Non-trad Motivation

[FutureDrB]

So I'm sitting here having one of my, "dang I'm going to be old in medical school" moments. But, when this happens, I just try and think logically. Granted, if you consider medical school as a financial investment vs. return equation, a lot of people would say pursuing it at 40+ is a waste.

But, when you take the financial aspect out of it, all you really have is the study of medicine; gaining knowledge in a certain field. What does it matter if you're 15 or 75? Why should age have any correlation to why or why you don't study medicine, or any field for that matter?

Do you think Aristotle or Hippocrates had friends who were like, "you know, you're really too old to study medicine." I don't think so...

Anyway, that's my philosophical ramble for the day. But remember age is just a number -- a made-up one at that.

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[Sphynxie]

Friends and family think I am out of my mind for chasing down this career choice this late in the game, so I often get tripped up with the "I'm too old for this" moments as well, and it's good to hear I am not alone (and not crazy for trying)!

 

[kraskadva]

I was talking to a doc recently about the financial side of things and he made a really good point...

Let's say you high-ball your debt (~300k) and low-ball your attending salary (~100k/yr). If you come out of training and immediately go for the fancy car and big house, you're sunk. BUT, if you come out of training and decide to keep living at the resident level of income (~50k/yr) and roll the rest into paying your loans, you'll be debt free in 6 years max. After that, it's gravy. Or investment capital.

Maybe not as much total gross as if you'd started younger, but still a net positive.

 

[Silent Cool]

I was talking to a doc recently about the financial side of things and he made a really good point...

Let's say you high-ball your debt (~300k) and low-ball your attending salary (~100k/yr). If you come out of training and immediately go for the fancy car and big house, you're sunk. BUT, if you come out of training and decide to keep living at the resident level of income (~50k/yr) and roll the rest into paying your loans, you'll be debt free in 6 years max. After that, it's gravy. Or investment capital.

Maybe not as much total gross as if you'd started younger, but still a net positive.

That's not high-balling it. Any private school (and many public schools) will put you in that range.

 

[kraskadva]

That's not high-balling it. Any private school (and many public schools) will put you in that range.

His words...
And sure, not a super high-ball currently, but not an unreasonable estimate either. Point was simply that it's possible to pay it all back within a relatively short period of time.

 

[QofQuimica]

His words...
And sure, not a super high-ball currently, but not an unreasonable estimate either. Point was simply that it's possible to pay it all back within a relatively short period of time.

Continuing to live like a resident once you're an attending is simple to do in principle, but not easy to do in practice. Most people have an unexpectedly difficult time not growing into their income once they become attendings. I would caution you to be honest with yourself regarding how likely you are to be able to stick to such a plan, because the odds are good that you will spend significantly more of your money than you think you will right now. That goes double if you're married and/or have dependents who have been making significant sacrifices so that you could go to medical school.

 

[ddmbmom]

Beg to differ, cash flowing the entire tuition from savings of 20 year career!

 

[kraskadva]

Continuing to live like a resident once you're an attending is simple to do in principle, but not easy to do in practice. Most people have an unexpectedly difficult time not growing into their income once they become attendings. I would caution you to be honest with yourself regarding how likely you are to be able to stick to such a plan, because the odds are good that you will spend significantly more of your money than you think you will right now. That goes double if you're married and/or have dependents who have been making significant sacrifices so that you could go to medical school.

For sure, and a good warning to add.
Personally, having bounced between different levels of income (though not as drastic as resident to attending) I've seen this myself as well. And life circumstances certainly play a huge role.
The only point I wanted to make was that it is possible to be debt free relatively quickly. And the non-trad forum being what it is, I feel like many people here probably have the experience/willpower to make this happen if that is what they want.

 

[shouldigomd]

Taking the financial aspect out of it is a huge part of the equation lol... So many students think they will pay back those loans so fast and be raking in 300K+ in not time... Reality is different and docs are being paid less. Med school / residency / fellowship is at least a 10 year investment with no return. Age is just a number when you are young / healthy... until you are tired, weak, sick, etc in which case it becomes very real.

It is a personal choice however. The individual has to weigh the pro's of the enjoyment of medicine with the cons of possibly losing the freedom both financial and time to do other things in life.

Once you start making money as a practicing physician it isn't like all your money is going to paying back loans. What if you have a wife, kids, travel, buy a house, etc. So what if you buckle down and do nothing for 5 years to pay back all those loans and work like crazy? Then thats at least a 15 year investment. Is it worth it? Depends on you.