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net worth and specialty and salary

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  • Avatar nephron 
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    Status: Physician
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    Joined: 05/09/2019
    Splash Refinancing Bonus

    I was looking at the medscape physician net worth survey and wondering where I stood compared to other physicians.  The survey results aren’t that helpful because they group all physicians with all age groups so I thought that I would start a thread here to see if people wanted to post their salary, specialty, age and net worth anonymously.

    Age: 41

    Net worth:  $975,000 retirement with ~95% in stocks, $400,000 in home equity, $60,000 in cash, $160,000 529 plan for children, minus $50,000 in student loans at 1.85% interest

    Salary:   $215,000 plus variable bonus for nephrology, plus wife is academic surgical subspecialist making $260,000 for total of around $500,000/yr last year, previous years closer to $400,000 though due to joining a new group and starting salaries

    Specialty:  Nephrology

     

     

    #213326 Reply
    CordMcNally CordMcNally 
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    Status: Physician
    Posts: 2132
    Joined: 01/03/2017

    There was a spreadsheet done a year or so ago (maybe longer) that had all of this information in an even more anonymous form than this thread would be. You will probably get more information from that.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #213333 Reply
    Lithium Lithium 
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    Status: Physician
    Posts: 1058
    Joined: 02/15/2016

    The real story here is where are all the fatlittlepigs??????

    #213334 Reply
    Avatar Tim 
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    Status: Accountant
    Posts: 2123
    Joined: 09/18/2018

    https://www.whitecoatinvestor.com/forums/topic/the-proper-networth-and-debt-survey/

    You can access the csv file in the first post. It’s about a year old. Canned data for your curiosity.

    #213352 Reply
    Avatar rxor49 
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    Status: Resident
    Posts: 57
    Joined: 03/06/2018

    That survey helps with the net worth vs age question, but is not helpful for the salary vs specialty question. If they repeat the survey, they should ask participants to list income from practicing medicine separate from other sources of income, and make a separate entry for spouse’s income rather than lumping all household AGI together. Since it’s been a year, maybe a repeat is in order?

    #213830 Reply
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2338
    Joined: 05/07/2017

    It’s like lake wobegone

    according to WCI, most physicians are terrible at this game, so you can be confident by the fact that you peruse the forums that you are in the top 1% for looks, intelligence, savings, and wealth.

     

    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 2123
    Joined: 09/18/2018

    And driving skills.
    “For a portion of drivers, their ability to text message while driving might be one of the characteristics that they believe makes them a unique and superior driver,”
    Grade on a curve and adjust as needed.

    #213844 Reply
    Avatar Tim 
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    Status: Accountant
    Posts: 2123
    Joined: 09/18/2018

    “ not helpful for the salary vs specialty question.”
    Why, specialty was in the data.
    As far as a repeat, have at it. Not sure you would get 300 response though. Good luck.

    https://docs.google.com/spreadsheets/d/1-xAfqYLcXcwV7WmD24bCIxTvOWmvmcuJRe3uNokvvcI/edit#gid=1644299377

    #213898 Reply
    Avatar GoBlueMD 
    Participant
    Status: Physician
    Posts: 64
    Joined: 05/27/2017

    In the “physician side gig” Facebook group, there’s a recent survey that’s accessible if you are in the group. Lists salaries, specialties, age, years since graduating, and debt etc

    #213899 Reply
    Avatar DCdoc 
    Participant
    Status: Physician
    Posts: 410
    Joined: 06/14/2016

    Groundhog Day here? We did this a year ago and got way more responses than you’ll ever get here in this thread. And that was totally anonymous vs linking data to your screen name and story

    #213904 Reply
    CM CM 
    Participant
    Status: Physician
    Posts: 1000
    Joined: 01/14/2017
    anonymously

    Click to expand…

    It’s not so anonymous. Based on what I’ve written here, even Inspector Clouseau could identify me.

    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried bags for Cyd Charisse (gracious). Hosted epic company parties after Friday night rehearsals.

    #213909 Reply
    Liked by Zaphod, q-school
    Avatar rxor49 
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    Status: Resident
    Posts: 57
    Joined: 03/06/2018

    “not helpful for the salary vs specialty question”

    Because it asked for household AGI, not individual salary. The family doc with a plastic surgeon spouse will make more than the family doc with a stay at home spouse. Yes, lots of responses in that survey and lots of data. But if the data isn’t structured to answer the question, then quantity doesn’t help a whole lot.

    #213910 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 2123
    Joined: 09/18/2018
    Earnest refinancing bonus

    Self reporting always is inaccurate. I wonder how many Docs pulled out a paystub? No matter how detail the instructions are, it’s a guess. Did you see medscape didn’t even use self reported salaries this year? I believe you have an interest. Best available was given to you. More debate than responses. I think you have your answer. No offense intended. Good luck.

    #213924 Reply
    White.Beard.Doc White.Beard.Doc 
    Participant
    Status: Physician
    Posts: 748
    Joined: 02/06/2016

    When I filled out that survey last year, I pulled out my tax return and put in the exact income listed on my 2017 return.  However, the total income was from carrying a stethoscope, plus… real estate business that I have, spouse’s income, other side investment income, etc.  So not very helpful for the purpose of how much a specific type of doc would earn.

    #213933 Reply
    Avatar nephron 
    Participant
    Status: Physician
    Posts: 10
    Joined: 05/09/2019

    Thank you, the survey results were interesting although limiting.   Having an ‘n’ above 300 seems impressive for a forum informal survey.   The household income vs individual income made the interpretation of the self reported salaries difficult as there were quite a few very ‘high’ salaries (ie hospitalist 600 K, etc) which no doubt included their spousal income.   I personally have always found the salary surveys to be difficult to interpret because it seems like both my wife and I always seem well below the average but I imagine that is just because we have always been employees where your salary is just based upon supply/demand rather then how much you are actually worth (ie if they can offer that much and have someone work for that much, they will only pay that much).    I think that we have always worked in fairly saturated markets.

    #213934 Reply

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