The total of my future expenses each year are $102,900. I know this is logical because my primary sources for information are my dad, salary wizard, and collegecalc.com. According to salary.com I can likely count on making $510,530 each year in my future job as a cardiothoractic surgeon if I choose to work in San Francisco. My education/training to get that job will cost $420,038, or $274,594 (depending on whether or not I qualify for scholarships) total for all years of training.
I will not be saving any extra money for rainy day funds beccause I will not have any spare money, and $5,000 for retirement each year. If I save $5,000 for retirement each year, by the time I am 65 years old I will have $175,000 plus interest. This is a very rough estamate considering the fact that I will increase the amount of money put into retirement as I age.
Comparing my future income and expenses makes me think that I will have to get smart about budgeting. A common misinterpretation is that doctors are very wealthy, but if you add up all the schooling and training costs, it adds up considerably. I also realize that I will need a big sense of delaying of gratification, seeing as I will not be living comfortably until I am in my mid thirties at least. All the same the commitment seems more than worth it to me.
wow, that's a good income! the training and education will be high, but you can do it!
ReplyDeleteYeah, doctors make a lot of money, but the schooling costs just as much, so if anyone wants to pursue a career as a doctor, he/she must make sure his/hear heart is in it.
ReplyDeleteEveryone seems to be using salary wizard.com. Sounds fun and I am sorry I missed out on this website. Keep it real! It looks like your information is very accurate.
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