I flew air asia business class from kuala lumpur to sydney and I can recommend it as good value for money.
Could you achieve "financial freedom" without the use of debt?
- Thread starter JIT
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I flew air asia business class from kuala lumpur to sydney and I can recommend it as good value for money.
I believe that some top surgeons do. It takes a long time to qualify as a consultant (five to six years at medical school, then eight or nine years thereafter), which would push back the age at which they start to make decent money into their thirties.
That said, there's been an outcry in the UK because doctors might have to work longer to access their pension. Until recently they could retire at 60 on (in some cases) over £50K ($80K at current exchange rates) per annum, index linked.
The point I should have made in my original post is that there are some professions where you can be a superstar, and get paid a disproportionate amount for being slightly better than your contemporaries. In contrast, in something like IT (my line), you're seen as being replaceable by an Indian for a fraction of the price.
Depends. Specialists earn good money, probably in excess of $400-500k as their expenses are quite low. The top echelon of them earn even more than that and it also depends on what specialist field - dermatologists (skin) and ophthalmologists (eyes) are the ones who earn the most apparently.
GPs probably earn a bit less, good ones probably earn about $400-500k as well, while most probably get about $200-300k.
By the way, in both examples they would be all self-employed, established practices so these are not doctors who work for hospitals or in clinics.
As a PAYG?
No, he is like a contractor. Works in a clinic and gets a % of every client. He doesn't like to see too many per hour and goes slow. Paranoid about getting sued for a mistake.
Oh he works at those big clinics. Doctors there usually get about 40-60% of their billings as income, depending on their volume/experience/agreement.
This is why my mother (who is a GP) stopped employing locum doctors - most of them are terrible at billing and are not worth the money you pay them. You can't make a profitable medical business if all you are doing is long consultations. The fact is that most patients have simple problems that only require 5-10 minutes.
How about using loopholes
Here is an example when I had plenty of time (before kids). Initially I deposited into online betting sites who gave matching bonus. For example, if I deposited $100 then they would add $100 too. I think the only condition was that I had to bet the whole $200.00 to withdraw the money and also I can do this only once with a particular company. Then I backed two opposing teams with two different betting companies such a way I don’t lose any money regardless of whoever wins. At the end I had 100% profit!
At the end of above process I had money with about 3 UK companies and two Australian companies. Then I noticed that UK companies were giving better odds for Aus teams when we play against them. It is the opposite in Aus. So I developed an Excel work sheet (using the ‘solver’ analysis pack) to work out the exact amount I need to place on each company so that I would make money regardless of whoever wins. I don’t do this anymore because the returns are crap and also I don’t get to watch those games any more either
This is called Sports Arbitrage or Arbitrage Betting. It is achievable, however most bookies are onto it now, and they can spot an "Arbi" a mile away and they usually cap their bets (Sometimes to $1), so short term it might be ok, but long term not so lucrative.
You can get 'Arb of the Day' type apps that work them out for you as well.
pinkboy
Many medical specialists continue to work late into their lives because they love what they do. Financial renumeration is often irrelevant to them.
I was told (maybe read it on here?) that for many it's a case of not being able to walk away from your PI i.e. you need to insure yourself till you die, so they keep up some form of work to pay for it. So there you go... the whole medical profession is a ponzi scheme, kicking the can down the road, unsustainable, buy gold and guns and run!
I doubt it. At a certain age, the vast majority of people would like to work less, especially if they have been at the same job for 30 years.You never see doctors working for free. Many live in fine houses and drive good cars. More plausible, is that some need to continue to work to maintain their lifestyle.
Is this 500k after tax and expenses? If this is the case, it is more than the prime minister earns which means medicine must still be one of the surefire ways to attain wealth. Think how many doctors there are and there can only be one prime minister. I can't really find any place on google which can give me accurate info on how much surgeons in this country earn. I am interested in advising some youngsters on career paths based on factual info.
That would be net profit from the medical business, before tax. Not surprising that it is more than the PM's salary because, after all, the PM is a politician and the doctor is a business.
GPs are more like 100 - 200k. Plastic surgeons with large practices on the Gold Coast are well over a million and everyone else is in between.
http://www.gpaustralia.org.au/content/what-can-you-earn
Many doctors are frigging terrible at managing money though.
http://www.gpaustralia.org.au/content/what-can-you-earn
Many doctors are frigging terrible at managing money though.
So I guess that being in a profession is still the surest way to obtain more wealth than the average punter. However, it is far harder to become a PM than to become a doctor.
For PAYG, yes. Not self employed in a decent area.
No one would suggest that people go into politics to get rich...it's not a meaningful comparison.
But you work for it. How do feel getting phone calls at 2 am to come into the hospital NOW because you are needed, working until 8 am, then starting your day shift?
Doctors who work night shifts like that don't earn the big bucks. They are locum doctors who are basically part-timers for the most part.
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