you will be at attendhood, you likely may have kids or are married, which makes things more costly overall.

With the right gameplan you will be fine ultimately but it will be more difficult to say retire or go part time if you want a sub 60 yo retirement lifestyle.

I think you know this its why tech even with lower salaries basically get to earn 6 fig and compound for a decade before we really start to make our salaries. Now if you delay that another decade like in your situation well that's always going to be tougher just based on math.

 

[lobstar]

I wouldn't suck it up for something I hated, but yeah more money is generally better. Sooner to retirement, financial freedom, can take more risks negotiating and spending on hobbies or whatever. I increased my salary by moving and leaving academics and that was for sure worth it.

 

[Pablo Sanchez]

Something else to consider is that the higher your income, the more of it goes to taxes. The difference in $300k to $400k you are paying more in taxes and taking less home than the difference from $50k to $150k.

Add in the fact that you’ll finish residency earlier than some of those longer, higher paying residencies, and that makes the difference less noticeable, too. Invest that money heavily in those earlier years of practicing and you’ll be more than well off.