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PT business questions...
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PT business questions... - January 31, 2007 3:19:00 PM
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ProsPTstudent
Posts: 2
Joined: January 30, 2007
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First of all I'm a first year college student interested in PT. However, from reading these forums it is discouraging to say the least. Because I do love to help people, but want to make a very good living for my future family. It is possible to combine Physical Therapy with something else that would bring in better revenue? A dual degree in physical therapy and biomedical engineering? I'm not too familiar with what kind of business you could combine to make a very successful one. I thought since many of you have been in the field for awhile you could help me out. I don't want to waste 6 years of my life getting a degree knowing that I'll be making such little money that my future wife and kids are wishing I picked a different career. If you could start over, what business would you get into that is health related that could land you lots of financial freedom? Maybe I should ask a MD for his opinion, thanks in advance.
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Re: PT business questions... - February 1, 2007 2:32:00 PM
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jbird007
Posts: 297
Joined: May 2, 2006
From: USA
Status: offline
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PT student,
Define your idea of a "very good living". I have friends that are DC's, PT's and MD's. They all spend almost as much as they make. AND, many who are making large amounts of income per year ($200,000+) complain to me they are broke! They are stressed to the max and wound like a clock. It is not MY idea of a "very good living".
Money does not buy happiness. My advice to young health professionals is to enjoy your work, save up your money, AVOID mortgage debt and credit cards and buy your house, car, "toys" with cash. Look at the interest you will pay on a 30 year mortgage for a house costing $300,000. Ugh! Many new-age younguns have been raised to get into debt way too fast, way too soon and many have no concept of saving money.
Set your goals,(for finances and for happiness and peace of mind), make your plans and exucute them.
Enjoy the journey and always have a back-up plan or two. :)
BTW, purchasing real estate is the best investment anyone can make.
JBird
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Re: PT business questions... - February 1, 2007 3:07:00 PM
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ONstudentPT555
Posts: 224
Joined: July 25, 2006
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PTstudent,
I guess it can seem discouraging reading some of the posts on this forum but I am a PT student and expect make a decent living when I am done school.
If you start up your own clinic like with any business there are headaches and uncertainties .. you can may make "a lot" of money (ie 100-150k) or you may flop.. there is always risk involved with business.
The way I look at it the worst case scenerio for me is ...I work at a hosital about 37.5 hours a week with good benefits and a starting salary of about 50-55k with about 6-10 years of experience and advance status .. I will be making between 70-100. This is the worst case scenerio. If you expect to be making 300-500k a year then PT is probably not the best option but then I am not sure what is a for sure thing to make that kind of money.. maybe MD....
I think you can make a comfortable living as a PT but then again I will never have the kind of debt that some DPTs have.
Good luck
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Re: PT business questions... - February 1, 2007 3:22:00 PM
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dfjpt
Posts: 238
Joined: April 9, 2006
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If you have a job, you pay killer taxes. If you have a practice of your own, you can keep more, i.e., less $ gone in taxes. Really. You can actually make less $ in your own practice and end up with more of it left in your pocket.
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Re: PT business questions... - February 1, 2007 3:31:00 PM
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ONstudentPT555
Posts: 224
Joined: July 25, 2006
Status: offline
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dfjpt,
Thats true too. I would rather have my own practise but just incase for whatever reason that doesnt work out .. thats why I said worst case scnerio.
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Re: PT business questions... - February 1, 2007 6:29:00 PM
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james097
Posts: 178
Joined: January 27, 2005
From: West Vancouver BC
Status: offline
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jbird, your talk of the rich and spending remind me of Mr McCawber from David Copperfield. Earn a shilling, spend eleven pence, heaven, spend a shilling and a penny, hell. You say money does not buy happiness, well I have been poor and I have been rich, I know which one I would rather be. I'm not so sure about your advice on a mortgage versus cash. Houses here have gone up ten fold in thirty years and those who didn't buy early are sure wishing they had. The mortgage money seems miniscule in retrospect.
ON, You say $100000 is a lot of money, not any more. Pay your house mortgage, the upkeep, your car, two kids in university and your medical/dental insurance, oh and income tax and I forgot eating, oh yes the orthodontist. That may bring you into the McCawber range of $100100 or more.
ProsPT, You can certainly make a very good living at physical therapy and enjoy it, I did.
Jim McGregor
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Re: PT business questions... - February 1, 2007 6:35:00 PM
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ProsPTstudent
Posts: 2
Joined: January 30, 2007
Status: offline
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Thank you for the replies I think about this decision for quite some time. So I heard on here that it is a stupid move to become a PTA then become a PT because I would have to actually go to school longer? I don't understand how this works... explain this to me please.
So yes, I want to be financially secure and happy. I just bought a book, "Who's Afraid To Be A Millionaire?" I think it will help me with financial planning. I think it is very important for PT's and everyone else to get into the financial game. You may say your in the practice of Physical Therapy to help people and not the money. But wouldn't you be able to help them out more if you had the financial means to expand and have your business grow exponentially? I was thinking of being a PT in the New York area. I want a lucrative business of course. I don't want just one business however. Would it be a bad idea to eventually have a PT business and another? I know, I know... Your job is to give the best possible care. Well no kidding, that would be bad business if I wasn't going to provide that. SO I want to be a millionaire is that alright with you PT's? Here, maybe you could run a business like this one... [URL=http://www.riversbendrehab.com]www.riversbendrehab.com[/URL] This is where I work as a Rehab Aide. The owner is a psychologist, why couldn't a PT with the right business plan do something similar? I know he started with one building. They have been in business I think for about 8 years? Not bad if you ask me, any thoughts?
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Re: PT business questions... - February 1, 2007 6:48:00 PM
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ONstudentPT555
Posts: 224
Joined: July 25, 2006
Status: offline
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james,
I think 100 000 is pretty decent. I mean it doesnt make you rich but I think you dont have to worry about you and your family starving to death. I know many teachers who make half that amount and still live a comfortable lives, and are able to pay for their mortgage, car, kids, insurance..ect. Now if you live in a big condo in downtown Toronto or vancouver your cost of living may be a little bit more than average....
PTstudent,
With a business anything is possible .. I am sure there are some PTs who are millionaires...but this is not the norm.. rehab field is very competitive.. chiros, PTs, MTs, ATC, MDs are all competition...
So is it possible to be a millionaire .. probably.. but unlikely..but it doenst mean you cant make a good living..
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Re: PT business questions... - February 6, 2007 9:33:00 PM
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goodlooks58
Posts: 425
Joined: October 21, 2002
From: CA
Status: offline
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Forget PT or DC: Why not become an Orthodontist? This info is a fact: an orthodontist in Boston generates $25000 per day. She has 9 tables with 9 assistants. Most braces just need to be adjusted which can be done by the assistants and the ortho comes into action only for new braces or when the braces come off. That is a lot of money!
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Re: PT business questions... - February 6, 2007 9:37:00 PM
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goodlooks58
Posts: 425
Joined: October 21, 2002
From: CA
Status: offline
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jbird: BTW...Happiness generated from money should be guilt free and a feel of one's right to be wealthy. Without money you and I would not be chatting with each other thru a computer as we both can afford to have one.
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Re: PT business questions... - April 10, 2007 4:30:00 PM
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smithcove
Posts: 44
Joined: February 11, 2007
Status: offline
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jbird, buy a home with cash? dude, you go through school come out with large debt, you want to live a little, maybe. make about 55K per year. rent, loans, taxes, life, "things" Yeah, that cash home will be ready by the time my SS kicks in... never!
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Re: PT business questions... - April 11, 2007 6:03:00 AM
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USAPT
Posts: 278
Joined: January 14, 2004
Status: offline
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Smithcove, that is where you are wrong. Jbird is correct, you can pay for things with cash. My family is on a cash spending only program and you begin to realize where you waste $$!
ProsPT, do not get into the healthfield for the purpose of being rich or wealthy. I guess not making $100-150k+ is a potential 'downfall' of healthcare unless you are an owner or CEO of a company, but then you're probably not treating pts by then.
Manage your loan debt now, get a p-t job while in school, make yourself a budget and stick to it.
You have to live like no one else to live like no one else.
If you can't 'do without' stupid spending in college or don't want to, than that is your fault.
_____________________________
Jason, PT
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Re: PT business questions... - April 21, 2007 6:41:00 PM
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Echaconas
Posts: 17
Joined: May 12, 2005
From: Baltimore, MD
Status: offline
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Provide excellent care, be the best in your field, the money will come naturally. If you enjoy restoring pts function you will make more money than if you do not enjoy it and go through the motions every day.
_____________________________
E. Chaconas PT,DPT,MTC,CSCS
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Re: PT business questions... - April 26, 2007 9:52:00 PM
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goodlooks58
Posts: 425
Joined: October 21, 2002
From: CA
Status: offline
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I love PT and am extremely happy with it, however, the middle man--the Ins. Co knows that I love PT very much, so he is manipulating and abusing my happiness by paying me less every year for the same PT services I used to provide 5 years ago. So the goal is to eliminate the middle man..Direct Access!!!
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Re: PT business questions... - May 21, 2007 1:34:00 AM
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JSPT
Posts: 284
Joined: April 19, 2005
From: Michigan
Status: offline
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I can't find the study right now, but a large survey recently found that PT's were at the top of the list when it came to happiness with a person's profession. Doctors and lawyers were closer to the bottom.
I have 3 friends who are very successful MD's. I also work with many clients who earn hundreds of thousands, if not millions, of dollars per yer. Guess what? They all would like to be making more.
Also, the ones who were not born into their money made huge sacrifices to get what they have. One guy has started and sold over 20 businesses during his life. He is 80 years old now, and is full of regret about not having enough family time, having 3 failed marriages, and the list goes on.
If you make more, you'll spend more, and you'll almost always need "just a little more".
I don't mind repeating the cliche that you need to find something you enjoy doing, do it well, and you'll be pleasantly surprised with your life.
_____________________________
JS
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