Medicine - Debt = Best career

[tennischamp822]

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[MagicDrumSticks]

People keep saying that six-figure debts and high interest rates (6%+) make medicine a less attractive career option, which I agree with.

If a person graduated medical school without any debt, would medicine become the best career financially (looking at both income/job stability)?

Job security wise yes, but income wise no. Doctors do make good money, but they don't make THAT much money. You can't have both, generally jobs which have nearly limitless earning potential (investment banking comes to mind for the typical SDN poster) then the job security will generally be less than that of a doctor, but the reward is higher. Just think of it like anything else in life, if you take a bigger risk, there is a [potential] bigger reward

 

[J ROD]

I would have to say medicine is a good career in terms of being comfortable and security. I would say you have to have a love for it though because of the schooling and years involved.

 

[MossPoh]

I will graduate with very little debt...around the 50-60k mark maybe. Best career? I don't think there is a "best" career. It is a solid career though. It is what you make of it. Dependent on specialty, I plan on having some other medically related things going on to pursue my own interests.

 

[Siverhideo1985]

Medicine + Debt = best career (for me).

Interesting, challenging, versatile, extraordinary, tough, rewarding, personal + job security & decent pay?....yes please.

 

[enjoydrywax]

People keep saying that six-figure debts and high interest rates (6%+) make medicine a less attractive career option, which I agree with.

If a person graduated medical school without any debt, would medicine become the best career financially (looking at both income/job stability)?

I thank my lucky stars everyday that my parents offered to pay for medical school. They understand the soul-crushing life that is paying off a debt that huge, so they were more than enthusiastic to help.

As such I will be graduating with zero debt (except for those subsidized loans, you'd be crazy not to take money at 0%) and I can't think of any other career that would have both amazing income and rock-solid job stability. I love medical school so far, so it's really icing on the cake that my first pay check will be entirely mine (minus what I give to uncle sam).

To directly answer your question: yes it is the best financially provided you are also interested in it, AND I probably would have gone elsewhere had my parents not offered to pay. With debt, you basically break even with most engineers since they have 10+ years on you at $60-100k/year. That's what my dad did, he was an investment savvy engineer and his salary capped at $120k, but made it rich with extremely smart investments.

 

[Perrotfish]

From a financial perspective medicine is a safe profession. You're trading a high ceeling for high floor. That's why medicine is associated with wealth: not because doctors can make the stratospheric salaries of CEOs and top trial lawyers, but because even the most incompetent, debt ridden family MD can clear six figures after his interest payments. There are lots of lawyers who get stuck making 50K a year, or who end up completely unemployed. Lot of financial people get shunted into the low paying and futureless branch banking system. MBAs may not get anything at all. But, even with debt, medicine is financially safe.

 

[loveoforganic]

Medicine + Debt = best career (for me).

Interesting, challenging, versatile, extraordinary, tough, rewarding, personal + job security & decent pay?....yes please.

 

[tennischamp822]

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[apat12]

People keep saying that six-figure debts and high interest rates (6%+) make medicine a less attractive career option, which I agree with.

If a person graduated medical school without any debt, would medicine become the best career financially (looking at both income/job stability)?

i would imagine that a career as a professional football player would be the best career financially. especially since they probably went to college on a full scholarship (plus under the table money from boosters) so it really is debt free.

 

[BlitzSleep]

Medicine + Debt = best career (for me).

Interesting, challenging, versatile, extraordinary, tough, rewarding, personal + job security & decent pay?....yes please.

Can't complain about the prestige either

 

[MossPoh]

I'd have zero debt except for the subsidized loans if it weren't for the fact I feel guilty for my parents footing so much of the bill. My dad is in his 70s now and he still works about 2 or 3 months a year to pay off taxes on the house and to help me. I know one girl that is OOS and will have well over 300k in debt, maybe even 400k. That is a crushing amount after interest. Don't get me wrong, you'll still be surviving but after all this hard work I don't want to just survive. I want to be able to provide for my family comfortably, go on an occasionally nice vacation and splurge on something new and shiny once in a while without feeling guilty.