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net worth and specialty and salary

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  • Avatar FIREshrink 
    Participant
    Status: Physician
    Posts: 984
    Joined: 01/11/2017

    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

     

     

    Click to expand…

    I’m not going to post my salary on the intrawebs but my specialty is obvious. I make more than you but as a family we make less than you because my spouse is not a physician. After training it took us six years to hit seven figure net worth, four years to the next million, and so on. My personal goal was to achieve FI as soon as possible and it took us around 15 years after finishing training. We made certain decisions to reach this goal more quickly such as where we lived and worked, the houses we bought and cars we drove, etc. We’re just a bit older than you.

    #213940 Reply
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2592
    Joined: 05/07/2017

    We have a number of Hospitalists who make above 600k.  There are several who scoop up shifts.

    I never know what to make of those surveys or what people hope to get out of them.

    But if people want to fill out information, and it is helpful to others, more power to them

     

    #214034 Reply
    Liked by G, Zaphod
    Zaphod Zaphod 
    Participant
    Status: Physician, Small Business Owner
    Posts: 6068
    Joined: 01/12/2016

    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.

    Click to expand…

    clearly survivorship bias here

    #214041 Reply
    CM CM 
    Participant
    Status: Physician
    Posts: 1148
    Joined: 01/14/2017

    We have a number of Hospitalists who make above 600k.  There are several who scoop up shifts.

    I never know what to make of those surveys or what people hope to get out of them.

    But if people want to fill out information, and it is helpful to others, more power to them

     

    Click to expand…

    That’s about double the high end reported in most surveys. May I ask what they earn per hour?

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

    #214096 Reply
    fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 1142
    Joined: 01/26/2017

    LOL hospitalists making 600K? Ha I guess working every day is a good long term strategy.

    #214099 Reply
    Liked by Lordosis
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2690
    Joined: 01/03/2017
    LOL hospitalists making 600K? Ha I guess working every day is a good long term strategy.

    Click to expand…

    Different strokes for different folks.

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

    #214105 Reply
    Avatar hightower 
    Participant
    Status: Physician
    Posts: 1476
    Joined: 12/07/2016

    If you have short term goals to pay off loans or buy a house or whatever, being able to pick up a lot of shifts and boost your salary to those levels is a pretty nice perk.  It’s not going to be a good long term strategy, of course, because there would be no time for life.  But, I know several docs in my tiny group that work like this.  Make hay while the sun is shining right?  Also, we’re always preaching on here about “time in the market” is more important than timing the market.  SO, assuming they’re saving a lot and investing, it’s a pretty smart strategy to maximize income while you can at a young age.

     

    Anyway, what is the purpose of this thread?  What will the OP do with this information?  I mean, does it really matter where you stand next to your peers?  As long as you’re meeting your own goals, who cares what the next guy/gal is doing?

    #214198 Reply
    Avatar LIFO 
    Participant
    Status: Physician
    Posts: 132
    Joined: 01/27/2018
    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.

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    You need to calculate your annual bonus as well as retirement and health benefits in order to get to a comparable 1099 pay.  Most employed docs don’t do that.

    An 8% match plus 40k in health benefits changes the overall equation.

    #214369 Reply

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