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>> the proportion of dentists and physicians who become part of the 1% is extremely high As implied in another comment, this is cloudy because the New York Tim
by jerfelix 15y ago
>> the proportion of dentists and physicians who become part of the 1% is extremely high
As implied in another comment, this is cloudy because the New York Times has a hard time with the difference between "income" and "wealth".
If a doctor borrows $150K for their education, and borrows $850K to start a practice (for building, equipment, supplies, insurance, and working capital), they may have a very small (or negative) net worth with a million dollars of debt.
It takes quite a number of years at $400K of household income to pay off a million dollar debt. And during all those years, this example doctor would, according to this chart, be in the top 1%, even though their net worth might be miniscule.
- jrockway 15y agoDoctors that work for other doctors, though, are probably making pretty good money too.