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Depends, what industry, what level of experience, what degrees, etc?
Obviously if your a doctor it would suck but if your the kid flipping burgers its not bad.
40,000 per year a good salary?
Depends, what industry, what level of experience, what degrees, etc?
Obviously if your a doctor it would suck but if your the kid flipping burgers its not bad.
22 years old
no college degree
If you are young enough that you don't know, then for your age it is!
That's $19.62 an hour based on a 40hr week.
Its not bad, its what some kids coming out of college are getting. Do you have other offers? If not, I would probably take it, its hard to find a job with the current economy.
its a desk job but they are also giving me a corporate lease vehicle that is no cost to me including all insurance/fuel/repairs paid for and i have the potential to make up to 10,000 a year in bonuses.
its for an automotive parts company
If you're single it's damn good money unless you live in Cali or NY. Not so much if you have kids. 22 years old with no college degree you aren't going to find many better paying jobs that aren't based on sales, putting yourself at risk of death or severre injury, or starting your own business.
Is it sales? If it is sales based it's probably a based on that kind of base salary. Better get good at sales.
So this is just a lame boasting thread then
Is a corvette z06 a good car?
I'll match you a Z06 and raise you a Ford GT.
Doctors make 40,000 per year for the first 5-7 years after medical school (well into their 30s), and that's with $100,000-$150,000 of debt on average.
On an hourly basis, they make about $12/hour during these 5-7 years.
Of course, in the past, after 5-7 years physician compensation shot up tremendously for specialties, with the average specialist making $220,000 per year, but they are in their late 30s by this time and have a negative net worth (i.e. medical school debt) to start with.
Most doctors are a far cry from being rich, the vast majority are middle class for most of their lives (MIDDLE middle class, not even upper middle class) and only live a more lavish lifestyle once they are well into their 50s or 60s, after years of a $200k+ salary, although this will slowly change as we move towards an era of public options 20+ years from now, at which point it will be more financially savvy to become a car mechanic than a doctor as far as money is concerned.
Doctors' compensation has gone down for the past 20 years every year due to inflation. It has gone down even more due to cuts in physician payment by the government (i.e. for medicaid). Congress just passed a 22% pay CUT to physicians for medicare/medicaid, and once the government has a stranglehold as the dominant seller of health insurance 20+ years from now, this trend will continue.
The trouble some people get into:
Do you mean during their Residency program? One of my friends is studying Medicine and he will eventually be a doctor. Right now hes about to start med school. So far hes managed to stay out of debt but will probably start borrowing money soon. I think its a good investment in the long run, mainly because its something he likes.
Correct, during residency. As a function of $ per hour it ends up being about $12/hour or so due to the obscene amount of hours that residents are forced to work.
Again, it's a good investment in the LONG LONG run...right now, but it won't be 20 years from now.
I never knew that about doctors. I thought they came out of school making $. That sucks they make that little of money being as though they are in so much debt right after school.
I think people who become doctors actually care about helping people and learning. Why else go to school for 8 years, then do a residency, for such low cash? And put yourself in so much debt.
Sucks for doctors. Good for everyone else.
Tell him to join the air force after he graduates with his undergrad. Seriously. My best friend joined the air force in conjunction with him getting accepted to med school. He had to go to Officer training, then started his classes. The air force paid for his med school, paid him monthly as a lieutenent (for doing nothing but going to school), and he got a basic housing allowance (though lower than a normal Lieutenant would get). The only time you could tell that he was in the military was during some of the vacations (summer, winter, etc.) he was pulled into action for humanitarian purposes (helping with the volunteers here for hurricane Katrina, etc). I think that this only happened 3 or 4 times the whole time he was in med school. He is currently in his 2nd year of residency (and he has gotten to choose where he wanted to go for all of his rotations and residencies), and he is making 48k. There are only 3-8 years of residency, depending on specialty. He is also still receiving his monthly stipened from the military. Once he finishes residency, he will owe the military 6 years. I think that this is a pretty sweet deal. He would always buy drinks when we all went out, and I would try to stop him but he would always tell me "my peers are graduating with 250k in debt, I don't really mind 25k in credit card debt." - good guy. Once he begins his military service he will be making 125k as a first year doctor (private 1st year doctors avg 225-250k) but he will not have to pay malpractice insurance, or student loan payments. Something to pass along.
They don't have to start paying their student loans until after their residency is over, so when they start making their super bank, that is when they have to start paying their loans.
The good ones are. There are without a doubt people in every industry who's primary concern on their career choice is financial but I'll never believe that the best doctors are the one driven by the thoughts of making a ton of money.
I don't see a problem with doctors making a lot of money but I also don't see them losing on out earning potential (which is suspect to begin with) if it means a healthier society.
No...that is an extremely low amount of money to be making...
Amount of money you make don't make much a difference IMO it's how you spend it. You make 40,000 a year and not a big spender your good. If you need to driver a gas guzzling hummer and live in mansion then obviously it is not enough. Same with people who earn 100,000 a year. People love to live above their means just to keep up with the jones famo.
Screw the jones.
i think it's a pretty silly question if 40k is good money for a 22 year old with no college.
it's like duh, of course it is.
the question one must ask themselves for any position, is what opportunities will be available to you moving forward. but since you have no college degree, i'd say get you some experience under you belt, and just bank for a while, until you decide what direction you want your career to go in longterm.
Doctors may start out at a relatively low salary, but they quickly make up their debt in a few years time and surpass and overlap say, the ac ulative salary of a pharmacist or a nurse prac ioner, which is paid near their max amount directly out of college. Doctors make exponentially more money than any health care professional. There's a reason the standards are so arbitrarily high, and that is to artificially inflate their income.
Last edited by Death In June; 03-31-2010 at 10:02 AM.
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