Any medical-field related owners out here?

it would be a mistake to choose a career based solely on the kind of car you want to end up owning.

Best wishes.

 

As a Canadian physician, I can assure you that very few of us own exotic sportscars. The cash flow that we generate and our conservative nature are such that even Porsche's will be rare. If you want a Ferrari, go into business and do not choose medicine because you would be making a big mistake, both for yourself and your patients.

 

The situation in Canada and the US differ for the field you are looking into.

 

Difference between a physician's income and a buisness man's income is the timing.An average physician doesn't start making good money until he's into his late 40's/early 50's where as the later will start making money as soon as the buisness picks up and that could be as young as low 30's.
I honestly don't think an MD would have any problem owning an exotic but generally speaking they get so busy with their profession that the car is not a priority for most of them.
Btw good specialities for money while still having time to enjoy it would definately be Derm/ENT/Plastic surgery,hope that helps.....

 

Are there any psychologists around here who own as much as a Lamborghini Gallardo? I don't think I will ever afford a Ferrari because of the inflated prices, but I do think I will be able to afford the equlivant of a G if I work hard. I plan on majoring in psyc and am wondering If I will ever be able to purchase a Gallardo. If I can't afford an exotic car than I will just buy a sportbike because I want a fast vehicle.

 

I am a doctor.
I own my own clinic
I a have a testarossa
I am in Canada

Loving human anatomy and biology ain't gonna even get you past the medical school interview. You really have to want medicine to not only get into the training, but to keep you in there.

In medicine you can make good money, great money or exceptional money even if your "just" a family doctor (like me)

I love my job and that is what keeps me going to work daily. Not for a car that I can only drive 6 mo per year

 

Well stated... As a perfusionist, I work with 4 cardiac surgeons. None are "filthy rich", but they all make very good money by 'normal' standards - the hayday of cardiothoracic surgery has passed, though, so if you're interested in making Mucho Dolares, look elsewhere...

 

Not directed explicitly to you. Unfortunately there are a lot of people reading this thinking " hey why don't I just become a Doctor and then I get a ferrari."

just want them to make sure they realize this is by no means the case

 

my suggestion would be to invest in English cattle...yeah that's it... all in the piggy bank on those wonderful english cows. You'll get an F car in no time

 

speaking STRICTLY about income, making enough money as a physician to own an exotic is up to that individual person. There are many different avenues in medicine, some more lucrative than others (and im not speaking about specialities) ie private practice, academic, ect. and the location where you practice. In many ways its like being a good business man, especially if you have your own practice. I know some docs who do ok with their own practice, and i know others who run their practice so well that they generate a huge income.

then again, remember that in all reality, there are many people who can afford F cars....there just arent many who are willing to spend that much money on "just a car". (considering that you can start buying 308 GT4s below 20gs)

 

I started in medicine under parental pressure. Got 2 years into school, realized that I didn't like seeing patients, and certainly didn't want to build my life around it. But by that time I was $50,000 in debt, and the money was due if I just left school. Luckily, I stumbled into Pathology (not forensic path - that's different) and now find myself in what may be the greatest job ever created. But that was luck...

I am just now (5 years out of residency) at the point that I could afford a reasonably new F-car (355, maybe a 360) though it would still be quite a stretch. Hard to get my mind around spending that much money on a car when the house is not paid for, but hey, you only live once. And in my job (mostly cancer diagnosis) I get reminded of that every day. Just sent out a report of metastatic melanoma in a 30 year old woman. Stuff like that makes you spend it while you've got it.

The moral of the story: Do what you like in your job, not what others expect of you.

Study hard, work hard, play hard.

 

cardiologist with an ugly four headlight 330 GT. Just joking about the ugly part.
Don't choose medicine for the money though...big mistake

 

When I was buying my car, the dealer was somewhat surprised I was an internist. Something along the lines of, "Gee, you are the first internist we have sold a ferrari to in a long time..."

In terms of income, a cardiothoracic/ortho/neuro surgeon can buy just about anything. If you can't, you are doing something wrong...most of my aquaintences are in the 800,000$+ range... National average is likely 400k$ plus...

Next down the rung is GI and cards... 250-350 ish$...

Then you have surgeons/urology/general/vascular/optho/etc. Range from 200,000$ to multiples of that....

Then of course...internal medicine/FP, path,psych, etc...

These numbers are based on national figures...

So for you aspiring doc's, thats the reality of it. Sounds like a lot, eh? Well, it isn't. Especially for the lenght of training, debt load, and general misery of it... Medical schools have tons of vacancies now, getting in shouldn't be that hard...

Of course there are many exceptions to the rule. But quite frankly, going into medicine to make money is misguided - it ain't worth it... Going into medicine for just about any reason...ain't worth it.

Do yourself a favor...do something else...

http://www.memag.com/memag/article/articleDetail.jsp?id=112482

 

Medicine is a tough business (yes, it is a business). You have to REALLY want to do it because something inside you says you should, not because you could potentially make pretty good money. Many of us docs are essentially glorified waiters and waitresses... "Can I help you? Oh, you would like to order a CT scan? I would recommend a side of blood tests with that..."

Also consider this.... I got my first "real" paycheck when I was 32 years old (and med school was well over 130K).

 

Lets see...

If I ddin't go to college...I would have saved 100,000$ (room/board)

If I didn't go to medical school I would have saved 150,000$ (room, board)

If I didn't go to residency, I would have made more than a measly 30,000$ for 100 hour work weeks, for 3-4 years...

If I didn't do chief residency...ditto, for 1 year.

Now, lets take the time value of money. If I had that hypothetical 250,000$ I spent on an education...combined with the 12 years I misspent on that education...HMMM. How much money might I have?

Lets see...if I got a job paying 40$ per hour...say a plumber. worked 100 hour weeks...

40 hours at 40$, 60 hours at 80$ (overtime...union rules, you know...)= $326,000 PER YEAR... Ok, some will argue you can't work 100hr weeks. Go blow. We all did it.

Now, lets say I worked 12 years....hmmm...about 4 million or so. Lets say I invested some of that money...during the bull market no less...

Of course add the 250,000$ misspent on education, compounded at 10%...thats another 500-600,000$...

Gee...I am so glad I went into medicine...

 

When I was in college I was looking at Ferraris at the autoshow and I told the sales guy I would buy one one day. He asked what I was going to be, and I said "cardiologist" and he winced a little and make a hissing sound.
If you want to buy nice cars, ask James G. how he made all his money, or John Houghtailing (hope the Shah's Muira survived NO).
Of course, you can become a doctor and keep buying powerball tickets.

 

According to "The millionaire Next Door", most multi millionaires are either business owners, real estate investors, or inherited it. Next up was the stock market, lawyers, etc. I believe that docs made up less tha 1-2% of millionaires surveyed...

Docs are seen as "spenders" not "savers." From what I have seen, thats accurate. There are docs at our hospital making 400k$+ that had to have the hospital COSIGN a house loan. Holy cow. Apparently pretty typical...

 

I'm an emergency medicine physician and I make enough to afford a 360 spider and a few other toys. I'm only 35 years old so.... it definitely can be done. I've got plenty of time for my other hobbies because I only work 14 days per month with zero call. Would I choose this profession purely on the income potential... absolutely not. My wife is a general dentist and I'm no where near what she produces. The best thing to do is pursue a career that you are most interested in and if that fails ..... go for the one with the highest income potential. You only live once so make the best of it while you're here.

 

Do what you love, work hard and the rewards will come. DO NOT choose a career because of potential income. You will end up burning out and be very unhappy. You will also meet people that took different paths and make more money than you so you will end up second guessing yourself.
If being a doc is in your blood then thats what you need to do. Find a specialty that fits your interests and personality and go with it. Most of the hard working docs in my area can afford an exotic by the way.