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Planning around peak income

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  • Avatar fasteddie911 
    Participant
    Status: Physician
    Posts: 282
    Joined: 05/31/2016

    Make hay.  I share similar sentiments as you and don’t know what my income, job or healthcare overall is going to look in the future so I plan to save hard, have a good cushion, then re-evaluate.  I live in a HCOL area and my plan potentially includes putting off a home purchase and avoid having that huge debt hanging over my head.  I’m still on the fence about this, but renting someplace cheap may not be a bad way to go for now.

    #196991 Reply
    Avatar Dont_know_mind 
    Participant
    Status: Physician
    Posts: 817
    Joined: 11/21/2017

    You could go into private practice or do medicolegal reports.

    My income was 300k in year 1, 500k for a few years. Then went up to 800k. Peaked at 1.1M 7 years out. Then gradually reduced to 750k last year. Probably 600k this year and reducing further to get better work:life balance. I think I made 8M in the last 11 years. Or averaged 750k/year since becoming an attending.

    I’m mid 40’s. I work as a psychiatrist. I think I will probably work but less, until 65 maybe.

    2 people I have worked with who do a lot of medicolegal reports I estimate make 1-1.5M/year consistently for decades. But they have freakish work schedules.

    Work in different places. You will see how other people make their income.

    I don’t think 400k is the cieling in psych. Probably the average is 300k but the range is large.

    I see opportunities now that I would love to take that would involve moving states but my wife wouldn’t let me.

    #196996 Reply
    jfoxcpacfp jfoxcpacfp 
    Moderator
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 7329
    Joined: 01/09/2016
    Your best bet would be to invest in the stock market early and in good chunks.

    Click to expand…

    Agreed with a well-balanced equity portfolio and an understanding of the importance of behavioral management.Simple Wealth, Inevitable Wealth by Nick Murray.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ 270-247-0555
    https://fox-cpas.com/for-doctors-only/

    #197210 Reply
    Liked by Kamban

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