As a PA, I'm sharing how your new grad Physician Assistant or Nurse Practitioner salary looks once you factor in taxes, loans, and personal savings on a monthly basis. Using the concepts in this video you can run your own numbers and come up with an actionable, realistic plan on how to stretch that PA or NP salary.
Hey! My name is John and I'm a board certified Emergency Medicine Physician Assistant. If you want Pre-PA content or PA school videos, consider subscribing to my channel! I'll also be doing wealth and finance related videos on my channel. My goal is for you to succeed both professionally and financially! We're on this journey together.
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VIDEOS MENTIONED:
🤑 How Much PA School Costs: • The Cost of PA School ...
🗂 How I Budget Every Dollar: • How to Budget Your Mon...
⛔️ Avoiding Lifestyle Inflation: • How Lifestyle Inflatio...
👑 Revealing My PA Paycheck: • My Physician Assistant...
I use YNAB to budget my money. Use my referral code for the free-trial and we both get a free month of YNAB: ynab.com/referral/?ref=ofpsLx...
HOW TO CALCULATE YOUR OWN NUMBERS:
- Taxes will consume somewhere between 25% and 35% of your gross earnings. I like to use Smart Asset's Paycheck Calculator, which spells out where everything is going.
- PA School student loans will vary depending on your undergrad / graduate school rates in addition to total amount owed. The average student loan rate hovers between 3-7%, so I use 5% as my baseline however you certainly can run your own numbers. For every $10,000 you're looking at $100-150/month in terms of payment over a 10-year timeframe.
- Savings rate and how much to save is SOOOO variable in the personal finance community. Which is why it's called "personal finance." In my example, technically just paying down your student loans would get you close to a 20% savings rate. But you can see how I went above-and-beyond in terms of savings, without you losing much from your monthly earnings. I calculate savings rate as the amount of money you are saving or investing from NET income as this is the money that you have in your direct control on how we use it.
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