If you were indepedently wealthy, would you still pursue a career in medicine?

[thegenius]

Inspired by the rehashed thread time and time again, I think this is a good question to ask. Why? Because I'm sadistic and unfortunately I have nothing else better to do. This is really a silly question but for some reason I think I would find it entertaining to see how other SDN'ers feel.

Here's the scenario:

You have an trust or annuity that pays you $120K/year for the next 40 years of your life. This would probably amount to having a liquidity of, somewhere in the neighborhood of, $4,000,000 dollars. You cannot spend all 4M at once, you essentially get a paycheck of 10K/month and you must pay taxes on that (as you would normally.)

Would you still expend the time, energy, and money to become a doctor?

My guess is that the poll would be 65% favoring NOT entering medicine and 35% entering medicine.

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[tacrum43]

Interesting poll. I still would want to be a physician. I think more would than wouldn't though.

 

[thegenius]

Yea, by the way I haven't responded to my own poll yet. Because I don't know.

 

[DrBowtie]

Should have been a public poll.

 

[thegenius]

Should have been a public poll.

This isn't public? What do you mean

 

[thegenius]

This isn't public? What do you mean

Ahh, I see. Well we can probably figure out who is on what side based on thread responses.

 

[gujuDoc]

I wish there was a 3rd choice saying: UNSURE or I Don't Know. Cuz my vote is for neither of the above, but a simple: I Don't know what I'd do if I was independently wealthy.

I know many people who are independently wealthy in that they can take over their family business worth in the millions, but who choose to go into medicine because of their own personal interest though. So who knows. In my case, I'm not sure what I'd do.

 

[thegenius]

I wish there was a 3rd choice saying: UNSURE or I Don't Know. Cuz my vote is for neither of the above, but a simple: I Don't know what I'd do if I was independently wealthy.

I know many people who are independently wealthy in that they can take over their family business worth in the millions, but who choose to go into medicine because of their own personal interest though. So who knows. In my case, I'm not sure what I'd do.

Totally sensible..although at this point I don't know if I can modify the poll.

 

[medhacker]

Ohhh watch out!

Watch the legions of unsacrificing and misanthropic premeds/meds come post indignated at the "fake altruists"....

 

[Blake]

I'd probably do it, if I became wealthy during my training. I doubt I'd do it if I was wealthy before I applied.

 

[seadizzle]

120k a year isn't independently wealthy

<puts his flame suit on>

 

[CTSballer11]

120k a year isn't independently wealthy

<puts his flame suit on>

lol exactly what i was thinking

 

[thegenius]

lol exactly what i was thinking

For 40 years?

This would simulate, in some fashion, what it would be like if you won the lottery and didn't opt for the lump sum option.

 

[DrBowtie]

When people say independently wealthy I usually think that they have enough money that they can live off of the interest generated by the lump sum or stocks

Also the lotto is 25k/month. IIRC.

 

[DropkickMurphy]

I'd be even more eager to be a doc then, because I wouldn't have to worry about reimbursements or other such annoyances nearly as much because I already know I'm going to be living very comfortably off of my own money, and anything else that comes in is simply additional income for savings purposes or for potential use for the benefit of organizations or persons I deem worthy (example: I've always had the idea it would be nice to buy AED's to issue to members of volunteer fire departments to add to their POV jump kits so that they might be able to get to a cardiac arrest victims quicker than could the ambulance or rescue truck).

 

[thegenius]

When people say independently wealthy I usually think that they have enough money that they can live off of the interest generated by the lump sum or stocks

Also the lotto is 25k/month. IIRC.

If you could generate 10% return on 4M, then you would be making 400K/year. In reality, you probably can't make 10% year, year in and year out. But who knows...maybe if you invest in enough Canroys or closed-end funds you might do better.

 

[speedo542]

That's hard. Might be an easier choice once I have actually been out and practicing. If I make the choice based on medical school, it would be hell no. But, being an actual doctor is going to be somewhat different, cause you actually get to do what we are after-helping patients. But still, since I don't know how things will go once I am a doctor, my answer might still be no after being in the real world for awhile! Who knows??

 

[mustangsally65]

I think it would make going into medicine much more appealing because you wouldn't worry about money as much and would be able to focus on doing your job and doing the most good that you could. I guess that sounds kind of cliche, but I see myself in a rural area doing primary care, and that is where this kind of "independent wealth" is most needed.

You could work at a free clinic, or establish a low/reduced-cost prescription plan, and help educate those who need preventative care the most. You could spend two hours with a patient if they needed it, and not worry about seeing as many patients as possible to make more money.

The possibilities are endless. I think the low to no money stress would be the best part, because you could do what you truly enjoy instead of what an insurance company dictates or what you can afford. No worrying about repaying loans or what kind of house you can afford. And besides, who wants to sit around all their lives and not do anything? that would get boring quickly.

 

[Anastasis]

You could work at a free clinic, or establish a low/reduced-cost prescription plan, and help educate those who need preventative care the most. You could spend two hours with a patient if they needed it, and not worry about seeing as many patients as possible to make more money.

How independently wealthy are we talking? because if you're really independently wealthy you could establish your own free clinic.

I would still do it. Sally was right - it would be wonderful to not need to worry about money. I volunteer at a free clinic and I think it would be really rewarding to be able to do that full time.

 

[Pontifex Maximus]

I voted no, but now I'm thinking more yes. Its a tough call.

 

[TheMightyAngus]

If I had a reasonable nest egg, I'd probably run the circuit of the developing world doing medical missions and setting up health projects, stuff idealist pre-med envision themselves doing but probably never will.

 

[jbrice1639]

sounds to me like the question is "would you want to be a doctor if you could afford the tuition with no financial worries?"

to this i answer a hearty yes

 

[63768]

this poll sucks. you're missing the option of "hell yes."

i love medicine and the fact that i won't have to worry about money will make it all the better.

 

[synapse lapse]

this poll sucks. you're missing the option of "hell yes."

i love medicine and the fact that i won't have to worry about money will make it all the better.

I agree, I would absolutely go to medical school and practice medicine if I was truly independantly wealthy. I would just not work as much after I completed my training so that I could pursue other scholarly interests. I certainly aim to make a fair amount (300k minimum) as a doc, and would not put up with all of this work/sacrifice/BS for a small amount of money (unless of course money was of little relevance, meaning I would be able to decide IF I wanted to put up with it and how much). Being independantly wealthy would enable me to purely pursue these interests and my love of medicine without the worry about pay... this is of course not to say I wouldn't want to be compensated fairly nor that I would work for nothing, but I could decide how much I worked because I wouldn't need the money. I love medicine and the knowledge that comes with it, the intellectual challenge, and the helping people out. I also think I deserve to be well paid to do this though, regardless of how much I "need" the money.

 

[DarkFark]

If anything, I would be more inclined to pursue medicine. If you want to make money fast, go into business.

 

[sunnyjohn]

this poll sucks. you're missing the option of "hell yes."

i love medicine and the fact that i won't have to worry about money will make it all the better.

Yes.

 

[wheatie]

I sort of think it would be easier, because it would not mean a class shift once I became a doctor. Right now I am concerned that suddenly making a 100,000 a year after I have never made more than 10,000 (on the books) will estrange me from my friends, and initiate a weird lifestyle shift because my income has suddenly exploded.

 

[Variance]

also another option

"Hell yeah, That's exactly what I'm doing right now".

No other career offers the same mix of rigorous challenge, flexibility, pressure, stability and reward that medicine does.

at least in my mind.

and a "weird lifestyle" shift would only happen if you let it happen.
ie. you go crazy like lottery winners and spend extravagantly.

more than likely you'll just slightly improve your current life and either invest, save or give to charity.

 

[fullefect1]

I would just sit on my lazy ass all day and make my own playboy mansion. Screw being expected to be anywhere... I would just chill. And after about 5 yeears of doing this.. i would probably get bored.. and then I would probably pursue a career in medicine.

 

[jackets5]

Why not help the people in that are suffering in this country first before running off to every other country and helping out.

If I had a reasonable nest egg, I'd probably run the circuit of the developing world doing medical missions and setting up health projects, stuff idealist pre-med envision themselves doing but probably never will.

 

[TheMightyAngus]

Why not help the people in that are suffering in this country first before running off to every other country and helping out.

Most patients in the US are suffering because of self-induced indulgence: either they eat too much, drink too much, or smoke too much. I think it would be more rewarding to be able to treat people in the developing world who have limited health education and access to medical care.

 

[jackets5]

good point, could agree more about the self-indulgent and self inflicted point. Just wanted to see an answer.

Most patients in the US are suffering because of self-induced indulgence: either they eat too much, drink too much, or smoke too much. I think it would be more rewarding to be able to treat people in the developing world who have limited health education and access to medical care.

 

[SpeedRacer]

all i want to do is ssssSSSSIIIIIINGGG!!!!!!!!!!!!!!!!

 

[TheMightyAngus]

good point, could agree more about the self-indulgent and self inflicted point. Just wanted to see an answer.

Self-induced for lack of a better word for illness caused by decisions one has the knowledge to control.