Announcement

Collapse
No announcement yet.

Visualization of 2018 Survey Data.

Collapse
X
Collapse
First Prev Next Last
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • #16
    Originally posted by FIREshrink View Post

    The average physician? More like the average physician, who follows WCI, who decided to respond to the survey. In other words, not average at all. A highly self-selected group with presumably far above average financial achievement.
    Yes average of what this survey says. Not average out there. Self selecting group. This should be obvious. See my above post of interesting comparison vs Medscspe survey if you wanna do that.

    Comment


    • #17
      Does environment influence financial behavior?
      Imagine the peer pressure if every peer, attending that taught and worked with you actually shared this data. Sorry, physicians are competitive. Everyone would probably aim to be at least average. 400 “peers” and older physicians would likely eliminate many financial errors discovered after the sun starts setting in the career. The focus would change to rationalizing good decisions rather than poor decisions.

      Comment


      • #18
        Originally posted by Tim View Post
        Does environment influence financial behavior?
        Imagine the peer pressure if every peer, attending that taught and worked with you actually shared this data. Sorry, physicians are competitive. Everyone would probably aim to be at least average. 400 “peers” and older physicians would likely eliminate many financial errors discovered after the sun starts setting in the career. The focus would change to rationalizing good decisions rather than poor decisions.
        Had to do some excel work to try and figure out non-tax expenses for last few years. Formula not too far off, I'm a bit above average. I don't remember if I responded to the survey previously. Interesting CN

        Comment


        • #19
          Originally posted by childay View Post
          Had to do some excel work to try and figure out non-tax expenses for last few years. Formula not too far off, I'm a bit above average. I don't remember if I responded to the survey previously. Interesting CN
          Nice. Always fun to fire up that 'ol Excel

          Comment


          • #20
            Here you go. Self selection indeed. Just chose specialties with responses > 10 on the 2018 survey. Shows mean income comparison. Ortho is pretty close...wonder why.

            Click image for larger version  Name:	WCI_MedScape.png Views:	0 Size:	38.0 KB ID:	220030

            Comment


            • #21
              Ran the formula. Approximately 2 million ahead with investments. 3 million ahead with net worth. No clue if this is accurate.

              Comment


              • #22
                Originally posted by Hatton View Post
                Ran the formula. Approximately 2 million ahead with investments. 3 million ahead with net worth. No clue if this is accurate.
                So the following is the multi regression equation I got INCLUDING the HNW individuals and may be more close to those that are 'ahead' in the game. This may be close Hatton

                Portfolio value = -7707691.82 + (235854.23*Age) + (-1.16*Student Loan) + (-0.174 * Yearly income) + (-0.381*Mortgage remaining) + (2.642 * Yearly expenses including taxes)

                Comment


                • #23


                  Would love to see more specialties added to this. Very interesting. Thanks for all of this data!

                  Comment


                  • #24
                    Originally posted by formerly_cn View Post

                    So the following is the multi regression equation I got INCLUDING the HNW individuals and may be more close to those that are 'ahead' in the game. This may be close Hatton

                    Portfolio value = -7707691.82 + (235854.23*Age) + (-1.16*Student Loan) + (-0.174 * Yearly income) + (-0.381*Mortgage remaining) + (2.642 * Yearly expenses including taxes)
                    Thanks with this formula the portfolio value is within 200k. net worth is still 1 million or so more. I think the difference may be older higher net worth folks do not have student loans, mortgages, or income. I retired so I left that part of the equation blank. Still have taxes.

                    Comment


                    • #25
                      Originally posted by Hatton View Post

                      Thanks with this formula the portfolio value is within 200k. net worth is still 1 million or so more. I think the difference may be older higher net worth folks do not have student loans, mortgages, or income. I retired so I left that part of the equation blank. Still have taxes.
                      Nice! Yes notice the formula is for portfolio value only not networth - it's not even trying to predict networth here. If survey asked for liabilities more comprehensively then probably could make a NW model

                      I'd consider 200k error in multi million portfolio to be pretty good

                      Appreciate you checking. As I mentioned, no model is perfect but some are useful

                      Hope you are doing well Hatton

                      Comment


                      • #26
                        Originally posted by braindoc View Post

                        Would love to see more specialties added to this. Very interesting. Thanks for all of this data!
                        NW. I didn't do much. Thanks to survey takers.

                        Comment


                        • #27
                          Originally posted by FIREshrink View Post

                          The average physician? More like the average physician, who follows WCI, who decided to respond to the survey. In other words, not average at all. A highly self-selected group with presumably far above average financial achievement.
                          yeah.....

                          i love looking at this data but these salaries are not average salaries for the specialties listed.

                          it's a fascinating look at our weird little online community though that's for sure.

                          can't remember for these UHNW individuals did you ask about inheritance and family wealth? $40M portfolio is pretty tough to do as a doc even a highly compensated one. the wealthiest doc I know who is late career and has a truly insane AGI is no where near that.

                          Comment


                          • #28
                            Originally posted by formerly_cn View Post

                            Nice! Yes notice the formula is for portfolio value only not networth - it's not even trying to predict networth here. If survey asked for liabilities more comprehensively then probably could make a NW model

                            I'd consider 200k error in multi million portfolio to be pretty good

                            Appreciate you checking. As I mentioned, no model is perfect but some are useful

                            Hope you are doing well Hatton
                            Doing well Newbie. Yeah I consider the within 200k pretty awesome. I love demographic data.

                            Comment


                            • #29
                              Originally posted by MPMD View Post

                              yeah.....

                              i love looking at this data but these salaries are not average salaries for the specialties listed.

                              it's a fascinating look at our weird little online community though that's for sure.

                              can't remember for these UHNW individuals did you ask about inheritance and family wealth? $40M portfolio is pretty tough to do as a doc even a highly compensated one. the wealthiest doc I know who is late career and has a truly insane AGI is no where near that.
                              I too suspect the UHNW number folks did not get thru medicine alone. Inheritance maybe? Invention of some type? Spouse with stock options as early employee of Amazon etc. Powerball winner?

                              Comment


                              • #30
                                Originally posted by MPMD View Post

                                yeah.....

                                i love looking at this data but these salaries are not average salaries for the specialties listed.

                                it's a fascinating look at our weird little online community though that's for sure.

                                can't remember for these UHNW individuals did you ask about inheritance and family wealth? $40M portfolio is pretty tough to do as a doc even a highly compensated one. the wealthiest doc I know who is late career and has a truly insane AGI is no where near that.
                                MPMD You are absolutely right. I should make this clear, this is in no way representing the larger doc population. I think I should keep emphasizing that. But FOR SURE it represents THIS community which is still a fascinating look at who is visiting/posting besides you on these forums. In stat terms, sampling took place from this forum so...

                                Yea didn't ask, but yes has to be money outside of medicine for those UHNW folks.

                                Comment

                                Working...
                                X