Accepted to 2014 fall Loyola Postbac... need advice

[NontradFinance]

Hi Everyone,

Long time browser, infrequent commenter. I want to thank everyone for being so helpful on this forum, and sharing personal experiences throughout their journey.

I was accepted to Loyola's post bacc program, but rather than excitement I felt anxiety. As a finance major, I was evaluating the financial risk and opportunity cost of making this transition at age 25. I currently work in Healthcare technology and consulting, but nothing gives me greater pleasure than rounding the house working with physicians and nurses. I was wondering if anyone had a similar dilemma and what ultimately gave you the push to go forward?

Thank you all in advance.

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[nozart87]

At 25 you are younger than I am.

There is an opportunity cost for everything. You could get a promotion at your current job and make more money vs going back to school for 10 years and going into debt. If you want to become a doctor for the money (I'm an not judging you if you are), initially you are take on some debt (unless you are wealthy) to receive your education. But on the bright side, if you succeed, you won't have a problem paying off your debt and you could make more money than you make now.

I once talked to a man who had a family (wife and 2 kids) and he was making about 150k doing something. He really wanted to leave his job to become a police officer who starts off at around 50k.

I don't know exactly how much you make now, but my situation is very different. I work full time but I certainly don't make a lot of money. So leaving my job and being a student makes no real difference to me. Besides, in 5 years I could be a resident and I will actually be making more than I make now. Residents make about 40k to 50k.

If you already have a job where you make more than 50k or even more than 100k you will have to be prepared to become very frugal if you go this route.

 

[lovelybones]

If you have what it takes to study really hard and are fine with living frugally for the next 10-15 years to enjoy a significantly higher than average income, then that's a good reason. You just have to be fine with making sacrifices like seeing your wealthy friends from finance going on yacht trips to like Dubrovnik or the French Riviera or something while you're drowning in debt and medical books.
I'm also starting a post bacc now and I guess for me the push to go forward is that I genuinely want to be a doctor, learn about the body, and work in a hospital setting. Would I go forward with the sacrifice if doctors wouldn't make so damn much? Of course not but by the time I won't be young anymore I'll be able to afford nice cars. It works itself out.

 

[NontradFinance]

Definitely appreciate the advice from the both of you. You've both provided me with new perspectives, and I'll factor these into my consideration. My work experience in healthcare administration defaults me to thinking from a management perspective. I see the conflicts between practitioner and management, and have the benefit of seeing the multiple perspectives of an integrated health system. Medicine is a calling, and glad to hear that non-trads are viewed favorably for their diverse backgrounds.

Thanks

 

[lovelybones]

Let us know your decision when you decide!