Right. That’s why I ran saving $50k for 25 years not 30 or 35 years. No resident is saving $50k/year.Keep in mind that interns and residents are “physicians”. If they are included in that data source, the average will be significantly lower. As a public school teacher in the deep south, I brought in more than friends during their first few years as a physician. Of course once they are finished….
The average physician salary was $251,990 in 2022. Naturally some make much, much more, and the median is not reported. Much is location depedent.
Source: https://money.usnews.com/careers/best-j ... 2489%2C010.
But, if we use the the average as a starting point, that physician is not saving $100,000 per year. $50k is possible. Since I think we can assume this hypothetical doctor is not saving $50k in year 1, if they save $50k/year for 25 years, with a 5% return, that's $2.6m. That strikes me as much more achievable and likely. $10m is... unlikely. Again, if we are speaking of the average. Net-worth wise, maybe add a $1m house.
Still nowhere near $10m. Most doctors I know spend a lot of money. They may also save a lot. But they don't live like paupers.
Statistics: Posted by Admiral — Sun Jan 21, 2024 7:35 am — Replies 28 — Views 2300