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Worth being an employee?

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  • Worth being an employee?

    Around here, NYC, starting gig for a physician is around 200k. Benefits are nothing special; includes usual stuff, health insurance, 401k (w/o match or anything).

    But, there are plenty of jobs as an independent contractor, some paying 200/hr without any cost to practice. Working 60hr/week one can easily make more than 500k/year. I can buy my own private health insurance, open up my own retirement accounts and hsa, disability insurance, and term life insurance, not to mention write offs.

    Crunching the numbers it seems significantly more financially profitable to hustle as an independent contractor. Flawed logic? thoughts?

  • #2
    Depends on you and your personality.

     

    Some are terrified at the prospect of not being employed with a salary. They need the stability of a steady paycheck. Others may want a more predictable life and schedule due to other obligations such as children and family.

     

    Are you a go-getter? Will you be motivated to work extra hours for that pay as a contractor? Also, so these positions have enough available work to allow you to work 60 hour weeks?

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    • #3
      If you're asking, you're probably more W2 type with an eye toward independence and its benefits--it's like moonlighting.  Did you do that?  If so, 1099 or own company is a common road taken.

      I would suggest that you try a few after hours/weekends and do a short run with vacation time.  See how you feel.  Your W2 job doesn't sound like a vesting pension, so nothing really missed if leaving after a year and diving into IC world.

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      • #4
        Yea don't overthink things here..

        If you're wanting to hustle than it's a no brainer to stick with 1099/locums.

        Most employed positions have a cap/ceiling in return for "stability".. but it's not like there's ever going to be a shortage of 1099 opportunities if u do t mind locums. But remember a lot of hospital "aligned" jobs can be 1099 as well.

        So, say screw it to the man and go out and make some cash

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        • #5
          NYC is notorious for relatively low physician salaries. If you really can find work that pays $200/hour with little investment on your own beyond a home office, wheels, and CME/licensing, I would recommend you take it. The worst that will happen, I suppose, is that you'll decide you want more security and decide to go W2. I do recommend you find a good CPA with relevant experience, however. Guess that would be another cost, in addition to benefits & your half of FICA. Still $200/hour averaging 3 12 hr shifts/wk will almost certainly beat $200k/yr.
          Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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          • #6
            Thanks for the insight. I am definitely more the go getter type.

            Johanna: definitely will need a good CPA, might contact your firm

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