PracticeLink Magazine


The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

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Page 33 of 91

34 WINTER 2015 2 0 1 5 AN N UAL Quality of Life issue with the savings already mentioned), a doctor may f nd that four times the income is really only equivalent to twice the lifestyle. Underesti- mating the progressive nature of the income tax code, especially right out of residency, has led to the f nancial ruin of many physicians. 6 Society doesn't expect you to be frugal. One reason physicians should be frugal is the very reason that so many of them are not: family, friends, and even the doctors them- selves have an expectation that a doctor is rich and should spend like it. Eric Raasch, M.D., a nephrologist in Cary, North Carolina, mentioned that his mother frequently utters the phrase "when you get your doctor house." He has also noticed that the physicians' park- ing lot at his hospital is f lled with "Porsches, Maseratis, and the like." He says the hardest thing for him was "going to a dinner party at a neuroradiologist's house and realizing that I didn't even know what I was missing!" I once traveled by boat across Lake Atitlan in Guatemala. There were no posted prices, but it quickly became very clear that there were two prices for passage across the lake: the local price and the vastly inf ated tourist price. There is also an inf ated "doctor price" for many goods and services in our society. But you should not feel that your status or income prevents you from negotiating, mandates you to live in a certain neighbor- hood or drive a certain type of automobile, or requires you to pay in a situation where others Forget the Joneses Continued from page 32 Continued on page 37 Income matters, of course, but it turns out that "out- go" matters far more. Physicians also often feel that money is their most easily renewable resource. However, that income stream may not last nearly as long as you hope. I assure you it is just as easy (perhaps easier) to overspend your income as a physician as it is with any other career.

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