How Much Money Do Doctors Make?

How Much Money Do Doctors Make?

Well, This is a great question. In fact, many people ask me this question many times. Well, it really depends on many things. First of all in which country that doctor is doing a practice such as USA, India, UK, Australia or anywhere else. Second thing is that, in which branch that doctor specializes?

Now, as a rule of thumb, USA Doctors make more money than Indian Doctors and the Cardiologists are among the highest paying doctors in the USA, India and worldwide. A Cardiologist or a Neurologist make about half a Million Dollar (5,00,000) every year from his medical practice. Sometimes more than this.

While the average Physician in USA makes around $ 1,50,000-2,50,000 every year. I am talking about general statistics. This stats may vary little bit. In short, Doctors are among the high Income producing groups every where in the world.

Now, Here there is a Big Problem.

One study done in USA on 3.5 Million Millionaire Household showed that, there are very few Millionaire Doctors in the USA and this phenomena is worldwide. Have you ever think that if Doctors are among the High Income Producing Groups than why they are the low accumulator of the Wealth. Why very few doctors are among the list of Millionaires and Wealthy People?

Well, This is because Doctors earn all of their money on their own Financial Statement and thus, they are the highest Tax payers. The pay almost 30-40% of their Annual Income behind paying tax and thus nothing left behind for the long term investing. And even if something left behind for the long term investing, they don’t know how to Invest or manage their money because they have spend almost a decade in medical school to gain medical education but they have never spend a single hour behind learning the basics of Investing or How to read the Financial Statement.

And this is the reason why Doctors are High Income / Low Wealth Accumulator People.

Because of the Tax and Lack of Investment Knowledge, Doctors fail to accumulate good amount of wealth in their life. Now, on the other hand, Business owners and Investors are making money in their Businesses and Investments and thus they pay very very less in the taxes. Investors pay almost nothing in the tax because they make everything in the Capital Gains. This is the reason why Business-Owners and Investors are richer than Doctors…!!!