20th Aug 2008
Do you have enough to live on?
I sat down a week or so ago with a new DC who was looking at an associate contract. My question to him: “If you had to live on just the base, could you do it?” Here is what we did:
Monthly Base $2500
Income Tax $ 375
FICA $192
Student Loan payments $800
Available $1133
So, can you live on $1133 a month? What if you had a family? And your spouse couldn’t work? This doesn’t seem possible, does it?
But, you say, “I’m going to make lots on incentives/bonuses each month.” But what if:
(a) The doctor made you work for him while he went on vacation and you couldn’t get your own patients in?
(b) The doctor did everything in her power to keep you from getting the incentive, even if you are seeing new patients and bringing in money (this happens more often than you can imagine)
(c) You have to take time off for a family emergency or you are just not able to bring in new patients one month.
Scary thought, isn’t it? This young doctor was in the Seattle area, where the cost of living is even higher. Unless his wife works, it doesn’t seem like this is a good deal for him. What do you think?
no this is absolutely not a good idea! this is my biggest fear and stumbling block to entering this profession. I desire very much to be a chiropractor as i know from personal experience that it works. the 100 to 180 thousand dollar student loan to repay and the lack of a guarantee to be able to repay it scares me to death. I have been talking to an individual from a well known school who has been so filled with success stories that he uses this to boost his own self confidence to be able to repay his loans. i am 33 years old and know better. i have repeatedly asked for names of recent grads from this and other schools just to get a realistic idea of what to expect. I am given names of people who are second or third generation chiropractors taking over the family business. of course they are going to be succesful! but what about me? the married student, daddy to four wonderful children, the one who has only himself to make this living. will i succeed? i am going to become a nurse before i become a dc just so i can with confidence make a kiving while i build my practice. let me know your thoughts, suggestions, comments, etc….
contractor tax help
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