Do you know how much you are actually making for your time? Physician salaries may seem high on the front end but if you are working 70, 80, 90 hours per week then your time for yourself is slipping away at the same time you are getting paid less.

On this episode I'll be talking about how to calculate your numbers and figure out 1) how much you are actually making, 2) how much you need to make (your budget number) and how to find out 3) how much you need to work using locums to hit your numbers.

#1 Your real hourly rate: Your yearly salary/weeks per year/hours per week.

For example:

$400k salary/49 weeks per year/40 hours per week = $204 per hour.

$400k salary/49 weeks per year/80 hours per week = $102 per hour, significantly LESS per hour and LESS time to do what you want in life.

#2 Your Budget Number = all of your expenses including loans, discretionary income, food, car, house, investments, savings x 1.4.

For example:

My expenses/savings/investments come out to $192k per year, multiplied by 1.4 for taxes = $268k per year. I need to meet or exceed this number WITHOUT taking time away from my family or things I want to do in life.

https://www.calculator.net/budget-calculator.html

#3 Know Your Locums Number - talk with your locums recruiter and find out what is the average daily income a physician in that specialty makes, they should have plenty of data.

Once you know your Budget Number: divide it by the Daily Number, then divide that number by 12 to get the number of days per month you need to work to hit your Budget Number.

For example:

$300k per year (budget number)/$1400 daily rate/12 months per year. This means you need to work 18 shifts per month to make $300k per year.

From there you can optimize your income or time even further.

Grab the Ultimate Locums Playbook Here: https://simonparsons.ck.page/locums

If you are a vascular, general or trauma surgeon you can book a 30 minute strategy call with me here: https://calendly.com/simon-parsons/physician-strategy-call

For questions, feedback, topic suggestions or if you would like me to connect you with a reputable recruiter you can email me here: simon.parsons@comphealth.com

How much are you making per hour?

$250k at 40 hours per week = $127.55

$250k at 50 hours per week = $102.04 $250k at 60 hours per week = $85.03 $250k at 70 hours per week = $72.87

$300k at 40 hours per week = $153.06 $300k at 50 hours per week = $122.45 $300k at 60 hours per week = $102.04 $300k at 70 hours per week = $87.44

$300k at 80 hours per week = $76.53

$400k at 40 hours per week = $204.08

$400k at 50 hours per week = $163.27

$400k at 60 hours per week = $136.05 $400k at 70 hours per week = $116.62

$400k at 80 hours per week = $102.04