People with dual physician parents - are you rich?

[jambro]

Ok people - fess up.

Those with dual physician parents - did you grow up feeling rich? Are your parents paying for all your education (undergrad + med school)? Did you feel like you never saw them since they were working so much?

I assume that most people here don't have dual physician parents, and yet a decent amount may end up with another physician and experience that lifestyle for themselves.

So - what's it like? I'm assuming it didn't dissuade you from pursuing medicine if you're posting here...

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[Medicine-Man]

Ok people - fess up.

Those with dual physician parents - did you grow up feeling rich? Are your parents paying for all your education (undergrad + med school)? Did you feel like you never saw them since they were working so much?

I assume that most people here don't have dual physician parents, and yet a decent amount may end up with another physician and experience that lifestyle for themselves.

So - what's it like? I'm assuming it didn't dissuade you from pursuing medicine if you're posting here...

they're too busy yachting /s

 

[Redpancreas]

Ok people - fess up.

Those with dual physician parents - did you grow up feeling rich? Are your parents paying for all your education (undergrad + med school)? Did you feel like you never saw them since they were working so much?

I assume that most people here don't have dual physician parents, and yet a decent amount may end up with another physician and experience that lifestyle for themselves.

So - what's it like? I'm assuming it didn't dissuade you from pursuing medicine if you're posting here...

No one's going to post about how privileged they were on here.

 

[jambro]

No one's going to post about how privileged they were on here.

Well maybe they weren't privileged and can disabuse me of my assumptions... maybe their parents were both FM so they're actually poor? (/s)

 

[Banco]

Dunno how people FELT in such situation, but a household income comprised of 2 physician salaries almost assuredly puts you in the top 1-2% of household incomes. So, yeah.

From my experience in medical school, most of the students came from well off families, and lots of dual physician households - I straight up am by far the poorest one of anyone I know in medical school and I thought I had a pretty comfortable middle class life lmao. I learned of all the people that went summering in the hamptons and was like "why is summer being used as a verb."

That being said, most of them were also very well adjusted and aware of their privilege.

 

[slowthai]

No one's going to post about how privileged they were on here.

Well both of my parents are NPs and it's been pretty great



Hyuck hyuck hyuck hyuck

Edit: Kidding, they aren't NPs. They're not physicians either

 

[odyssey2]

I mean, a full-time dual physician couple is making at least 400k and easily up to a million plus if they’re both specialists, so I’d say an easy yes.

 

[jambro]

Dunno how people FELT in such situation, but a household income comprised of 2 physician salaries almost assuredly puts you in the top 1-2% of household incomes. So, yeah.

From my experience in medical school, most of the students came from well off families, and lots of dual physician households - I straight up am by far the poorest one of anyone I know in medical school and I thought I had a pretty comfortable middle class life lmao. I learned of all the people that went summering in the hamptons and was like "why is summer being used as a verb."

That being said, most of them were also very well adjusted and aware of their privilege.

I've never heard anyone use the word "summering" seriously. Maybe I need to hangout in bougier circles...

I guess I don't know my class all that well yet (thanks covid) but i don't know of any classmates who have dual physician parents. Some with physician parents sure, but I've not yet personally seen the "kid driving beamer with a rolex" stereotype yet. I wonder if that's more or less common at prestigious schools?

 

[AnonymousDoctorGuyPerson]

If they say they aren't, they just don't realize they are in fact rich.


A family of 4-5 with an income over 200k goes down as rich in my book, at least, and I'm from NYC.

 

[odyssey2]

A kid in my class with dual physician parents who made 800-900k tried to pass off his family as “upper middle class.” We shot that down quick.

 

[Mad Jack]

I mean, a full-time dual physician couple is making at least 400k and easily up to a million plus if they’re both specialists, so I’d say an easy yes.

Your parents being wealthy doesn't mean you will see a dime of it

 

[jambro]

A kid in my class with dual physician parents who made 800-900k tried to pass off his family as “upper middle class.” We shot that down quick.

How did you know his parents income, assumptions?

I agree with the sentiment but you're actually going off of the colloquial definition of "upper midle class" and not the actual definition. Upper middle class generally refers to white collar professionals who put a great importance on education. "Upper class" is usually people with extreme political power/generational wealth. People get caught up in the "middle" of "upper middle class" and kind of take it at something above the median income but the income alone is not really what makes someone upper class or upper middle class.

I'd argue physicians, while they make a great salary, are more similar to other white collar professionals than they are the traditional "upper class."

 

[AnonymousDoctorGuyPerson]

Your parents being wealthy doesn't mean you will see a dime of it

If someone's parents are making 400k+, the chances of them not paying for their kid's undergrad seems very low. That's mad dimes right there.
Also very likely that the family goes on vacation. More dimes.

 

[odyssey2]

How did you know his parents income, assumptions?

I agree with the sentiment but you're actually going off of the colloquial definition of "upper midle class" and not the actual definition. Upper middle class generally refers to white collar professionals who put a great importance on education. "Upper class" is usually people with extreme political power/generational wealth. People get caught up in the "middle" of "upper middle class" and kind of take it at something above the median income but the income alone is not really what makes someone upper class or upper middle class.

I'd argue physicians, while they make a great salary, are more similar to other white collar professionals than they are the traditional "upper class."

He told us.
We’ll have to agree to disagree on the definition of “upper class,” but I think having that much disposable income make it untenable to consider yourself anywhere close to the middle class. Would a wealthy small business owner or someone who invested in real estate wisely and now makes millions also not qualify as “upper class” to you? These people don’t have a lot of political power but having that much money on your own, even if accrued through ordinary means, does give a degree of power, at least in terms of the financial choices you can make for yourself and your family. A family making close to a million a year could fairly easily, in a few years of frugal living and smart investing, set themselves up for the rest of their lives.

 

[Lifeblood_20]

At the med student panel at one of my interviews (at a T10 school), someone asked how the students' experiences were with the financial aid at the school. All 3 medical students there responded along the lines of "sorry, both of my parents are doctors, so I don't have experience with need-based aid." It was definitely an eye-opener to me, whose parental income is <$50k/year, and made me wonder how much their privilege helped them in getting to that prestigious position.

 

[ohmanwaddup]

The definition of “rich” also depends on where you live. 200K might give you a lot in one state, and much less in a big city like NYC or LA. I lived in places where you could pay 100K for a very nice home, and in places where that wouldn’t even get you a one bedroom apt.

where on earth is there a place you cannot get a 1 bedroom apartment for less than 100K a year.

 

[jambro]

He told us.
We’ll have to agree to disagree on the definition of “upper class,” but I think having that much disposable income make it untenable to consider yourself anywhere close to the middle class. Would a wealthy small business owner or someone who invested in real estate wisely and now makes millions also not qualify as “upper class” to you? These people don’t have a lot of political power but having that much money on your own, even if accrued through ordinary means, does give a degree of power, at least in terms of the financial choices you can make for yourself and your family. A family making close to a million a year could fairly easily, in a few years of frugal living and smart investing, set themselves up for the rest of their lives.

Most importantly, i would agree that this person's parents are rich (at least by income). No 2 ways about that. You can be "upper middle class" by the traditional definition and still be very rich and live a life far different than a "regular" middle class person. i just felt like being pedantic since before I looked into it I also thought that upper middle class could not equal "rich"

 

[Detailsmatter]

where on earth is there a place you cannot get a 1 bedroom apartment for less than 100K a year.

Miami? lmao. gotta pay at least 175-200 for an "ok" place

 

[Thesimplelifeofamyloid]

Meh, I think very few people who make their primary income working as a physician would fit my definition of rich. Most of the people my in class have to succeed in order to vastly improve (or maintain) whatever lifestyle they grew up with. They maybe have 2-3 tries at tops or their life with be significantly impacted. I think people forget that we will work for every single penny that we get. Rich to me is like one of the tik tok stars that can afford to make videos for most of their 20s and live in a mansion without having to worry about $$$ or failing. Or someone who was born into Hollywood and have the luxury of pursing acting/singing as a career. I don't think any of the ladder truly work for their money for the same way we do.

 

[ohmanwaddup]

Miami? lmao. gotta pay at least 175-200 for an "ok" place

You're telling me you cannot find a "ok" place in Miami for less than 8000 a month in rent?

 

[Detailsmatter]

You're telling me you cannot find a "ok" place in Miami for less than 8000 a month in rent?

she’s talking about buying a place lol

 

[ohmanwaddup]

she’s talking about buying a place lol

Ah that makes more sense. I see the word apartment and assume its rent

 

[Banco]

I've never heard anyone use the word "summering" seriously. Maybe I need to hangout in bougier circles...

I guess I don't know my class all that well yet (thanks covid) but i don't know of any classmates who have dual physician parents. Some with physician parents sure, but I've not yet personally seen the "kid driving beamer with a rolex" stereotype yet. I wonder if that's more or less common at prestigious schools?

Well no I've never seen "kid driving beamer with rolex" blatant either haha

 

[Gilakend]

At the end of the day it's going to come down to opinion. If someone's parents make 6 figures they seem rich to me.

 

[The Last Ankibender]

At the end of the day it's going to come down to opinion. If someone's parents make 6 figures they seem rich to me.

same for me. My parents made around 60k when growing up and I never felt poor. i lived very comfortable. Is not until I got to med school I was one of the poorest compared to all the doctor’s kids in my school.

 

[MICKY MANTLE]

At the end of the day it's going to come down to opinion. If someone's parents make 6 figures they seem rich to me.

You must not live in the real world...six figures today does not make you rich, IMHO.

 

[ACSurgeon]

If they say they aren't, they just don't realize they are in fact rich.


A family of 4-5 with an income over 200k goes down as rich in my book, at least, and I'm from NYC.

A family making 200k is upper middle class, but has the potential to become rich if they live a frugal lifestyle for a couple of decades...

 

[ACSurgeon]

same for me. My parents made around 60k when growing up and I never felt poor. i lived very comfortable. Is not until I got to med school I was one of the poorest compared to all the doctor’s kids in my school.

There is a a huge gap between “not poor” and “rich”. Yes, I am not poor. No, I’m not rich based on net worth, and it’ll be a while before I get there. being financially responsible for a long while is required to become rich as a physician unless you had significant help with education cost and other big life expenses.

 

[Medicine-Man]

There is a a huge gap between “not poor” and “rich”. Yes, I am not poor. No, I’m not rich based on net worth, and it’ll be a while before I get there. being financially responsible for a long while is required to become rich as a physician unless you had significant help with education cost and other big life expenses.

Rich is pretty open to interpretation, though.

For some, they wouldn’t even consider a dual physician couple rich.

Others would consider a pediatrician with loans living in NYC rich.

A lot of Americans consider any 6 figure income rich, or any 7 figure net-worth to be rich.

 

[Dr_feelsbadman]

I'll bite. Both my parents are doctors. Combined income must have been ~600K/yr. I lived the same life as my friends who had engineer parents (~200K). I grew up in a 3,000 sqft house. I got a used car with 70,000 miles on it as my first car when I was 16. When we went out to eat, the family bill would be $80-100 but my parents would cover it without stress.

I went to a public high school with very poor college placement. We had an agreement that my parents would pay for college if I went to state school, so I went and they covered the $100K it took for 4 years. I worked my a$$ off in college. Got the research, held tutor positions for extra income, MCAT prepped on my own with used books + the AAMC material (total cost <$500). Accepted into good medical schools, opted for a lower ranked one that offered merit-scholarship. I'm taking on all the debt for medical school. Once it's all said and done, it'll be less than $150K. I know my parents could pay it in a heartbeat, but from the beginning the expectation has been that I take the debt on myself.

In summary: Money has never been a stressor. We've always been comfortable. My house is decent size in a decent city. I worked hard in college, but I was able to take positions that paid less, then subsequently supplemented my own income with tutoring. It's a nice life, but by no means "rich". Now that I'm in medical school, I'm surrounded by tons of dual-physician kids who went to the elite private high schools to ivy leagues to medical school. Which I cannot relate to at all.

 

[OrthoTraumaMD]

where on earth is there a place you cannot get a 1 bedroom apartment for less than 100K a year.

Cannot get? Well... let put it this way. where i live right now, a 3 bedroom 1 bath house is 800K plus. Rent for a 2 bedroom is 5k or more per month.

 

[Kardio]

made me wonder how much their privilege helped them in getting to that prestigious position.

Outright privilege (connections/networking, direct and indirect financial support, etc.) likely helped.

Teaching their kids the correct behaviors to be successful, by example and with guidance (work ethic, staying out of trouble, etc.), was probably more important.

I say this as someone from a lower-middle / middle class household. It took me a long time to learn that high income parents raise their kids differently than low income parents - and it isn’t all about the money.

 

[MICKY MANTLE]

Outright privilege (connections/networking, direct and indirect financial support, etc.) likely helped.

Teaching their kids the correct behaviors to be successful, by example and with guidance (work ethic, staying out of trouble, etc.), was probably more important.

I say this as someone from a lower-middle / middle class household. It took me a long time to learn that high income parents raise their kids differently than low income parents - and it isn’t all about the money.

"I say this as someone from a lower-middle / middle class household. It took me a long time to learn that high income parents raise their kids differently than low income parents - and it isn’t all about the money."

Do you have any evidence to support this claim? It is likely anecdotal at best because of the few high-income people you know.... I know a fair amount of "high income parents" who have raised their children to be decent people with strong morals and good character. Parenting can be bad at any socioeconomic level and is not exclusive to those that make a lot of money. BTW, I'm from a middle class household.

I guess the fashionable word these days is "privilege", which is so often miss-used.

 

[AnonymousDoctorGuyPerson]

where on earth is there a place you cannot get a 1 bedroom apartment for less than 100K a year.

Probably the misconception that NYC you have to live in a shoebox for 800k a year. The housing situation in NY is atrocious I'll admit that, but the people who are seeing it the most are expats who only wanna live in the ~cool areas~, and not in places they consider "unsavory" even though they're perfectly safe and lovely areas. I paid 600/mo in rent for a 1000sqft apartment with a roommate. I worked in midtown last year, the commute was like 25 mins.

 

[DoctwoB]

It’s all relative. What is rich? Is it a mansion and bentleys? Is it a 2500 sq foot house in a good neighborhood with parents paying for college and some vacations? Somewhere in between? In my opinjon Two PCPs making 400k in a HCOL area with some student loans are comfortable, but not rich. Two specialists making 1 mil in a LCOL area with no loans are rich. If you grew up with much less, the PCPs will seem rich to you. It’s all relative.

 

[Kardio]

Do you have any evidence to support this claim? It is likely anecdotal at best because of the few high-income people you know.... I know a fair amount of "high income parents" who have raised their children to be decent people with strong morals and good character. Parenting can be bad at any socioeconomic level and is not exclusive to those that make a lot of money. BTW, I'm from a middle class household.

I didn’t say anything about upper class parents raising their kids poorly.

I am saying that upper class parents tend raise their kids differently, in non-monetary ways, than working or middle class parents.

 

[softball2344]

People out here saying "its all relative" lmao anyone with 2 physicians in the family is rich end of story. Anyone who doesn't realize that needs a wake up call. I am from a coastal southern CA city (#3 of most expensive cities in US) and you can easily afford a house with the combined salary (which will be 400k+), not right near the coast but a few miles inland for sure...

 

[softball2344]

where on earth is there a place you cannot get a 1 bedroom apartment for less than 100K a year.

Like half the US haha do you mean with a 100k salary or the apartment costing 100k?

 

[odyssey2]

People in the US have an aversion to calling themselves “rich” unless they’re absolutely rolling in it or they’re self-aggrandizing narcissists. Everyone wants to be middle class but not everyone can be!

 

[Dr_feelsbadman]

People out here saying "its all relative" lmao anyone with 2 physicians in the family is rich end of story. Anyone who doesn't realize that needs a wake up call. I am from a coastal southern CA city (#3 of most expensive cities in US) and you can easily afford a house with the combined salary (which will be 400k+), not right near the coast but a few miles inland for sure...

This entire thread is getting at the nuance of what "rich" is and here you come painting broad strokes eliminating that conversation.

Is affording a house in a decent area, sending your children to college debt free, and otherwise living a middle-class lifestyle considered rich? I would argue it is not. As an aside, growing up I noticed that I lived the same quality of life as any family that made ~80K-300K. My family substantially made more, but we went on the same types of vacations, went to the same schools, drove similar cars. In fact, the only people in my school who acted rich were the ones whose parents owned businesses.

I know there's the aversion to being "rich" but if what I grew up with is the average rich experience of America, man it's not that great.

 

[MedScat]

Child of two physician parents here....psychiatrist and pediatrician in the south bronx. We definitely did not grow up poor but, we weren't "rich." My parents are immigrants and had to use a lot of their salary to get other family members over here....they did not pay for my college or medical school. I'm a couple hundred thousand in the hole just like anyone else. But we definitely grew up comfortably, in a town full of actual rich people where we were probably the poor ones lol. We went on a vacation a year but I still worked since I was 14 and earned most things I got because my parents believe in teaching good work ethic. I am definitely privileged because my parents worked so hard to come to this country and gives a better life than them....and they succeeded! To be fair, my dad probably has more money than he lets on. If we listened to him, we'd be two phone bills away from being on the street lol. Immigrant mentality I guess

A lot of you are using metrics such as "being able to afford a house in the top 3 most expensive cities with a two physician salary." Just because someone makes a certain salary, doesn't mean they don't have more financial burdens (supporting extended families, 5+ children, etc.)

Also, anyone who says 30k in property taxes alone is fair for a 500k house in NY needs to go away.

 

[softball2344]

This entire thread is getting at the nuance of what "rich" is and here you come painting broad strokes eliminating that conversation.

Is affording a house in a decent area, sending your children to college debt free, and otherwise living a middle-class lifestyle considered rich? I would argue it is not. As an aside, growing up I noticed that I lived the same quality of life as any family that made ~80K-300K. My family substantially made more, but we went on the same types of vacations, went to the same schools, drove similar cars. In fact, the only people in my school who acted rich were the ones whose parents owned businesses.

I know there's the aversion to being "rich" but if what I grew up with is the average rich experience of America, man it's not that great.

Jesus Christ I don't even know what to say to this... your parents owned a house in a nice area, you went on vacation, drove nice cars, and graduated debt free? That's NOT the typical middle class experience

 

[Dr. Trafalgar Law]

This entire thread is getting at the nuance of what "rich" is and here you come painting broad strokes eliminating that conversation.

Is affording a house in a decent area, sending your children to college debt free, and otherwise living a middle-class lifestyle considered rich? I would argue it is not. As an aside, growing up I noticed that I lived the same quality of life as any family that made ~80K-300K. My family substantially made more, but we went on the same types of vacations, went to the same schools, drove similar cars. In fact, the only people in my school who acted rich were the ones whose parents owned businesses.

I know there's the aversion to being "rich" but if what I grew up with is the average rich experience of America, man it's not that great.

If your family lived similarly to families that they made 2-6x more than annually, your family likely has lots of savings that will be inherited by you, or you have many siblings, or your family simply spent their money on things that the peer families you refer to did not, or those families are or will experience crippling debt.

All that extra money made goes somewhere, it doesn’t just vanish after all.

That being said it’s important to appreciate that being in the 1% doesn’t imply a life of outrageous wealth, considering that the gradient within that 1% is unbelievably massive, and physicians are right at the bottom of it/

 

[Dr_feelsbadman]

Jesus Christ I don't even know what to say to this... your parents owned a house in a nice area, you went on vacation, drove nice cars, and graduated debt free? That's NOT the typical middle class experience

I lived in a rough area where only ~10% of the class went to any college no one went to any ivy league or top schools. I went on roadtrip vacations. I drove a 2004 camry with 70K miles. I am graduating 150K in debt even after getting merit scholarships.

Tell me again how I don't have the middle class experience?

 

[softball2344]

I lived in a rough area where only ~10% of the class went to any college no one went to any ivy league or top schools. I went on roadtrip vacations. I drove a 2004 camry with 70K miles. I am graduating 150K in debt even after getting merit scholarships.

Tell me again how I don't have the middle class experience?

I mean your other post suggested this wasn't the case lol and idk what to say the money your parents were earning must have gone somewhere, maybe not to you but that's not the typical scenario of someone making >300k. There are always exceptions, without a doubt your experience is atypical for coming from a rich family. In particular the 'only 10% went to any college' and rough area part is pretty unbelievable

 

[Gilakend]

You must not live in the real world...six figures today does not make you rich, IMHO.

It's about 2.5x the average household income in my area. Hard to consider that not rich from my perspective.

 

[AnonymousDoctorGuyPerson]

I grew up in NYC and lived there for more than 20 years. Its not a misconception if you want to live somewhere decent, without a roommate, that you will have to pay substantially.

Yeah, I've lived here for 30 years, I said the housing market is ****ed, and said it's possible to live somewhere decently if you're willing to commute a little bit / have a roommate like everybody else.

Just the people quoting "you can only live in NYC if you pay 2.5k/mo" are trying to live in "The Hot Spots" - can live 10 minutes away in an area that people will find a little 'too ethnic' for their taste and pay half that.

 

[percyeye]

This entire thread is getting at the nuance of what "rich" is and here you come painting broad strokes eliminating that conversation.

Is affording a house in a decent area, sending your children to college debt free, and otherwise living a middle-class lifestyle considered rich? I would argue it is not. As an aside, growing up I noticed that I lived the same quality of life as any family that made ~80K-300K. My family substantially made more, but we went on the same types of vacations, went to the same schools, drove similar cars. In fact, the only people in my school who acted rich were the ones whose parents owned businesses.

I know there's the aversion to being "rich" but if what I grew up with is the average rich experience of America, man it's not that great.

lmao this person was so rich they have yet to realize they were rich growing up

 

[Medicine-Man]

in my opinion, most physicians will be rich by their 40s

 

[The Last Ankibender]

For me being its about location:

being poor is not being able to retired, working to be able to eat

middle class - working until at least 60 because cant retire early. But having retirement at least decently.

if you are FIRE, and living comfortably you are rich

this all depend where you live it is easier to do in midwest that nyc