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Deleted member 237747
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Is doing medicine a real good financial decision?No, it's not I have friends who are already making close to 100k after being out of school in 2/3 years in engineering/IT fields, I do not see how financially it is a good decision to do medicine. A regular doc after 10 years of schools/training only makes close to 150k and some in metro areas actually make much less. Is it a false greed that is driving this rush to med schools? YESAny views? Your concerns are valid. The opportunity cost of medical training is immense and underappreciatedThere is imminent threat of outsourcing and foreign medical doctors also that can bring down salaries with globalization.
Is doing medicine a real good financial decision? I have friends who are already making close to 100k after being out of school in 2/3 years in engineering/IT fields, I do not see how financially it is a good decision to do medicine. A regular doc after 10 years of schools/training only makes close to 150k and some in metro areas actually make much less. Is it a false greed that is driving this rush to med schools? Any views? There is imminent threat of outsourcing and foreign medical doctors also that can bring down salaries with globalization.
Dude, the only reason for money is to get you a house, a car, and food for your family. Why would you need that much money anyway? If so many people can live with less than $100k per year, then so can I.
not with twice that in loans.
Ignorant children permeate this forum, bah!
not with twice that in loans.
not with twice that in loans.
Ignorant children permeate this forum, bah!
I have yet to meet a poor or unemployed doctor.
Unemployed/little-earning/unsatisfied engineers and businessmen are a dime a dozen.
They changed the rules, kiddo. We probably won't get that.the student debt issue seems to be worsening, yes, but it's still manageable. a significant portion of young doctors receive loan deferment and forbearance during their internships, residencies, and advanced training. you will still owe around $100,000 (on average), but the monthly payments pale in comparison to what you earn after all your training is completed.
I have yet to meet a poor or unemployed doctor.
.
I dont care about money. I'll have an awesome job and deal with real people and lives. Also the knowledge is cool; somewhere along the way ill be compensated for my good work. There is also respect and everyone says they wish they could do this. No IT cubicle monkey has that. My buddies are 22 and make great money but i just feel bad because they really dont love it. Its just a fast track job and they have way too much time to spend all their money on flashy stuff. No thanks.
real good
the student debt issue seems to be worsening, yes, but it's still manageable.
WeAreNotRobots said:i think doctors can manage loans that equal about 25 to 70% of their salary.
the student debt issue seems to be worsening, yes, but it's still manageable. a significant portion of young doctors receive loan deferment and forbearance during their internships, residencies, and advanced training. you will still owe around $100,000 (on average), but the monthly payments pale in comparison to what you earn after all your training is completed.
we've heard examples of all your wealthy friends, so let me tell you about my not-so-wealthy friends. only a few years out of undergrad, they earn less than $40,000/yr, and you'd never know they had $30,000 worth of student loans they were paying off unless you asked. if they can manage loans that equal more than 75% of their yearly salary, i think doctors can manage loans that equal about 25 to 70% of their salary.
anyway, different people go into different careers for different reasons. there are also different costs/benefits to different careers and you can't really just compare engineer/IT/doctor/teacher/attorney occupations based on salary alone (even though some people may largely base their career on this factor).
OP, have you thought of this: your engineer friends may be earning more now, but somewhere down the road, maybe 25 years or so, Dr. Hale would surpass them in the "net earnings" category. what's more important to you: making money now, or later? and if money is so important to you, maybe you should be thinking of alternate careers... YET, i have never met a physician that is NOT financially very well-off. so maybe you should be a doctor afterall.
Yayyyy!!! We can still manage!!! Victory!!!
Jesus, I've never seen a group of people so happy about being robbed.
First, your not so wealthy friend earning 40,000 probably are not as driven, intelligent, or hardworking as pre-meds are....
Why i bring it up is he has all the money from his salary sitting in an IRA, mutual funds, etc. earning more money...
Robbed?
WeAreNotRobots said:It's called responsibility: you might be required to have some of that as a doctor.
Is doing medicine a real good financial decision? I have friends who are already making close to 100k after being out of school in 2/3 years in engineering/IT fields, I do not see how financially it is a good decision to do medicine. A regular doc after 10 years of schools/training only makes close to 150k and some in metro areas actually make much less. Is it a false greed that is driving this rush to med schools? Any views? There is imminent threat of outsourcing and foreign medical doctors also that can bring down salaries with globalization.
It's greedy to want wealth?
Sincerely,
Gut Shot, MD, PhD
actually, my friend is pretty intelligent and hardworking because he was pre-med, but now he's MS0. there's not much money to made in research with just a BS. and just because he doesn't make a lot doesn't mean he's dumb and lazy.
and if you think you're getting screwed with med school, then don't do it. nothing worth doing is easy.
you're a MD/PhD!?? you should've done the MSTP! i hear they cover all your tuition.
but seriously, everyone wants more money for what they do. and i think doctors turn out a lot better off than most in the end.
you're a MD/PhD!?? you should've done the MSTP! i hear they cover all your tuition.
WeAreNotRobots said:but seriously, everyone wants more money for what they do. and i think doctors turn out a lot better off than most in the end.
well in that case ur comparison is even dumber than i thought. Your comparing an interim job with a few weeks training to a job with 7 years training.
easy there. my point is that you can pay off A LOT of loans even with a relatively low income.
now, without name-calling, what is your point?
I don't blame doctors who go private practice, or forgo insurance altogether. They may be greedy in the eyes of plenty but I think a lot of it has to do with their lifestyle - they can finally control their work and they don't have to worry about how many dollars are stuck b/c they wont be able to pay off a huge debt.
That too, is why a lot of doctors get the greed stamp on them - because there is a huge discrepancy in the pay for family docs and those who super-specialize and earn close to 10x the annual pay. Again, I don't blame them.
So the crux of what i am saying is that u cant compare the pay from a job you got after a 4 years B.S. to a job that was 4 years B.S. (while being maintaing good grades), 4 years Med school, and then 3-7 years residency.
Another point i was making is that you could do alot with that 7 years in some other field, while in medicine your a building a foundation but also gaining alot of debt.