Anyone else have a boss who is lousy with money?

[Saving in So Cal]

I know very few people that are in control of the finances the same way people here are. I worry for the ones that are not in control, but it doesn't drive me nuts because I was once one of them. We each get our own "wake up call." When he gets his, he's going to be really thankful to have you as a resource. I would be.

[fairy74]

Yes, my boss could be your bosses twin...it's frankly a little scary...he likes to complain about his lack of liquid money, I finally told him I didn't want to hear about it anymore because I have seen how much money he pours into landscaping projects (half finished) building a granny unit to his home (half finished), eating out every single meal, etc...He showed me the figures once like he was proud of them, from then on anytime he starts grumbling about how the firm doesn't have more money I remind him that he should check his spending sheet that the bookkeeper prepares for him every month. The weird part is supposedly (20 years ago) he was extremely frugal????

[Scanner]

DisneySteve,

I have floated a theory around at other discussion forums that this is part of the health care crisis - doctors (no one group in particular - MD's, DO's, DDS's, DC's) flaunting their wealth.

When people see this, they think all doctors are rolling in it, why should I worry about what he's paid, etc. and then when it comes time for reform that protects the physician, how can you possibly enlist the psyche of Joe Average?

I mean, do you think Joe Average will care if Medicare cuts your practice reimbursement by 20% - they just think, "Oh, I feel so sorry for him. . .he'll have to give up one of his homes. . ."

What do you think of my theory? It doesn't explain everything wrong with health care but just how in some ways doctors contribute to the American health care debacle.

I have always maintained (with some controversey among my DC colleagues) that being a doctor should only lead to an upper middle class lifestyle, which it sounds like you lead. I think part of the American health care problem, and only part of it, is that many people get into medicine thinking it was a path to riches and that has partially stressed the system.

[Ima saver]

I had bosses like that. They owned a new restaurant. But they kept blowing the money that they were making . I did the bookkeeping and the payroll. I got calls about unpaid bills all the time and I tried to talk to them about the problem, but they would not listen to me. They finally lost the restaurant.(I quit long before that happened)

[DebbieL]

I really like your post Scanner. And yes, I think you nailed the public opinion about doctor's wages. I do think that with all the required schooling they should make a really good living, but it seems that some of them go way overboard or are in it for the wrong reasons. Caring about people should be the top reason, IMO. I don't begrudge doctor's making a good living, but many seem so rich it is a bit hard for the general public to feel too sorry for them.

[vsjhoc]

I have floated a theory around at other discussion forums that this is part of the health care crisis - doctors (no one group in particular - MD's, DO's, DDS's, DC's) flaunting their wealth.

I'm proud to say that my brother -- an ER doc, hardly the highest paid specialty -- is totally the opposite. He's about to pay off the house they've lived in for 30 years. He saved enough so that his 2 kids could go to college without taking out a single loan. He didn't get his first new car until he was about 50, and it wasn't a BMW or Mercedes. They spend their money on family vacations, which are very nice but certainly not extravagent. Sometime I may bring up the "how-are-you-fixed-for-retirement?" topic.

[Scanner]

Debbie,

Well, I don't want to hijack Disneysteve's thread here but I guess it kind of begs a question that maybe is appropriate for a seperate subject - what professions/occupations deserve the highest pay and what kind of lifestyle?

If you were setting up a country and an economy, what occupations would you say deserve X and what occupations deserve Y and why?

I'm picking a little on doctors here because DisneySteve forwarded a spendthrift and extravagant boss but I think many aspects of law have gotten way out of hand. Couple that with the fact that taxpayors support law schools with tax dollars. . .it's a crime. The last thing our country needs is more lawyers yet subsidies in student loans are offered.

We should only offering student loans to careers where there is a dearth of supply (technology, medicine, nursing).

Okay, I'm way off track. . .somebody bring it back on.

[disneysteve]

I have floated a theory around at other discussion forums that this is part of the health care crisis - doctors (no one group in particular - MD's, DO's, DDS's, DC's) flaunting their wealth.

It doesn't explain everything wrong with health care but just how in some ways doctors contribute to the American health care debacle.

Very interesting theory. Why don't you start another thread for this topic? I think it would be an interesting discussion.

Personally, not many doctors I know do much of anything that would be mistaken for "flaunting their wealth." Most are trying to make ends meet and pay the bills. Medicine, at least family practice and other low-end specialties, is not that lucrative. Office overhead eats up 60% or more of income. Reimbursements have been gradually falling in recent years while costs continue to rise. Most of us haven't had a raise in years and many have actually seen our pay fall.

Medicine is one of the few professions where we have virtually zero control over what we charge for our services. If a plumber sees the cost of pipes go up, he can raise his fees. If a restaurant owner has to start paying more for food, he raises the menu prices. Doctors aren't like that. Our fees are set by the government and other insurance companies. We can't decide to raise what we charge for an office visit. We're at the mercy of the payers. So I don't see where doctors would be contributing much to the health care problem in that regard.

[DebbieL]

I do think that medical professionals should be among the higher paid because of the education required. I agree there are too many lawyers!

I'm also happy for commercial pilots to be well paid. I feel they are responsible for so many lives - and I want them to be happy and well paid (especially not suicidal, lol). Yes, I realize that money doesn't make one happy, but I hate to think of a disgruntled pilot at the control panel.

[MonkeyMama]

Very interesting theory. Why don't you start another thread for this topic? I think it would be an interesting discussion.

Personally, not many doctors I know do much of anything that would be mistaken for "flaunting their wealth." Most are trying to make ends meet and pay the bills. Medicine, at least family practice and other low-end specialties, is not that lucrative. Office overhead eats up 60% or more of income. Reimbursements have been gradually falling in recent years while costs continue to rise. Most of us haven't had a raise in years and many have actually seen our pay fall.

Medicine is one of the few professions where we have virtually zero control over what we charge for our services. If a plumber sees the cost of pipes go up, he can raise his fees. If a restaurant owner has to start paying more for food, he raises the menu prices. Doctors aren't like that. Our fees are set by the government and other insurance companies. We can't decide to raise what we charge for an office visit. We're at the mercy of the payers. So I don't see where doctors would be contributing much to the health care problem in that regard.

Agreed with Steve. We have a mostly doctor clientele and frankly we have few doctors who are really rolling in it or flaunting their wealth. We deal with small businesses and many are struggling actually (dealing with uninsured and non-payment, etc.). We have a handful of clients who got into the right niche at the right time who have more money than they know what to do with, but most are very solidly upper-middle-class. I know joe blow average has no sympathy. But around here the state taxes are very high as well as housing and their income really doesn't go that far. They may want a fancy home but then they won't be able to afford anything else, especially after taxes. Most of our doctors tend to be on the frugal side - actually downright stingy. Their kids are REALLY good with money - I am always impressed. Their kids are the ones that always come in with their full 401k and ROTH contributions at 25 on $50k income or something. I think they have more wealth to manage and teach their kids well on how to manage wealth early on. (Maybe with student loans and all that they are good at budgeting too?).

Anyway, my boss is very frugal and good with money. When I was childless we would always talk restaurants and the other day he came by and was telling me he had tried this great restaurant I had recommended and I made a comment that we were a little too broke to enjoy restaurants these days. I think he was insulted, not realizing how tight my budget really is with 2 kids and only 1 income, etc., but he was kind of insulted like, "oh we didn't spend a lot of money - we got the dinner special!" LOL. I always noticed he drove very old cars and such. But in general that is how I find accountants to be - on the frugal side. It is a nice breath of fresh air. Unlike some of my stingy clients my boss is fairly generous as well, with compensation and benefits, so that is all good.

[meaghanchan]

I've had a boss bounce two paychecks in a row to me... That was not a lot of fun! Luckily my emergency fund was in place so not getting paid for a month wasn't a big financial deal to me, but still, it was annoying.

And yes, I left that job. Not immediately, and that wasn't even the reason (if it had been a perfect job in other respects, I would have stayed) but I have to say I enjoy much more getting paid every two weeks and knowing that my paycheck wasn't going to bounce.