Are today's physicians poorer than their older counterparts?

[alison]

Re: Are today's physicians poorer than their older counterparts?

That is insane! It must be bloodsport to try to get into that district. It is certainly not the norm.

It is. My friends and I sit here thinking that when/if we go into academia, we won't even make a fraction of that. New Trier is in one of the richest neighborhoods in the US. My bil spent an exchange year there, and the kids are pushed to do well in school. A dream job for a teacher.

Re: Are today's physicians poorer than their older counterparts?

My MIL is a 1/2 day kindergarten teacher w/a masters and makes ~$80k. Not too shabby when you figure that between holidays and breaks, she gets 16 weeks of vacation a year.

[Deebs]

Re: Are today's physicians poorer than their older counterparts?

New Trier, and plenty of other north and northwest suburban highschools. Plus, it's 9 months of the year they're working, they get bonuses for any extra curricular activity they sponser, good health benefits, are fully vested after 7 years in a really good pension, retirement at 55, etc. These are actually the schools in really good neighborhoods (people are paying a fortune in taxes and it's going into their local schools). They do have very demanding parents, but financially are well compensated. I definitely think there is a problem with what we are paying many teachers, but if an educator is in it for the money, there are places that pay really well.

And unfortunately, docs in the Chicago area are not doing as well in other areas of the country, depending on specialty. When we looked for jobs there, DH would have made substantially less (20%) than his other offers, and he would have had to carry an additional malpractice rider, which would have cost us several thousand dollars. He's not in peds, but the pediatricians we do know in that area are not doing very well financially.

When you balance the two professions out, at least in that area, you're really comparing apples and oranges. The sad reality is that in our culture, we don't value professions that help people and contribute to society in the way that I think we should. Our friends who make money are either in very specialized computer industries (and have been for several years), or are in business and finance. We value people who move and literally make money, and it's reflected in financial compensation. If you do what you love, I still think you'll be successful. You just may not take home the same paycheck as the Joneses.

Re: Are today's physicians poorer than their older counterparts?

Deb that is just crazy. And, I am shocked a pt teacher could make that much, - anywhere. Still as pointed out, this is not a norm. Just look at your states starting salary for education. But this is true in any field, someone gets the golden egg - and the rest are so far from it that it becomes legendary. I agree with Deb that if you can do what you want, that is most important.

Re: Are today's physicians poorer than their older counterparts?

This has nothing to do with being a teacher or salaries, but I saw a clip online about a pastry chef who went to culinary school for 14 months. Her tuition was $45K but because she is making $9 per hour now, she's missed payments and now she owes around $150K.

OUCH!

She has her dream job now, but cannot live off of $9/hr.

Re: Are today's physicians poorer than their older counterparts?

Culinary school and the loans for it can be a real racket. That situation is fairly common (as is $9/hr for a pastry assistant).

[SuzySunshine]

Re: Are today's physicians poorer than their older counterparts?

My cousin went to culinary school and loved it but then went back to journalism school and she hopes to become a food critic when she's done, there just isn't enough money in culinary most of the time.

[PrincessFiona]

Re: Are today's physicians poorer than their older counterparts?

As a part of the research for the book, I found that in the last 20 years, tuition has increased 165% for private schools and 312% at public schools ....physician salaries aren't rising (and in some primary care fields are falling). Student loan debt averages 100,000 with a frightening percentage owing more than 200K in student loans after med school graduation (forget the whole cost of surviving residency part).

scary.

Oh...and a bachelor degree trained nurse here earns about 53k to start.....we know someone here who earns as much as a telemetry nurse as a pediatrician...

kris

[Momo]

Re: Are today's physicians poorer than their older counterparts?

Obviously my DH is extremely fortunate to be an IMG. He came form a country where his med school was paid for, w/ the exception of text books & room / board. I am pretty certain that IMG Drs., that have succeeded here in the sates, are pretty well off. Kris did you compile info on the IMG subgroup... just wondering what their stats are?

[PrincessFiona]

Re: Are today's physicians poorer than their older counterparts?

Suz, I didn't look at that part of it. It might be something for a revised edition, but for now...I have put that baby to rest and then in 1.5 weeks will pick it, re-edit and send it off to let someone with professional red ink help me out.

Kris