Never realized how much a small town doctor can make
My dad is a small-town doctor in a specialty with his own private practice. While I was filling out the FAFSA I realized our total income was upwards of $450,000/yr, in a town of like 10,000 people. We barely spend and when we take vacations we always do so cheaply, so I always thought our income was half of or a fourth of that. Why tf am I so concerned with high finance I should really just go to med school and take over his practice fr.
Funny thing is that my dad was educated outside of the US, and because of a lot of political and economic shifts in the country, never had to pay back his med school debt lol
Cuz med school is fucking hell and ur missing out on basically everything in your 20's
Yeah but you could argue grinding in IB and PE or HFs or whatnot with barely any workweeks going under 55 hours, is similar
u can find a shop that pays you $200k+ and still have completely free weekends on the buyside
buy a practice and hire a doctor? then roll-up more private practices
I was researching in to doing that with dental practices. I didnt get too far but did find some good info on reddit/dentist brokers websites.
I heard there were rules against practice ownership unless you were a direct professional party in its ownership, atleast in my state.
I see I see. I'm in the uk, just looked up the laws, a layman needs to have a certified dentist as at least 50% shareholder here.
lots for sale which is presumably due to covid.
https://www.mediestates.co.uk/dental-practices-for-sale/
A lot of PE money following the same route. I recently went to one of these chain places. While the staff was friendly and knowledgeable, I felt like I was at a used car dealership, with high pressure tactics and financing readily available. It's now a one stop shop for all your dental needs under one roof.
Yeah I def would not want this for more urgent medical specialties like an oncologist
If you're willing to live in a small town, there's no reason you shouldn't do this, especially if you're comfortable with medical school. Small town Doctors often get paid more than those in the city because it's hard for them to get doctors who want to move there.
I've already committed to Cornell Dyson but if I end up hating business or finance immensely I could always fallback into this.
Just take some required classes for med school applications and take the MCAT. You can get into med-school with a business degree.
Yeah I grew up in a small town and my Dad was a doc who owned his own practice, Mom was a nurse but transitioned into just running the practice. He told me during the peak of their practice they were clearing about $700-800K. Pretty decent living for a small town.
Yeah according to most stats my dad is actually in one of the least lucrative specialties but it really doesn't matter if you're the only specialty of that type in town.
I wonder if this is true for finance too. I’ve seen FO roles in cities of 40k or less population. At least adjusted for COL they must make a lot. But it would seem very boring until maybe 40s to try that.
You can have fun in a small town if you know where to find it, honestly big cities kinda tire me out and I hate how most of them smell
examples?
Because in finance you'll have an astronomically higher ceiling. 450k in your mid 20s when you become an IB VP, and it only increases from there
If you graduate and start your analyst stint at 21, is it really a realistic trajectory to expect VP and comp that high by 25-26, unless you are some HYP Rockstar or something?
Small towns pay way better than big cities in this case. Saw a Dave Ramsey episode where the guy was offered like $1.5MM for small town Maine or something and like 500k for Manhattan. Ramsey recommended taking the small town and dropping a few hundred G's a year on traveling.
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