'Back to broke' dermatologist 8 months after residency graduation!

[Tim]

ddoc79

https://forum.whitecoatinvestor.com/...e21#post231551

Strong work. Just for your info, there is one thread available that you should use when you send in that last check! The “Official Student Loan Payoff Thread! See the above link.

The most impressive is not the comp or the commute or signing bonus. It is the focus of 8 months. That shows the ability to set a goal and avoid getting side tracked. Don’t lose your focus. It’s not about “money” only. It’s about your “plan”, whatever it maybe. What your next step?
Comp- taxes- 20% retirement = spending or savings. You have $450k / year and a big shovel (potentially bigger). Learn everything you can about running and building a practice. You may decide to stay with the PE group, or you may need to eventually consider other PP groups or strike out on your own. Don’t stop learning. Personal finances yes but the derm “business” too.
In another year or two, you will have to evaluate your options. Build your knowledge and options.
Back to zero is a big deal. Congratulations.

[ddoc79]

Are you planning on staying with this group in the long run or are you interested in PP?

Turf doc, it's to be determined. The job is a 7/10. The rural clinic location is actually not an issue for me. I've been doing it for 6 months now and I enjoy my drives. It's the time I listen to the WCI podcast. The only issue I see moving forward is staffing. I need 3 MAs to see 45 pts per day. Right now I have 2 to 2.5 MAs each day and I'm seeing anywhere from 30-35. I understand that staffing is an issue in most places and I think my employer is trying as hard as they can to hire and retain staff.

[mamaham]

Congratulations!!

[Max Power]

...As I reflect on the milestone, I bring myself back to the first day my parents dropped me off at college when I was 18 years old...

...In reality, my vacations consist of going back to my hometown to help my Mom pay her medical bills...

...My 93-year-old Korean War vet grandfather paid for most of my college education...

...I love derm, like my job and love my patients...

Really putting the humble in humble brag, man.

It is good to pay your loans off, but stay the course... you paid your loans off with basically a loan (sign bonus they will recoup if you jump ship). Great start, but you are coming off like the guys who come into an office with chest puffed up saying "I'm here to pay a bill" as if it were some sort of noble thing everyone else doesn't just do online quietly anyways. These are student loans you took out and benefitted from. Despite what PSFL and ppl might say, it is quite logical and ordinary to pay them back. And, as mentioned, not everyone - hardly anyone actually - starts their own thread.

This post/thread truly seems more like an award accept speech or a family dinner toast or eulogy to near and dear than it does a thanks to random WCI folks. I have a hard time believing it is meant to boost anyone not named dermdoc79?

[Turf Doc]

Turf doc, it's to be determined. The job is a 7/10. The rural clinic location is actually not an issue for me. I've been doing it for 6 months now and I enjoy my drives. It's the time I listen to the WCI podcast. The only issue I see moving forward is staffing. I need 3 MAs to see 45 pts per day. Right now I have 2 to 2.5 MAs each day and I'm seeing anywhere from 30-35. I understand that staffing is an issue in most places and I think my employer is trying as hard as they can to hire and retain staff.

The reason i ask is because its an interesting combination of pay/location/lifestyle, and i cant decide if it seems like a good deal or not. on the one hand, it seems like the starting salary is no doubt great, even for derm. BUT its midwest, so you theoretically you should be paid higher than most other parts of the country. AND, youre working 5 days, the standard derm salary and job is 4 days right? Lastly, the 2 rural days 70 miles away really sucks, so there should be a premium for that on top of being in the midwest.

Seems like a decent job to start with and make some cash early on, but i imagine if you do PP youd expect to make more in the long run right? Gf is interested in derm so would like to hear if thats a wrong analysis

[ddoc79]

Really putting the humble in humble brag, man.

It is good to pay your loans off, but stay the course... you paid your loans off with basically a loan (sign bonus they will recoup if you jump ship). Great start, but you are coming off like the guys who come into an office with chest puffed up saying "I'm here to pay a bill" as if it were some sort of noble thing everyone else doesn't just do online quietly anyways. These are student loans you took out and benefitted from. Despite what PSFL and ppl might say, it is quite logical and ordinary to pay them back. And, as mentioned, not everyone - hardly anyone actually - starts their own thread.

This post/thread truly seems more like an award accept speech or a family dinner toast or eulogy to near and dear than it does a thanks to random WCI folks. I have a hard time believing it is meant to boost anyone not named dermdoc79?

Good point MaxPower , I guess the post does come off self-congratulatory in some respects. I mean, I don't really discuss these details with my family/friends and did not want to go on the WCI MtoM podcast, so I created this post to have a virtual celebration/discussion with other financially-minded docs. I guess my hope would be that a med student or resident sees the post and it gives them hope that they can rapidly increase their net worth after residency with the right mindset and willingness to work rural. Another point of of the post is how long it took to get back to $0...13 years! I guess I was using my story to emphasize the length of time it takes to just get back to $0 and that it is okay feel good about it when you do.

[ddoc79]

The reason i ask is because its an interesting combination of pay/location/lifestyle, and i cant decide if it seems like a good deal or not. on the one hand, it seems like the starting salary is no doubt great, even for derm. BUT its midwest, so you theoretically you should be paid higher than most other parts of the country. AND, youre working 5 days, the standard derm salary and job is 4 days right? Lastly, the 2 rural days 70 miles away really sucks, so there should be a premium for that on top of being in the midwest.

Seems like a decent job to start with and make some cash early on, but i imagine if you do PP youd expect to make more in the long run right? Gf is interested in derm so would like to hear if thats a wrong analysis

Turf Doc I think geography is probably number one when deciding on job. Part of the country and proximity to family/significant other. Once you determine area of country, then expanding the job search to rural locations will make the compensation increase. I did not take THE highest paying offer I received. I could have signed for $150k signing bonus + ~$600k years 1-3. But that offer was 80 miles away and less desirable to me for many reasons. The docs I talked to were not as happy as the place that I currently work. It's amazing how picking up the phone and talking to another currently employed doc can influence your decision. My biggest recommendation when looking for jobs after residency is cast a wide net and talk to many different practices. I went deep into negotiations with 3 different places for many months and made my final decision after weighing many factors (pay, call, work place culture, reputation of the company etc)

I think generally speaking your analysis is correct. Private practice is the long-term play and you will probably make more money in the long run. But I just couldn't turn down the up-front money I was offered. I negotiated my non-compete to a reasonable radius, so I can still do private practice in my area if I really want to in the future.