RE: DPM’s Vs. Teachers Income
I had lunch today with a DPM who is not
practicing and we started to discuss the PM
annual salary report and we started to compare
it to teachers in my area........ Interesting
what we found out.
4-year Teacher Degree
Mean (average) teacher salary $37,335
Median teacher salary $34,169
Range $27,850 (first year) - $46,275 (25th
year)
Masters degree +$2,500 per year bonus
Doctor degree +$5,000 per year
bonus
Board certification +$3,000 per year
bonus
Average experience 13 years
Average teacher had a 45% increase in salary
over past 10 years
12 weeks vacation + 2 weeks sick leave (3.5
months) = only 38 weeks per year of work
Health insurance ($350 per month average),
dental, vision, life, disability
Retire after 30 years and receive $24,000 per
year (48% of top pay)
30 years of retirement = $720,000 total benefits
Start teaching at 24 years old and possibly
retire at 54 years old
Summary:
$37,335 (mean) + $8,000 (benefits) + $24,000
(retirement) = $69,335 year salary
Teacher year = working 38 weeks per year = $1825
per week = $45.61 hour (net)
If worked 50 weeks per year, then it is
equivalent to $91,230 per year
Podiatrist
Mean Gross Income $230,000
Mean Pension contribution $5,000
Mean Net Salary $110,000 (after business
expenses, before taxes)
Taxes @ 30% $33,000
Loan repayment $16,600 (20 years payoff
after taxes)
Bankable salary $60,400 (minus taxes and
loan expenses)
50 weeks per year = $2,200 per week = $55.00 per
hour (net)
4 years of medical school = $150,000 tuition +
$180,000 lost wages (at $45,000/yr)
Podiatrists are $330,000 behind teachers after
graduation.
If podiatrists make $10 per hour more than
teachers, then it will take 33,000 hours (16.5
years) to catch up, this will result in delayed
retirement. Start working at 30 years old and
possibly retire at 60 years old. Everyone seems
to think teachers are underpaid and doctors are
overpaid" but a $10 per hour spread over a 30
year career is a joke for average teachers and
average DPM's salaries, not to mention, AIDS,
hepatitis exposure.
What this means is that if you practice today
the way you practiced in 1995 you are missing
it. CHANGE is needed. I suggest you consider
attending a lecture on DME & OTC from me or
others in the near future. Organizations such
as AAPPM and ACFAOM are working to help those in
practice.
Bret M. Ribotsky, DPM
Boca Raton, FL
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