jamiediane1009, I thought exactly as you do when I was a student. Also, I think you are absolutely right about the time and money aspect.
I started out wanting to be a clinical psychologist, but dropped out of my graduate psychology program after working in a public mental health clinic with both psychologists and psychiatrists for two years.
I preferred psychology back then. Psychology was more familiar, and thus easier for me. The stakes weren't very high for me to become a psychologist. Back then, I was not really interested in lots of medical topics or the math that I needed just to get into med school, but I was intensely interested in both clinical and experimental psychology. Grad school was easy.
For me, medical school was the much more difficult path, I wasn't sure if I would make it.
But, I had $65K in private school undergrad loans. Reality set in. I thought I would never pay off my student loans as a psychologist, much less buy a house, or travel. I decided to suck it up and push my limits. I decided to eat, live, and breathe becoming an psychiatrist, which requires becoming an MD first. Over time, I learned to relish the challenge and learned to appreciate and sometimes love subjects I didn't think I would ever like, such as anatomy, and later, disciplines like internal medicine and Ob/Gyn. I learned to love the challenge, and overcoming the challenge stoked my ego.
I would be struggling financially as a clinical psychologist in my region, with the student loans. Now, I'm not. Not only that, but employers are helping me pay off my debt. I could take a $100k pay cut and still make more than the highest paid psychologist in my city.
Okay, some of what I'm going to write now might annoy some psychologists, but I'm telling it how it is.
I do a lot of therapy in my current position, so I don't regret my choice at all. I think what I do, combining medication management and therapy, is much more challenging than if I just did one of those things. I'm good at both, because I received excellent training in both while in an excellent residency.
I do have more responsibility for people's lives than my psychologist colleagues. That is just how it is. I am on call overnight for emergencies. My psychologist friends are not. Many times I don't get breaks or lunch. I see psychologists at my hospital lounging in the hall, working less hard for less money, seeing less patients. I prescribe dangerous drugs all day, it can be scary. I can place patients in the hospital against their will, and briefly suspend their freedom to protect themselves and society, and I have to justify that action to the court in a legal document. The psychologist can't do that under current law. I'm at a higher risk of being sued than the psychologist. But I love being able to do MORE for the patient as he or she recovers from illness.
I can tell the difference between a neurological, psychological, substance abuse, or medical problem that is causing cognitive and behavioral symptoms. I can diagnose conditions like hyponatremia, hypokalemia, hypocalcemia, syphilis, anemia, parkinson's, tourette's, pseudobulbar affect, dementia, depression, ADHD, panic disorder, schizophrenia, and personality disorders just to name a very few, and treat them ALL with therapy and medication. I diagnosed and started treating patients for all these examples just this week. How cool is that? Psychologists just can't match that range of knowledge and practice. I cured one woman's depression just by prescribing her vitamin D recently, because I discovered a deficiency on a lab I ordered. That felt good, and psychiatrists do it all the time.
The buck stops here when it comes to the patient's health and safety. If you don't want hard work and great responsibility, medicine is not for you. But like most doctors, I love it, and have an ego to match the challenge. Most psychologists generally just don't have the swagger and intensity we MDs have. I sure as heck didn't used to when I was in grad school. Medicine did change my personality into a much more driven and perfectionistic person. I've had to learn when to turn that off at my (large) home.
I'm in no way saying psychology is inferior, or that money is the only thing in life that matters, or that it is a bad choice. I'm just telling you what I did when I was in your position.
For me, becoming a psychiatrist has been an awesome journey that has enriched my life in almost every way, and I'd do it again.