Physician compensation plays a major role in choosing the specialty of their choice. So, let’s go through the data and get an overview of how much money is needed to lead a happy life and how much is being paid for physicians in the US.
This financial journey is the same for everyone except if he/she is ultra-rich.
Debt Accumulation - It's the phase of life that one spends their time on education and training to accumulate knowledge and skills (primary growth) without having any income. Therefore, a person accumulates a lot of debt in this phase.
Debt Repayment - In this phase, one repays all the debt (student loan, etc.,) they accumulated.
Asset Building - It's the phase where one builds assets (in terms of stocks, rental properties, real estate, etc.,) for passive income.
Retirement - When a person's passive income equals or exceeds his/her primary income. The phase of retirement begins.
How Much is Enough - Investing in Happiness
Money has the unique ability to move economic value through time; money made from work done today can be used to fund spending in the future. Time and money are both finite resources that we have to make allocation decisions about on a daily basis
Happiness, income satiation and turning points around the world
“Globally, we find the satisfaction occurs at $95,000 for life evaluation and $60,000 to $75,000 for emotional well-being.”
Personal Advice - Avoid Golden Handcuffs
Avoid Lifestyle Creep
Remember to scale lifestyle slowly
Remember to build multiple income sources
So check the latest version & data
Medscape Young Physician Compensation Report 2021
Average Annual Physician Compensation
Change in Physician Income year over year
Generalist vs Specialist
Unfortunately, generalists are paid less as compared to specialists. It's true that specialists went through some special training and fellowships. But still, the difference is significantly higher, especially in the US as compared to other countries.
Which Physicians Feel Fairly Compensated?
This data is the amalgamation of academic, non-academic, private practice, etc., and yet some specialties feel fairly compensated while others aren’t. So, it's important that one consider this data for their choice of medical specialty.
Top 10 Specialties in Demand
The top 5 specialties most in demand
Obstetrics & Gynecology
The top 5 specialties most in-demand in telemedicine
The top 5 metros where doctors are most in-demand
El Paso, Texas
Unfortunately, salary explorer does not divide between academic and non-academic, which in itself is a huge gap. But it does give sort of an earmark on how things have been and how they change with time.