Worried about Pharmacy Profession
Started by wreckhavok
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@stoichiometrist The article is talking about household wealth--not gross income.
Let's low ball things and say the self employed primary care doc makes 160k a year and has 300k in loans after interest for their medical education. Let's say they are single, according to no deductions at max federal taxes they'll pay about 35k a year. On their debt with a 20 year repayment plan with 6.5% interest they'll pay 27k a year in loans. They'll pay roughly 15500 in social security (employee and employer contribution) and let's say they pay 2400 to Medicare (I don't know what employer match is for medicare). Now, let's take 7,500 a year for malpractice insurance and tack on 4k a year for licensure/clinic/business fees or whatever else. Net they are making is near $69,000 after taxes, loans, fees, malpractice, and everything else I thought of. Let it be known that I tried to make a more worst case scenario with the finances and most physicians are going to have it off far better than these estimations.
The average high school teacher, according to the BLS, makes $55k a year. They will not be self employed either. According to the same tax calculation for the physician, the teacher will pay 7k in fed taxes about 4200 so SS and Medicare, and if they have 30k in student loans with the same repayment plan and interest rate will pay about $225 a month. No need to worry about license fees, malpractice, etc.
Their net for the year is roughly $41,000 after taxes and loans.
Say the physician started working at 30 in primary care and practiced for 35 years until they hit 65.
20 x 69000 = $1,380,000 + 15 x 96000 = 1,440,000. Total is $2,820,000
The teacher started working at 22 straight out of college and worked for 43 years until 65.
20 x 41000 = $820,000 + 23 x 43,7000 = $1,825,100
At the end of their careers the physician is still near $1 million on top assuming a worst case scenario for the physician.
The average high school teacher, according to the BLS, makes $55k a year. They will not be self employed either. According to the same tax calculation for the physician, the teacher will pay 7k in fed taxes about 4200 so SS and Medicare, and if they have 30k in student loans with the same repayment plan and interest rate will pay about $225 a month. No need to worry about license fees, malpractice, etc.
Their net for the year is roughly $41,000 after taxes and loans.
Say the physician started working at 30 in primary care and practiced for 35 years until they hit 65.
20 x 69000 = $1,380,000 + 15 x 96000 = 1,440,000. Total is $2,820,000
The teacher started working at 22 straight out of college and worked for 43 years until 65.
20 x 41000 = $820,000 + 23 x 43,7000 = $1,825,100
At the end of their careers the physician is still near $1 million on top assuming a worst case scenario for the physician.
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I've been trying to find it again and I'm having trouble locating the source. It was a doctor- centric blog where I initially saw it. It drives me crazy though -- they make a lot of claims about not being paid and having to be in school forever, but they do earn a salary during residency that is better than the average American worker. Moreover, they compare average physician salaries against teachers, which isn't a good comparison, as the many residents skew the averages lower than they should be. Better to compare based on the average or mode of salaries of practicing independent physicians...
Edit: looks like it's been deleted. It was from Dr. Ben Brown's site, and titled The Deceptive Income of Physicians. Maybe he discovered how skewed his data was.
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Yeah, I mean everyone likes to complain, right? So on one hand they probably shouldn't be judged too harshly for complaining about salary.
OTOH, I really don't see how any six figure earner has anywhere to complain about salary. And certainly they shouldn't exaggerate to the point of parody. If anyone believes that the physician driving the BMW earns less than the teacher driving the Toyota, well, ok then.
I mean, yeah. We'd all like to make more money than God. But at least pretend like you can empathize with the family that can't even afford their rent in a crappy apartment and works sixty hours per week at a crappy job where the public berates them day in and out. It's just so out of touch.
Here's a commentary on the article; the article itself was awesomely ridiculous; I wish I could find it. http://whitecoatinvestor.com/the-deceptive-income-of-physicians/
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deleted158872
Please note that doctors' incomes reported on websites already have malpractice insurance subtracted from those numbers...
This is my favorite part of that article: Weeks worked per year: Given that I don’t work any fewer shifts when I take vacation (just squish the monthly shift count into fewer weeks), I essentially work 52 weeks a year, at an average of 33 hours per week.
If that is true, why take a vacation at all? Just save the money and keep working. The assumptions and 'logic' behind these types of blog posts are laughable. And this one at least seems to try to be even handed about the analysis. 🙄
