You have one of the highest paying jobs in America.
That’s according to the Bureau of Labor Statistics who claims that 8 out of the top 10 highest paying jobs in America belong to physicians -- from anesthesiologists to surgeons to even family practitioners (and you thought family practice physicians don’t make much)!
Doctors even make more than the average CEO.
So why do physicians keep complaining about their income?
Statistics like these and the recent Medicare disclosure of physician payments spread throughout the web and news media quickly.
And when patients find out about those numbers, they have very little sympathy for you.
Think about it.
When I practiced emergency medicine full time, many patients didn’t pay me anything (though I took on the risk of being sued -- how foolish is that!). Most of the rest probably had average incomes of $50,000 or less -- my best guess.
I was making six figures but I was providing services for people who were making far less income.
That’s why they didn’t sympathize with me and why they won’t sympathize with you either.
The problem with physician income statistics is that they don’t factor in all of the other stuff that goes in to making that income -- years of education and training, high debt load, malpractice insurance premiums, all of the extra hours you work for no compensation, and the high indirect cost of burnout, stress, and anxiety.
But guess what?
No one give a flip about any of that.
Not the government. Not insurance companies. Not hospital administrators. Not patients.
They just look at the bottom line and conclude that you’re a rich doctor.
The only people who know what it takes to walk the walk are doctors like you and me.
There’s a big disconnect between the dissatisfaction many physicians feel with their careers and income and the jealousy most people display when they hear you’re making 200 grand a year.
How do you solve this dilemma?
I suppose you could talk to every patient you see everyday to explain all of the behind the scenes stuff you do, but that would be a herculean task that is unlikely to succeed.
Or you could band together and create a voice that speaks to our elected leaders about what it’s really like to be a physician -- again a long and arduous task plus you know how difficult it is for a group of physicians to agree on anything.
Instead I think you should start with increasing your satisfaction in medicine again.
I know that sounds difficult to do with all of the changes taking place today.
But one way I know to head in that direction is to get your finances and investments straightened out.
The doctors I’ve helped do that tell me that they feel less stress and anxiety in their careers and their personal lives than the ones who didn’t take any action.
What about you?
How would you feel if your retirement portfolio and other aspects of your finances were on more solid ground?
The public’s perception of you as a rich doctor isn’t going to change anytime soon.
But your attitude and reaction can change if you get one of the major parts of your life straightened out -- your finances.
Financial Strategy Consultation
Talk soon my friend.