Money and power

[Shredder]

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Would you agree with the statement that money is power--power to do good, bad, or in between--and what if I broached this subject in my PS for applications? I want to avoid the usual showy premed approach of "helping people and serving others" in my PS, it's not my style though I have good intentions. Would the subject be frowned upon, even though I think it is indisputably true? It would certainly stand out, and it's going out on a limb.

This is largely why I want an MBA in short, to either amass a huge amount of personal wealth for good causes or to oversee the allocation of large amounts of money. But I'm interested in medicine, or at least I'm convinced that I am, so I feel that my heart is in the right place.

All of the prominent issues in healthcare revolve around money--litigation, insurance, Medicare and Medicaid, prescription drugs, universal healthcare

 

[Law2Doc]

Would you agree with the statement that money is power--power to do good, bad, or in between--and what if I broached this subject in my PS for applications? I want to avoid the usual showy premed approach of "helping people and serving others" in my PS, it's not my style though I have good intentions. Would the subject be frowned upon, even though I think it is indisputably true? It would certainly stand out, and it's going out on a limb.

This is largely why I want an MBA in short, to either amass a huge amount of personal wealth for good causes or to oversee the allocation of large amounts of money. But I'm interested in medicine, or at least I'm convinced that I am, so I feel that my heart is in the right place.

All of the prominent issues in healthcare revolve around money--litigation, insurance, Medicare and Medicaid, prescription drugs, universal healthcare

I think it is a mistake. While most adcom members would agree that physicians do and should earn a comfortable living, the prevalent view is that people should be going into medicine primarily for other reasons. Also given the debt involved, educational time investment, shrinking reimbursements and the time value of money you could make sooner in other fields (esp. Inv. banking, finance), going into medicine simply for money is regarded by many as somewhat of a miscalculation, and sure to foster in you a level of discontent with the profession. A paramount focus on money when coming out of undergrad to some also smacks of immaturity. Not a good idea.

I also think that saying you are going into medicine to "help people" doesn't make a particularly strong PS. Try and find some tack that sets you apart, makes you interesting. All of the prominent issues in healthcare you mentioned also in fact have significant impact on the non-physician members of society; you could certainly address these if you wanted without a discussion of how it will impact your own salary.

 

[Shredder]

The physician's salary alone does not confer the clout that is available when one starts to reach 7-8 digits and beyond, which is not possible through the traditional practice of medicine. Some folks view doctors as fabulously wealthy, but it must be kept in mind that there are people out there making several orders of magnitude more wealth, and consequently with that much more power and influence in national and worldly matters.

One appeal of business is that you can escape the position of a salaried employee and begin to reap benefits directly depending on what you sow, and not indirectly through a payroll where a superior/s benefits from your efforts while issuing orders to you. I guess this is entrepreneurial spirit. Investment banking and other areas are certainly the way to go if money is the only goal, but I do find medicine interesting and want to improve quality of life through it. Not by taking over companies, liquidating them, and collecting the spoils, or by watching stock tickers and stressfully day trading all the time. I started college as a normal premed but grew disillusioned with the prospect of making a difference one individual at a time, which realistically doesn't amount to all that much even over a lifetime. But does that mean I have to forsake medicine altogether? Time permitting, I would consider practicing as well to stay abreast of new phenomena and see knowledge in action, but it wouldn't be my primary focus.

People see money as evil, but really money is all that is good in the world. Money feeds the hungry, provides disadvantaged folks with computers and books, erects homes for those who can't afford them, offers drugs and a chance at life for the impoverished at the brink of death. It funds research, constructs institutes, and solves diseases and other maladies. Money brings democracy and human rights to oppressed nations. Bill Gates, the wealthiest man on Earth, is arguably the most omnipotent as well with the ubiquity of Microsoft. Who's to say one can't be for medicine what Gates, Jobs, and Dell have been for computers? There are a few medical doctors on the Forbes 400.

So, contrary to immaturity, I would argue that the realization of the importance of money--after one gets past notions of fancy cars, homes, and yachts--is one of the greatest signs of maturity. One can write an outstanding grant proposal or set out to heal the world, but nothing happens without the dollars behind it.

 

[Law2Doc]

The physician's salary alone does not confer the clout that is available when one starts to reach 7-8 digits and beyond, which is not possible through the traditional practice of medicine. Some folks view doctors as fabulously wealthy, but it must be kept in mind that there are people out there making several orders of magnitude more wealth, and consequently with that much more power and influence in national and worldly matters.

One appeal of business is that you can escape the position of a salaried employee and begin to reap benefits directly depending on what you sow, and not indirectly through a payroll where a superior/s benefits from your efforts while issuing orders to you. I guess this is entrepreneurial spirit. Investment banking and other areas are certainly the way to go if money is the only goal, but I do find medicine interesting and want to improve quality of life through it. Not by taking over companies, liquidating them, and collecting the spoils, or by watching stock tickers and stressfully day trading all the time. I started college as a normal premed but grew disillusioned with the prospect of making a difference one individual at a time, which realistically doesn't amount to all that much even over a lifetime. But does that mean I have to forsake medicine altogether? Time permitting, I would consider practicing as well to stay abreast of new phenomena and see knowledge in action, but it wouldn't be my primary focus.

People see money as evil, but really money is all that is good in the world. Money feeds the hungry, provides disadvantaged folks with computers and books, erects homes for those who can't afford them, offers drugs and a chance at life for the impoverished at the brink of death. It funds research, constructs institutes, and solves diseases and other maladies. Money brings democracy and human rights to oppressed nations. Bill Gates, the wealthiest man on Earth, is arguably the most omnipotent as well with the ubiquity of Microsoft. Who's to say one can't be for medicine what Gates, Jobs, and Dell have been for computers? There are a few medical doctors on the Forbes 400.

So, contrary to immaturity, I would argue that the realization of the importance of money--after one gets past notions of fancy cars, homes, and yachts--is one of the greatest signs of maturity. One can write an outstanding grant proposal or set out to heal the world, but nothing happens without the dollars behind it.

Having lofty dreams is great, and more power to you if you can actually accomplish them. But I still think it's a mistake for the PS (or elsewhere in the application process), as the above kind of pro-wealth mantra will not necessarilly be taken in the positive light you intend... I've had interviews where the interviewers indicated a strong preference to applicants who did a lot of volunteering and expressed a desire to be clinicians and work with underserved populations etc., but never come across the converse.

 

[Shredder]

Hmm thanks for the input, I guess you confirmed my fears. That's too bad, they just don't have that mindset. I shouldn't have to write a Persuasive Statement. Still, should I take it that such schools aren't a good fit for me and pass them up? Or will I end up passing everything up then, even with expressed interest in MD/MBA and leadership at schools known for producing leaders?

I'm not looking forward to having to be anything other than completely genuine during the whole application process...it looks like I may have to though. Or at least reserved. My volunteering record outside of student organizations is nonexistent too, as I had worthless experiences in high school and swore never to do it again, combined with my money mentality.

 

[Law2Doc]

Still, should I take it that such schools aren't a good fit for me and pass them up? Or will I end up passing everything up then, even with expressed interest in MD/MBA and leadership at schools known for producing leaders?
...
I'm not looking forward to having to be anything other than completely genuine during the whole application process...it looks like I may have to though. Or at least reserved.

You don't need to be dishonest, but I would err on the side of being reserved. (A good leader knows when not to rock the boat 🙄 ). Leave the topic of money alone in the application process -- the key is to get in, and once you get in, you can focus your attention however you see fit. I would go for whatever school you think will get you to where you want to end up, and where you think you could thrive.

 

[superdevil]

Hmm thanks for the input, I guess you confirmed my fears. That's too bad, they just don't have that mindset. I shouldn't have to write a Persuasive Statement. Still, should I take it that such schools aren't a good fit for me and pass them up? Or will I end up passing everything up then, even with expressed interest in MD/MBA and leadership at schools known for producing leaders?

I'm not looking forward to having to be anything other than completely genuine during the whole application process...it looks like I may have to though. Or at least reserved. My volunteering record outside of student organizations is nonexistent too, as I had worthless experiences in high school and swore never to do it again, combined with my money mentality.

but that's exactly what it is--a persuasive statement. it's your responsibility to basically "sell yourself" to adcoms at various med schools. to a large extent, the whole process is a game, and if you play by the "rules" (and waxing poetic about the glory of wealth and influence sure as hell isn't in the rulebook), you'll win. its that simple.

even when applying MD/MBA, you should be careful not to associate leadership and the accrual (sp?) of wealth too closely. at this very preliminary juncture in your training, that thought probably shouldn't be at the forefront of your consciousness--and you can bet your ass adcoms feel that way.

put simply, i think it would be fairly easily to present yourself as altruistic and entrepreneurial. to inject the idea of money and all its goodness into your application would be unwise.

 

[beastmaster]

I agree with Law2Doc. You can surely attempt to deliver your sincere message (with which I very much agree), but doing so tastefully would require a superior level of eloquence. Make sure you have it. If not, tone it down and bite your tongue. Once you get in, go wild. Good luck.

 

[housecleaning]

but that's exactly what it is--.

this is a little off topic, but i just looked at your mdapplicants profile. rejected from 2 mediocre schools "pre-secondary" with a 3.97-4.0/35MCAT!? WTF? c'mon, tell us the rest of the story. did you spend some time in federal prison?

 

[superdevil]

this is a little off topic, but i just looked at your mdapplicants profile. rejected from 2 mediocre schools "pre-secondary" with a 3.97-4.0/35MCAT!? WTF? c'mon, tell us the rest of the story. did you spend some time in federal prison?

no, haven't been to the big house. honestly, i didn't get it, either (although i think calling vandy and mayo "mediocre" is a bit of a stretch). i mean, mayo's class size is sooo small (~40 students) that i kind of knew i was throwing away my money on that one. vandy really pissed me off, though. it was pretty much my first choice starting the process, and they rejected me pre-sec in august! my pre-med advisor assured me that there weren't any red flags in my LORs or anything, and i have done pretty well at other schools. people have told me that vanderbilt favors students who went to private undergrad schools (unlike my huge, generic public school), so that may have hurt me, but that's really just anecdotal.

its a funny process, what can i say...