Welcome to the 鶹ý "Med Money Journals," providing readers a look into the finances of doctors, nurses, medical students, PAs, NPs, and others practicing medicine. Each post offers information about one person's financial background, wages, and spending over a 7-day period. Anonymously share your own .
Job: Plastic Surgeon
Age: 34
Location: Buffalo, New York
Salary: $490,000
Net worth: $450,000
Debt: $900,000
Amount per paycheck: $11,000 every 2 weeks after taxes
Monthly expenses:
- Mortgage (PITA): $4,100
- Children education: $3,000
- Utilities: $200
- Cars: $400
- Internet/cable/TV subscriptions: $180
- Lawn care/snow removal: $100
- Home cleaning: $200
- Gym: $100
What was your first job and why did you start working?
I became a cashier at 17-years-old. It was at local grocery store where I also helped collect carts in the parking lot. I started working to pay for a car and other expenses.
Do you worry about money in your current situation?
Yes, in the sense that I am always aware of it and making sure I stay on course with my financial plan!
What financial tracking or money management/budgeting tools (if any) do you use? Would you recommend them to others?
I use Excel to track my budget monthly. I also use a free online net worth calculator to calculate my net worth every 3-4 months.
Are there any other financial details readers should be aware of?
I own five cash-flowing rental properties that cash flow roughly 25% each month. This means that each rental property provides me with a yearly cash flow of 25% of the total initial money that I put into them. This cash flow is cash that goes in my pocket after mortgage, taxes, insurance, maintenance, and all other expenses are paid for. This cash flow totals about $8,000/month, which I save to buy new properties.
Do you have any comments or thoughts on the current state of compensation for people in your position/profession?
Physicians are compensated in the top 1% of everyone in the U.S. However, the variability in compensation within specialties on an individual doctor level is huge. This is because we, as a field, do not help each other by sharing information like salary and income. This, along with a lack of financial education, places us at a big disadvantage when negotiating contracts.
7 Day Journal
Day 1 (Monday)
Total: $97
Today I have an administrative day at the office. In the morning, I eat my regular bowl of cereal and drop my kids off at school. In the hospital, I buy lunch at the cafeteria for $7 in between work and meetings. After grabbing my kids, my wife and I cook them dinner using a meal from Home Chef, a meal subscription service that costs $90/week. We then re-heat the cooked meals after the kids are in bed for our dinner.
Day 2 (Tuesday)
Total: $95
Today I am operating all day. I have the same breakfast as yesterday, but unfortunately, I do not have time for lunch and just eat a protein bar. I buy a huge pack of these each month in order to feed myself on days when a sit-down meal is not possible. I bought a new box this week, and the whole box costs $20.
Because the day is busier than usual for me and my wife, we take the kids out to eat at a local restaurant with a big playground outside. Our meals cost $30.
During the day, my wife also bought our kids new clothes for summer camp at Target for a total of $45.
Day 3 (Wednesday)
Total: $7
Another day of operating but this time I am able to sneak out for a cafeteria lunch for $7. We cook another Home Chef meal for ourselves and the kids for dinner.
Day 4 (Thursday)
Total: $160
Today is my clinic day seeing patients. I have a protein bar for lunch. However, tonight my wife and I have a charity event that we are going to. We arranged a babysitter that we pay $20/hour. The event has some light bites, but we leave hungry and stop at a Thai restaurant for some real food. It's a $60 check for drinks, appetizers, and two pad Thai plates. The babysitter costs around $100.
Day 5 (Friday)
Total: $80
I have another OR day but a shorter one. I end up going home in the early afternoon and have lunch there. Our kids eat groceries we have at home, but my wife and I order DoorDash sushi for $80. We try to limit ordering delivery, but after a long week, I am too lazy to pick up the food and the $15 in delivery fees seem worthwhile.
Day 6 (Saturday)
Total: $42.50
In the morning, we hang out without the kids, as they have soccer practice in the late morning. These lessons for 2–4-year-olds cost about $100/season, which lasts 8 weeks. Afterwards, we stop at a hot dog stand for lunch, which costs $30. In the afternoon, they play outside with friends. My wife and I make our last Home Chef meal for the week for dinner.
Day 7 (Sunday)
Total: $50
Today we have swim lessons with the kids, which cost $200/month. Afterwards, we have a weekly family dinner hosted at my mom's house.
Week total: $531.50. This is a fairly typical week for us. Of course, there are weeks where unexpected expenses arise, which is why we have our emergency fund. There are also weeks where we may splurge for a certain item or experience after determining that it fits our financial plan and brings us joy greater than its price tag. But in general, we are frugal and do not overspend in our daily lives.
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