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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020
| Contributor Information
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
COVID-19 has affected not only the way physicians practice medicine on a dailybasis, but also their personal finances. Many physicians have dutifully saved to strengthen their financial position, paying off early-career debt and looking toward making major purchases or planning for retirement. However, the global pandemic has hurt savings and long-term investments for many, including the nation’s physicians.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
This year's report is based on data collected for our Physician Compensation Report 2020 and represents responses from more than 17,000 physicians in over 30 specialties. Medscape gathered the salary, debt, and net worth information prior to February 11, 2020. The financial picture has changed for many physicians since then because of COVID-19's impact on medical practices.
While it will be some time before medical practices acclimate to a new version of normal, our data provide a picture of the debt load and net worth of many physicians.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
Survey respondents reported their compensation for patient care. For employed physicians, that includes salary, bonus, and profit-sharing contributions. For self-employed physicians, it includes earnings after taxes and deductible business expenses, before income tax. Only full-time salaries are included in our results.
Neurologists are among the lower earners of all physicians. Still, neurologist income is up from last year's average of $267,000. In last year's report, primary care physicians earned an average of $237,000, compared with $243,000 this year (a 2.5% increase). Specialists earned an average of $341,000, compared with $346,000 this year (a 1.5% increase).
(Note: Label values on charts have been rounded, but rankings and calculations are based on raw data to avoid rounding errors.)
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
While half of physicians have a net worth under $1 million, that percentage is slightly higher among neurologists.
Net worth is defined as total assets (eg, money in bank accounts, investments, retirement accounts, equity in one's home, value of cars, value of jewelry) minus total liabilities (eg, mortgage, car loans, credit card debt, school loans, home equity loans).
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
Neurologists report a high percentage of professionals with a net worth under $500,000, just below family medicine physicians and pediatricians.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
Once again, those with the highest net worth are in the highest-earning specialties. Neurologists rank toward the bottom of the list of physicians with a net worth exceeding $5 million.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
For neurologists, mortgage payments are their major expense. Other ongoing expenses include car loan payments, credit card debt, and paying off school loans.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
Neurologists are in the middle of the list when it comes to those still paying off loans for their education.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
The average American has four credit cards, according to a 2019 survey by the credit reporting agency Experian. More than half of neurologists said they have four or fewer credit cards at their disposal.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
Among all physicians, 56% of men and 39% of women have a net worth greater than $1 million. For neurologists, those percentages are lower for both men and women.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
It's perhaps no surprise that the older the physician, the more money they have as earnings increase and early-career debt decreases. This is the case for neurologists, as net worth over $1 million increases with age.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
Nearly 6 in 10 neurologists live in a house that is 3000 sq ft or smaller. According to the US Census Bureau, the average new build in the United States grew from 1660 sq ft in 1973 to 2301 sq ft in 2018.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
Standard financial advice is that a mortgage should comprise no more than 28% of one's annual gross income. Among neurologists, around one third have a mortgage of $300,000 or less, while nearly 3 of every 10 have no mortgage at all.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
Only a small percentage of neurologists say they live above their means. Joel Greenwald, MD, CEO of Greenwald Wealth Management in St. Louis Park, Minnesota, says that aiming to save 20% of one's annual gross salary should put one in a good financial position.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
More than half of neurologists say they put more than $1000 per month into tax-deferred accounts. Recent research by Schwab Retirement Plan Services indicates that half of those surveyed are contributing 10% or less of their salary to a 401(k), to the tune of $8788 per year.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
About two thirds of neurologists are making some contributions to a taxable savings account, a tool many use when tax-deferred contributions have reached their limit.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
Nearly half of neurologists say they rely on a mental budget for personal expenses, while 18% say they rely on something more formal — written out or utilizing software or an app.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
Nearly three quarters of neurologists said they did not experience a financial loss in 2019. Of those who did, the main causes were bad investments and practice-related issues.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
More than half of neurologists said they have never made an investment mistake or hadn't made any investments at all. Of those who had made an investment mistake, the main culprit was investment in a stock or company that turned out badly.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
Among neurologists who have joint finances with a spouse or partner, 6 of every 10 pool income to cover household costs. Only a small percentage divide bills and expenses equally.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
Forty-three percent of neurologists said they currently work with a financial planner or had in the past.
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
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Medscape Neurologist Debt and Net Worth Report 2020
Keith L. Martin | July 22, 2020 | Contributor Information
More than 17,000 physicians told us how much they have in the bank, how big their house is, and how they manage family finances.Medscape Features Slideshow, June 2020
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Editorial Director, Medscape Business of Medicine
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