How much money do doctors make? Debt/income during training & my salary as a psychiatrist.

Рет қаралды 13,781

3 жыл бұрын

Ever wonder how much money doctors make? Or whether becoming a doctor is a good financial move? From medical school, through residency, fellowship and all the way into being an attending- here are the actual numbers. We’ll talk costs of training, debt, and income by specialty. I’ll also pass along some of the financial advice I’ve gotten over the years and the ways I’ve saved money throughout my journey. This is a must-watch if you are considering medical school! If you like my content and want access to more exclusive stuff like videos, blog posts, journal prompts, Q&A, merch, and more, consider supporting me on Patreon so I can keep making free content like this!
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References:
Medscape Stats
www.medscape.com/slideshow/20...
Forbes article on Public Service Loan Forgiveness
www.forbes.com/sites/zackfrie...

Пікірлер: 70

@WingsWithWax 2 жыл бұрын

The medical director that I work with on our psychiatric unit is making 430,000. He graduated from med school with no debt because of his navy scholarship.

@MsBeyonce06 3 жыл бұрын

Very informative 👏 Great informative to use as a guide for people deciding on career and how to manage debts 🙂

@fk4866 2 жыл бұрын

I gave you that thumbs up just because you told us what your salary was. I'm a fan of transparency for salaries! I wanna be a psychiatrist and applying to med school this year

@capresti3537 2 жыл бұрын

You want to play pretend doctor and drug people for profits?.

@fk4866 2 жыл бұрын

@@capresti3537 They go to med school with other doctors so they're more of a doctor than the general population.

@oyinkan861 Жыл бұрын

good luck!! did u get in?

@alisonchloemerino658 3 жыл бұрын

This is super helpful. Thank you!

@YoungMule 2 жыл бұрын

Really appreciate your transparency about your income!

@NursesToRiches 3 жыл бұрын

I'm not interested in becoming a psychiatrist but I *loooove* this video! Keep it up!

@angelmendoza540 3 жыл бұрын

Thank you for sharing!!

@greenland5313 3 жыл бұрын

Thank you so much for this!

@alona724 5 ай бұрын

Appreciate your transparency. We need more honest, open conversations about salaries.

@deutercoyg 3 жыл бұрын

Loved the video! Also awesome T-shirt! Are those barbells?? Really dope!

@fatimadaramy610 7 ай бұрын

Cheers! It’s very informative

@dripgodxxx3515 3 жыл бұрын

Great video 👍🏽

@joshstewart1649 Жыл бұрын

This is wild. In the same amount of time or less a tech pro can within 5-10 years make 150 to 250k a year in senior positions. So I’m happy given all the education and training doctors do earn a very good living. I just applied for a Security engineering job with a salary range of 152k-266k fully remote with bonus potential. So you’re right. Don’t become a doctor solely for the money. Plenty of career choices where it’s easier to make a great living without all the debt super long hours.

@stephaniehickman7367 3 жыл бұрын

Thanks

@japhniemacaspac2835 3 жыл бұрын

Another question, Would it be better to commit to serve in the military, like what you said in the video?

@Schekersculptors 3 жыл бұрын

Plz talk about different tipes sub specialists in psychiatry

@johnathanstyles4547 3 ай бұрын

Thanks so much. Great discussion. I am 44 and thinking about fours years of med school what do you think?

@nicoleanjelica7702 3 жыл бұрын

Would you be willing to share how much interest is accrued per year or month while going through residency?

@mdkarim8811 3 жыл бұрын

I agree with you that people should not go to med school for money. money can be earn from lots of different source. people should select profession base on personals interest and utilize it help others. is it true, med school require a lot of memorization?

@baileyshuler516 3 жыл бұрын

What happens if you dont pass any test

@alphaomega3766 3 жыл бұрын

Isn't it against the law to discriminate WRT pay? Is it more about individual choice?

@allaboutchrist4813 2 жыл бұрын

Hi I saw that med school have living expenses I wanted to know what that included? please and thank you

@MzTerios 3 жыл бұрын

Very useful and informative! As you mentioned in your video I'd like if you would talk about the different specialties in psychiatry and the average salary ranges from each category. I'm curious as to why people from diverse backgrounds get paid less and dont get the same opportunities as others. Also isnt there any way to escape such huge loans? Are there any scholarship programs for med school or any other way to pay.. college is practically free now if you have a great gpa they help you pay for your classes.

@MelissaShepardMD 3 жыл бұрын

Great questions! I’ll work on answering them :)

@MzTerios 3 жыл бұрын

@@MelissaShepardMD thank you Dr. Shepard your advice serves us greatly. Espcially people like me that are strongly inclined to this similar career path. I really appreciate it.

@AdventurousMe99 3 жыл бұрын

What careers make more money? Doctors are in the top 1% of the population so im confused..

@paulathwe3476 Жыл бұрын

Could I please know how much tax is deducted from the salary?

@bab00n15 2 жыл бұрын

can you talk about moonlighting asa resident.

@TyroneJiggums 3 жыл бұрын

Hey Doc, it wasn't luck that got you into your school, it was hard work! Earned, not given. ;)

@alphaspartan 3 жыл бұрын

It does require hard work, but also luck. 10k students apply on average to most schools, and only 300-800 students get interviewed at that school. I guarantee you more than 300-800 students worked hard and objectively looked good on paper, so you just gotta hope the person who reviews your file picks you over the other great students for whatever reason! =]

@user-bro0921 3 жыл бұрын

It’s such a shame how preventative/ primary care get paid the least, yet are probably the most important. US “sick care” system 😐

@japhniemacaspac2835 3 жыл бұрын

Is it true that in order to get your degree, you have to make a 500 page book based on a certain topic? That's what my mom said, she said she had to do it as part of her med school.

@MelSpeaksMD 3 жыл бұрын

No that’s not true. I think you’re referring to a dissertation that PhD students have to complete. Medical students do very little writing, but we take A LOT of exams throughout medical school and residency.

@japhniemacaspac2835 3 жыл бұрын

@@MelSpeaksMD Recidency is just like an internship in a hospital of something or is that the time where you go around trying different medical fields? Cause I remember watching this Psychiatrists saying that he fell in love with it during g his rotation

@MelSpeaksMD 3 жыл бұрын

@@japhniemacaspac2835 residency is the step after medical school once you’ve decided what you want to do. We “rotate” through different specialties during medical school

@jessicademartini3401 3 жыл бұрын

If having a job while in medical school is discouraged, then how do you pay rent? If you don’t mind me asking

@jason9468 3 жыл бұрын

That’s what part of the loans they take out would cover. If you are fortunate enough to have financial help from family or are able to continue living with family during medical school, that would cut down on living expenses and lower the amount of loans you need to take out, therefore, lowering your debt. Very few med schools are currently offering free tuition, probably making them more competitive to get into. But if you need to take out loans for living expenses still, your debt would be a lot less as you would not be taking out money for school, just living expenses

@fk4866 2 жыл бұрын

You have to take out loans to cover rent unless your parents are rich.

@japhniemacaspac2835 3 жыл бұрын

I'm planning to be a psychiatrist and work in a mental institution(like a psych ward), my dad said that I'll be working with the government meaning that I'll earn less, is that true?

@YEDxYED 2 жыл бұрын

Depends on the psych ward, I reckon. If the Psych ward is governmentally owned, then you’ll probably be paid less as your salary is now dependent on taxpayers money. Hmm, not sure if privately owned psych wards exist, but yeah

@jafaralijaffery636 3 жыл бұрын

Hey there

@alexanderperez-sanz1779 3 ай бұрын

I thought fellowship was more hours

@jafaralijaffery636 3 жыл бұрын

Hi ma'am

@AZ-wg3eg 3 жыл бұрын

I'm just gunna be a straight hobo and live in a van as an attending.

@jafaralijaffery636 3 жыл бұрын

How are you doctor

@braingeek8663 3 жыл бұрын

How come neurosurgery wasn't pert of the list?

@ace9848 3 жыл бұрын

general neurosurgeons just after finish their residency can expect to make 500-700k a year (gross) fellowship-trained neurosurgeons 600-900k (those are the ones highly specialized) 1 out 10 makes around 1.2M Neurosurgeons are the ones making a lot of money but actually have little time to spend. Undergrad + medschool will cost you 250k-600k If you want to pursue medicine just for the money you'll be better off with many other jobs btw...

@Schekersculptors 3 жыл бұрын

I would like to be psychiatrist

@user-yr6xc7gg8q 3 жыл бұрын

Don't become a drug dealer

@shenglee1721 2 жыл бұрын

My mom make average $180-$500 per session

@oyinkan861 Жыл бұрын

do yk how many hours ur mom works in a day, does she work wknds or nights? also what state does she make that and how much is her yearly salary if u don't mind all these questions lol

@Toogaytoofunction 3 жыл бұрын

What are the hours like in psychiatry residency?

@J.I.0 3 жыл бұрын

She said they all do 60-80hrs a wee

@prataproy3925 3 жыл бұрын

Mam , how much a Fresh out of residency psychiatrist salary would be plz answer

@alphaspartan 3 жыл бұрын

Depends on where you work and how many hours you will work each week. You can go on Indeed and look up salaries and job requirements. More work = more pay and low supply = higher pay. Working 80hrs a week in a rural area with nothing to do, you could make $450k/yr as a primary care provider. Working part time in NYC, maybe you make $130k/yr. It's flexible.

@prataproy3925 3 жыл бұрын

@@alphaspartan tx very much