Posted: 3/28/2005 4:13:41 PM EDT
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I had an argument/debate with an idiot relative today about doctors and the money the make. My dolt uncle believes that doctors are swimming in cash and as such they should bear a heavier tax burden. My argument was that it takes at the very least 16 years for a doctor to break even and start to see a return on his investment (schooling, training, etc.). Also, I pointed out the massive insurance premiums, association fees, overhead of having a staff, etc. The dolt, being a clinton loving liberal, would hear none of it. So basically my question to the physicians here is, how long did it take you to pay off all your debts and break even? This time would include the actual years of school, internship, and residency when you were making and eating shit to finally become an autonomous practicing physician. Please, no pissing contests, I just want to get an idea of the amount of time it took for your investment to show a return. |
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I work with quite a few doctors as a business lawyer. I help them with the practices when they are getting started and their other business and investments when they hit their stride. The easy path is family practice, the average doc is caught up by his early 30s and is well off by his mid to late 30s. Most stay at well off because it takes a mid length three-four day work week and is a very nice life. Docs in tough areas, cardio, neuro and the like, once board certifed, are caught up by their mid 30s, well off by their late 30s, and are rich by their mid 40s. A specialist in the high reward areas who is both hard working and willing to invest wisely can be very very rich by age 50. |
| I think a lot of it would depend on who were working with after you finished and the field you were in. We had a Cardio-Thoracic Fellow who got a job with a group that does open hearts and was going to make $400,000 the first year and $600,000 the second year. The few two year residents I have asked stated they all ready owed between $120,000 and $200,000 in loans. I imagine it would just get worse if you were working in a speciality program. I imagine it would take a while to pay off your school loans if you were working as say a GP for a HMO. |