millionaire doctors?

[fun8stuff]

Not such good advice. Although a fairly small percentage of people get audited, a much larger percentage of higher income folks (eg doctors) do. And taking deductions you are not entitled to can lead to financial penalties plus interest, and if fraudulent then sometimes even jailtime. Periodically, high wealth individuals are made an example of by the IRS -- So absolutely do not "experiment". When you have this kind of income, consult an accountant and see what you are legally entitled to do. You have the right to minimize your taxes to the extent legally permitted by the Code and Regs, but you do not have the right to experiment and see what you can get away with. To do so risks your livelihood.

my girlfriend, who is still in college and made less than $10,000 last year, was audited for the first time this year. why? she deducted her room rent, which tubotax said was okay to do. Probably not a good idea to just "experiment". Trust me, the government may be lazy at some things... but when it comes to money, I think they are pretty good at collecting.

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[Plastikos]

my girlfriend, who is still in college and made less than $10,000 last year, was audited for the first time this year. why? she deducted her room rent, which tubotax said was okay to do. Probably not a good idea to just "experiment". Trust me, the government may be lazy at some things... but when it comes to money, I think they are pretty good at collecting.

It is an area where they do try and take care isnt it. If only they did that kind of a job in some other areas.

 

[synapse lapse]

Man this topic is always so tired on SDN. Same people arguing the same sides, Law2doc, yposhelley and rafa come in all anti money making or negative, I and others come in and support the positive side, and noone gets anywhere. Of course physicians exist that make a mil a year, its not the average but they are there. Frankly I am so sick of all this rightous crap, especially when law2doc starts acting like nooone has ever had a job who wants to make bank. Did you ever think maybe some of us have worked our a$$e$ off for so long that we want to get paid. Plenty of people have had real jobs, supported themselves, taken a realistica assesment, and reached a reasonable conclusion that medicine is a good investment. As a matter of fact the AMA investigated this very question and reached the same conclusion (I don't feel like searching the article). Anyhow, this argument goes nowhere, why is everyone so self rightous, every single otehr person works to get ahead, we are no different. Everyone.

 

[Plastikos]

Man this topic is always so tired on SDN. Same people arguing the same sides, Law2doc, yposhelley and rafa come in all anti money making or negative, I and others come in and support the positive side, and noone gets anywhere. Of course physicians exist that make a mil a year, its not the average but they are there. Frankly I am so sick of all this rightous crap, especially when law2doc starts acting like nooone has ever had a job who wants to make bank. Did you ever think maybe some of us have worked our a$$e$ off for so long that we want to get paid. Plenty of people have had real jobs, supported themselves, taken a realistica assesment, and reached a reasonable conclusion that medicine is a good investment. As a matter of fact the AMA investigated this very question and reached the same conclusion (I don't feel like searching the article). Anyhow, this argument goes nowhere, why is everyone so self rightous, every single otehr person works to get ahead, we are no different. Everyone.

Actually we are different, probably the only profession where ppl regularly feel guilty or ashamed by their income, at least until theyre actually out there working for it. Most other professions are LTFAO at us and our guilty mentality.

 

[Rafa]

Man this topic is always so tired on SDN. Same people arguing the same sides, Law2doc, yposhelley and rafa come in all anti money making or negative...

Before this post, I'd only made three on this thread - all on the first page, amounting to 17 words and a thumbs up in total. I gave my two cents, and bid the thread adieu. What you do with your income is up to you - not me.

 

[synapse lapse]

Before this post, I'd only made three on this thread - all on the first page, amounting to 17 words and a thumbs up in total. I gave my two cents, and bid the thread adieu. What you do with your income is up to you - not me.

I apologize for lumping you in.

 

[Rafa]

I apologize for lumping you in.

No problemo. I do agree with what you referenced about wanting to make money after struggling in low-wage jobs for a long time. At some point, you get tired of hanging around barely making ends meet, especially with the knowledge that fields you're interested in also would come with much better pay. Not every pre-med came from wealthy families (and had the luxury of not having to work part-time during college). Many of us have had jobs, and almost all of us have had to struggle to get here. I'm not really sure where I'm going with this, so I'll stop now, but yeah - I do see where you're coming from.

 

[unoriginal]

No problemo. I do agree with what you referenced about wanting to make money after struggling in low-wage jobs for a long time. At some point, you get tired of hanging around barely making ends meet, especially with the knowledge that fields you're interested in also would come with much better pay. Not every pre-med came from wealthy families (and had the luxury of not having to work part-time during college). Many of us have had jobs, and almost all of us have had to struggle to get here. I'm not really sure where I'm going with this, so I'll stop now, but yeah - I do see where you're coming from.

some people view healthcare as a right... but is it a right that i go through undergrad, medical school, residency, fellowship for 10+ years of my life to save your lazy, couch potato butt for free? i agree there should be policies in place to protect those who cannot work... but their are plenty of people who sit on their butt or spend thier money on big screen TVs and brand new cars, rather than put it toward thier health.

i don't think it is a right that i slave away to give you free care. docs should be paid based on the training and sacrifices needed to obtain the education and training.

 

[unoriginal]

Someone posted this on SDN awhile back. Forgive me, i forget who.

"The right to healthcare:

you have the right to exercise and eat right.
you have the right to not smoke.
you have the right to obtain insurance. if you cannot afford insurance you have the right to delay purchase of your ipod in order to get a yearly checkup.
you have the right to spend more for your healthcare than your automobile or luxury loft.
you have the right to actually take your medications everyday.
you have the right to not wait until problems get out of control.
you have the right to lower your blood pressure and control your diabetes so that you won't need that av fistula surgery, dialysis, or that expensive kidney transplant.
you have the right to consider optimal health as important as optimal youthfulness or beauty.
you have the right to stop giving all of your money to holistic quacks.
you have the right to pay for statins before paying for prozac or viagra.
you have the right to pay more for taking care of your parents than for your sick poodle.

now before someone goes apesh*t about people who have no money whatsoever, single parent homes or whatever sob story you wish to come up with, there are tens, perhaps hundreds of millions of americans who can fully exercise the above rights and help themselves."

 

[NRAI2001]

Someone posted this on SDN awhile back. Forgive me, i forget who.

"The right to healthcare:

you have the right to exercise and eat right.
you have the right to not smoke.
you have the right to obtain insurance. if you cannot afford insurance you have the right to delay purchase of your ipod in order to get a yearly checkup.
you have the right to spend more for your healthcare than your automobile or luxury loft.
you have the right to actually take your medications everyday.
you have the right to not wait until problems get out of control.
you have the right to lower your blood pressure and control your diabetes so that you won't need that av fistula surgery, dialysis, or that expensive kidney transplant.
you have the right to consider optimal health as important as optimal youthfulness or beauty.
you have the right to stop giving all of your money to holistic quacks.
you have the right to pay for statins before paying for prozac or viagra.
you have the right to pay more for taking care of your parents than for your sick poodle.

now before someone goes apesh*t about people who have no money whatsoever, single parent homes or whatever sob story you wish to come up with, there are tens, perhaps hundreds of millions of americans who can fully exercise the above rights and help themselves."

Good post

 

[YouDontKnowJack]

i have a right to have a roof over my head.
build me a house, bitch!
.....for free

 

[2DEG]

Really, I don't need to be rich. I have right now a modest 3 BR house (1600 sq ft). I have two cars, the newest one is 9 years old. I don't need a newer one - it works just fine.

I'd be happy being paid in pigs and fresh bread as long as I had enough to pay my bills and an occassional dinner out. I don't need a huge mansion, just a nice modest home, preferably one I can work on fixing up occassionally. The most precious thing about being a physician is making a difference in your patient's lives, not making the most money.

Yeah, I know. Laugh. But really, that's how I see it. Practicing medicine is more of a privilege than all the money in the world.

This was simply beautiful. While I sincerely believe in living simple, depending on your intentions, it can be good to make good money too. I would love to do many philanthropic projects both here in the U.S and outside U.S if I had the money.

 

[Law2Doc]

Man this topic is always so tired on SDN. Same people arguing the same sides, Law2doc, yposhelley and rafa come in all anti money making or negative, I and others come in and support the positive side, and noone gets anywhere. Of course physicians exist that make a mil a year, its not the average but they are there. Frankly I am so sick of all this rightous crap, especially when law2doc starts acting like nooone has ever had a job who wants to make bank. Did you ever think maybe some of us have worked our a$$e$ off for so long that we want to get paid. Plenty of people have had real jobs, supported themselves, taken a realistica assesment, and reached a reasonable conclusion that medicine is a good investment. As a matter of fact the AMA investigated this very question and reached the same conclusion (I don't feel like searching the article). Anyhow, this argument goes nowhere, why is everyone so self rightous, every single otehr person works to get ahead, we are no different. Everyone.

I don't exactly take the position you ascribe to me, and actually have no problem with someone who has worked their a$$es off getting a "comfortable wage", and think that medicine in most cases does this. I'm hardly self righteous. But frankly when you and others post that you are going to bank "$10 million" you are clearly not reaching the "reasonable conclusion" that the AMA and others have reached.
A lot of people on SDN in fact have not worked before, and really do not know how hard it is to make the kind of money some seem to suggest in this thread is common. Without folks (like me, etc) putting in some reality checks here and there, it seems that every thread on SDN would assume a medical license is far more lucrative than in fact it is. In the vast supermajority of all cases, folks who go into medicine will, post-residency, be earning low six digits, not seven. That's not being self righteous, that is the reality.
Healthy debate requires multiple sides -- thus I don't exactly see why it is problematic about the variation of posts. If you don't like my posts, please ignore them -- I don't mind.
But as far as getting ahead, I assure you that some folks who change their careers to medicine will take a salary cut, and so not "everyone" is doing this route to get ahead financially. The goal for your career should be something that you enjoy; something that keeps you excited to come to work every Monday morning. A paycheck does not do this. Good luck in your endeavors.

 

[niranjan911]

My Dad is a Cardiologist and makes about $ 500000 a year and my moms a gynaec n she makes about $ 60000 a year.My uncles a Orthopedic surgeon n he n his wife make more than 2 millon dollars a year in India.I know many top Docs,some of whom are my Dads friend making more than a million a year and some of India Top surgeons like Dr. Naresh Trehan making 20 million dollars/year & late Dr. Nitu Mandke making more than 50 million dollars a year but they dont like to flaunt their wealth.There are many Top doctors in Indian cities making a Decent 10 million dollars a year.

 

[cutekittypi]

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.

hmmm...well i dont think thats completely true.
what about those who make a living off of a lilttle more than minimum wage?
speaking from experience...I can still do bills and have some left over
so for me a salary of a residents would be like gold...haha so to speak.
Unless youre assuming children were involved and paying back loans i guess maybe, ...aside from that... I dont know...just a thought

 

[cutekittypi]

well i definately feel dumb..just realized that was from a couple years ago..haha still new here...thats my excuse

 

[coldweatherblue]

medicine is not a field in which to ball.

it's not because there isn't money to be made; it's because the time sacrificed to make that money (ie ROCKSTAR ors hand/spine or plastics) for most people (myself included) isn't worth the reward *unless* it's what you love doing.

Medicine is awesome but I have no desire to do something I don't wanna just for the $$$. Time is invaluable; it takes a lot of thought to appreciate this but it's true. I'd rather chill and be happy doing what I love with time for my family makin $200g's/year than try and be something I'm not for a shot at $1 mil. But ya know everyone has their goals and props to everyone who gets what they desire.

Gimme those docta SKILLZ; a great job, a mountain with snow and a beautiful woman and I"M STRAIGHT jaeger! Doesn't matter what happens in this crazy world if you have valuable professional skills such as those learned in 4 years of diligent medical study + 4 years practical residency you will always provide a roof and food on the table for those you love. The rest is just keepin up with the jones'; although you gotta protect what's rightfully yours no doubt, ultimately it's not a big deal.

 

[Sora]

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?

Oh, you don't understand how much I hate you.

 

[amidoinitrite]

But as far as getting ahead, I assure you that some folks who change their careers to medicine will take a salary cut, and so not "everyone" is doing this route to get ahead financially. The goal for your career should be something that you enjoy; something that keeps you excited to come to work every Monday morning. A paycheck does not do this. Good luck in your endeavors.

100% agree.

Someone posted earlier about a transplant doc making 1.6mil but was at 175% capacity of normal? I assume that means he's doing almost twice as many cases as a normal transplant surgeon. I'm sure I could make that much if I was working essentially all the time, but then i'd probably kill myself.

 

[HEROWANTABE]

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

x2 thumbdown

 

[osmodiar]

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?

let's make it simple...

if you want to make lots and lots of money and have an easy life just like what you see on tv... don't become a doctor.

 

[Habeed]

One thing I got out of this thread : that med school admission is worth a million dollars.

Holy ****. No freakin' wonder so many people are after it. It makes me feel like I stole something now that I managed to finally sneak my way in lol...

The other thing I got : while it's worth a million bucks, it takes hard work to make money and always will.

 

[mededu]

In any profession its the novelty and uniqueness that yields big returns.

So there would be some doctors earning that amount for sure!

 

[michaelrack]

Even you are working 80 hrs per week in a hot specialty, it's very difficult for a doc to make more than $500,00 per year


disclaimer: I work between 60 and 70 hours per week and make no where near $500,00

 

[dragonfly99]

I agree with dr rack.
I think my LASIK surgeon likely makes a million a year, but the vast majority of docs don't. To make a million a year via your medical practice, you'll need to be in certain specialties (likely surgical subspecialties like plastics or ortho spine, or optho as a famous LASIK surgeon) and have excellent business sense. Most specialties make 100k-200-something, with a few like radiology, ortho, and anesthesia I guess usually making in the 300's.

 

[Dr McSteamy]

let's make it simple...

if you want to make lots and lots of money and have an easy life just like what you see on tv... don't become a doctor.

typical parrot response.

if you want a 0.001% chance at making lots and lots of money, don't become a doctor. become an NBA player or superstar actor.

everyone should drop everything and go play bball.

other than that, doctors are still the highest paid 98% of the time.

 

[econdr]

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.

Your math is fuzzy here. The "average person" doesnt make 50k but lets assume he or she does. If you make 50k for 15 years, that doesn't mean you have $750k in the bank. If you make 50k, you'll take home 35k of that after taxes. And you'll probably spend 20k of that on rent and another 10k on other expenses. I dunno, food? These numbers are just rough estimates, but the average person who makes 50k might save 5k a year to save of that. And then of course something happens, i dunno, maybe a vacation for a few thousand $$, or your car needs new brakes or whatever. As someone who worked for 3 years and made around that, i can tell you that I have no idea where the money went, but i definitely dont have 150k in the bank right now...

So, when you get your first year salary when you are 36 and are able to put like 40k away in a savings account, you will be very far ahead of mr 50k/year for 15 years.

 

[econdr]

My Dad is a Cardiologist and makes about $ 500000 a year and my moms a gynaec n she makes about $ 60000 a year.My uncles a Orthopedic surgeon n he n his wife make more than 2 millon dollars a year in India.I know many top Docs,some of whom are my Dads friend making more than a million a year and some of India Top surgeons like Dr. Naresh Trehan making 20 million dollars/year & late Dr. Nitu Mandke making more than 50 million dollars a year but they dont like to flaunt their wealth.There are many Top doctors in Indian cities making a Decent 10 million dollars a year.

10 million rupees is 100k

 

[jpro]

How to make 1 million dollars a yr for the rest of your life.

Have a job where you can save $10,000 a month for 25yr
assuming you can average 10-15% annually, you will be left with a nest egg somewhere btw 13-34 million. Live off of 5%. If you have 20 million and live off 5% that 1 million a yr.

Good luck saving up that kind of cash.

If you made $300,000 then after taxes and putting away $10,000/mo you would be left with $75,000 take home per year.

Not likely

 

[Shoushu]

Liver transplant surgeon at UCLA: $1.6 million. Of course he has done 3000 of the 4000 liver transplants performed at UCLA in the past 20 years and has an estimated output of 175% that of a 'normal' transplant surgeon.

Wow, you mean that liver transplant surgeon made 1.6 Mil per Year at UCLA Medical Center, a university hospital that pays that huge of a salary?

Which reminds me to ask, what do doctors do after residency huh?

Do Drs 1. continue working at that same hospital they trained in for a while (as attending)
2. open up a practice
Or 3. try to get hired by somebody?

What's the % makeup of the choices? Most popular choice?

Owning a practice probably nets more than hired by somebody someplace, but there's the huge headache associated with running a practice like a businessperson runs a restaurant. Interested in the option for a surgical specialty, like general sugreon or liver transplant surgeon. Obviously, if one's a dermatologist, there aren't many hospitals who directly hire dermatologists right? How many has a Dermatology Ward or "skin department" in say UCLA Med Center.

 

[austinblnd]

I find it kind of ridiculous that there is a huge thread on this. Does it even matter? If you are making a million a year it's because you are one helluva lucky person. I wouldn't become a doctor just because of it. I know several people who make over >500k a year and didn't even go to college. Try that!

 

[MDInvestor]

Very few physicians make $1 million. Most have sacrificed their lives by working 150% of a normal workload. Some do it for money. Some do it because they have nothing else to do. (On a surgery sub-block, I worked with the ortho chair, who is highly regarded and makes tons of money. I asked why he works so late into the night and he answered that he loves ortho and he doesn't have a wife or kids so sitting at home is not enjoyable for him. He has his own personal pimped out call room at the hospital where he frequently just ends up sleeping at and waking up the next day to do more surgery. You can tell he loves teaching and being there.)

The following are top 3-5 money makers at the respective institutions. The list goes further in some cases but I usually it goes from a #3 person making $1.6 million to the #4 person making 450K.

Why are so many salaries high? Usually its because they are the pioneer at their institution. For example, Dr. Silvers at Columbia is a derm-path guy. Slides sent in from around the world as he is the "expert". Supposedly is very fast reading them, and works long hours which makes him have high cashflow.

Let's take James Grifo MD. Preimplantation Genetic Diagnosis (2nd in the world to do).

Some of the ortho people that you see. They've created Spine Center in the early days. Eventually, the university took over their business (ie Bob's Spine Center turned into Major University Spine Center). This gave them a huge, if not controlling, percentage of the center allowing them to split the major profits with the university/health centers.

With most physician, their reimbursement comes from insurance or national medical cover (the medi's). If they cut reimbursement, you will have to work even harder to achieve those levels.

NYU
James Grifo, Professor, Obstetrics and Gynecology, $2,810,288
Robert Grossman, Dean and CEO, $1,977,496
Nicole Noyes, Assistant Professor, $1,616,475

Columbia
David N. Silvers, Clinical Professor, $3,705,968
Jeffrey W. Moses, Professor of Medicine, $2,493,700
Nirmal Narvekar, President, Investment Management Co, $2,099,879
Lee Bollinger, President, $878,975

Univ. South Cali
Peter Carroll, Head Football Coach, $3,980,798
Timothy Floyd, Head Basketball Coach, $1,515,244
Steven Sarkisian, Assistant Football Coach, $998,770

Stanford
Eric Upin, Chief Investment Officer, $1,904,527
John Powers, President, SMC, $1,760,200
Frank Hanley, Professor, Cardiothoracic Surgery, $1,475,000

Boston University
Jeffrey H. Spiegel, Associate Professor of Otolaryngology, $1,361,859
Timothy E. Foster, Assistant Professor, Orthopaedic Surgery, $1,009,490
James M. Becker, Professor, Chairman of Surgery, $942,300
Robert A. Brown, President, $713,718

Baylor University
Kim Mulkey, Head Women's Basketball Coach, $1,078,820
Art Briles, Head Football Coach, $918,837
Scott Drew, Head Men's Basketball Coach, $555,880
John M. Lilley, President, $449,507

Duke University
Mike Krzyzewski, Head Coach, Men's Basketball, $3,662,941
Victor J. Dzau, Chancellor of Health, $1,623,379
Ralph Snyderman, Professor of Medicine Emeritus, $982,968
Richard H. Brodhead, President, $667,296

John Hopkins
William R. Brody, President, $1,043,483

Mount Sinai
Samin Sharma, Director of Interventional Cardiology, $2,842,816
Kalmon Post, Chairman, Department of Neurosurgery, $2,347,188
Jess Ting, Assistant Professor- Surgery, $2,081,575
Kenneth L. Davis, Chief Executive Officer, Dean and Chief Operating, $1,135,837

I forgot. Some collaborated on valuable patents which the university compensate them for.

 

[MDInvestor]

There was an article in the Houston Chronicle today about a GI doc who cleared 44 million in 3 years. He doesn't have a license and tried to burn down his wife's house but that is another story. http://chron.com/disp/story.mpl/front/3716296.html

A Web site for Klein's investment company, I-Klein Investments LLC, claimed recently that he had one of the nation's most successful medical practices, earning $44 million in three years. The site boasted that he managed a personal portfolio of $16 million in 2003 "with a gain of 46.28 percent net of brokerage fees vs. a gain of 26 percent for the S&P 500."

Klein, owner of Gastroenterology Associates of Memorial City and the Liver Institute of Texas, at 10565 Katy Freeway, had been awarded four patents on drugs used to treat hepatitis C.

This guy made SOME money being GI and with patents padding his piggy bank. Then created an investment company to grow his investments. Only problem is that he did it with FRAUD and got a 46-count federal insurance-fraud indictment.

Furthermore,
She didn't know about court documents alleging that Klein in 1994 gave a mistress $144,000 per year, with an apartment and a Porsche, Steel said. And, he said, she didn't know about court records showing that when Klein's previous wife discovered the relationship, Klein persuaded the women to let him live with each of them on alternating days.

lol.. seriously?!? He took huge risks. It paid off for a while but the house crumbled on him eventually. I prefer the simple life.

 

[MDInvestor]

And finally, Balzac quote:

"The secret of a great fortune for which you are at a loss to account,
is a crime that has never been found out, because it was properly
executed."

or the modern equivalent:

"Behind great fortune lies a great crime"

 

[MOHS_01]

I find it kind of ridiculous that there is a huge thread on this. Does it even matter? If you are making a million a year it's because you are one helluva lucky person. I wouldn't because a doctor just because of it. I know several people who make over >500k a year and didn't even go to college. Try that!

How do you figure that? If you make more than a million a year in medicine -- and you are not some salaried fat cat at a university -- you are not lucky... you're either working your ass off or have a nice enterprise.

 

[Shoushu]

How do you figure that? If you make more than a million a year in medicine -- and you are not some salaried fat cat at a university -- you are not lucky... you're either working your ass off or have a nice enterprise.

This brings up a question: Who makes more? Salaried doctors or Doctors w/ their own enterprises (or solo-practitioners even)?

I think I read somewhere: Private Practice doctors make 33% more than Salaried Doctors? Not sure if true.

 

[MOHS_01]

This brings up a question: Who makes more? Salaried doctors or Doctors w/ their own enterprises (or solo-practitioners even)?

I think I read somewhere: Private Practice doctors make 33% more than Salaried Doctors? Not sure if true.

That is not a simple yes/no question; some salaried physicians will earn higher than their enterprising counterparts, while the converse is true for others. For procedural specialties the self employed tend to do better....

 

[Baby Boy]

from the
Updated: Sun., Oct. 25, 2009, 2:49 PM


Meet NY's hidden rich people

By STEFANIE COHEN and ANNIE KARNI
Last Updated: 2:49 PM, October 25, 2009
Posted: 6:39 AM, October 25, 2009

SEE THE FACES BEHIND THE PAYCHECKS

PERSONAL TRAINER
Alex Reznik, 41
Complete Body, Manhattan
Salary: $300 an hour, between $200,000 and $250,000 a year
Reznik, a former commander in the Russian Army, has worked with fashion designer Valentino, the Bulgari family, Deepak Chopra and bunches of Russian billionaires, who fly him over in private jets once a year to recharge their batteries. He charges $1,500 a day for week-long fitness sessions, during which he also teaches nutrition to the client’s chefs.
“I go with them to black-tie events and help them choose what to eat, what to drink,” he said. “I love it,” he said. “You don’t have much of a personal life, but you meet fascinating people.”

CHAUFFEUR
Joseph Diorio, 56
Matchbox Limo Inc., Bensonhurst, Brooklyn
Salary: $250,000 a year/up to $20,000 a day
Diorio has been driving A-listers like Al Pacino, Elizabeth Taylor, Mick Jagger, Beyoncé and the billionaire Maloof brothers since 1971.
The city’s most discriminating celebs ride in style in his Escalade SUV or in his cornucopia of classic cars, including a 1963 lowrider, 1960 Corvette and 1936 Lincoln V12.
He charges $85 an hour, plus 20 percent gratuity, but usually rakes in much more than that. He doesn’t just drive his clients, he books restaurants, secures show tickets and gives them an insider tour around New York.
He even has his superstar customers on speed dial.
“Joe never shuts up,” Larry King told The Post over Diorio’s cellphone. “He’s the world’s most talkative limo driver, and he knows the city back and forth and inside and out.”
How does this Brooklyn-born character do it? “I don’t kiss ass,” Diorio explains. “I treat people with respect, but I don’t yes them to death.”

DOORMAN
Edgar Pachon, 50
817 Fifth Ave.,
Jackson Heights, Queens
Salary: About $70,000 a year.
Meet the city’s most beloved doorman. Though he makes less than $20 an hour, he rakes in over $30,000 in tips during the Christmas and New Year’s season to make his overall earnings around $70,000.
Edgar Pachon, who has worked at 817 Fifth Ave. for a decade, is known for his gregarious personality, dance moves and uncanny ability to anticipate the posh residents’ needs.
“What can I say? I feel good serving these people. Without them, I wouldn’t be able to make a living,” Pachon said.
His advice to other fledgling doormen: “You have to know how to treat each tenant, and you have to know each of their needs. Some like it when you take their luggage, others do not. You have to make sure that you treat each of them special.”

HAIRSTYLIST
Orlando Pita, 46
Salary: $800 a cut
It’s enough to make your hair stand on end. But Pita has no qualms about charging his clients a hair-raising $800 for an 80-minute snip and clip, and that’s not including tip. Of course, that’s pocket
change for such stars as Jennifer Connelly, Kirsten Dunst and supermodel Naomi
Campbell. There’s a two-month wait for an appointment at the Orlo Salon in the
Meatpacking District.

YOGA TEACHER
Sadie Nardini, 37
The Fierce Club, Manhattan
Salary: $150 an hour for private classes;
up to $100,000 a year
The limber Nardini is a master teacher whose been downward dogging for the last 15 years. Why is she worth the money? “I can get people to the crow position in one session, and I can get them into handstands fast. Some teachers hold things back, hoping to keep their clients on the hook for more sessions. I tell them to get out a notebook and give them a ton of information for each pose.”
“I can’t charge a bunch of money and not give the value,” she said. “It’s good karma, and it’s made me really abundant.”
Nardini created her own yoga program, called Core Strength Vinyasa Yoga, which she teaches to other teachers. She also sells a DVD, and will soon be coming out with a yoga iPhone application. She’s also a partner in the Fierce Club studio in SoHo.
Says the yoga mogul: “You don’t want to exist on what you can do in the present moment with your physical body. You want to proliferate your teachings beyond the physical classroom.”

CABDRIVER
Joslin Fenelus, 54
Valley Stream, Long Island
Salary: Grosses about $80,000 a year, about $250 to $300 per shift
Fenelus has been a hack since 1986, when he needed cash to put himself through college. He put a down payment on a medallion a few years later and realized he’d make more money as a cabby than a teacher. “I have five kids from two wives, so I needed something in which I could make money quickly,” he said.
He used to put in longer hours but now calls it a day after a 12-hour shift. Being a successful cabby means being an armchair psychologist, he said. “As a driver, you have to get a sense of listening to a person’s story about their children, about their wife, about their job. You don’t tell them your problems, you listen to their problems. You have to make good conversation about politics, too; be able to talk to Democrats and Republicans.”
The biggest tipper he ever had was a rich Zimbabwean who asked Fenelus to be his personal driver for three days. “I was very good to him. And when I took him to JFK, he gave me $500,” said Fenelus. “But this happens only once in a lifetime.”

REAL ESTATE AGENT
Dolly Lenz, 52
Salary: Averages between $6 million and $7 million a year
She’s on top of the world, and it usually comes with a penthouse view. The managing director of Prudential Douglas Elliman Real Estate and senior vice president of Sotheby’s realty is the A-list deal maker. The uber-broker has clinched prime real-estate deals — including the $37 million, penthouse sale at the No. 1 address, 15 Central Park West. “I do not take a single vacation day. I’m a psycho. There’s no question. Every friend I have comes from business. It all kind of blends together, social life and work life. I cannot wait to go to work,” she said.

BARTENDER
Dushan Zaric, 39
Bartender/owner of Employees Only and Macao Trading Co., Manhattan
Salary: Between $150,000 and $200,000 a year, up to $800 a night.
The dashing Dushan began bartending in the ’90s at the club of the moment, Pravda, on the Lower East Side. There, master mixologist Dale DeGroff taught him the how to shake and stir drinks that went beyond the vodka tonic. “Before I met Dale, I didn’t understand that bartending was a profession. You don’t have to be an actor or a musician waiting for your career to start.”
His secret to success? “You have to be the rock star who flirts with the girls, keeping them there as bait. But then you have to be a sage: engaging your wisdom to handle complaining Upper East Side women, aggressive men and Black American Express Card owners who are full of attitude.”

DOG WALKER
Eddie Bimonte, 48
Eddie’s Pet Service, Manhattan, New York
Salary: About $4,000 a month, $230 a day
Bimonte makes a pretty penny as a private dog walker and the go-to guy for the SoHo and Tribeca Grand hotels, which both call him when their guests need a dog sitter while they catch a show. “If I’m with the dogs from 7 p.m. to midnight, I can walk away with a few hundred.”
Bimonte himself comes with a fancy pedigree: He’s walked supermodel Heidi Klum’s dog, Shelia, actor Kyle MacLachlan’s dog, Mookie, and Helen Hunt’s pup, Johnny.
Bimonte’s no-no: Cellphones or headphones. “You’re not connected with the animal if you have headphones in all day.”
Another no-no: dog runs. “They can catch kennel cough and germs.”
“My job is to make sure they pee and poop,” he said. “I love it when they poop!”

MATCHMAKER
Christie Nightingale, 45
Salary: Up to $1.25 million a year
What price true love? If Nightingale is your matchmaker, it could be up to $25,000.
“My typical client is a man in his mid-40s with an advanced degree. He works as a director at a bank, he’s busy and well-traveled, seeking marriage and a family,” she said. Nightingale says she works with “high-profile individuals in New York City, big-time financiers, well-known celebrity types. It’s all confidential.”

PLASTIC SURGEON
Mark R. Sultan, 53
Surgeon Beth Israel Medical Center
Salary: $5 million a year
“The income we generate is a function of the quality and volume of the surgery we perform,” Sultan explained. “Since we do a great deal of sophisticated cosmetic and reconstructive surgery, we do tend to collect significant monies. Of course, our overhead is huge, also.”

 

[ajeceo]

Hi Everyone,

I work in hospital administration and own two business (starting a third). The fastest way to make a million is to start a business. That simple, really.

As far as doctors making a million a year, there are some in every specialty I would assume. You won't make a million a year by working at a large clinic/hospital. Inventing something would be the only way to do it in this environment. The highest paid doctor at the place I work at is a neurosurgeon who has made a little over 700k dollars in a year (around 2004 I think it was). Ever since he hasn't made as much.

When you are a doctor, working long hourly days, you have little time to invest in business since you are always busy. Therefore, you will want to develop connections with people who are in business in order to break into something like that without having to spend all of your waking hours trying to get something else done on the side.

Remember that making 400k dollars a year and only saving 40k dollars a year is NOT wealth, but living high. Making 400k a year, having a mutual fund business (even if a partnership) or part owner of a local business, and saving 200k dollars a year, and also owning land IS wealth.

 

[jaguarms]

You want to make a million dollars a year?

You won't do it with medicine alone unless you are inventing new medical devices (like the father of my roomate last year).

The best way to do it is to channel your savings into real estate. Rich doctors own apartment complexes and commercial real estate. I'm reading a book by a guy that says if you own 50 mobile homes and net ~$200 a month in positive cash flow from each rented trailer...that equals over $100,000 per year in income. And where is it coming from? Renters.

So my plan is to go into medicine and buy up dem trailer parks! THAT is how you make a million dollars a year as a doctor.

 

[KeratinPearls]

You want to make a million dollars a year?

You won't do it with medicine alone unless you are inventing new medical devices (like the father of my roomate last year).

The best way to do it is to channel your savings into real estate. Rich doctors own apartment complexes and commercial real estate. I'm reading a book by a guy that says if you own 50 mobile homes and net ~$200 a month in positive cash flow from each rented trailer...that equals over $100,000 per year in income. And where is it coming from? Renters.

So my plan is to go into medicine and buy up dem trailer parks! THAT is how you make a million dollars a year as a doctor.

Yeah easier said than done. How about those trailer park trash that can't pay their rent? Im sure these ppl dont make much money to begin with. Talk about a headache for a measly $200 ... Id rather use my time doing other things.

 

[carlosc1dbz]

Yeah easier said than done. How about those trailer park trash that can't pay their rent? Im sure these ppl dont make much money to begin with. Talk about a headache for a measly $200 ... Id rather use my time doing other things.

I wonder if people are going to start using the term, "sub prime mortgage trash." LOL

 

[MagicDrumSticks]

If you want to become rich, why don't you just become a banker/trader?

All of my friends from college became bankers and they're making a ****load of money while I'm in medical school. They will be making more money than me when I'm a physician also.

Sure you do. Everyone has a friend who was top 10 at harvard and now is a millionaire at the age of 26.

But why didn't you do it? Frankly I don't see why anyone would be foolish enough to choose such an inferior path such as Medicine when given the chance to become a "banker."

long story short: You could have been rich but chose not to, moral of the story is: you're lying.

Don't listen to people on the Internet.

 

[byronic]

Its all probability and likelihood. The AVERAGE physician will make more than the AVERAGE banker/businessman/ceo/whatever. Its simple really...you are forfeiting a wider range for a higher salary. Sure, you have the opportunity to make millions as a banker or businessman, but the greater chance lies in your salary never breaking 6 figures. Simple math, med is the way to go, ESPECIALLY if you want to make money.

And to everyone saying OMG NOT A REASON TO BE A DOCTOR. Seriously, grow up. The intentions behind choosing a profession have no relevance on the quality of the doctor and if you think it does, you are widely misled. I know plenty of people (myself included) that are doing medicine for the money/prestige alone, and we will become far better doctors than the hard-working/caring/love-of-the-profession doctors out there. Why? Because at the end of the day intelligence and ambition will far outweigh any sense of good-will towards man. If you cant understand that really wanting to help someone isnt going to help you become a better doctor, then you need to reevaluate things a little bit.

 

[thetruth9]

Its all probability and likelihood. The AVERAGE physician will make more than the AVERAGE banker/businessman/ceo/whatever. Its simple really...you are forfeiting a wider range for a higher salary. Sure, you have the opportunity to make millions as a banker or businessman, but the greater chance lies in your salary never breaking 6 figures. Simple math, med is the way to go, ESPECIALLY if you want to make money.

This is absolutely false. The average banker/trader will start raking in $100k+ straight from undergrad. This rapidly increases to way over 7 figures by the time you are 35 for most, but it can happen as early as 27 or 28 for some. This is consistent if you stay in banking/trading or can be much higher if you go to private equity or hedge funds. At the very very high end you can be in 9 figures. Even at the very low end, you will be in the upper 6 figure range by your late 30s.

This is however, assuming you have a shot at it (i.e. are at the top of harvard, penn wharton, dartmouth, princeton, etc). The reason the pay is so high is because, unlike for medical school, joe schmo from state school univ. can't break in even with a 4.0 gpa. However, joe schmo could try again at a top ranked MBA after a few years out.

Being a "business person" is different from being a "banker or trader". I agree that the average "business person" makes less than the average doctor.

But once again, you shouldn't be a doctor for the money, and there are many other positives that you get from medicine and can't get from banking or trading. But if you like money, study money - there's nothing wrong with it and it can be quite fascinating. I actually switched from pre-med to finance because the possibility of working in teams with very bright people allured me more than seeing 10 or so random people every day. If you go to one of the aforementioned schools or equivalent, I would highly suggest you rethink your career path if you are hoping for a $1 mil + salary in medicine.

 

[thetruth9]

here's an article that touches on the medicine/finance tradeoff:

http://www.nytimes.com/2006/11/27/business/27richer.html?_r=2

 

[byronic]

There's a lot to consider, job security being one of them. Doctors are always in demand. And you are absolutely false about the average banker raking in 100k+ out of undergrad, because I have a bevy of friends that have graduated from both wharton and harvard. SOME of them, the unbelievably extraordinary, rake in dough like its nobody's business. Its common sense that most people that come from a top 5 undergrad business program will make a considerable amount of money, but to think that this affects the average banker is just plain foolish. The MAJORITY of ibankers are from schools outside the top 5, and never break the 200k threshold. On the other hand, someone that knows what they are doing can start at 350k out of residency with radio/surg/anesth. You think everyone works for ken griffin? Get real.

 

[thetruth9]

My point exactly - you can't get into banking unless you are at the top of an elite school, which is why they are all paid what I stated earlier. Any banker in new york is making over $100k after bonus. Even summer interns rake in $15k for 10 weeks.

 

[byronic]

Where are you getting these figures? I have a friends working summer internships at qatari funancial, gs, accenture, keybank, and citi and NONE of them are making even CLOSE to "15k." One of my friends last summer got the summer job of a lifetime and made about 12k WITH bonuses and he basically wasnt even an intern, he was assistant.

And no, you can get into banking even if you are not from an elite school. There are a substantial amount of pure brokerage, equity, WHATEVER "firms" out there and the jobs available are numerous. Do you honestly know what you are talking about? Do you understand the difference between an analyst and an associate and the usual experience/degree prereqs? I'm getting the feeling that there is absolutely no point arguing with you...And before I forget to mention, last summer i had an intership at some place called boa so i think i know what im talking about.

 

[MagicDrumSticks]

Are you guys absolutely SURE that you can't get in without being at a Top school? I'm sure it could be possible if you networked enough.