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Christine Lehmann, MA | August 13, 2021
| Contributor Information
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Although many physicians struggled with income issues in 2020, overall cardiologists are doing pretty well with building their nest egg and paying off debts. Many cut their expenses, whereas others saved less than in prior years. Debt remains a big issue. Medscape surveyed almost 18,000 physicians as part of our annual Physician Compensation Report 2021, to assess the state of physician net worth and debt in America. Net worth measures a person's total wealth, accounting for all financial assets and debts.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Surprisingly, cardiologists' income improved somewhat, from $438,000 in our 2020 report to $459,000 in 2021. In this year's report, cardiologists are among the top highest-paying specialties. Although many medical offices were closed for a period of time in 2020, some physicians made use of the Paycheck Protection Program; others cut staff, renegotiated leases, switched to telemedicine visits, and made other cost-cutting changes that kept earnings relatively on par.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Cardiologists' wealth overall has gained some ground over the past year. In 2020, 38% of cardiologists had a net worth of less than $1 million compared with 29% this year. "The rise in home prices is certainly a factor," says Joel Greenwald, MD, CFP, a wealth management advisor for physicians who is based in St Louis Park, Minnesota. "Definitely the rise in the stock market played a large role; the S&P 500 finished the year up over 18%. Finally, I've seen clients accumulate cash, which has added to their net worth. They cut back on spending because they were worried about big declines in income and also because there was simply less to spend money on."
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Nineteen percent of cardiologists have a net worth of over $5 million compared with 15% last year. They are among the top-earning specialties this year, along with dermatology, orthopedics and orthopedic surgery, plastic surgery, urology, and gastroenterology.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
The percentage of cardiologists with a net worth under $500,000 decreased from 23% last year to 19% this year. Cardiology is now among the specialties with the lowest percentage of members reporting a net worth under $500,000.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
As in prior years, a majority of cardiologists are paying down a home mortgage, while a significant percentage are paying off car loan or car lease payments. Paying off college and medical school debt is still a burden for 18% of cardiologists. Respondents also named some of their other expenses: bills for assisted living for elderly relatives; child support payment; a boat, tractor, or aircraft loan; hefty taxes; care for a disabled child; and "a huge, lavish wedding."
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Despite some months of financial challenges to cardiologists' incomes, the vast majority kept up with paying their bills. This is better than what much of America experienced; according to a US Census Bureau survey last July, 25.3% of adults missed a mortgage or rent payment as a result of COVID difficulties.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
About three quarters of cardiologists continued spending as usual. About one quarter of cardiologists took significant steps to lower their expenses, such as refinancing their house or moving to a less costly home.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Eighteen percent of cardiologists are still paying off school loans, similar to last year's number. The Association of American Medical Colleges notes that the average medical school debt for students who graduated in 2019 was $201,490. By gigantic contrast, the average student loan debt for all graduating students in the same year was $28,950.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Savings was mixed for cardiologists this past year. Whereas 60% put in the same amount or more each month into their 401(k), 33% put less money into it compared with last year. It's likely that many cardiologists had to dig into their bank accounts or use their full income to pay bills when they had fewer patients or worked fewer hours during COVID.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Whereas half of cardiologists put the same amount or more into after-tax accounts, nearly half (30%) put less money into them compared with last year. Another one fifth didn't use these savings accounts at all.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Earnings overall are higher for male cardiologists than for female cardiologists, and that shows up in net worth. Fewer female cardiologists are worth more than $5 million, and more female cardiologists are worth less than $500,000.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
The percentage of cardiologists who had losses due to practice issues rose from 6% to 15% in the past year. Much of that was due to COVID. Also, fewer cardiologists reported no financial losses this year (68%) compared with last year (75%).
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Stock and company investments are common among physicians. The percentage of cardiologists who made bad stock investments was similar to the percentage of physicians overall who made similar investments. Physicians sometimes bankroll a colleague's or family member's venture. In many cases, these investments don't work out.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Consistent with prior years, about half of cardiologists have a general idea of how much they spend and on what, but they don't track it or formalize it. According to a survey by Intuit, only 35% of Americans say they know how much they spent last month. In that survey, viewed by age, 27% of millennials, 34% of Gen Xers, and 46% of baby boomers knew how much they spent.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Ninety percent of cardiologists live in homes that have at least 2000 square feet. The average size of a new single-family home in the United States grew from 1660 square feet in 1975 to 2531 in 2019.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
The specialties with the highest and lowest percentages of larger homes are similar to those in prior years. Twenty-two percent of cardiologists have homes that are over 5000 square feet, which puts them near the top of the list.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Cardiologists' mortgages span a wide range, from less than $100,000 to more than $500,000. However, 28% of cardiologists reported having no mortgage. According to the Mortgage Bankers Association, the overall average size of a home mortgage loan was $344,556 in March 2020.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Many cardiologists have a higher-than-average number of credit cards, with 42% having at least five. (The average American has four.) People may have multiple cards in order to get travel rewards, 0% APR introductory cards, or bonus cash back in some categories. A recent review showed that New Jersey, Connecticut, and New York residents have the most credit cards on average, whereas Alaska and Mississippi residents have the fewest.
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
The vast majority of cardiologists are living within or below their means. "There are certainly folks who believe that as long as they pay off their credit card each month and contribute to their 401(k) enough to get their employer match, they're doing okay," says Greenwald. "I would say living within one's means is having a 3-6 months' emergency fund; saving at least 20% of gross income toward retirement; adequately funding 529 college accounts; and, for younger docs, paying down high-interest-rate debt at a good clip."
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Two thirds of cardiologists pool their income to pay the bills, whereas one fifth do not have joint accounts with a spouse or partner. Respondents described their strategies: "Husband pays the mortgage for the house; I pay everything else"; "We vary payments based on who has better cash flow at the time"; "We have separate finances and pay equal amounts into an account for certain household bills"; "My spouse is a stay-at-home dad"; "I pay everything; my wife sleeps and plays on the computer all day."
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
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Medscape Cardiologist Wealth & Debt Report 2021
Christine Lehmann, MA | August 13, 2021 | Contributor Information
Medscape Physician Compensation Report 2021: The Recovery Begins
Physician compensation was atypical in 2020 due to the COVID pandemic. Almost 18,000 physicians told us about their income, bonus, hours worked, and greatest work challenges.Medscape Features Slideshow, April 2021
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