putting life on hold
06-28-2006, 09:13 AM
#61
Freightmama!
Joined APC: Dec 2005
Position: 757/767 FO
Posts: 2,880
Originally Posted by fosters
Obviously as a doctor, you make $500k/yr starting from day one, so it's hard to compare the two, but my brain just couldn't handle medical school. props to those that make it
06-28-2006, 09:18 AM
#62
Guest
Posts: n/a
Originally Posted by Freightpuppy
I really don't think every doctor makes $500K from day one. I know ER docs don't. Jetproppilot care to comment?
But no the median national salary for a general doctor is around $140k-$160k
06-28-2006, 09:55 AM
#63
Prime Minister/Moderator
Joined APC: Jan 2006
Position: Engines Turn Or People Swim
Posts: 39,360
Originally Posted by Brav989
lol 500k a year. way too high of an estimate. My uncle was offered a position as a GP for some town in new mexico and was offered 'only' 450,000'. Which is quite a bit.
But no the median national salary for a general doctor is around $140k-$160k
But no the median national salary for a general doctor is around $140k-$160k
Certain specialists in their own practice can make $300-400k+. Most doctors who are employed by someone else are in the $80-150K range.
I seriously doubt a GP could make $450K with his own practice , unless he employs other physicians or PA's at which point he becomes a businessman and you have to consider his earnings as business, not personal income. And like all business owners he takes certain risks, mainly liaibility related.
06-28-2006, 10:26 AM
#64
Gets Weekends Off
Joined APC: Mar 2006
Posts: 125
Originally Posted by fosters
That's the way it works in corporate. Airlines have a much different system called "senority" to prevent ass kissers and brown nosers from screwing over others.
Youre in the left seat of an American MD 80. Ten years.
Why doesnt United wanna hire you doing the same thing, for the same pay?
06-28-2006, 08:24 PM
#65
Self Employed.
Joined APC: May 2005
Position: Corporate Pilot
Posts: 7,119
Much Better
Originally Posted by fosters
That's the way it works in corporate. Airlines have a much different system called "senority" to prevent ass kissers and brown nosers from screwing over others.
Not only that, but personally I prefer to make a little bit of money now to make more money down the line. Would you rather be making $250k for say years 12 thru 30 or $125k for years 1-30?
Obviously as a doctor, you make $500k/yr starting from day one, so it's hard to compare the two, but my brain just couldn't handle medical school. props to those that make it
Not only that, but personally I prefer to make a little bit of money now to make more money down the line. Would you rather be making $250k for say years 12 thru 30 or $125k for years 1-30?
Obviously as a doctor, you make $500k/yr starting from day one, so it's hard to compare the two, but my brain just couldn't handle medical school. props to those that make it
It would be a better decision to make 125K for 20 years than 250K for ten. Financial empires are built over time. Real estate takes time to appreciate and so do 401K's. It would be much better to receive a modest pay check over a longer period of time. In addition the taxes become crippling at the higher salaries and would take most of your earnings anyway.
SkyHigh
06-28-2006, 10:45 PM
#66
Line Holder
Joined APC: Jun 2006
Position: ATP Stuart, FL Bound
Posts: 75
You people are considerable mistaken if you think being a doctor is that glamerous. The insurance and HMO's have made being a doctor hell. Insurance and paperwork alone are enough to slit your throat over. The way universities are spitting doctors these days are causing saturation and that is why doctors are going back to school for specializing. These are the doctors making more money.
The health care industry will go through the same issues all industries go through. Canadian doctors are trying to flood into the US because the Canadian is system is screwed. This is what happens when governments try universal healthcare. The medicare system ns the US is bad enough.
The health care industry will go through the same issues all industries go through. Canadian doctors are trying to flood into the US because the Canadian is system is screwed. This is what happens when governments try universal healthcare. The medicare system ns the US is bad enough.
06-29-2006, 05:48 AM
#67
Gets Weekends Off
Joined APC: Nov 2005
Posts: 1,425
Originally Posted by SkyHigh
It would be a better decision to make 125K for 20 years than 250K for ten. Financial empires are built over time. Real estate takes time to appreciate and so do 401K's. It would be much better to receive a modest pay check over a longer period of time. In addition the taxes become crippling at the higher salaries and would take most of your earnings anyway.
SkyHigh
SkyHigh
In reality, you don't make your money by earning more, you make (and save) by spending less than you make. It just means one must live below their means or do things to bring in additional income. As an example, as a first year FO I have managed to sock away $5800 (pre and post tax) in the last 10 months towards retirement alone.
In regards to the income taxes, someone going from $125k to $250k in earnings would pay approximately 5% more tax on about $70,000 in income jumping into the next tax bracket, hardly "crippling" IMO. I personally would rather pay the additional tax and make $250k vs. $125k but that is just me. Federal income taxes are capped at 35%, and one could argue that 35% isn't "most" of our earnings.
06-29-2006, 07:10 AM
#68
Self Employed.
Joined APC: May 2005
Position: Corporate Pilot
Posts: 7,119
Yes
Originally Posted by fosters
I agree, having less of a paycheck (but enough to live off of) is better than maxing out like in your example over time.
In reality, you don't make your money by earning more, you make (and save) by spending less than you make. It just means one must live below their means or do things to bring in additional income. As an example, as a first year FO I have managed to sock away $5800 (pre and post tax) in the last 10 months towards retirement alone.
In regards to the income taxes, someone going from $125k to $250k in earnings would pay approximately 5% more tax on about $70,000 in income jumping into the next tax bracket, hardly "crippling" IMO. I personally would rather pay the additional tax and make $250k vs. $125k but that is just me. Federal income taxes are capped at 35%, and one could argue that 35% isn't "most" of our earnings.
In reality, you don't make your money by earning more, you make (and save) by spending less than you make. It just means one must live below their means or do things to bring in additional income. As an example, as a first year FO I have managed to sock away $5800 (pre and post tax) in the last 10 months towards retirement alone.
In regards to the income taxes, someone going from $125k to $250k in earnings would pay approximately 5% more tax on about $70,000 in income jumping into the next tax bracket, hardly "crippling" IMO. I personally would rather pay the additional tax and make $250k vs. $125k but that is just me. Federal income taxes are capped at 35%, and one could argue that 35% isn't "most" of our earnings.
Yes Fosters, I agree with your assessment. My next question is: Is it better to earn 50K starting at 20 years old and slowly raise at 5% per year over the next 40 to 45 years or to pursue a typical civilian flying career?
Example: 5 years in college then 3 years as a CFI to be followed by 5 years as an FO at a regional before reaching 50K. 80 to 180 thousand in education and training costs. Eventually reaching 100 thousand at the 20 year mark? Versus no college, trade school as a truck driver, heavy equipment driver or welder. 6 months in school and 10 to 20 thousand in training costs.
SkyHigh
06-29-2006, 09:49 AM
#69
Freightmama!
Joined APC: Dec 2005
Position: 757/767 FO
Posts: 2,880
Originally Posted by SkyHigh
Yes Fosters, I agree with your assessment. My next question is: Is it better to earn 50K starting at 20 years old and slowly raise at 5% per year over the next 40 to 45 years or to pursue a typical civilian flying career?
Example: 5 years in college then 3 years as a CFI to be followed by 5 years as an FO at a regional before reaching 50K. 80 to 180 thousand in education and training costs. Eventually reaching 100 thousand at the 20 year mark? Versus no college, trade school as a truck driver, heavy equipment driver or welder. 6 months in school and 10 to 20 thousand in training costs.
SkyHigh
Example: 5 years in college then 3 years as a CFI to be followed by 5 years as an FO at a regional before reaching 50K. 80 to 180 thousand in education and training costs. Eventually reaching 100 thousand at the 20 year mark? Versus no college, trade school as a truck driver, heavy equipment driver or welder. 6 months in school and 10 to 20 thousand in training costs.
SkyHigh
I'll roll the dice with the airline career.
P.S. I have a friend that got furloughed and went to work as a truck driver. Guess what????? Yep, trying to get back into flying. He says it's hard work. I believe it.
06-29-2006, 10:49 AM
#70
Gets Weekends Off
Joined APC: Nov 2005
Posts: 1,425
Originally Posted by SkyHigh
Yes Fosters, I agree with your assessment. My next question is: Is it better to earn 50K starting at 20 years old and slowly raise at 5% per year over the next 40 to 45 years or to pursue a typical civilian flying career?
Example: 5 years in college then 3 years as a CFI to be followed by 5 years as an FO at a regional before reaching 50K. 80 to 180 thousand in education and training costs. Eventually reaching 100 thousand at the 20 year mark? Versus no college, trade school as a truck driver, heavy equipment driver or welder. 6 months in school and 10 to 20 thousand in training costs.
SkyHigh
Example: 5 years in college then 3 years as a CFI to be followed by 5 years as an FO at a regional before reaching 50K. 80 to 180 thousand in education and training costs. Eventually reaching 100 thousand at the 20 year mark? Versus no college, trade school as a truck driver, heavy equipment driver or welder. 6 months in school and 10 to 20 thousand in training costs.
SkyHigh
I disagree with your yearly outlook as well. I did college and flight training in less than 3 years, CFI'd longer than most at 2, and ended up at a regional. Hopefully this one hangs around for awhile. I would at least hope until I upgrade to captain and then some. Like I mentioned in an earlier thread this is a means to an end which allows for more time off than a 'normal' job (albeit while making less, but also working less).
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