If you are in it for the money only, become a psychiatrist. If you don't consider 75k enough to be a bread winner, then you are delusional. Half that at 37.5k is enough to be a bread winner, and some people support their family with a lot less.
Also, if loans are a problem, skip the PsyD, with all the outrageous loans, and get a PhD. One of the problems, that is limiting wages, is that the professional schools are plugging out so many psychologist that the market is getting flooded. If the professional schools had the same strict admissions guidelines and limited admissions numbers as normal schools, then this would be much less of a problem.
Great post!
JackD, it really sounds like your perception of things is very different from my own. For example, I have friends who live comfortably in Chicago on FAR less than $100k a year. As the above poster said, I know many people who are breadwinners with combined poverty-level incomes. What is possible and what you're comfortable with are two entirely different scenarios that you aren't articulating as such within your posts.
The reasons you chose to pay $120k for a degree are your own. I can tell you, at 30, I began looking at psychology as a professor when I was 13 years old. Since that time, I've kept up with market trends, researched programs, and worked closely with professionals. There was never a time that I understood this field to be one where I would make major cash out of school. Especially not enough cash to cover $120k debt in a short amount of time...
I've said on this board since I came that I didn't see how this market could sustain continued growth in mental health care. The fact is that for most people, it's viewed as a luxury item. It will be (has been) one of the first things to go in a lot of people's routine. Worse still are the cuts of reimbursement rates. North Carolina's Medicaid reimbursement rates dropped for the 2nd or 3rd time this year last month... I think I've seen about a dozen cuts since I've been practicing... and again, I'm young and new to the field.
I don't remember who brought up SLP's and PT's but I don't think they go into it for the money. They don't make that much more than social workers in my state. They were almost in worse shape than behavioral health. My state had OT's, PT's, and SLP's on the chopping block COMPLETELY for Medicaid reimbursement. That would wipe out many people's entire income since most special needs kids receive Medicaid to cover the gap in coverage/care for those particular services.
Rates have been cut across the board. I have dentist friends. CUT. I have doctor friends. CUT. I have psychologist friends. CUT. I am a clinical social worker. CUT. Two of my friends, an SLP and a PT, just got laid off from their jobs of 5 years... CUT. Healthcare, as a whole, is suffering because it is a non-essential (sadly) expense. Fix the rotting tooth or buy your kid a halloween costume? Treat your PTSD or put food on your table? Get the mammogram or buy a new pair of shoes?
As a specialist in human behavior, I think if you look closely enough you'll see that things are drawing up to an inevitable conclusion for this period in time. As the economy and market stabalize, the climate will exist for increased rates (maybe, depends on policy shake outs). For now, however, to stay in business, a client must feel that the service warrants the cost. LOVE the posts that call it a business... those are so smart and I agree 100%...
I can't wait to have my doctorate so I can grow my personal business as I expand my scope of practice. For what it's worth, like T4C, I've always have a multi-pronged career path. There's never been a moment where I didn't plan to have my hands in direct practice, publishing, advocacy, policy, and teaching and I think that's the difference between myself (still above water) and others who have had to leave the field in recent months.
I also agree with Keeg on the over-satuaration... not just of psychologists, of all mental health professionals. You have MD's, PhD's, LPA's, LPC's, LCSW's, MHC's, MDiv's, MEd's, EdS's, PA's, NP's, RN's, and who knows who else all trying to cling to the same branch of the treatment tree. While cardiologists, dermatologists, allergists, etc all have their own branch that people would flock toward separately. Our branch was bound to snap off the tree eventually.