Kids and earning potential

Kids and earning potential

Aug 15, 2007

Patty Khuly, VMD, MBA
Having a family absolutely affects my earning potential. My work needs to be flexible enough to allow me a later start and a long lunch—during which I'm not compensated—so I can drop off and pick up my child at school or camp. Hiring someone is expensive and my mommy-guilt wouldn't let me, anyway.

Having a family also means my practice-purchasing potential is lower. Due to my huge home responsibilities and expenses, I have less energy and less savings with which to buy out my bosses. Delaying everything for five to 10 years—not an unusual choice for someone in my position—means five to 10 fewer years of owner-level income. The disparity between associate and owner is so large that even five years adds up to a huge chunk of change.

Perhaps the income disparity isn't so great for those who don't seek practice ownership, but for those who do, we're talking about a large percentage of one's lifetime income lost to child-rearing responsibilities.

Dr. Patty Khuly is an associate at Sunset Animal Clinic in South Miami, Fla.

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