I get a bad reputation around here for being negative, but I wanted to share a recent personal situation regarding what it is like to be in private practice in terms of finances. Many applicants want a doctorate so that they can live the dream and do PP. There are many, many things I like about PP, however, there are huge liabilities. It is important to be aware of these as you determine your career path.
This past week I learned that i am experiencing a serious medical situation that will require me to be off work for almost 4 months. This was a totally random thing that could not have been predicted. Although the situation is expected to have a good outcome, 4 months of lost income will be devastating to my family. Mercifully, I was recently married and so now I have good medical benefits. Many of my colleagues in PP just risk it without benefits because they are expensive or they are ineligible due to (sometime minor) preexisting conditions. (Or a PP friend ended up unintentionally pregnant and it cost her $20k because private policies almost always exclude maternity).
People keep saying to me, "Can't you get unemployment? Or disability?" The answer is NO. To get unemployment, you need to be employed. In most PP situations you are not an employee, but a self-employed contractor. As I understand it, short-term disability is the same situation. If you don't have an employer paying into those benefits, you cannot access them when you are out of work. Makes sense, but it doesn't help me very much, right? I wonder if something like Aflac would have helped here, but it was never something I looked into and that ship has sailed at this point. The rest of you should, though.
My point is this: benefits are hugely important. If you want to go into PP, please think about whether you can deal with this liability.
Best,
Dr. E
P.S. Please refrain from criticizing or telling me what I could have done differently. I am in a rough situation and stressed enough as it is. I just wanted to post to help others.