Money!

[cantthink]

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Question for other Non-traditionals

Since many of us are older (i'll be applying for schools around the age of 35)

Do you find that you have more interest in making more money after you're done with residency?

I'm a big fan of number crunching and I'm find that, since I'm coming in late in the game, I'll have less time to pay off the large debt that I'm sure to accumulate, and thus need to focus more on getting a potentially higher paying specialty.

I've noticed a lot of other threads on here seem to have people suggestion that it shouldn't be about the money.... But I'm not sure I can buy into that in my situation.


Any other non-traditional students come to this conclusion?

thoughts? comments?

 

[EdLongshanks]

Question for other Non-traditionals

Since many of us are older (i'll be applying for schools around the age of 35)

Do you find that you have more interest in making more money after you're done with residency?

I'm a big fan of number crunching and I'm find that, since I'm coming in late in the game, I'll have less time to pay off the large debt that I'm sure to accumulate, and thus need to focus more on getting a potentially higher paying specialty.

I've noticed a lot of other threads on here seem to have people suggestion that it shouldn't be about the money.... But I'm not sure I can buy into that in my situation.


Any other non-traditional students come to this conclusion?

thoughts? comments?

If the point is to live comfortably, they why should it matter how long it takes to pay off the loans. All you need to do is to make enough money to make your payments and live happily.

I suppose that young doctor's are looking to the day when they are debt free and can now live like kings and queens. My goal is more modest - to live a little better than I do now and have time for missionary work also.

 

[Helen Wheels]

since I'm coming in late in the game, I'll have less time to pay off the large debt that I'm sure to accumulate, and thus need to focus more on getting a potentially higher paying specialty.

Interesting thought. I just figured that I would need to work longer, in other words, work until an older age, than my peers who got started at a younger age. I figure I will try to work until I am 70 years old.

Anyway, the gov't is going to fix health care so that primary care makes all the money. 🙄

 

[mspeedwagon]

If it were about the money I wouldn't do medicine. I'll be leaving a 100k job to pursue my dream of working as a pediatrician. I'll be starting med school at approx. 30.

I could care less about what I make. But, I set-up a 401k (and have a past 403b) and Roth IRA and have contributed a lot for yrs and my girl friend (soon to be fiance) is also a 3rd year medical student interested in higher paying specialties.

While I grew up poor (well below poverty), I don't foresee money being a problem in my future (fingers crossed). I'm just searching for a job that I love.

 

[TriagePreMed]

While I grew up poor (well below poverty), I don't foresee money being a problem in my future (fingers crossed). I'm just searching for a job that I love.

I know how you feel. Once you lived at the bottom, you realize that money is only necessary to meet certain basic needs, but that you can live happy without having to become rich.

 

[FrkyBgStok]

your thought process is flawed. sure it sounds good on paper, and it may work for you. but for many of us non-trads, we plan on going to medical school with extra life experiences, as well as extra baggage.

i don't know what your personal life is, but i have 3 kids. they are the world to me. I plan on being a good father. I also have a wife and plan to be a good husband. So all of this will need my attention.

so when you look at a higher paying specialty, you are also looking at a higher competitive specialty. with time commitments outside of medical, many may not just have the time or energy to stay in the top 10% of their class. as newton said, every action has an equal and opposite reaction. the more time at school to get better grades, the less time at home.

but this is MY situation. It parallels many people on here, but it may not parallel yours.

 

[Lefty Doodle]

My parents (my dad is a doctor) have always been stressed about money, and they started this whole thing right out of college. They paid off my dad's medical school loans until my brother went to college, then they put the three of us through college, now they have to save for retirement and they're freaking out a bit about having enough in savings to live comfortably.

So it has crossed my mind that I won't even be able to live as comfortably as my parents.

But being back in school full-time I see what little I can really live on. Even if I have a family I plan on 1) Not buying a house until I can really afford it, 2) Not wasting money going out a lot 3) Not having a car until I really need it. I think those things can really contribute to getting to the retirement saving part faster. Also my parents are dead-set on living the way they live now until they die and I think I'll be fine moving into a smaller house when I retire if that seems to be what makes sense.

Anyway it's not too hard to spend less if you're not earning more, then you can still have a LIFE along with that income ;-).

 

[Jasil]

Focusing on the $$$$ must not be the motivation. Non trads IMO must have a true love for either the medicine or the people to make it preferably both depending on practice! There are few advantages to going to med school at 30+ other than maturity and attitude!! MD school is for the young (I truly believe that) the benefits of going late in life are few and far between! It rakes a huge backing from loved ones to succeed and keep the family unit together assuming you have one (most do). My wife will be 38 when/if she applies we will have all the debt paid off except a mortgage and trust me financially this decision is far from smart! This is about following a dream to mission, to help, to one day travel and care for the 3rd world disfortunate (eventually). She wants just to do primary care what's that 140-160k per Salary.com locally. She makes 89k now so this sets us back bigtime retirement wise, materially, even the kids will feel if it. $$$ I don't think you'll get it back if you have a good job now unless you work a long time! If it's not for the Love I think you'll burn out and regret the decision. Good luck!!

I told my wife you only live once, only once to pursue your dreams, there are no mulligans no do overs! We are aligning our ducks in a row for her to make a choice as guilt free as possible. I love her tremendously and don't want her looking back wondering what if at least now she will be able to give it a shot.

I'll add retirement at 55 looks a whole lot better than retirement at 65!! I hate work so the sooner I can retire, travel, relax, and just pursue hobbies fulltime the better. My wife like many here has a heart the size of Alaska and wants to help the world you could say we're different ;-)

Best of luck to ya😀😀

 

[cantthink]

Not to say that focusing on the money is the primary objective....

lets restate that I could be happy doing any number of specializations....so I'd be more inclined to go towards the one with the highest salary for the purpose of being able to pay down loans much faster....