Doctors aren't actually that rich

[supergoat972]

I mean they make a whole lot (around $350,000 per year) but the median net worth is about 1.25 million (source) and the average age is about 54 or 55.

I mean think about it: 54 and 1.25 million networth does not really sound that rich.

Thoughts? Surprised or not?

 

[supergoat972]

Median Net Worth of Physicians (U.S.)​

Several surveys (like the Medscape Physician Wealth Report and studies using Federal Reserve Survey of Consumer Finances data) give roughly this picture:

Career Stage	Typical Median Net Worth
Early career (30s)	~$500k–$900k
Mid-career (40s–50s)	~$1.5M–$2.5M
Late career (60+)	~$3M+

Across all ages combined, the median tends to land around ~.5M–$1.4M.
So ~$1.25M median wealth for physicians overall is a reasonable ballpark.

Why the Median Isn't Higher​

People are often surprised by this because physician income is high. A few things keep the median down:

1. Student loansMany MDs graduate with $200k–$300k debt.

2. Late startEarnings usually begin around age 30–32 after residency.

3. Lifestyle inflationExpensive housing, private schools, etc.

4. Shorter compounding windowSomeone who becomes a doctor at 32 may have 10 fewer years of investing than someone who started earning at 22.

 

[3amwalk]

nigga we are on .org not on how much doctors are making fucking retard

 

[supergoat972]

nigga we are on .org not on how much doctors are making fucking retard

Fat women are disgusting sir.

 

[lyre]

realistically though

most doctors begin working in their 30s

making 300K consistently then is already ahead of 99%

 

[supergoat972]

realistically though

most doctors begin working in their 30s

making 300K consistently then is already ahead of 99%

True. I guess they spend too much on nice homes, cars, private schools, vacations etc. Plus many are in big debt.

 

[India lover 52]

realistically though

most doctors begin working in their 30s

making 300K consistently then is already ahead of 99%

unless you work past retirement your not gonna make that much more than other similar jobs plus doctors spend their whole youth broke and in school

 

[lyre]

unless you work past retirement your not gonna make that much more than other similar jobs plus doctors spend their whole youth broke and in school

name a better stable job

for the average person

 

[supergoat972]

name a better stable job

for the average person

If you start being an Engineer at 23 and start at 80,000. You can at least save more

 

[lyre]

If you start being an Engineer at 23 and start at 80,000. You can at least save more

you'll save much less than you think

80K-100K is not enough in the states

for any of these things

nice homes, cars, private schools, vacations etc.

 

[India lover 52]

name a better stable job

for the average person

any blue collar union job into starting a business in that feild once you save up enough and gain enough experience

going into trade school and becoming a wielder/plumber

doing a 2 or 4 year contract in the military and get on VA disability and pursue a career in security / private military

going into nursing school / radiology and getting a 100k+ job straight out of a 2 year degree depending on your area

going into IT and getting a similarly high paid job out of a 4 year degree

all of these pay less obviously but considering the average doctor starts working in their 30's and is in insane debt you will make more by going into any of these paths and investing in real estate / index funds, by the time your 60 and collect your ss benefits you will have a larger networth than most doctors

 

[lyre]

any blue collar union job into starting a business in that feild once you save up enough and gain enough experience

going into trade school and becoming a wielder/plumber

doing a 2 or 4 year contract in the military and get on VA disability and pursue a career in security / private military

going into nursing school / radiology and getting a 100k+ job straight out of a 2 year degree depending on your area

going into IT and getting a similarly high paid job out of a 4 year degree

all of these pay less obviously but considering the average doctor starts working in their 30's and is in insane debt you will make more by going into any of these paths and investing in real estate / index funds, by the time your 60 and collect your ss benefits you will have a larger networth than most doctors

life isn't actually about net worth at 60 though

it's about legitimate spending power in 30s-50s

that's the time that matters most for the average man

 

[India lover 52]

life isn't actually about net worth at 60 though

it's about legitimate spending power in 30s-50s

that's the time that matters most for the average man

yes you will still be richer in your 30s-50s if you start investing at 18 than having a high salary on paper but having incredible amounts of debt that accrues interest and 0 investments

 

[lyre]

yes you will still be richer in your 30s-50s if you start investing at 18 than having a high salary on paper but having incredible amounts of debt that accrues interest and 0 investments

investing is major cope until you reach age 50

probably the biggest cope given to the masses

salary and spending power is everything

 

[India lover 52]

investing is major cope until you reach age 50

probably the biggest cope given to the masses

salary and spending power is everything

investing is pointless in your 50s if you understand how compound interest works every dollar you invest when your young is worth 10x more than in your 30s or 50s

plus instead of having to slave away 80 hours a week you can just collect your stock dividends / rental income and work half the hours and if you want to make a big purchase you can just refinance a house that has appreciated in value or take some money out of your stock portfolio

you will also have much more free time and money in the prime years of your life

 

[supergoat972]

you'll save much less than you think

80K-100K is not enough in the states

for any of these things

My sister is a doctor in NYC. She saved up $0 so far. She is 34.

If she were an engineer in say FT worth Texas , she would have far more. $$$

 

[supergoat972]

investing is major cope until you reach age 50

probably the biggest cope given to the masses

salary and spending power is everything

You are financially illiterate.

 

[lyre]

investing is pointless in your 50s

You are financially illiterate.

i meant the gains you get from investing

are cope until you reach your 50s

not start investing at 50 lol

 

[Jason Voorhees]

https://looksmax.org/threads/i-didnt-know-becoming-a-doctor-was-this-expensive.1671910/

Average total debt at graduation is around $300K-$450K and after interest capitalization during residency. It is often over $50OK by payoff time. Around age 40, once loans are paid and investments catch up life is good but the overall lifetime net worth even for elite doctors is less than a mid level software engineer who's been saving and investing since 22. This is why I think medicine isn't something you do for money. It's more for the prestige, stability than anything. If you want to make money young I think tech is the easiest path despite having layoffs and lot of competition.

 

[gioscottist]

realistically though

most doctors begin working in their 30s

making 300K consistently then is already ahead of 99%

The compounding pill is brutal tho

 

[India lover 52]

i meant the gains you get from investing

are cope until you reach your 50s

not start investing at 50 lol

if you just max your roth ira yeah but if you invest in real estate and leverage debt and invest smartly you can be fully retired by the time a doctor starts working

 

[lyre]

if you just max your roth ira yeah but if you invest in real estate and leverage debt and invest smartly you can be fully retired by the time a doctor starts working

you can’t invest in real estate

with a typical finance engineer tech salary

you’d have to be botb to even consider that

 

[India lover 52]

you can’t invest in real estate

with a typical finance or tech salary

you’d have to be botb to even consider that

???

a duplex in cleveland is 100-200k

a conventional loan is 15-25% down so 15k-50k

rent cash flows 1800-2800 per month before expenses, 2000-3000 per month if you participate in the section 8 program


this is assuming your buying purely as a rental property you can get a fha loan for 3-5% down up to a 4 plex if you live in one of the units and rent the others out

nobody buys rental properties in cash, even if you had enough to you would make more money by leveraging debt and using that for multiple down payments

this is not counting home appreciation too, in ohio your home's value will appreciate ~5% a year while your mortgage stays the same unless you refinance to draw cash out


if you make 100k+ a year and cannot save up 30k then that is on you