millionaire doctors?

[dz88]

Are there any doctors/surgeons making more than a million per year? Are there many of them or do you have to be really really good to make that much?

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[Rafa]

Why would you want to make a million dollars a year?

 

[coachB]

Are there any doctors/surgeons making more than a million per year? Are there many of them or do you have to be really really good to make that much?

there are some. i don't think it has that much to do with being good. more to do with the right specialty and practice environment.

 

[dz88]

okay for example, let's say in a major city, which specialty would be most likely to give a doctor/surgeon the best shot at making a lot?

 

[Zoom-Zoom]

okay for example, let's say in a major city, which specialty would be most likely to give a doctor/surgeon the best shot at making a lot?

spine surgery.

 

[OnMyWayThere]

plastic surgery in beverly hills

 

[lord_jeebus]

Orthopedic surgeon who invents a device that becomes widely-used.

 

[dz88]

i find it sad that people would choose elective plastic surgery over something essential like a needed heart surgery (my assumption)... (I have little regard for plastics)

Orthopedic surgeons can invent stuff?

 

[Ezekiel20]

plastic surgery in beverly hills

I second that!

 

[double elle]

I think it's possible to become filthy rich as a doc...not as likely as it used to be...but possible, I suppose. However, one of two things (or both) must exist...

1) you are so frickin smart, with a photographic memory and the common sense to get along with people and apply EVERY single thing you've ever read, seen, or been told. By having this, you save so much time that the rest of have to spend studying so you can do research so you can get the super-competative residencies.

OR

2) you invent something

If you don't have either of these 2 things going for you...then you must decide if you REALLY want to put in the time, work, etc....that it takes to make it to the top.

Me? I'm banking on inventing something!

 

[Law2Doc]

Orthopedic surgeons can invent stuff?

Anyone in any specialty can invent stuff. All those medical instruments and devices with names are named for their inventors.

But realistically you will have a difficult if not impossible time becoming a millionaire based on your physician's salary. times have changed.

 

[njbmd]

Are there any doctors/surgeons making more than a million per year? Are there many of them or do you have to be really really good to make that much?

Hi there,
I come from a family of ten physicians (I am #10) and the last until the next generation get to college. Several of my uncles and one aunt (an MD/JD) made more than one million last year. Only one of them (my aunt who is a neurosurgeon/lawyer) was a surgeon. The others have combined medicine and business for very lucrative practices.

Medicine by itself, is probably not going to lead to a million-dollar paycheck for many years unless you go outside of medical practice to things like investments and marketing in combination with medicine. Since we live in a capitalist society, find a way to control capital and you will make money. Otherwise, even for plastic and spine surgeons, you need to put in the time and build the practice.

There are far easier and far shorter routes to million-dollar paychecks than medicine. My one cousin who is not in medicine, made more than all ten of us combined last year. (He was a professional baseball player who invested well).

njbmd

 

[azzarah]

Are there any doctors/surgeons making more than a million per year? Are there many of them or do you have to be really really good to make that much?

I second spine and cosmetic plastic surgery.

 

[Brainsucker]

Ophtho. There's a Gawande article about an ophthomologist that makes $1.3mil working three days a week by not taking insurance. You have to build a good rep to have a boutique practice like that, but you can make bank if you do. Anything you do for rich people (a lot of them will feel like they're getting better medicine by paying more) will get you a lot of money whether it's boutique ophtho, cosmetic plastics or ortho for athletes.

As far as a more standard kind of practice, as mentioned, ortho or neurosurg spine will treat you very well.

And becoming a professional baseball player is not so easy. Maybe it is if you're a terrific athlete, but for me, not so easy.

 

[Ypo.]

i find it sad that people would choose elective plastic surgery over something essential like a needed heart surgery (my assumption)... (I have little regard for plastics)

I find it sad when people post on SDN asking how they can make a million dollars a year as a doctor.

 

[darrvao777]

well said shelley

I find it sad that you can look down on people for wanting to become a plastic surgeon (I guess fixing cleft lips on kids is a pretty selfish and unessential thing to do) when it seems like your incentive for getting into medicine is $$$

 

[bigdan]

Ophtho. There's a Gawande article about an ophthomologist that makes $1.3mil working three days a week by not taking insurance. .

Good call. My guess is the high-volume LASIK guys are doing fairly well for themselves.

dc

 

[eram]

well said shelley

I find it sad that you can look down on people for wanting to become a plastic surgeon (I guess fixing cleft lips on kids is a pretty selfish and unessential thing to do) when it seems like your incentive for getting into medicine is $$$

I think he/she meant elective plastic surg like Dr. Rey....

 

[Kimka83]

I think he/she meant elective plastic surg like Dr. Rey....

To make a million dollars a year in medicine you need to be a serious businessperson. I don't mean that an MBA is required, and you don't have to be a surgeon either!
I know a doctor who is one of the owners of a private radiology group, and he makes at serious killing.

 

[MedicineNutt]

own a freakin hospital...easy mill, but why would you wanna strive for a mill when a doctor gets more than they need ???

 

[Rafa]

own a freakin hospital...easy mill, but why would you wanna strive for a mill when a doctor gets more than they need ???

 

[MarzMD]

own a freakin hospital...easy mill, but why would you wanna strive for a mill when a doctor gets more than they need ???

TOYS

 

[YouDontKnowJack]

owning a hospital = too much headache. and where the heck are you gonna get the money? you need to persuade a group of investors. You're thinking way too simply.

and for every millionaire baseball player, there's 10000 other baseball players who are broke. 1:10000 is not easy odds to me.

 

[oudoc08]

own a freakin hospital...easy mill, but why would you wanna strive for a mill when a doctor gets more than they need ???

Really, you only NEED enough to buy food, water and shelther. But any couch potato can do that. I think spending a ton of your "income earning potential" life in school studying for several hours per day, stressing over non-stop board exams, and killing yourself through residency earns one the privilege or being able to have things that they WANT, not just need.

I won't be out of residency until I'm 36. Thus, I've pretty much lost about 14 years of post grad income. In addition, people who started working out of college also have 14 years of investment potential on me. That's potentially millions folks. Compound interest x 14 years = my loss! for opting to go to med school. Thus, if the average person making 50 grand a year already has about 750g on me, plus investment, I damn sure expect to make a killing in the 20 or so years I have to do it. If I want to make a mil a year, that's my business, and it's my business why and what I want to do with it.

Hard work needs to be worth somethiing in our society, or nobody will do it.

 

[Rafa]

Give me happiness over the killing.

-Rafa.

 

[Law2Doc]

people who started working out of college also have 14 years of investment potential on me. That's potentially millions folks. Compound interest x 14 years = my loss! for opting to go to med school. Thus, if the average person making 50 grand a year already has about 750g on me, plus investment, I damn sure expect to make a killing in the 20 or so years I have to do it.

You have no prayer of ever catching up, unless they make MC Hammer style investments, or unless you do well at lotto. Shoot to be comfortable, not keeping up with the Joneses.

 

[oudoc08]

You have no prayer of ever catching up, unless they make MC Hammer style investments, or unless you do well at lotto. Shoot to be comfortable, not keeping up with the Joneses.

I don't want to keep up w/ the Joneses. actually, I'd rather do it this way. Let's say you make 50 grand a year for 20 years, or 500,000 for two years. Same amt, but the latter sure feels like more. Amazing how the dollars trickle away and you don't know where they went. I really don't even care about catching up. It just irks me when people get this "You don't have any right to want to make any money" holier-than-thou attitude, completely disregarding the points I made above. I'd like to have a nice house, a couple of new cars, and a small airplane someday. (Some people play golf, I like to fly.) Is that asking too much for busting my ass for 14 years post-high school? I don't think so. In addition, I'd like to have enough banked to be able to treat family members to a dinner night out, buy a healthy round of Christmas gifts and loan friends some change when they need it, without having to tear my hair out wondering if I'll be able to buy gas the next day.
Material things don't buy happiness, but they're nice anyway

 

[oudoc08]

Give me happiness over the killing.

-Rafa.

See, I'm already happy, married x 8 years happily, two great kids, a couple of cool dogs, loving school, etc. and don't believe happiness and cleaning up financially are mutally exclusive. There's just as many rich miserable people as poor miserable people. We actually make a pretty darn decent income already, and it's never threatned our happiness in any way. If you do happen to think the two variables see-saw, out of the goodness of my heart, I'll take your extra unhappy money

 

[Law2Doc]

I don't want to keep up w/ the Joneses. actually, I'd rather do it this way. Let's say you make 50 grand a year for 20 years, or 500,000 for two years. Same amt, but the latter sure feels like more. Amazing how the dollars trickle away and you don't know where they went. I really don't even care about catching up. It just irks me when people get this "You don't have any right to want to make any money" holier-than-thou attitude, completely disregarding the points I made above. I'd like to have a nice house, a couple of new cars, and a small airplane someday. (Some people play golf, I like to fly.) Is that asking too much for busting my ass for 14 years post-high school? I don't think so. In addition, I'd like to have enough banked to be able to treat family members to a dinner night out, buy a healthy round of Christmas gifts and loan friends some change when they need it, without having to tear my hair out wondering if I'll be able to buy gas the next day.
Material things don't buy happiness, but they're nice anyway

I think the anti making money attitude stems both from (a) the numerous posts of (usually) college student premeds who have yet to hold a job, and yet think they will be #1 in their class, match into a top derm program, easilly make a couple mill a year (because they know some doctor 20 years older who does), and drive a Bentley; or (b) the fact that medicine is really not a great "get rich quick scheme", and, given the significant years of training and long hours, it is unlikely that someone less interested in the job than the income will make it through (at least without becoming bitter). There has also been a decline in income in the profession accompanying the insurance-driven changes in the field, and with some form of universal healthcare likely at some point down the road, this trend will continue. Adcoms summarilly dismiss applicants who assert they are driven to medicine by the potential income for a reason.
That being said, I think you will ultimately be able to be comfortable, have a house, car, buy X-mas gifts. (no idea what a plane costs). I wouldn't expect to become the bank to loan friends any significant amount of money any time soon.

 

[MedicineNutt]

Really, you only NEED enough to buy food, water and shelther. But any couch potato can do that. I think spending a ton of your "income earning potential" life in school studying for several hours per day, stressing over non-stop board exams, and killing yourself through residency earns one the privilege or being able to have things that they WANT, not just need.

I won't be out of residency until I'm 36. Thus, I've pretty much lost about 14 years of post grad income. In addition, people who started working out of college also have 14 years of investment potential on me. That's potentially millions folks. Compound interest x 14 years = my loss! for opting to go to med school. Thus, if the average person making 50 grand a year already has about 750g on me, plus investment, I damn sure expect to make a killing in the 20 or so years I have to do it. If I want to make a mil a year, that's my business, and it's my business why and what I want to do with it.

Hard work needs to be worth somethiing in our society, or nobody will do it.

Alright think of it this way...that 750k alloted over a 14 yr span is probably only 20-30k in the bank right now...now if you save up a quarter of residency money, which is around 10-15k average in the bank...yrs of residency x 15k = gain...now after residency, depending on your specialty, you will make at least 180k/yr...NOW YOUR'RE AHEAD OF THE JONSES BIG TIME!!! again, save a quarter of your salary per year...also, keep in mind that your salary will increase significantly depending on how long you serve+experience!...you'll have no probs getting the million in the bank--just be patient!! you could be lookin at 10-15 yrs to make a killing...most of the jonses can't do this kind of saving because they make only so little that saving is a hassle...SO DO YOUR MATH AND THEN SIT BACK AND RELAX BECAUSE YOU DESERVE IT DOC!!!

 

[Law2Doc]

Alright think of it this way...that 750k alloted over a 14 yr span is probably only 20-30k in the bank right now...now if you save up a quarter of residency money, which is around 10-15k average in the bank...yrs of residency x 15k = gain...now after residency,

If you think you are going to bank 15k per year during your residency you either have never worked for a living or you are insane. After taxes, rent, food, and other living expenses, you will be lucky to have a few thousand on hand.

 

[MedicineNutt]

but yea, where are you gonna make most of the dough??? that is when you practice on your own...so, a few thousand imissing from residency isn't gonna make much a difference if you're lookin for that million...it might only put you back a few years!!

 

[dz88]

okay, so many ideas, If a smart student was to go into medicine just for the money and was appalled by the amount of work, then he says to himself: "self, what else can I do to make a million a year besides medicine?" What would you say to that semi-delusional student?

Ibanking? Lawyer? Real Estate? What types of business? Investing?

 

[YouDontKnowJack]

okay, so many ideas, If a smart student was to go into medicine just for the money and was appalled by the amount of work, then he says to himself: "self, what else can I do to make a million a year besides medicine?" What would you say to that semi-delusional student?

Ibanking? Lawyer? Real Estate? What types of business? Investing?

i would say buy 5 lotto tickets everyday and pray very hard. If you hit a $300 million powerball, your effective yearly salary would exceed your expectations.

...or run a drug trafficking business.

 

[azzarah]

See, I'm already happy, married x 8 years happily, two great kids, a couple of cool dogs, loving school, etc. and don't believe happiness and cleaning up financially are mutally exclusive. There's just as many rich miserable people as poor miserable people. We actually make a pretty darn decent income already, and it's never threatned our happiness in any way. If you do happen to think the two variables see-saw, out of the goodness of my heart, I'll take your extra unhappy money

No no no! donate your $$$ to me! I need it more than oudoc does!

 

[THP]

okay, so many ideas, If a smart student was to go into medicine just for the money and was appalled by the amount of work, then he says to himself: "self, what else can I do to make a million a year besides medicine?" What would you say to that semi-delusional student?

Ibanking? Lawyer? Real Estate? What types of business? Investing?

Contrary to what all undergrads seem to think, money does not just fall into your lap. In order to make a million a year you must take significant risks and be willing to either start your own business or invest heavily (real estate is probably the best way to go). You have to be willing to go bankrupt in order for this to happen.

Your other option: work as hard as you possible can to be the best employee at whatever job you are doing. Live very like a pauper and save your money. When you have enough saved up start investing. You will never make a million a year but you will never go hungry either. It is nearly impossible to get rich working 40 hrs a week.

Everyone on this thread needs to listen to more Neil Boortz.

 

[JustMyLuck]

Are there any doctors/surgeons making more than a million per year? Are there many of them or do you have to be really really good to make that much?

You could run a medical spa offering alternative and complementary practices. Most medical spas run under the supervision of a licensed health care professional. Definate potential to make mucho dinero.

 

[darrvao777]

Well said.

Or just simply put, there's money to be made everywhere. If you are the best at what you do, then it means you can provide a service to society, and therefore, you will be able to make some dough off of it.

 

[fun8stuff]

You have no prayer of ever catching up, unless they make MC Hammer style investments, or unless you do well at lotto. Shoot to be comfortable, not keeping up with the Joneses.

this article states that an MD degree is the eqivalent of getting a million dollars and investing it in the market after graduating with a 4 year degree.

"When this calculation is made for medicine using a 6% discount rate, the net present value of the investment is $1.1 million for a private medical school education and $1.2 million for a public medical school education. If, instead of going to medical school, one were given a million dollars to invest at 6% interest and pursued a career as a college graduate instead, the financial returns would be roughly the same as going to medical school."

http://www.brynmawr.edu/healthpro/documents/Medphysdeb2004t.pdf

yes, i think med school is a pretty darn good investment.

on a side note, my best friend's sister is a family doc in the boston area who co-owns several nursing homes and assisted living apartments and she makes over a million a year (from what my friend says). she also has a practice (multiple docs and PA's). She told me they actually make a good amount of money off the PA's. i had met her a handful of times and she gave me $10,000 for med school when i graduated from undergrad. a very nice lady

 

[Ypo.]

There's just as many rich miserable people as poor miserable people.

That would be nice to believe. But there are definitely not as many rich miserable people as there are poor miserable people. And, there have been some studies that showed that wealthy people were on average happier than poor people, based on self-reporting.

But I agree it takes more than money to make you happy.

 

[bigfrank]

One of the best ways to get a head-start is to be from a wealthy family and have medical school entirely funded by them. Then choose a good specialty like Rads.

 

[Law2Doc]

this article states that an MD degree is the eqivalent of getting a million dollars and investing it in the market after graduating with a 4 year degree.

"When this calculation is made for medicine using a 6% discount rate, the net present value of the investment is $1.1 million for a private medical school education and $1.2 million for a public medical school education. If, instead of going to medical school, one were given a million dollars to invest at 6% interest and pursued a career as a college graduate instead, the financial returns would be roughly the same as going to medical school."

http://www.brynmawr.edu/healthpro/documents/Medphysdeb2004t.pdf

yes, i think med school is a pretty darn good investment.

Yes, but living off the 6% returns on a million dollar investment over the course of your career atop the average 45k the article suggests a bachelors earns (i.e. $105k per year) is a far cry from earning a million dollars a year. Sure it's a good investment, but that article certainly doesn't suggest you will be rolling in it.
That article also totally concedes that due to the number and range in quality of MBA and law schools, it is impossible to do a fair comparison, but certainly references that there are some in both degree camps who do significantly better, sooner.

 

[heyjack70]

Marry rich.

If you live in LA, making lots of money as a doc is not just an "I'd like to do that" sort of thing. It costs so much to live here (like in any big city), that making lots of money is more of a necessity if you'd actually like to pay off school debt and say, buy a house.

 

[Law2Doc]

If you live in LA, making lots of money as a doc is not just an "I'd like to do that" sort of thing. It costs so much to live here (like in any big city), that making lots of money is more of a necessity if you'd actually like to pay off school debt and say, buy a house.

It's not just LA. Big cities on both coasts are victims of this. There's no question you are "richer" if you earn the same salary in the middle of the country.

 

[skypilot]

Or just simply put, there's money to be made everywhere. If you are the best at what you do, then it means you can provide a service to society, and therefore, you will be able to make some dough off of it.

Or you could sell out and just sell your services to the highest bidder regardless of need. That is another way to make a lot of money.

 

[Beau Geste]

Marry rich.

He he...

My father always said:

"Never marry for money. Hang around the rich and marry for love!"

 

[westcoastpirate]

Want to be rich go to law school.Sue a big corporation or doctor who is already a millionaire after you get out of law school.You will become a millionaire without making it.You just take someone elses money who #$%#d up on a patient.After that you head over to the ferrrari dealership.

 

[dz88]

but c'mon, not every lawyer can have the opportunity to sue and make a million!

 

[LADoc00]

Are there any doctors/surgeons making more than a million per year? Are there many of them or do you have to be really really good to make that much?

Yes there are tons even some on that are public employees who have to publish their income:
http://www.sfgate.com/news/special/pages/2005/ucsalary/

Philip E. Leboit
Professor of Clinical... UC San Francisco $1,516,451

Timothy H. Mccalmont
Professor of Clinical... UC San Francisco $1,502,671

Both academic patholgists, neither work full time.

 

[fun8stuff]

but c'mon, not every lawyer can have the opportunity to sue and make a million!

which is why the median salary for lawyers 9 months after graduation is only 55k, and for all laywers 94k. The facts of the matter are that you will make a good living in both law or medicine, but there will be a larger range in the law incomes which will vary widely depending on the rank of the law school you went to (the connections you make during school).

I know 2 lawyers (nota good representative size, i know). One works ~90 hours a week and recently told me he makes about 90k/year (28 yrs old). I know another lawyer who is 55 yrs old who works about 50 hrs a week who has to be making considerably more based on his houses, cars, and vacations.