Posts Tagged ‘Fictional Finances’

The Dr. Sheldon Cooper Variable

Paris Hilton is said to receive hundreds of thousands of dollars just to show up at a party event. So how much does certified genius Dr. Sheldon Cooper, a theoretical physicist with a Master’s and two PhDs make on CBS’s “The Big Bang Theory“? Gotta be at least twice or three times as much as the heiress with a prison record, yes? It is important to remember that Sheldon is currently part of the vast educational system in America, but despite being at the top rung of that ladder, he is still part of the educational system in America. No wonder that a man with two PhDs is forced to find a roommate to share expenses despite being almost preternaturally anally retentive in regard to handling his finances.

The Genius Conduction

Dr. Sheldon Cooper is currently teaching theoretical physics, as well as engaging in continual research into string theory, all after going directly from the fifth grade into college. He began his graduate work when he was 14 and received his very first PhD just two years later. Interestingly, the year before he received that PhD, he spent time in Germany as a visiting professor. The upshot is that Sheldon Cooper is a genius and is hardly representative of the typical American, and if he lived in a bizarro America that might exist in one of his many comic books, he could better enjoy the benefits of an America where brains and hard work are rewarded over good looks and personality. The future may bring a taste of that bizarro world, however, because Cooper appears to have a track toward one day winning the Nobel Prize. Currently, the monetary reward for winning is one million dollars and that amount should definitely have risen by the time Cooper wins a Nobel.

The Financial Exclusion Principle

The estimated yearly income for a theoretical physicist/college professor is $65,000. Despite the fact that he shares an apartment with another PhD who teaches at the same college, Sheldon lives in a rather pedestrian apartment building where the elevator has been out of service for two years. The lack of living quarters appropriately analogous to his earnings is coincident with his lack of a car. Cooper also saves money by rejecting the influence of the fashionistas. He is almost always seen wearing retro T-shirts and plaid paints, with at least one pair which was bought by his mother. The brilliance of Cooper’s economic status is, in fact, a persistent and predictable rejection of the influence of consumerism, except in regards to the vagaries of geek-dom: Cooper owns a large collection of comic books, a state of the art laptop computer, sci-fi and comic book memorabilia and both an X-Box and Nintendo Wii console.

The Savings Equilibrium

Perhaps because he is a genius, or perhaps because he rejects the concept of buying what he doesn’t need with credit cards, Dr. Cooper would be an ideal candidate for any kind of credit extension. He knows exactly how much of his after-tax income is spent on expenses — 46.9 percent. That means his disposable income is over half of his entire taxable income. Wow, Sheldon Cooper really must be some kind of genius. Of course, that would not explain why he keeps a wad of emergency cash stuck in a Green Lantern collectible figurine. Then again, it is said that Paris Hilton keeps an emergency wad stuck somewhere just as ridiculous, so who’s to say what makes one a genius.

Timothy Sexton

British actor Damian Lewis portrays calm, serene-faced Charlie Crews, the fruit-loving unconventional LAPD detective in NBC’s critically acclaimed drama series “Life.” Framed for a triple homicide he did not commit, Detective Crews discovers the “Way of Zen” while serving 12 years of a life sentence.

Credit Where Credit is Due

Charlie credits Zen for saving his life, but credit should go to Constance Griffiths, his lovely and talented public defender. She reopened his case and provided Charlie with his second chance at life. Constance won his exoneration plea and defended him pro bono in a successful, $50-million lawsuit against the Los Angeles Police Department and the City of Los Angeles.

Big Bucks, Big House, Big Impulse Purchase

Blinded by newfound wealth and freedom, Charlie is like a little kid in a candy store. Given enough cash or credit cards, he might have bought anything. His attorney helps him shop for a house, and he impulsively buys the first one he sees –big, new and empty.

Charlie might have checked the Los Angeles Times Home Finder. It reveals a wide variety of homes suited to wealthy, credit-worthy home buyers like Charlie. An eight-bedroom country style English Tudor in Bel Air is listed at $10 million. With qualifying credit and $2,000,000 down, Charlie could have purchased this lovely home at a 6.28-percent interest rate with a 30-year mortgage. Monthly payments would run about $49,413. This doesn’t include property taxes and insurance.

He still needs to figure in the cost of monthly utilities, home maintenance and repairs. Charlie probably paid cash for his home. If not, with monthly expenditures like these, he will certainly need wise investment choices to keep up with ongoing home expenses.

Salary, Stable and Steady

Driven to find who framed him for the triple homicide, Charlie settles into his new life as a police detective with his newly assigned female partner, Detective Dani Reese. His job provides him with purpose, stability, a steady income and the opportunity to secretly continue investigating his own unsolved case.

Charlie’s police detective’s wages are above average and while unable to pay for a millionaire’s mansion, they do afford him his daily fresh fruit fix. According to The City of Los Angeles’s Personnel Department, the annual salary for a L.A. police detective ranges from $72,391 to $100,328. Since Charlie doesn’t discuss money or credit much, we are left to speculate how much he actually makes as he gives us a charismatic smile and bites into another big, juicy red apple.

Cash, Credit Cards and Car

Charlie’s large new home was purchased empty, and for the most part, Charlie keeps it that way. You never see him using credit cards to buy himself a house full of furniture or artwork. Bare floors and walls are no concern. But he does buy a couple of nice new suits and a new car. Charlie could certainly exclaim, “It’s nice to be rich!”

With a new appreciation of life, speeding down the road in his brand new, black Bentley, Charlie repeatedly chants, “I’m not attached to this car,” but later, undeniably proclaims otherwise. The Bentley not only looks expensive, it is. Charlie’s dream car has a base price of around $330,000 before taxes, title, license and a $4,500 gas-guzzler tax. The estimated annual fuel costs for this car alone would run Charlie around $4,000. And don’t forget the added expense of vehicle insurance.

But with plenty of money, acquiring insurance and new gasoline credit cards should be no problem. Charlie goes to see a doctor and a dentist. As a member of the LAPD with benefits, health care access is not an issue. His insurance card or platinum credit card will open the door to any medical facility.

Finances, Felons and Friends

Charlie soon finds his former cellmate, Ted Earley, newly released from prison after spending two years for embezzling millions in pension funds. Ted had been a widely successful financier before getting caught and sent to prison. Charlie knows that deep down Ted is not a bad guy, so he offers him a room above his garage and a job investing his money.

Ted is loyal to Charlie, but trusting millions to someone convicted of embezzlement may not be such a smart idea. Then again, Charlie feels getting too attached to money isn’t such a bright idea, either.

A Bright Investment

And speaking of bright ideas, Charlie has a dream about light. He decides he should buy a solar farm. Investment-conscious Ted advises him against it, saying it won’t turn a very huge profit. But ever Zen-minded Charlie doesn’t care. He is more interested in helping restore harmony on the planet than making money, flaunting his wealth or having a wallet full of credit cards.

Curious how much a solar farm cost?

A proposed 8-megawatt solar farm capable of powering more than 2,600 homes along the Front Range and other parts of Colorado was billed the largest electric farm in Colorado. SunEdison estimated its cost at $60 million. Charlie better think smaller here. Even his millions wouldn’t be enough to purchase a solar farm this large. However, wind and solar energy may be wise investment choices, especially with government tax incentives for “green” technology.

Financial Forecast for Charlie’s Future

Charlie Crews sees the world differently than the rest of us. He survived through years of darkness in prison. His world lacks social pretense and neither his police badge nor newfound wealth, can change that. Empowered by this knowledge of Zen teaching, Detective Charlie Crews will never stop trying to find the light.

Except for sudden impulse spending, Charlie is a fairly frugal guy. He needs to work out a more realistic budget based on income from his salary and investments. Managing millions is not easy, and his nonchalant attitude toward money may one day leave him bankrupt. Yet, somehow even then, we are left to believe he would leave the world a much richer place.

Rebecca Wrenn

Sandwiched between serious doctor shows and reality television, ABC’s “Scrubs” stands apart as a humorous look at hospital life. Starring Zac Braff as John “JD” Dorian, Scrubs started following first year medical and surgical interns in Sacred Heart Hospital in 2001. Now in its eighth season, viewers have watched medical intern JD climb the hospital ladder, now an attending physician in his own right. But eight years after his med school graduation, viewers may be wondering if JD has managed to successfully pay off his undergraduate and medical school debt.

Who is John “JD” Dorian?

Viewers know that JD put himself through undergraduate and medical school, not something his traveling salesman father could afford. When fellow intern Elliot Reed’s parents stop paying her way and she feels that she’s in financial trouble, JD reminds her that at least she isn’t sitting on the mountain of school debt that he and surgical intern Turk have been facing. JD survived his residency at Sacred Heart, later becoming chief resident, and eventually a doctor of internal medicine and an attending physician at the hospital.

What has JD earned over the years?

Though everyone assumes that doctors make good money, it’s important to remember that they don’t necessarily start out that way, especially if, like JD, they graduate from school with debt. According to Johns Hopkins Medicine , their first year residents make approximately $45,000 a year. Salaries increase yearly at a rate of $2,000.

An attending physician, however, makes a good deal more money than a resident. The U.S. national average salary for a doctor of medicine is $117,207, according to CBSalary .

How do JD’s finances look?

JD has made some smart financial decisions over the years. Viewers never see him splurging on expensive items, and he makes a wise financial choice by sharing an apartment with both Turk and Elliot over the years. Rather than run up his credit cards in early seasons when his income was held back by his school loans, JD was seen stealing toilet paper and pudding cups from the hospital. As time passes, he states that he has a small investment portfolio, but attempts to enhance it by purchasing a lot, where he simply builds a deck since he can’t afford a house. JD rarely uses or discusses credit cards, leading viewers to assume that he manages to live within his means without acquiring any credit card debt.

While it’s unlikely that JD has paid off the hundreds of thousands of dollars of debts that he has accumulated with his schooling, it is likely that he’s now able to make his monthly payments without emptying his bank account.

Though he doesn’t appear to be raking in the cash, JD appears to be keeping his debt to a minimum and living within his means. As his income increases and he’s able to pay off his school loans with a bit more room to breathe each year, JD makes mature choices, including living alone.

Even though JD started off with mounds of debt, this fictional character does appear to live within his means and keep his debt down, credit card or otherwise. What an example for recent college graduates and struggling medical interns.

Kelly Herdrich

From ancient burial grounds in Cuba to horrific crime scenes in New England, Dr. Temperance Brennan of Fox’s “Bones” uses her expertise and experience in forensic anthropology to make the world a better place. She worships at the altar of facts, working with her fellow “squints” to determine cause of death for FBI Agent Sealy Booth. But how can Brennan afford her spacious apartment in Washington as well as her designer wardrobe?

From Bones to Books

Dr. Brennan works full-time for the Jeffersonian Institute, which is loosely based on the real-life Smithsonian. She spends her days examining remains in the lab or traipsing through crime scenes with Booth, occasionally joining him for interrogations of potential suspects.

It is estimated that the average annual pay for a forensic anthropologist is around $33,000. However, Brennan states that the closest forensic anthropologist other than her lives in Montreal, which suggests that she is highly valued by the Jeffersonian.

Despite her lack of pop culture knowledge, Brennan is the best-selling author of several crime fiction novels, which certainly pads her salary from the Jeffersonian. Although the average salary for an author working 1-4 years is under $40,000, Brennan’s interviews with talk show hosts and numerous fans at book signings indicate that she is not the average writer.

Life in the Capital

Washington has a higher cost of living than most U.S. states, with high property values and expensive restaurants. Brennan lives in a posh apartment not far from the Jeffersonian and frequently mentions her acts of charity with the money she earns. On several occasions, she demonstrates her lack of social tact by mentioning her heightened intelligence and bank account balance.

From all appearances, Brennan is not worried about money and owns secure investments in addition to her liquid capital. She is seen pulling out credit cards numerous times throughout the show, but someone of her affluence probably pays off those exclusive credit cards every month when the statement arrives.

Nevertheless, other than her wardrobe and her residence, Brennan’s tastes do not appear to be extravagant. She mentions several times that she does not watch television, so it is unlikely she pays for cable. She probably paid off her apartment with the first few royalty checks from her book sales, and therefore does not have a mortgage or rent payment to fulfill every month.

She is rarely seen dining out in expensive restaurants, preferring the small diner on the corner where she meets Booth and the squints for drinks and dinner. And although she travels extensively, those trips are most likely covered by whoever has hired her to examine remains.

Hard-Knock Life

Brennan comes from a broken home, which might be the reason for her practicality with money. Her parents, who were bank robbers, abandoned her and her brother, Russ, when she was 15, leaving her a ward of the foster care system. She paid for her education and her living expenses on her own, and therefore learned how to manage money from an early age. There doesn’t seem to be a lot of credit card debt in her past, and certainly none in her future.

Steve Thompson

Ari Gold is the power agent in the HBO hit “Entourage.” He is a heavy hitter, a shrewd dealer, and he knows how to play the Hollywood game. As a power agent he rakes in the money, at least when his clients are working. To stay on top, Ari has to follow the cardinal rule of Hollywood: You have to spend money to make money.

Ari Gold — Earnings Potential

Hollywood agents typically make 10 percent of value of the contracts and royalties that their clients bring in. This means that when Vince signs an acting contract worth $60,000, Ari gets $6,000, and when he signs a $5 million contract, Ari gets $500,000. This is why Ari prefers when his top clients take on big-budget studio film projects instead of low-paying theater and independent film projects. If Ari’s average client makes $1 million a year and he has 10-20 clients each year, then Ari has the potential to gross $1 million-$2 million a year.

Business Spending

Credit cards play an important role in a Hollywood agent’s life. Credit cards are used to track business expenses without having to deal with loose receipts. Ari uses credit cards when he picks up the tab for entertaining clients and for business lunches and dinners. Ari Gold also uses credit cards to pay for business related expenses such as transportation to location shoots, printing business cards, paying for hotel rooms and paying for gifts for his clients.

Personal Spending

Credit cards are not only used for deductible business expenses, but also they are used for non-deductible expenses that relate to doing business as a power agent. For example, since image is everything in Hollywood, Ari uses his credit cards to buy designer suits that average $2,000 a piece and to pay for trendy salon visits that can cost several hundred dollars a session. He uses credit cards to pay for other status symbol items such as designer office knickknacks and furniture, which range from several hundred to several thousand dollars each. Finally, don’t forget the bling. Ari’s jewelry and timepieces are top of the line and expensive.

Credit Cards and Ari Gold

In Hollywood, credit cards are the preferred currency. They allow players to quickly make purchases and to spend beyond their means. The type of credit card that a Hollywood player carries also adds to his image, as some exclusive credit cards are only offered to financial power players like Ari Gold.

Eisla Sebastian

At one time or another, most people wish that they could travel back to a time when life was less complicated. Police detective Sam Tyler, the slightly confused hero of “Life on Mars,” accidentally gets that very opportunity. Yet he finds that life in New York City circa 1973 makes him feel as if he’s living on another planet.

Sam Tyler is a modern-day detective who does things strictly by the book. After being struck by a speeding car in 2008, Sam wakes up in New York City in 1973. Inexplicably, he’s wearing 1970s-style clothing, has police identification in his wallet that’s valid until 1974, and he owns a muscle car.

Though some evidence indicates that the world around him is just a hallucination, Tyler sees the streets of New York in incredibly vivid detail, including a heart-stopping view of the newly-constructed World Trade Center. Sam isn’t sure if he has lost his mind, been abducted by aliens, or if he truly has gone back in time. The only thing that he knows for sure is that Gene Hunt, his boss, knows how to throw a punch.

Spending Power in 1973

According to Payscale.com , the current mid-range salary for a police detective who has 10-20 years on the force is $63,568. At age 39, Sam Tyler easily falls into this salary range in 2008, but things are a bit different in 1973. During a candid conversation, one of Sam’s co-workers reveals that he makes “300 clams a week plus change,” which comes out to approximately $15,600 annually.

Assuming that Sam makes just as much as his colleague, he does benefit from some additional job perks. As a new transfer to the 125th Precinct, the police department has put him up in a seedy apartment building, which contains all the clothes that were shipped from his last assignment. Sam also has a free-spirited neighbor who, on at least one occasion, makes him a heaping pan of lasagna.

With no expenditures for rent or clothing, at least for the time being, Sam has more disposable income than other detectives. A music enthusiast, he probably spends a few bucks on vinyl record albums, which cost between $4.98 and $6.99 on the average. Before the first OPEC oil crisis, gas cost about 40 cents per gallon, allowing Sam to freely cruise the streets in his muscle car.

Debit and Credit Cards on “Mars”

Though debit cards tied to bank accounts are quite common these days, the ATM was just starting to gain popularity in 1973. (In the Midwest, one banking chain affectionately referred to their early ATMs as “ugly tellers.”) To cash his paycheck or get a few extra dollars for the weekend, Sam has to stand in line at his bank or head over to a check-cashing place.

In 1973, credit card companies also began using magnetic strips on a wide basis. Though he probably had a MasterCard, Visa, American Express and one department store card in 2008, with his detective salary, Tyler may only qualify for one card with a smaller credit limit in the 1970s.

Sam Tyler’s Past and Future Earnings

Because no one, not even Sam Tyler himself, is exactly sure when he is, his future earnings potential is hard to gauge. If Sam really is a time traveler and returns to the modern world, he’ll find himself in the middle of an economic crisis where banks and credit card companies are failing. If he stays in 1973, Detective Tyler faces inflation and higher gas prices. Neither alternative sounds very attractive.

Steven Bryan

Watching “The Office” is filled with painful moments for viewers, many of which revolve around the Scranton, Penn., branch’s regional manager, Michael Scott. Scott manages to both alienate and endear himself to viewers and his employees, often in the same episode. Unfortunately for him, it isn’t only his professional and personal life that is in need of assistance — his financial situation is disastrous, too. Are his financial situations realistic? And if so, how did he get this far gone?

Who is Michael Scott?

The regional manager of Dunder Mifflin’s Scranton branch, Scott is known for his socially awkward and often inappropriate behavior. But you can’t help but feel bad for the guy, who’s heart is often in the right place, even though he doesn’t know how to act. Though his salary specifics are never mentioned, it’s reasonable to expect that someone in his position, without a college degree, might make in the realm of $70,000. It’s likely that All Business School’s estimate of $84,000 is a bit high, especially considering the perk of a company car and the fact that Scott does not have a bachelor’s degree or a master’s degree, as they assume. We also know that Scott briefly made a comparable salary to warehouse director Darryl. Scott ’s financial troubles come to a head in Season 4, where he admits to his staff that he is in financial trouble and is considering declaring bankruptcy.

How did Scott get into financial trouble?

Scott’s salary of approximately $70,000 is a high one for the Scranton region, according to Simply Hired , which places the Scranton average salary at just under $29,000 a year. In addition, Scott’s only real investment appears to be his condominium, which he purchased in Season 2. However, he has repeatedly stated that he has no investments and no money saved. In addition, he regularly splurges, spending money on office gatherings that are unauthorized by the company, improv classes, and using his credit cards to treat office employees to lunches and special items from Victoria’s Secret.

Scott’s financial situation didn’t get dire, however, until his unemployed girlfriend, Jan, moved in with him, intent on spending his money left and right. Their financial situation was so bad, Scott had to take a second job to make ends meet. It culminated in help from employee Oscar, who helped him with debt consolidation.

Did Scott learn the error of his ways?

Though his financial situation, credit card debt, and money mismanagement came to a head in Season 4, it doesn’t appear that Dunder Mifflin’s regional manager has managed to get his financial situation back on track. After debt consolidation, Scott would have been wise to all but eliminate his credit card spending. Yet, we regularly see him spending money.

With Scott mismanaging his money left and right, viewers are reminded that even those with secure jobs and decent salaries run the risk of credit card troubles if they don’t watch their spending and live within their means.

Kelly Herdrich

If you’re anything like me, you can’t think of Neil Patrick Harris without hearing the theme song to “Doogie Howser, M.D.”running through your head. However, Harris has recently moved on to bigger and better things with his portrayal of smooth-talking New Yorker Barney Stinson on CBS’s comedy “How I Met Your Mother.” This show revolves around the lives and loves of five young adults trying to make their way in the Big Apple.

Barney, who provides much of the comic relief on the show, cultivates an air of mystery in all aspects of his life. He is always perfectly groomed, rarely seen wearing anything other than a suit and tie, even for casual occasions. His womanizing ways are legendary, but he is careful never to get attached. He has an African-American brother and claims that his father is Bob Barker. And the list goes on!

Financially speaking, Barney is a complete question mark. Although he currently works for a company called Goliath National Bank, his exact occupation is unknown. However, he lives in a gorgeous, enormous apartment in the heart of New York City, wears designer suits daily and never hesitates to hail a cab or buy a drink for a beautiful lady. Where does the money come from?

Barney’s sleek bachelor pad would cost him at least $2,000 a month anywhere in NYC, but probably closer to $5,000 in a hip neighborhood, maybe more. The condo alone would eat up most of a (hypothetical) $100K salary, and incidentals like food, clothing and transportation are extra. Designer suits start at $1,500 and only go up from there? Dating in New York is expensive too, especially if you’re trying to impress - spending $300 on dinner for two is easy to do here - and since Barney has a different date every night, those restaraunt charges add up fast.

Depending on his position at the bank, Barney could be pulling in a pretty sweet salary. However, money doesn’t go as far in New York as it does in other areas of the country, and credit card debt is as common as yellow cabs and tourists. But Barney’s finances are hidden behind his carefully crafted enigmatic persona. We are led to believe that, unlike many 20- and 30-somethings in New York, Barney doesn’t need to depend on credit cards to stay afloat.

Lindsay Woodland

Supporting your younger brother and his teenage son can be an expensive proposition, especially when your own spending habits run to the absurd. Charlie Harper, the older brother played by Charlie Sheen on “Two and a Half Men,” manages to pull it off, though.

A successful jingle writer and children’s musician, Charlie enjoys a two-story home on the beach in Malibu, a Mercedes in the garage, a surly full-time housekeeper, an expensive - albeit casual - wardrobe, the finest liquor and cigars, and a steady stream of female companions. On top of all that, he supports his brother Alan, a down-market chiropractor, and Alan’s son Jake, a dim-witted teen with a healthy appetite.

Charlie’s income comes from the sales of his enormously popular children’s album and live performances as Charlie Waffles. Additionally, he receives royalties from his earlier jingles, most notably the Maple Loops song. Since he was a moderately recognized recording artist prior to becoming Charlie Waffles, he was probably able to negotiate a royalty rate of around 15 percent on album sales, or roughly $1.79 per CD, which means he made almost $2 million when the Charlie Waffles album went platinum.

It’s a good thing, too. The average home price in Malibu as of December 2008 was a whopping $1,930,206! Even if he put 20 percent down on a 30-year fixed mortgage, his monthly house payment is still over $10,000 before taxes and car insurance. His housekeeper, Berta, keeps the place clean and his bowling shirts pressed, but she doesn’t come cheap either. The average salary for a housekeeper in Malibu is $37,000 per year, or just over $3,000 a month. Luckily, her acerbic wit and wisdom are included at no additional charge.

His Mercedes easily ran him $85,000, and his signature bowling shirts sell for $44 apiece. He spends much of his time at the track and frequently returns empty-handed. He is a notorious barfly and prides himself on being the No. 1 bachelor in Malibu. With the average drink price in Los Angeles being 5 percent higher than that of even New York City, going out five nights a week gets expensive quickly. He’s not drinking the cheap stuff, either. He once quipped, “I’ve got two grand in my pocket that’s itchin’ to turn into twelve bucks and a hangover.”

The stunning beauties he often manages to attract are fond of the expensive gifts he lavishes on them and don’t seem to mind his frat-boy antics. Though his brother Alan attempts to be a voice of reason in his life, it is usually to no avail. Besides, Alan is pretty stingy, hoarding what little money he manages to keep from his ex-wife Judith and is more than happy to have Charlie cover the bulk of the expenses.

With all of his frivolous and irresponsible spending habits, Charlie never seems to use credit cards. He is clearly credit-worthy and has plenty of assets. But you never see him break out the plastic. The show implies that he is successful enough to pay cash for everything, from cars to booze to female companionship.

Charlie is a very funny character and provides a glimpse into the life most guys would love to have if they were rich and single. With all the daily aggravations he encounters, Charlie’s signature sense of humor manages to pull him through (with a little help from alcohol). At the rate he spends money, though, he’d better get to work on the next Charlie Waffles album soon!

Dave Guilford

From New York to Seattle to Santa Monica, “Private Practice’s” Addison has certainly traipsed across the continent in the past few years. When Addison Montgomery was first introduced to America, she was Derek Shepherd’s wife, tracking him to Seattle during a messy separation. In “Private Practice,” Addison has taken Santa Monica by storm and attempted to get her personal and professional life back in order. But is one of the world’s foremost neo-natal surgeons really able to keep up with the expense of living in Santa Monica, California? Even if she comes in with no credit card debt, you might be surprised to learn the truth.

Who is Addison Montgomery?

According to ABC, “Private Practice’s” Addison is a renowned neonatal surgeon and “board-certified OB/GYN, having completed fellowships in maternal-fetal medicine and medical genetics.” She moved to Santa Monica, California, in 2007, from Manhattan, by way of Seattle, where she ran a top-class NICU and was a star surgeon at Seattle Grace and in “Grey’s Anatomy.” According to Allied Physicians, neonatal medicine roughly brings in between $286,000 and $381,000 depending on the experience level of the doctor. In Addison’s case, and since she is regularly referred to on both “Grey’s Anatomy” and “Private Practice” as one of the top neonatal surgeons, it’s logical to assume that she makes approximately $300,000 to $350,000 a year. There’s never been any indication during “Grey’s Anatomy” or “Private Practice” that Addison has any debt, credit card or otherwise, and it appears that she is doing well for herself financially

What’s the Cost of Living in Santa Monica?

Santa Monica, the setting for the private practice that Addison works at, is one of the more expensive areas in the United States to settle in. According to Salary.com’s Cost of Living Calculator, the cost of living in nearby Los Angeles is 24.3 percent higher than in Seattle. So even for Addison, a skilled and renowned surgeon, it’s evident that she would have been making a bit less money after a move to California from Seattle.

In addition to the fact that Addison would be making a slightly smaller salary (also relative to the smaller workload she incurs at a small practice), Santa Monica’s home prices are considerably more than those in Washington. According to Yahoo Real Estate, the median home value in Santa Monica is $1,653,381. Remembering that Addison owns a large and beautiful home on the water, it’s reasonable to assume that her home probably cost in the vicinity of $2,000,000, and potentially more.

Could Addison Swing It?

Though it might seem like Addison is good to go, in fact, she’d be hard pressed to make it work while still saving money for retirement and expenses. Typically, you should spend no more than one-third of your gross salary on your mortgage. So, if Addison is making $350,000 a year, she wouldn’t want to spend more than $116,666 a year on her mortgage, which is approximately $9,722 a month. However, the Mortgage Calc calculator estimates that a home of $2,000,000 with a 30-year mortgage and a 5.75-percent interest rate would cost Addison approximately $11,671 a month. Even if she had money to put down on the house, it could be a tight squeeze for her to live and spend at will in posh Santa Monica society without the use of credit cards. Add in fancy parties, clothes, shoes and handbags, all of which seem to simply appear for Addison, and it’s pretty obvious that she’s either using a credit card or you’re watching television.

Even doctors and surgeons don’t have it easy these days. Before we’ve even talked about malpractice insurance and health insurance companies, a doctor making $350,000 might be hard pressed to keep up with the Joneses in a well-to-do part of town. Even a doctor making a decent wage might not be able to live up to television’s standards. Watch Addison’s spending and lifestyle on “Private Practice” with a grain of salt - even the best credit cards in her wallet might be getting more of a workout than it appears.

Kelly Herdrich