Come on…really??? (not to be believed, i know what my bro-in-law surgeon makes…). On the other hand, when I listed one of my studios awhile back, even doctors were inquiring about it…
doctors are pricing out while low wage chinese keep buying up the properties.
how a lot chinese does it? 2 set of couples work together and to buying a single family they can afford(2 floors).
then after couple yrs when property appreciates, sell it and use that captial for their own down payment.
Some doctors practically live at the hospital…maybe buying houses are not really their priority.
Well, it goes back again to Asians (not necessarily only Chinese) willing to sacrifice and SAVE for a home. Yes, probably lower wages (esp to doctors) but they also don’t spend money on frivolous dinners or extravagant cars. Yes, people may also be partnering up to get in. Someone gets the main floor and someone gets the inlaw. Sacrifices again. There is no secret sauce. Just plain hard work. Do I need to post that picture of the old Asian lady with the bags of recyclables again on her back???
Perhaps, but once their accountant tells them why Uncle Sam took such a huge chunk of their hard earned paycheck, they become very, very interested in RE…
There’s a huge range for what doctors make based on specialty. Plus, most of them have massive student loan debt. Those payments are equal to a mortgage for a median US house.
For sure, but since I know enough about my bro-in-law’s situation back then through my sis, he paid it off after a few years of work. It was fairly easy honestly (at least for a surgeon’s salary I guess). And, can’t say who, but his employer even gave a big stipend for home purchase with no interest (as long as he stayed there and it had to paid back at a certain time).
Surgeons make way more than the average doctor though. Did he have to do a fellowship after residency? Those are usually the ones that make $500k+/yr. ER is usually the highest paying you can get without a fellowship.
I don’t recall if he did a fellowship after. I know he did some kind of research stint back East though. Not an ER surgeon. I am pretty sure under 500k…
He’s probably a general surgeon then and not a specialist. Specialist make crazy money. To be a specialist, you finish your residency and become a board licensed doctor. Then you have to do a few more year of fellowship for your specialty. The length of time depends on the specialty. You make good money during the fellowship, since at that point you’re a licensed doctor.
IMO, Starter Doctor makes above 250k which is higher than others. Specialist ranges above 500k level, but take years to get into that position with name and fame goes up !
GP’s make just over $100k starting…
I thought about becoming a doctor when I was in college. Lucky I didn’t take that route. That would not have been good for my financial well being…
My bro-in-law may have lost some hair over the years from the stress (but no diff from all of us) but he ain’t complaining too much about his financial well being. Beautiful RWC home paid off awhile ago…
What I heard was $170K as starting pediatrician (from top-notch schools) in Bay Area but without expecting much of income growth from starting point. Just one example, though.
Anyway, this friend hasn’t been able to afford to buy a house here yet due to student loan during medical school despite of dual income.
This is exactly why I am skeptical about pre-med for my kids unless they have true passion in that field.
Come on, money aside, being a doctor is still very prestigious and bottom line you are helping people. Just don’t fly United… although I suspect he will be getting a big check soon…
Whatever he can do, I can do better!
Ok, maybe except healing people…
The dude has been Yelp’d by some of his patients… (yes, five stars). And yes, Yelp works fine!!!
That’s why I said “unless they have true passion in that field”.
However, there are a few negative points from individual perspective.
- Admission rate to medical school is too low: I read an article saying that even in top IVY school, admission rate to medical school from pre-med program is about 10-20%. What happens to those 80-90% pre-med kids? Too risky to choose pre-med path…
- Medical school tuition is too high:$54,000 per year for top private school. With living expense added, it would be easily $85,000 per year, $250,000 for 3 years.
- Crazy working hours during residency
- Not so great salary in Bay area given living expense
Medical doctor is a great job but Return-On-Investment is not as good as an engineer (given that 4-year engineering degree is good enough to get a job from FANG) if they want to stay in Bay area (which I hope my kids to do).
However, after all, what matters is what they want to be.
So did you buy the stock?