Average Money Joe MD
@averagemoneymd
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Attending Emergency Physician since 2020. Somewhere between YOLO and Frugal. 281k peak student loan debt. $1 million in investments by age 35.
Southeast
Joined September 2022
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Latest Blog Post: How we spent $600k in 2023:
My Income: 615k
Mrs Income: 23k
Total: 639k
Home Construction: 138k
Taxes: 124k
Stock Investments: 130k
Boat: 104k
Student Loans: 52k
Mortgage: 37k
Insurance: 20k
Amazon/Food/etc: 20k
Furnishings: 20k
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I said earlier this year if my crypto exceeds my student loan balance ($137k currently), I would sell and pay off the loan. All of a sudden doesn’t feel impossible that it would actually happen…
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1K
Moral injury in emergency medicine. Everyday I got to work, we are short nurses, techs, doctors. Radiology takes hours to read CTs, we see patients in hallway beds and chairs wherever we can. Yet the hospital hires “patient satisfaction administrators”.
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The first million is the hardest. I’ve invested about $60k over the past three months and I’m up $200k. Unreal.
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When I was an intern, I made $56k as my first year salary. This January, I made $56k. Kinda mind blowing. I never hope to work this much in my life again though.
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@amyfaithho
I recently switched to a hospital that admits EVERYTHING to medicine. And it’s honestly so refreshing to not have to deal with being the middleman in that crap anymore. Big fan. Also has free food in the cafeteria.
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Today, one had the audacity to ask my colleague to “shadow him” for some pointers. Patients aren’t going to be satisfied when the system is so broken. No wonder we keep quitting.
@keithcorlmd
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We did it Joe, we did it!
@MillionaireDoor
just had to do it. $1 million investment milestone!
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@theblanketdog
But that’s my point. We need more nurses, techs and doctors including radiologists. Instead we have more and more administrators that come down and tell us to hold the patients hand and sit in a chair that doesn’t exist in the room.
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My colleague just quit partnership the month he paid off his 500k in student loans, in order to work less, resulting in nearly a 50% paycut and man he could not be happier. "If you can't live on $300k, then you got serious f*ckin problems man". Love it
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@MarketPalmer_
Yes, it’s a five year term. Original balance was 281k, I refinanced down a couple of times, now have a 1.1% rate and 160k to go. Will be gone in three years if not sooner. Not paying any extra with that rate.
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@oatsdoc
Easy to judge from your clinic with private rooms. Try doing that in an ED with the patient in the hallway because all the rooms are filled with boarding patients. I’ve done exams in the prayer room before on a bedpan. Don’t judge until you walk a day in our shoes.
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My brokerage account ($185k) now exceeds my student loan account ($182k) for the first time. My loans are 1.1% fixed with 3.5 years left. Would you pay off now and be done with them?
@McHaleCapMgmt
@olsonplanner
@DrPayItBack
@drmoneymatters
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Have had some incredible returns over the past year. I am getting increasingly tempted to take some profits and wipe out the remaining 140k in my student loans @ 1.1%. Somebody tell me not to do it
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@DrPayItBack
immediately discharge asymptomatic hypertension from the ED (no ekg, labs or imaging)...remarkable how many of these ED visits we get (they get checked at dentist or CVS)
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Student Loan Interest Rate: 1.1%
Mortgage Loan Interest Rate: 3.75%
Savings Account Interest Rate: 4.8%
Whats the rush in paying down debt in times like these?
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@TheBlondeRN
It feels like all of them lol maybe 40 percent, but continue to hemmorhage long term staff
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@KimiChernoby
I briefly dated a lawyer and she had issues finding a job at the time. My understanding these jobs are limited to top law schools and top graduates?
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Latest Blog Post: How we spent $600k in 2022
My Income: 517k
Mrs Income: 122k
Total: 639k
Taxes: 168k
Healthcare: 19k
Housing: 73k
Student Loans: 52k
Stock Market Investments: 212k
Credit Card (amazon, food, travel, etc): 40k
Cash: 75k
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Sitting in the ER, its 2am, reading about early retirement so I don't have to work in the ER at 2am anymore. (It's not busy)
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@UncommonYield
Hospital administrators, CEOs and insurance companies are paid too much. Don’t attack the person saving your life at 3am. They might decide to quit.
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Only good part of this overnight shift is watching my crypto account hit 6 figures
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My wife often asks me why I don’t pay off my student loans (1.1%) or pay down the mortgage (3.75%). I showed her this chart of VUG which is by far my largest investment.
@Budgetdog_
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@ramit
Moved from New England to Florida. Without income tax it’s literally an extra $30k in my pocket each year. My property taxes are lower too. So I bought a boat 😂😂😂
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@BrantMDJD
Just makes me think...soon there won't be any doctors left, just will say its not worth it anymore...all that will be left is the bloated 9-5 administrators to tell the doctors what to do
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January 2024 Update:
January Gross Income: $60,960
Expenses: $17,150
Student Loan Debt: $141,190
Mortgage Debt: $783,966
Investment Deposits: $75,892
HYSA: $13162
Total Investments: $1,115,487
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Backdoor Roth IRAs fully funded. HSA Maxed. 156k left to hit my savings goal of 178k this year.
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@TheBlondeRN
But why work for $30/hr when you can travel for $100+ for the same job at the hospital across town, I don’t blame the nurses I would do the same…just wish the admins did something to stop the bleed
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@clkrisko
I hear this everyday as many of these patients come to the ED to get their work ups or just get admitted for what should be an outpatient work up.
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@JAFERDIAN
The problem is there is too much admin and not enough people that actually do stuff (ie techs nurses doctors)…the pendulum needs to swing back, patient satisfaction doesn’t matter when you don’t have staff to provide basic care.
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@theblanketdog
Yes I agree and sorry that was not my intention. I understand all clinical departments are understaffed and we are all on the same team. But admin needs to address that issue and cut it with the hand holding.
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Another milestone…up over $200k this year while only investing about 50k this year. On the March to 1 million in investments
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@northwoods1980
Man…and this is why we should push to always have a board certified emergency medicine doc on site at all times…and I’ll do my own LPs…never call RJ
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With student loan repayments restarting, I saved up enough cash to wipe them out immediately. In order to prevent a recession, I instead bought a dock and boat. Gotta keep the economy going! 🇺🇸🇺🇸🚀🚀
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@FarmerKristoff
I graduated in 2016 from med school and remember everyone was afraid of the CRNAs in anesthesia and no one would go into it and everyone wanted EM...this article is a great summary of what is going on:
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@drmoneymatters
I love this perspective. A lot of doom and gloom out there but honestly I make pretty good money >$400k/year, I work 30 hours a week (and can work way more if I want), I vacation whenever I want. Yes there are downsides, its a hard job (but so is being a surgeon or anesthesia).
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@amyfaithho
Yes it improves the quality of life for consultants too…ie I worked last night, had appy, kidney stone, GI bleed, I just admitted to Med and didn’t have to wake up the consultant at 2am, they just get a call in the morning. Obviously if they are unstable they are getting a call.
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@SportsSurgeryNY
Maybe the resident is so tired at 3am they don’t want to teach a med student either
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@drmoneymatters
Code strokes have been extended from 4.5 hours to 24 hours for possibly LVO interventions. That leads to a lot of extra CTAs instead of non con admit for cva workup. Ok that’s one reason.
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@dr_cellini
During the day, sure I’ll give you a call. Do you really want me to call you multiple times in the middle of night for a routine procedure in the morning? I find most IR to be pretty grumpy at 3am. Prefer to reserve that call for an emergency.
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@reverendofdoubt
Just another case of a specialist telling us they can do their specialty job better than us. Of course they can. That’s not the point. The point is we are the ones dealing with the crashing airway at 3am when no one else can.
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@bjackson215
Yes def lots of options and way to leverage a better return, just want to get that monkey off my back
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Just worked four straight 12 hour shifts at 6am. Tomorrow, I start working 4 straight 12 hour overnight shifts at 6pm. No sympathy for my wife complaining about how hard day light savings time is :) :) :) Also if you wonder why ER docs are burnt...this is why
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@olsonplanner
I think of all the missed birthday parties, weddings, Christmas, thanksgiving, holidays etc. no way I would do this for an average salary. I’m awake at 3am on Saturday night taking care of your sick child. If I make a mistake, someone dies and I can be sued for millions. No way.
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@olsonplanner
My job is cool, I do a lot of cool things. I no longer enjoy doing them at 3am.
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@TPP_MD
I could pay off my loans earlier but instead I’m buying a boat, 💯 rule. 💯 going to the boat 🤣🤣🤣🤣
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@DouglasDavisRN
Recently got an email from admin stating patients are no longer patients. They are “customers” press gainey is winning
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Latest Blog Post for February 2024:
February 2024
Gross Income: $54,407
Expenses: $13,377
Student Loan Debt: $137,051
Mortgage Debt: $782,659
Investment Deposits: $41,328
HYSA: $17,236
Total Investments: $1,244,061
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“An emergency medicine career is like being a pro baseball player, you only have so many years to hit home runs” -quote from my colleague the other day.
@TPP_MD
finding this more true than ever only a few years out of residency.
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Latest Blog Post:
January Income: $56,129
Expenses: $16,978
Student Loan Debt: $132,918
Mortgage Debt: $781,341
Investment Deposits: $2,090
HYSA (Cash): $75,023
Total Investments: $1,244,009
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@7Saturdaysaweek
Yes I know, but the psychology of not having that payment is starting to be worth something, its almost half of my month fixed expenses
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@reverendofdoubt
What competition? I have no ENT and only anesthesia during business hours, at night I’m the only one that can intubate in the whole hospital. Community life is very different. I’d welcome them to come to any tube if they want though 😃
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I've been working 20+ shifts, 180+ hours for the past few years since finishing residency. Going down to 12 shifts and ~120 hours in March. Time to have more balance.
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@tnicholsmd
@RyanMarino
@AlanaKinrich
@yourbabydoctor
This is a huge part of what we do. “I do not know exactly what are causing your symptoms but I can tell you I don’t think that they are dangerous” “it is my job to rule out the dangerous stuff which I’ll do”
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@upshaw_stacy
Yeah…some need a confirmed positive test for work, some want Paxlovid…some come for reassurance…I’m sure my car mechanic says the same thing every time I bring my car in for an oil change
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@generalorthomd
@OrthoYour
How is this possible to do? Im not a surgeon but wouldn’t it be obviously rotated???
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@olsonplanner
Turnover rate…if you have to find the job opening by word of mouth or a connection it’s probably a good job…if you constantly see the job being posted online, recruiters etc…not so much
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@olsonplanner
I’ve always heard this but I have to imagine I generated a couple hundred thousand dollars in revenue each year with all the patients I saw and procedures performed. And a PA can cost twice as much (salary wise) and only work 40 hours.
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@olsonplanner
Best advice I ever heard as a pre Med student “every doctor tells you not to do it, then they get in their bmw and drive to the country club” 🤣🤣🤣
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@DHidlayVIR
Patient comes in says I want imaging of my back…patient is happy they got an X-ray, doctor is happy patient is happy, the end
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@StIroningShirts
I grew up in Michigan where you and your neighbors worked or $GM, $F or Chrysler...and most (including my Dad) had most of it in their employers stock...did not end well for most...the more I learn the more I just want to index invest
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Boomers: I'm a company man, I'll work as many hours as I can to support the company.
Millennials: I want to work the minimum hours and surf every day.
I see this every day at work. Also wondering why the boomers are still working (usually multiple divorces and children)
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@stockplanterCam
Yeah that’s a concern too, same with stocks, would love to wipe out the debt but no tax efficient way to do it rapidly
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@AndyPandaChill
2016, hit 100k in 2019. Yes I held and was down significantly and just kept DCA in, best moves I could have made. Yes I will when we have our next bear, just for you :)
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@MillionaireDoor
Thank you, started investing as a resident in 2016 so took 7 years, will be interesting to see how the next million plays out
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@plasticolicious
Nope, mostly just growth index funds (such as VUG) which contain a lot of nvidia though :)
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@Ken_Wallace
I really do think this is primarily an experience seen at academic centers. Things are very different in the community. The vast majority of my interactions are collegial and when I consult that specialist, they are going to get paid for it. The culture is very different.
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Had some money clear my fidelity account this morning. Bought some index ETFs at market open. Market immediately crashes after. Follow me for more investment advice.
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@EMPAthy_atrophy
I’ve literally never seen ophtho outside of a tertiary care hospital…it’s a unicorn
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@GamerEMDoc
I made $517k as a regular old community ED doc in 2022...its not an easy job but there's more than enough work out there and plenty of $$$ to be made! EM is still a great specialty!
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