How many of you have millionaire parents?

[touchpause13]

Because Obama. Duh

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[fancymylotus]

Because Obama. Duh

Obama! Ugh ><

 

[Kevin Baker]

If you're a rich kid, why not pursue something like art or a 9 to 5 straight out of college office job that requires little to no responsibilities?

My brothers went this route. Id get super bored quick. And tbh, the freedom from being off the parents dole more than makes up for the 80 hr weeks.

 

[DermViser]

How is wanting to reimburse PCPs more class warfare?

Because Obama. Duh

Uh, no genius, lying and saying that general surgeons get reimbursed $30,000 for a foot amputation, esp. by Medicare is a BOLDFACED LIE.

 

[touchpause13]

What does that have to do with PCPs though?

 

[brookssp66]

Read The Millionaire Next Door. You will find out how most of America's millionaires are people working fairly regular type jobs (mechanics, plumbers, electricians, etc.) However, they usually own their businesses. They drink Budweiser, wear cheap suits, and drive non-luxury vehicles. In fact, physicians and lawyers are, compared to their income, relatively poor due to their frivolous spending habits. Cars and country club memberships do not build wealth. If you wish to build wealth, you must save, invest, and avoid debt. Wealthy people use the time value of money to their advantage. Other people do not. The formula is simple, but it runs against the nature of most people.

I live relatively poor already but one thing I personally wouldn't want to do if I had money was wait until I was retired or older to begin using it. My take is that you should enjoy what you want to enjoy throughout life and if that makes a high income earner poorer then so be it. At least they are enjoying life instead of lieing in wait for something, anything, that they think saving this money will lead them to. Obviously you have to save enough to maintain a living and cover the essential costs. However, for a high income earner, this isn't a problem. I have a hard time seeing the benefit of being wealthy into old age, especially if you have no children. There are good reasons for saving though, but, during my lifetime, I'd rather be the one who enjoys the things I want than be the one that regrets not doing the things I wanted to do when I was physically capable of doing them.

 

[tco]

It's my plan to make a TON of money and not share any of it with my kids.

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[fancymylotus]

It's my plan to make a TON of money and not share any of it with my kids.

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Wonderful plan.

 

[Kale01]

It's my plan to make a TON of money and not share any of it with my kids.

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I want a lot of money and don't plan on having kids. It's tough to get 10mm+ though without being a business owner and being lucky. The only true "rich" people I know are entrepreneurs who started a business that went huge. These people barely work now (have others manage) and just have stock/investments. The second biggest group of "rich" people I know are in finance, but they work too much. Very few "working professionals" (doctors, lawyers, CPAs, etc) are rich unfortunately.

 

[DermViser]

It's my plan to make a TON of money and not share any of it with my kids.

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[Dave89]

Get used to it. It won't just be the dbag lay person saying it either, it goes all the way up to the dbag President of the United States, who uses class warfare as the go to card. No one will care about your loans.

Holy crap.

Did he just imply that a surgeon pockets 30K for doing an amputation?

 

[Winged Scapula]

Holy crap.

Did he just imply that a surgeon pockets 30K for doing an amputation?

He didn't imply it; he said it.

This being despite the CMS reimbursement for a BKA of about $741, plus 90 day global period (and amputees tend to have lots of complications and post OP visits).

Lots of uproar when that came out.

 

[NickNaylor]

He didn't imply it; he said it.

This being despite the CMS reimbursement for a BKA of about $741, plus 90 day global period (and amputees tend to have lots of complications and post OP visits).

Lots of uproar when that came out.

 

[Dave89]

That gif seems to be sneering at people who are overly critical of Obama, so I'm not sure how it relates to this example of particularly lamentable stupidity (or dishonesty) on his part.

 

[NickNaylor]

That gif seems to be sneering at people who are overly critical of Obama, so I'm not sure how it relates to this example of particularly lamentable stupidity (or dishonesty) on his part.

Of course, it's inappropriately playing on a trope that is, in this case, definitively accurate.

 

[DermViser]

Holy crap.

Did he just imply that a surgeon pockets 30K for doing an amputation?

He didn't imply anything, he said it directly. He knows what he is doing when he says **** like that. That wasn't the only incident.

 

[Dave89]

He didn't imply anything, he said it directly. He knows what he is doing when he says **** like that.

Well... almost said it. But it's just a technicality; that's what the majority of the audience probably "heard."

 

[DermViser]

Well... almost said it.

What do you mean almost? ----> "That's 30, 40, 50 thousand immediately that the surgeon is reimbursed."

 

[Dave89]

What do you mean almost? ----> "That's 30, 40, 50 thousand immediately that the surgeon is reimbursed."

Even if a private surgeon were reimbursed that much, (s)he would still have to pay a great deal of overhead for the surgery, so (s)he wouldn't be pocketing that sum.

So, he either misspoke or lied by omission on two levels: the actual reimbursement amount, and the amount of overhead for surgeons.

The way he said it made it seem like the surgeon walks home that day with 30K from that one surgery.

 

[DermViser]

Even if a private surgeon were reimbursed that much, (s)he would still have to pay a great deal of overhead for the surgery, so (s)he wouldn't be pocketing that sum.

So, he either misspoke or lied by omission on two levels: the actual reimbursement amount, and the amount of overhead for surgeons.

The way he said it made it seem like the surgeon walks home that day with 30K from that one surgery.

Obama doesn't "misspeak" when he says **** like that. Explaining about overhead would have destroyed his entire point. Same when he accuses doctors of pulling out tonsils out of unsuspecting children for reimbursement.

 

[Winged Scapula]

What do you mean almost? ----> "That's 30, 40, 50 thousand immediately that the surgeon is reimbursed."

He clearly doesn't know **** about how insurance reimbursement works if he also thinks I get paid "immediately". LOL

 

[DermViser]

He clearly doesn't know **** about how insurance reimbursement works if he also thinks I get paid "immediately". LOL

The villains this administration blames when things don't go their way always changes. It's like the Wheel of Fortune - greedy insurance companies, greedy doctors, greedy Pharma, greedy medical device companies, etc.

 

[PL198]

i don't really know how you'd know that people are "rich", unless you're so close with them you'd openly discuss income. In my experience, people that appear "rich" aren't the ones that actually are.

 

[DermViser]

i don't really know how you'd know that people are "rich", unless you're so close with them you'd openly discuss income. In my experience, people that appear "rich" aren't the ones that actually are.

Look at their cars, look at the vacations they take during breaks that they brag about, their family's occupations which they brag about (i.e. both parents being physicians), etc. It's pretty obvious.

 

[fancymylotus]

 

[PL198]

Look at their cars, look at the vacations they take during breaks that they brag about, their family's occupations which they brag about (i.e. both parents being physicians), etc. It's pretty obvious.

I'd say a lot of those people are just doing it for show, maxing out the CC and might not actually be rich. The people that actually have sizable assets generally got there by being frugal, which seems to transfer to their kids from my experiences. So I feel like there's a false representation where the people that appear rich are the ones that actually aren't, and some of the people that don't appear rich actually are.

 

[PL198]

@dermvisor, while that may be the case it's not always true. 2 practicing physicians could very well have a huge mortgage from their extravagant lifestyles and enabling children, while another couple with modest incomes, good investments could have higher net worth by living below their means. Only way to tell for sure is tax returns and assets. It's actually really ironic because the med students I know for a fact who are at the opposite spectrum of well off take the most vacations/have the nicest clothes (don't know how to manage their $$) so it can be quite deceiving. Meanwhile, a friend of mine has a 7 figure trust fund drives her six year old car and keeps to a tight budget for spending every month while anther friend drives his GL 450 and has 150k in undergrad loans and his parents make less than 150k per year. Life is very expensive but it's all about self discipline. I think med schools should bring in financial planners for students to speak with. Would be so helpful.

I agree with you on everything but the financial planners. Students just don't have the life experience handling money for these interactions to be worthwhile in my opinion. If you've never managed your own money, then talking about it really doesn't do anything. A lot of these mistakes are things you either have to have made yourself or know someone that has made them. It's really easy to talk about budgeting frugally and etc, but yet when every new iphone comes out, I can promise you 50+% of my class will be waiting in line.

 

[cbrons]

Lots of jealousy and butthurtness in this thread. For me personally ive found med school has a ton of crybabies from welfare backgrounds who got in under various special acceptance gimmicks. The med schools themselves just reinforce their woe-is-me attitudes though so you can hardly blame them. I know of an MD school who gives all non-white and non-asian students (regardless of financial resources) free copies of RR and First Aid.
The implication being that if youre not a whitey (bc all whites are rich ) or asian (bc all asians are rich and too smart to need FA) then you are automatically too poor and worthless to procure essential study resources for yourself.


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[Kale01]

@dermvisor, while that may be the case it's not always true. 2 practicing physicians could very well have a huge mortgage from their extravagant lifestyles and enabling children, while another couple with modest incomes, good investments could have higher net worth by living below their means. Only way to tell for sure is tax returns and assets. It's actually really ironic because the med students I know for a fact who are at the opposite spectrum of well off take the most vacations/have the nicest clothes (don't know how to manage their $$) so it can be quite deceiving. Meanwhile, a friend of mine has a 7 figure trust fund drives her six year old car and keeps to a tight budget for spending every month while anther friend drives his GL 450 and has 150k in undergrad loans and his parents make less than 150k per year. Life is very expensive but it's all about self discipline. I think med schools should bring in financial planners for students to speak with. Would be so helpful.

I discuss income with my coworkers, friends, etc. We're not in school though, so maybe it's just something people who work do. I also grew up with super rich people (50mm+) and I have a lot of friends from rich (10mm+) backgrounds. If you visit their parents' multiple houses and use their boat, you have a clue. Most of these people aren't "working professionals" though. They own businesses that went big and made it huge through stock. I don't really consider two physicians as being "rich" unless they were both in high paying fields and save a ton of money. I guess it is hard to tell, but if your friend doesn't have student loans in med school, their parents are probably rich.

If their parents earned their own money through hard work, then they probably don't spoil their kids with nice things. If their parents got their money from their grandparents, etc. they probably spoil their kids with nice cars and throw money at them. So I guess it is hard to tell, because it depends on who earned it. But in general, if the students in med school don't have any loans, their parents are probably rich.

 

[Kale01]

I'd say a lot of those people are just doing it for show, maxing out the CC and might not actually be rich. The people that actually have sizable assets generally got there by being frugal, which seems to transfer to their kids from my experiences. So I feel like there's a false representation where the people that appear rich are the ones that actually aren't, and some of the people that don't appear rich actually are.

I don't know about this. In my experience, it depends on the degree to which they are rich (rich, medium rich or super rich) and also who earned the money. Super rich people can do whatever they want and will always buy nice, expensive things. They will blow 50k on a vacation without a thought. "Rich" people have to be more frugal because they can't blow all their money. And if the parents earned the money and are not super rich (just rich), they likely don't give their kids trust funds, so the kids have to manage money well. Being "rich" means you can live a middle class life without worrying or working. Being "super rich" means you can do whatever you want and live in a mansion and buy nice cars all the time.

I don't think I've met anyone who was poor but appeared "rich."

 

[Kale01]

Lots of jealousy and butthurtness in this thread. For me personally ive found med school has a ton of crybabies from welfare backgrounds who got in under various special acceptance gimmicks. The med schools themselves just reinforce their woe-is-me attitudes though so you can hardly blame them. I know of an MD school who gives all non-white and non-asian students (regardless of financial resources) free copies of RR and First Aid.
The implication being that if youre not a whitey (bc all whites are rich ) or asian (bc all asians are rich and too smart to need FA) then you are automatically too poor and worthless to procure essential study resources for yourself.


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What?

Serious question though - if you had a trust fund, why would you ever go to med school? What a waste of your youth. Do something more interesting and fun. Life is too short to spend 10 years of it studying.

 

[Sportsdude89]

- passion for medicine, the opportunity to work really hard for the privilege to care for others, aversion to idleness, not inheriting the complete money till (insert) age. Having a trust fund is not really all that glamorous... People constantly beg you for money, you have to switch your credit cards biannually, and people will try to steal from you. it's prob challenging as you get older to know whether people are genuine or trying to use you. It's better really not to tell anyone about the fund and live like an average person.

 

[DermViser]

Lots of jealousy and butthurtness in this thread. For me personally ive found med school has a ton of crybabies from welfare backgrounds who got in under various special acceptance gimmicks. The med schools themselves just reinforce their woe-is-me attitudes though so you can hardly blame them. I know of an MD school who gives all non-white and non-asian students (regardless of financial resources) free copies of RR and First Aid. The implication being that if youre not a whitey (bc all whites are rich ) or asian (bc all asians are rich and too smart to need FA) then you are automatically too poor and worthless to procure essential study resources for yourself.

Are you serious?!!? Talk about a pity charity move. That being said, the average med student is from an affluent background and stats show this.

 

[Lawgiver]

Move to Scottsdale AZ, u too will then automatically become a 35k a year millionaire. Guaranteed.

 

[cbrons]

What?

Serious question though - if you had a trust fund, why would you ever go to med school? What a waste of your youth. Do something more interesting and fun. Life is too short to spend 10 years of it studying.

Because sometimes rich kids would rather do something meaningful than be a useless sack of protoplasm? You dont sound too cultured or like youve been around many different types of people. Probably why you still view the world the same way I and every person in my generation did when we were 8 years old and just finished watching the movie Richie Rich.


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[TooMuchResearch]

Because sometimes rich kids would rather do something meaningful than be a useless sack of protoplasm? You dont sound too cultured or like youve been around many different types of people. Probably why you still view the world the same way I and every person in my generation did when we were 8 years old and just finished watching the movie Richie Rich.


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Don't ruin it for me. I haven't seen the movie yet. Is it on Netflix?

 

[Dave89]

Serious question though - if you had a trust fund, why would you ever go to med school? What a waste of your youth. Do something more interesting and fun. Life is too short to spend 10 years of it studying.

Romney's son did it.

 

[Kangal]

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[bobow98]

My folks are worth a couple million, or at least their house alone is. And I don't have a tuition because I'm a MuDPhuD....with that said, living off this graduate stipend would be rough if I didn't have $ backing me up. I'd definitely manage, but I wouldn't have 3 vehicles in medical school lol.. whats nice for me, is I have everything I have really ever wanted, so money really isn't a motivational force whatsoever in terms of specialty choice.

Can you share a vehicle with me? Mine is in the shop b/c of rusted out fuel and brake lines and no AC all summer.

 

[Kangal]

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[Kangal]

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[Kangal]

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[Kangal]

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[fancymylotus]

My folks are worth a couple million, or at least their house alone is. And I don't have a tuition because I'm a MuDPhuD....with that said, living off this graduate stipend would be rough if I didn't have $ backing me up. I'd definitely manage, but I wouldn't have 3 vehicles in medical school lol.. whats nice for me, is I have everything I have really ever wanted, so money really isn't a motivational force whatsoever in terms of specialty choice.

wow arent you just the luckiest

 

[Mad Jack]

I don't understand why you care... Some people are rich, some people are poor. This is the way of the world. Med schools tend to attract more students from upper middle class (no matter how much you have, you always say this instead of rich) backgrounds.

One thing I've learned being married to someone who came from a different class than myself is that there are huge cultural differences. While you may think it's beyond stupid to drop several hundred dollars at a club, what they are doing is more networking than anything else. Rich people want to attract other people who are wealthy and have influence. You have to spend money in order to do this.

The reason it is important to the poors like myself is precisely the cultural differences. I really feel like I don't fit in with my yacht and summer home classmates much of the time. Some of the things they say and do just make me be like "wtf, are you serious..." We have completely different value systems and priorities as well, something that's exacerbated by the fact that I'm old as balls compared to many of them.

I'm not saying it's a problem, just that it's one of those intangible things that you notice.

 

[Kangal]

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[Mad Jack]

Out of curiosity, and not in the childish, finger pointing, accusation of greed type way that is could be interpreted - do you feel that coming from a lower side of the socioeconomic spectra has any influence on the specialty you choose? Purely based of money, not based off you values of certain specialties based on life experiences.

No. I've got the same goals as most anyone around here- having an optional mix of pay and work-life balance. But I do feel that having 400k in student loans is going to have a strong influence on my specialty choice.

 

[Kangal]

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[fancymylotus]

In all fairness.. I still dress with cheap clothing... I'm not white but wear clothing that people consider "redneck". Also, I buy my jeans at Kmart... so, being in the 1% doesn't always lead to Yacht douche style...the whole southern frat sperries and capri pants deal. Also...gangs affected my life because I had close family members who were not rich...and I still hung out with them all the time. So violence and theft isn't something foreign to me...had a buddy from home pass away from an gang related assault about 3 years ago...I def think I am an outlier to most 1% wealth people... but just know that not everyone who is rich has the rich mentality...and also know some of us still suffer consequences of life that are normally associated with poverty.

I was being facetious. I guess that got lost in translation over the internets. But really? Posting about being in the 1%? And I thought I was an obnoxious brat...

 

[516662]

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