fasteddie911ParticipantStatus: PhysicianPosts: 282Joined: 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.March 9, 2019 at 7:16 am MST #196991Dont_know_mindParticipantStatus: PhysicianPosts: 817Joined: 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.March 9, 2019 at 8:04 am MST #196996jfoxcpacfpModeratorStatus: Financial Advisor, Accountant, Small Business OwnerPosts: 7329Joined: 01/09/2016Your 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