IF, yes IF it's all about the money......

[PADPM]

Well, I came home from the office, had a light dinner and decided to go upstairs for a workout (have a small gym in one of my upstairs rooms). I was watching a special on where all the garbage/trash goes in our country. They were following around some NYC trash collectors and stated that the STARTING salary for one of these workers in NYC is 70,000 and it's not uncommon with some overtime to make over 100,000 annually. And that is with full health benefits, retirement package, vacation, sick days, etc., etc.

So for argument sake, let's say a relatively new trash collector in NYC is making 85,000 grand. These guys can start at 18 years old. The medical professional spends 4 yrs in undergrad school, earning no money but spending close to 50,000 a year for a private school (both of my kids went to schools with tuition of slightly higher than 50 grand a year). Then spends another 4 years in professional school, earning no money and spending another 200,000.

We won't even talk about the next 3 years as a resident earning 50-60 grand.

So now it's time for the math:

Trashworker starting at 18, making 85 grand a year while you are in college. So during that time he grossed 180,000 grand, while your education cost 200,000 grand. So in essence, he's 380,000 ahead.

Repeat those numbers for the next 4 years while you're in professional school, and now he's 760,000 ahead.

You will finish your training at about 29 years of age. This guy can retire at 38 after putting in 20 years and retire with benefits and a significant pension.

He can then go out and find another job and start the process over again.

So, if you really don't love what you're doing and you're going into some branch of medicine for "the money", there MAY be a better and quicker way to build your wealth.

Just some "fun" remarks with a slightly different perspective.

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[bunion123]

Well, I came home from the office, had a light dinner and decided to go upstairs for a workout (have a small gym in one of my upstairs rooms). I was watching a special on where all the garbage/trash goes in our country. They were following around some NYC trash collectors and stated that the STARTING salary for one of these workers in NYC is 70,000 and it's not uncommon with some overtime to make over 100,000 annually. And that is with full health benefits, retirement package, vacation, sick days, etc., etc.

So for argument sake, let's say a relatively new trash collector in NYC is making 85,000 grand. These guys can start at 18 years old. The medical professional spends 4 yrs in undergrad school, earning no money but spending close to 50,000 a year for a private school (both of my kids went to schools with tuition of slightly higher than 50 grand a year). Then spends another 4 years in professional school, earning no money and spending another 200,000.

We won't even talk about the next 3 years as a resident earning 50-60 grand.

So now it's time for the math:

Trashworker starting at 18, making 85 grand a year while you are in college. So during that time he grossed 180,000 grand, while your education cost 200,000 grand. So in essence, he's 380,000 ahead.

Repeat those numbers for the next 4 years while you're in professional school, and now he's 760,000 ahead.

You will finish your training at about 29 years of age. This guy can retire at 38 after putting in 20 years and retire with benefits and a significant pension.

He can then go out and find another job and start the process over again.

So, if you really don't love what you're doing and you're going into some branch of medicine for "the money", there MAY be a better and quicker way to build your wealth.

Just some "fun" remarks with a slightly different perspective.

I live in NYC, there is about a 3-4 year wait-list to become a trash collector and you cant apply until you are 18. so push off your calculations by three years. Either way it still pays off.
is it just me or is "Trashman" cooler to have after your name than DPM

 

[Podophile]

Double the 200k that education costs when you factor in the interest accrued and paid.

 

[heybrother]

Having lived in Texas my whole life - everything I hear about the cost of living and salaries on the east and west coasts sounds perverse to me. I sure hope Des Moines is affordable

All that aside, if there's any truth to the Wall Street Journal those pension plans haven't been funded and the future of municipal budgets will feature more money being spent maintaining retired workers pensions than is spent on current workers and services. Its not sustainable.

 

[NatCh]

I forgot where it was, but I recall reading about an uproar over city bus drivers making $125K/yr.