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Master plumber salary2/1/2024 Doctors have to take out student debt and a lot of it. There’s one complication to this that we need to address. Most doctors have to take out student debt Outside of the big money specialties like derm, neuro, ortho, and cardio, you would probably start out somewhere around $200,000 to $300,000 as long as you specialized. If it’s in academic medicine, you’re going to earn a lot less than private practice. Once you’re at the end of your training, you can expect a big salary increase depending on what kind of job you take and where you work. Fellowship might be a little more than that, but not much more. Finally, if you want to be a specialist, you’ll add an additional two to three years for fellowship.ĭuring the residency, you make something between $50,000 and $70,000 a year. Then you apply to a bunch of med schools and spend four years of your life there.įollowing that, you have to complete a residency that’s three to seven years in length. You have to go to four years of college, take a lot of science and math classes, and knock the MCAT out of the park. How do you become a doctor and how much do they make?īecoming a doctor takes a long, long time. The whole process takes about six to ten years to reach the top rank of the profession. If you annualized these hourly wage numbers, a plumber might start out around $30,000 as an apprentice, move up to $60,000 as a journeyman with a little overtime, then top out around $100,000 as a master plumber. According to my research for this article, plumbers frequently have to work more than 40 hours a week, so I’m assuming they’re going to be eligible for overtime for 10-20 hours a week. Master plumbers might get an hourly rate of $30 depending on the state. They work under a licensed plumber for a few years and eventually make it to the journeyman plumber level, where they’re getting about $18 an hour.Īfter several years of training, you can sit for the master plumber exam in many states and increase your pay commensurately. In most cases, plumbers start out as apprentices making around $12 an hour. The big upside of being a plumber is how fast you can start working and making money. You can get help for your med school loans How do you become a plumber and how much do they make? Next, we’ll adjust the simulation for the Public Service Loan Forgiveness program (PSLF) and see if this popular federal student loan program tips the scales in this debate. First, we’ll take a look if the doctor pays back all his student loans as fast as possible. We’re analyzing the two occupations solely in terms of wealth-building potential. So, I thought it’d be fun to run some numbers and compare being a plumber vs doctor over the long run using 2021 data. But how reasonable would his ideas seem today? I found that to be an interesting question. He cited the expensive cost of college and lost wages as two major reasons that future doctors (or other professions that require advanced degrees) would struggle at building wealth faster than plumbers.Īt the time, many pundits criticized and tried to poke holes in Kotlikoff’s hot take. Apparently, there’s good reason.Ībout a decade ago, Laurence Kotlikoff, a professor of economics at Boston University, made waves by claiming future plumbers would have about the same spending power throughout their lives as doctors. Student Loan Forgiveness Calculator (w/ New REPAYE)Īt some point in your life, you probably had a member of your extended family tell you to forgo college and just be a plumber.
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