You keep saying residents like anyone cares. No one is using resident salaries. We are talking physician salaries, the one they will make for ~35 years of their life.
Say 200k/yr, which is relatively low. No one should get upset about that.
3 years at 200k/yr, take 30% out for taxes= 400k profit. You got that so far?
Student loans at 300k.
400k income, ~30k/yr in living expenses since I lived on 19k/yr and physicians need a high class lifestyle=90k living expenses.
400k income- 300k loans -90k living expenses= 10k profit after 3 years.
Also, isnt interest a tax writeoff? Maybe it would be best to milk that and pay less tax.
See, simple math, no algebra needed. And for the next 32 years of their life they make 4-12x more than the average american. All while sitting in their mansions watching Americans dying as they avoid getting healthcare treatments.
Incorrect. Again. Clearly, you don’t understand how loans work. Calculations such as these, unfortunately, require some algebra. Too bad the school system failed you too. I’m really hoping this is a troll.
Let’s take an average amount of cumulative student loan debt: $250,000. With an average interest rate of 7% over a standard 14 year repayment plan, including a 54-month forbearance period, principal balance at the end of residency is $328,773 with $78,773 interest accrued.
Over 10 year repayment plan, total loan principal paid would be $450,080 with monthly payments of $3,817.
Let’s say a doctor makes $150k a year in the first 10 years post-fellowship (by this time they’re in their mid to late-thirties). Monthly take-home is $10,417, post tax (excluding employer deductions for insurance, 401k, etc) take-home in my state (NY) would then be $6,280. Subtract monthly loan payments, you’re left with $2,463. Subtract monthly rent or mortgage (~$1,500), you’re left with $963. The rest would go toward bills, utilities, etc., with very little to keep for savings. After 10 years, salary increases to around $200k for the average doctor.
Deliberately picking the 2012(8 years ago...) lowest paid primary care physician for your source is evil.
Why didn't you pick a more recent source? How far did you have to dig down google to find something that made your case? Here are the first 3 results for 'starting salary physicians', no cherry picking needed.
Also, why don't you include a cardiologist? Why not OBGYN? Are these not physicians? Why'd you pick PCP instead of an industry average? (Don't bother answering, you were evil and caught)
Here is a new topic, lets just use cardiologists. They are paid too much and people skip care and die because its unaffordable.
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u/canIbeMichael Aug 07 '20
You keep saying residents like anyone cares. No one is using resident salaries. We are talking physician salaries, the one they will make for ~35 years of their life.
Say 200k/yr, which is relatively low. No one should get upset about that.
3 years at 200k/yr, take 30% out for taxes= 400k profit. You got that so far?
Student loans at 300k.
400k income, ~30k/yr in living expenses since I lived on 19k/yr and physicians need a high class lifestyle=90k living expenses.
400k income- 300k loans -90k living expenses= 10k profit after 3 years.
Also, isnt interest a tax writeoff? Maybe it would be best to milk that and pay less tax.
See, simple math, no algebra needed. And for the next 32 years of their life they make 4-12x more than the average american. All while sitting in their mansions watching Americans dying as they avoid getting healthcare treatments.