58% of physicians have a net worth of less than $1M: 4 takeaways

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While the average physician's salary amounts to roughly $299,000, specialty physicians make $30,000 more per year, on average, according to a recent report by Medscape.

In Medscape's annual "Physician Wealth and Debt Report 2018," researchers analyzed the survey responses of 20,000-plus physicians in more than 29 specialties between Nov. 21, 2017, and Feb. 21, 2018, regarding how they manage, spend and invest the money they earn.

Here are four insights from the report.

1. The majority of physicians (58 percent) surveyed identified as having a net worth of less than $1 million. Thirty-six percent of physicians said they had a net worth of between $1 million and $5 million.

2. Forty-three percent of physicians specializing in urology or family medicine said they were still paying off loans they took out to pay for medical school, followed by physicians in emergency medicine (39 percent), general surgery (36 percent) and pediatrics (35 percent).

3. Half of physicians surveyed said they live "at their means" and typically use up most of their income with little left over.

4. Slightly more than half (53 percent) of physicians said they have a goal for how much they want to save by a certain age, compared with the 47 percent of physicians who said they do not.

To access the report, click here.

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