Saturday Feb 04, 2023

A Week of Spending for a Biomedical Engineer in Minneapolis Making $185K – Medpage Today


Welcome to the MedPage Today “Med Money Journals,” providing readers a look into the finances of doctors, nurses, medical students, PAs, NPs, and others practicing medicine. Each post offers information about one person’s financial background, wages, and spending over a 7-day period. Anonymously share your own Med Money Journal.

Job: Biomedical engineer for med-tech company

Age: 50

Location: Minneapolis, Minnesota

Salary: $185,000/year (individual)

Net worth: $3,700,000 (individual)

Debt: $0

Amount per paycheck: $7,115 biweekly before taxes and deductions; $2,524 after taxes and deductions for benefits/savings

Recurring monthly expenses:

  • Telecommunications: $161
  • Health, dental, and life insurance: $320 (deducted from paycheck)

What was your first job and why did you start working?

Starting about age 9, other neighborhood kids and I did landscape work for neighbors to have something to do and to start earning a little spending money.

Do you worry about money in your current situation?

No. Although, we do worry about the spiraling cost of healthcare benefits, which is the primary reason both my spouse and I keep working.

What financial tracking or money management/budgeting tools (if any) do you use? Would you recommend them to others?

I keep a spreadsheet in Google Sheets, which is accessible from any device, any time. Since it’s so accessible, it’s easy to update and to track spending. I’ve kept a spending spreadsheet for 22 years, starting when a family friend encouraged me to read Your Money or Your Life by Vicki Robin and Joe Dominguez.

Are there any other financial details readers should be aware of?

My spouse is similarly employed and has similar savings and lack of debt. What’s reported here is individual. We split household expenses about evenly, and we’ve kept the separate financial instruments we each started prior to our marriage many years ago.

Do you have any comments or thoughts on the current state of compensation for people in your position/profession?

The non-salary benefits of working in industry cannot be underestimated, such as steeply discounted health insurance, bonuses, 401K matches, employee stock purchase plans, free or discounted communication devices and services, and so on.

7 Day Journal

Day 1 (Wednesday)

Total: $21.99

6:50 a.m. — I grab my cell phone to check the weather and my work and our family schedules for the day, when I see a Camelcamelcamel (price tracker) alert, letting me know that a birthday gift for our youngest child had a 25% price drop and could be delivered in time for the birthday. After completing the online purchase ($21.99), I add this expenditure into the Cloud-based spending spreadsheet I keep.

7:04 a.m. — My spouse uses my car to commute to work for his 1 day in the office this week, since it gets better gas mileage and I’m working from my home office as usual.

7:38 a.m. — I make breakfast and pack lunches and snacks for school. Our meals today are made from groceries we have on hand.

Day 2 (Thursday)

Total: $32.69

5:02 p.m. — I made a quick trip to our nearest grocery store to pick up a few fill-in things for the weekend and to restock on a few store-brand …….


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