As a companion to the Physician Compensation Report 2016, Medscape also publishes a Physician Debt & Net Worth Report. In addition to being a survey, this data was obtained by survey responders estimating their net worths, defined as net assets (eg, money in bank accounts, investments, retirement accounts, home equity, value of cars, value of jewelry, etc.) minus total liabilities (eg, money owed on mortgage, car loans, credit card debt, school loans, home equity loans, etc.). So take the results with a grain of salt. Let's dig in...
- Not surprisingly, your net worth is positively associated with your income. The physicians reporting the highest net worths are orthopedists, urologists and cardiologists. While the lowest net worths came from psychiatry, pediatrics, and family medicine.
- Your monthly student loan statement may make things look dire, but there is light at the end of the tunnel: "94% of physicians younger than 28 years of age were worth less than $500,000. By age 55, over a third of physicians (36%) have a net worth greater than $2 million, as do 48% by age 65."
- The stereotype that doctors are spendthrifts who live lavish lifestyles isn't necessarily true - 60% of physicians answered "I live below my means; people would be surprised how much money I have."
- While most of us claim we don't compete about income or appearance of wealth, those of us in hospital-based specialties (eg, radiology, critical care and anesthesia) are more likely to feel competitive about appearing wealthy.
There is more to learn, check out the original report HERE.