REVIEWING My First Paycheck As A Doctor (Residency)

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REVIEWING My First Paycheck As A Doctor (Residency) | Residency Pay Explained

Рет қаралды 22,221

Күн бұрын

I just received my first pay check as a doctor completing residency in Canada. So today, we're going to take a look at how much money I make as a doctor, how much money I actually get to keep and a whole bunch of other information in an effort to explain how residency pay works here. The goal is to help premed and medical students learn a little bit more about the process and show everyone what they can expect upon graduating
#Doctor #Salary #MedicalSchool
🧩Links
Residency Salary Breakdown Per Province: www.carms.ca/m...
⏳Chapters:
Intro: 0:00 - 2:02
My First Pay Check Breakdown: 2:03 - 3:02
Residency Pay Explained: 3:03 - 4:20
Highest Paying Provinces: 4:21 - 6:50
My Thoughts On My Salary: 6:51 - 11:47
Bio:
Hi everyone, its nice to meet you 🤙 My name is Gianluca and I'm a first year family medicine resident in Ontario, Canada. I'm just trying to document my experiences throughout my medical training and beyond to hopefully help inspire/guide some other students... and make things more fun for myself :) I post a new video once per week.
Feel free to contact me on KZfaq or Instagram if you have any questions.
📬 Follow Me On Social Media
Instagram - @NXTgenMD
(That's all... medical school and KZfaq keep me busy enough 😅)
(Also, I always follow back 😇)
🎹 Music
All music comes from Epidemic sound.
🎥 Stock Footage
Via Pexels.com

Пікірлер: 71

@nxtgenmd 2 жыл бұрын

Hey everyone, on reflection and after having watched this video myself, I do want to stress that the intention of the data was not to perpetuate the idea that "you don't make money in medicine" or "you're going to be poor if you do this specialty". To me, signing up for the profession meant that I understood the concept of delayed gratification and not making a lot of money in residency is just par for the course. Hopefully we'll be able to check back in on me in 2 years and I'll have some big number updates for everyone🔥 As a future family medicine physician I'm determined to show medical students that if you work hard at it, the earning potential for family medicine really *can be* quite competitive once you've completed residency - and hopefully this helps increase interest in family med as a specialty 💪

@lukepearson8918 2 жыл бұрын

I LOVE how open you are about this stuff, not many people are willing to share this much!

@a.h.s5152 2 жыл бұрын

I feel bad for that one doc that has to pay $95,000.00 in an fine for forgetting to log down pain meds I wonder how he will make it having to pay that money it looks like he would be broke and stressed

@nxtgenmd 2 жыл бұрын

@@lukepearson8918 glad to hear that it helps :)

@davidjackson4308 2 ай бұрын

I've worked as a FNP in family practice for the past 20 years and I can verify that you can in fact make as much working as a FP physician as some of the traditionally higher paying specialties. The physicians that I've worked for that have done really well have 2 things in common to make over $500,000 yearly. First, you need to own your own clinic. This gives you the freedom to do #2. The second thing is, once you have built up a good patient base (which doesn't take long due to shortages in primary care), you start adding midlevels. Where I live a physician can employ 3 midlevels and in my experience, a good one will bring in twice what they get paid after overhead (extra staff, etc.), which means you get the other half, which basically allows you to clone yourself and do very well financially. Plus they cover for you when you need to be off or you are on vacation, so you never close.

@Eldarin 2 жыл бұрын

I'd like to say thank you, as someone who just graduated as a first gen college student and has been doing the whole medical thing pretty much by myself (currently studying for the MCAT), I cant say how much I appreciate the transparency of what to expect in the ((hopeful)) future and all of your advice in your videos! Also on a sidenote I found your channel about a month ago via your CARS video which you made before going to medical school...and now seeing you as a resident is such a cool evolution to see!!!!

@nxtgenmd 2 жыл бұрын

Hey Eldarin thanks so much and I'm really glad to hear that the videos have been helpful :) I don't know if I expected to still be making videos at this point when I put out that first CARS video but I think its awesome to see the evolution too 🔥 As a fellow first gen uni student and then med student, just want to say best of luck with everything (especially the MCAT) and I'll keep my fingers crossed for you. See you around!

@BermanNDP 2 жыл бұрын

Wow! Resident salaries have gone up almost 70% in the last 20 years. But tuition has increased by about 300% since 1998. And other costs have gone up as well. Once you break it down into net income per week, I wonder how PGY1s in places like Toronto can even afford a place to live!

@nxtgenmd 2 жыл бұрын

Now that's an idea for a video right there 🔥 I'd love to find some info on how medical school and residency (tuition, pay, working hour minimums, burnout levels, etc.) has changed for new docs over the years. That's definitely a nice benefit of being outside of the big city right now and I'm glad that I don't have the $1500+ / month rent hanging over my head 😅 But I do feel for my U of T colleges

@gaushikm1482 2 жыл бұрын

Keep in mind that the salaries are listed in Canadian dollars which is worth less than USD for the American viewers.😅

@adambomber96 2 жыл бұрын

Wow you're exactly right. I did the conversion for 62,227.83 CAD to USD and it is $48,463.03

@nxtgenmd 2 жыл бұрын

... 🥲

@mathgirl123400 Жыл бұрын

The best thing about this channel is, the guy is quite honest when it comes to expressing his emotions and opinions. And more interestingly he does so while keeping the overall balance intact - the audience receives a realistic, unbiased guideline. Thank you for this.

@nxtgenmd Жыл бұрын

No problem Hareem, glad it helped. Happy New Year 🤙

@lumdisumdi 2 жыл бұрын

The transparency here is really great. Some of this information could be found publicly, but not all of it. And then further to that, the accessibility of this video is key. I hadn’t thought in depth about this, but the hidden fees are now on my radar for the near future. Thanks Gianluca!

@nxtgenmd 2 жыл бұрын

I'm glad to hear that Davide :) I try to share as much as I think is helpful from my experiences and then redirect people to the public info if they want to read more about it - so I'm glad the format worked for this one 🤙 The "hidden" fees really caught a few of us off guard this year 😅 thankfully interviews were online for residency this last cycles because if not, the costs of flying around the country for each program you apply to also need to be considered. I'm sure that it all pays off though 💪 see you around

@hodahussein7225 2 жыл бұрын

Hi NXTgenMD! I am thankful for the level of transparency that you show in your videos about your medical school and residency journey. I’m hoping to follow your path into medicine and I get inspired to keep going every time I watch one of your videos. It is very clear that you put an immense amount of effort in researching and preparing for them. Thank you so much and keep up the great work! 🙌❤️

@nxtgenmd 2 жыл бұрын

Hi Hoda :) Quite honestly hearing stuff like this is one of the most important reasons why I keep putting videos out, so thank you very much. Likewise, keep up the hard work, stay focused on your goals and see you around 🤙

@laddy2522 2 жыл бұрын

Hey man this is my first time commenting on a video but I've been watching them all ! I just graduated high school and going to university next year to hopefully end up in medicine. Just wanted to say how much I love your videos and I appreciate you putting in the time to create these as they are very helpful/interesting to me. Keep this channel going and best of luck in your future !

@nxtgenmd 2 жыл бұрын

Hey Laddy thanks so much for letting me know that the videos have been helpful :) I hope that you're excited for Uni 💪 Best of luck with everything and don't hesitate to drop a comment in the future if you ever have questions

@laddy2522 2 жыл бұрын

@@nxtgenmd Thank you for the reply and i’ll be sure to ask you questions during my time as a pre med !

@JKarstadt 2 жыл бұрын

Huge respect for this video, thank you!

@nxtgenmd 2 жыл бұрын

No worries! :)

@richurichu8781 Жыл бұрын

Watching this video from Alberta lol ,I just immigrated here with my family from ukraine and your videos are really helping me to plough through the system,Thank you so much man!!!

@nxtgenmd Жыл бұрын

Welcome to Canada my friend 🤙 glad the videos have helped and all the best to you and your family :)

@michaelwu3994 2 жыл бұрын

Always appreciate the transparency, thank you Gianluca for your continued dedication to providing content and information for us all

@nxtgenmd 2 жыл бұрын

I'm glad that the videos are still able to help you out brother 🤙 if you ever have questions from med students that you'd like a resident perspective on, don't hesitate to ask! Have an awesome week for now :)

@marceldejesus7643 2 жыл бұрын

Thank you for sharing this. All of this information is new to me and I just graduated biology and plan on applying to medical school after completing a post bac in research that I will be doing this year. Thank you again!!

@nxtgenmd 2 жыл бұрын

Best of luck with your plan Marcel :) I'm glad that the video was helpful 🤙

@joshbritton 2 жыл бұрын

Loved this video! In the U.S our average residency salary for emergency medicine is roughly 66k

@nxtgenmd 2 жыл бұрын

Thanks Josh! That's actually incredible - 66K USD is basically $84,000 CAD by conversion alone and then I'm just going to assume that many of the states are paying less than Ontarians are taxes 😅 But I guess on the other hand, medical school in the US tends to be significantly more expensive than it is for us here

@joshbritton 2 жыл бұрын

@@nxtgenmd I was thinking about that as well. Getting paid more during residency, but also paying more for school and maybe on taxes as well

@vidushannuwanga9567 2 жыл бұрын

You've been a grate inspiration for me brother!! Thank you so much for sharing ❤💪

@nxtgenmd 2 жыл бұрын

Thank you Vidushan :) I'm glad to hear that the motivation has been able to carry over to others. Hope all has been well with you lately 🤙

@LRolan Жыл бұрын

Some areas in the US offer subsidized discounted rent to mid-income earners, such as residents, which can reduce housing cost significantly.

@zainabahsan236 2 жыл бұрын

I like how transparent you are!! If possible, can you make another video about income from social media(KZfaq, insta etc)

@Taylor-ei4cx 2 жыл бұрын

Really informative, thanks for sharing! Really hard to find this perspective anywhere.

@geofreyjames7654 2 жыл бұрын

Big ups for the video. I thought you guys made around 70k from the jump in residency, good highlight that you’ve made

@nxtgenmd 2 жыл бұрын

Thanks Geofrey 🤙 That's the number that I had always assumed too for the most part. Between teaching, KZfaq and whatever else I can do in my spare time, hopefully I think that I should be able to get it up to that as well

@oltratube 7 ай бұрын

Great video. But can you make a video on how much you spend per month on rent and bills and how much you are able to save?

@marcello7993 2 жыл бұрын

Wings are earned one feather at a time. Enjoy

@adamasprotocol1699 2 жыл бұрын

Still around 3-4 times more than a PGY1 in Mexico... in a private hospital 😂...😢

@danielghiasvand9458 2 жыл бұрын

Another great video as always! Do you know if the union fees and other expenses you have mentioned in your videos are tax deductible?

@nxtgenmd Жыл бұрын

Hi Daniel, sorry for the delay - I don't think they are tax deductible but will be checking with my accountant during tax season. All residents get free accounting services while they are residents through our union which is nice :)

@bharatvyas5076 Жыл бұрын

Hello ! I loved your Videos and they are very use full of me , I still have one question to ask I m not getting any proper source to find out that how to do masters there as I’m going to complete my med school MD program in Philippine, I wanted to do further study and residency in Canada , could you help a little bit on that …. That would be great full ❤

@Kencan254 2 жыл бұрын

A family physician's pay is at the bottom of medical remuneration food chain. Is there a way to upgrade to better respected specialities?

@jeanetteraichel8299 2 жыл бұрын

How does Diversity and Inclusion fit in the equation when it comes to ethnic minority medical students vs white students? Is there sn inequity in this part as there is in the application for medical students for certain DEI qualifying students? The one way you can earn more is to keep taking additional training and offering fee for services like minor cosmetic procedures-botox, juvederm. That'll make the practice busy and financially better as time goes

@nxtgenmd 2 жыл бұрын

Hey Jeanette :) I'm not sure that I entirely understand the question as it pertains to a residency pay equation but in short everyone gets paid the same regardless of specialty, gender or race as far as the residency years go. For medical school applications, there are various programs in place that grant certain considerations to students who qualify. Hopefully sometime this month I will be having one of my good friends on the channel who can speak more about her experiences with the Indigenous applicant program in Canada for example 🤙 You are right - depending on your specialty there are definitely multiple ways of increasing income but these usually do not apply to residents since our licenses are provisional on being supervised by staff. We are paid directly by the university for which we are under contract. As soon as I'm done though I'll definitely be speaking of more ways that I plan to use and expand financially :)

@Abdullashora 2 жыл бұрын

Can you make a video on moonlighting?

@zoyamufti833 Жыл бұрын

Hey doctor,thanks for the video Could you tell me if it is true that family physicians don't earn much in Canada?

@nxtgenmd Жыл бұрын

Hi Zoya, please see my video on family medicine :)

@maricog658 2 жыл бұрын

Can you get an American on your channel to do this? This was soooo helpful but I’m in the US lol

@smokerx6291 2 жыл бұрын

Mind sharing a piece of that check? 👀

@harmeetsingh6795 2 жыл бұрын

Do you get tax refund for tution fee tax credits from med school?

@nxtgenmd 2 жыл бұрын

That's a great question Harmeet - Quite honestly I haven't met with an accountant yet to ask but will be doing so in the future. I would probably advise each resident to set up an appointment sooner rather than later to ask questions like these 🤙

@harmeetsingh6795 2 жыл бұрын

@@nxtgenmd you are a great motivator for me. I just finished my first year at UPEI and I'm going to apply to med schools in 2025 (upei is also opening new faculty). 4.3 GPA so far Nutrition major 🤞🤞want to go into gastroenterology

@AngelHernandez-ki5pd 2 жыл бұрын

What is the salary of the Family Doctor in Canada

@kammiek124 Жыл бұрын

Quick question! As a registered nurse who is considering medical school, do you know if during residency I would be permitted to continue working casual as a nurse? Thanks! 😊

@tao072002 11 ай бұрын

You're not going to have time during residency. Some of my classmates during med school picked up a few shifts during the first few years of med school but otherwise you try not to burn out and exhaust yourself.

@Kimberly-wu2hb 2 жыл бұрын

Isn’t surgery 9years of residency

@a.h.s5152 2 жыл бұрын

I wished I was smart enough to be an doctor, I probably would lose my doc license for giving out pain pills 💊 since I wouldn't like seeing people in pain.

@curiouscat98 Жыл бұрын

I rest my case. New grads in IT get 80k sitting comfortably at home. More experienced Worked in IT make $140k-$200k easily. And the real money comes to those who are in the C-level or partners where they get millions. For those who think you need to be a doctor to be rich. You are so wrong and you have been scammed

@KC-ox1cc Жыл бұрын

You don’t study medicine or become a doctor for money as the path to becoming a doctor with all the expenses and tuition etc. is way too long to choose this profession, simply for the money. If you want to become rich, you’re better off becoming a stock trader or something like that (or work in IT…). People choose medicine because they love helping people while being highly regarded academically and in the end, the pay isn’t too shady either. But again, it takes a lot of hard work, passion and dedication to get to that point.

@S.Cheung 10 ай бұрын

Depending on which country you are working. For those countries with a private medical market, doctor can make a lot of money. I live in Hong Kong, for surgeries my husband and I experienced (cancer, eye, broken bone), we have to pay an average of USD20k for each one (about 50% go to the doctor and 50% to the hospital), and that the popular surgeons are usually fully booked.

@shaniatubana1113 2 жыл бұрын

So basically someone who works as a cashier can probably make the same amount of money a week as a resident 😂but the cashier doesn’t have to pay all those fees so maybe they make more haha