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A six figure salary is hard to impossible for like 80 percent of Americans...
50% of Americans also have an IQ of <=100.
A six figure salary is hard to impossible for like 80 percent of Americans...
50% of Americans also have an IQ of <=100.
Exactly, me being one of those 50%
For the average person, finding a decent job out of hs, 2 year degree or a 4 year degree would be great success. Anything above and beyond that is a small minority of the American population. Which makes sense.
Making > 100k , ok its not what it was like in the 90s, but it is still very rich in most americans eyes.
Obviously most of you have a slightly different perspective if youve been raised in a family with money.
That is so true and very sad. 20$ may not buy as much as it did a decade ago, but for many families, it still feels like its "worth" a lot. This has to do with inflation and how most salaries have stagnated and not kept up with inflation.
And truthfully, I think its ok if people go into medicine for the money, but have at least some interest in it. If the person enjoys learning about medicine even if he'd prefer to do something else, I don't think that person should be told "Hey, you shouldn't be a physician!". I heard this ad nauseum from my fellow premeds as a way to dissuade people from applying to medical school to eliminate the competition.
Back to OP's question, it is very difficult to make more than a doctor with a stable salary job. Senior engineers make about $130k at most unless working for a petroleum company. The career path to becoming a doctor is among the most competitive and stressful in America, but it's also very lucrative with little risk - well, perhaps there's the risk of repeating MD and residency applications. Of course, it's different if you come from a rich family that makes money off investments.
Some engineers make more than that. Starting salary for EE, CE, phds is near 100k for new grads. Which you might say is a comparable pathway to med school. Even beginning academic salaries for engineers are up around 80+ ..
Cant really compare BS in anything to medicine. Its comparator fields are basically only professional degrees and PhDs.... a good number of lawyers, dentists, pharmacists, researchers, financial analysts, and professional consultants make more than avg md... but of course since the barriers to entry are lower, a much lower % of those workers hit that level.
Ph.D.s don't make an enormous amount of money (with some exceptions). There are several teaching at universities making less than $80k a year, and it is only after several years that the break the $100k barrier (if ever). This is especially true in the life sciences, where there appears to be an overabundance of Ph.D.s. There are exceptions of course, but we are talking about the "average" applicant.
Now imagine being a Dentist and actually having the energy and time for investing thanks to the mere 30-35 hr weeks, oh and the money they bring in $$$. My Dentist income will just fund my investments, and that's how I'll be wealthy!I have the best idea yet.
Be a doctor. Your salary will be higher than the vast majority of other professions. Then INVEST like others do in the business world. Open a business, invest in stocks, etc. Then you get the best of both worlds and you win. That's what I will be doing.
I heard about this nephrologist in CA who owns 7 dialysis clinics. He is making millions.
And I will ride rainbows on unicorns once I am doctor.Now imagine being a Dentist and actually having the energy and time for investing thanks to the mere 30-35 hr weeks, oh and the money they bring in $$$. My Dentist income will just fund my investments, and that's how I'll be wealthy!
Of course I have to get into dental school first.
http://forums.studentdoctor.net/threads/medicine-worth-300k-of-debt.663924/
I think this thread is super topical to y'alls discussion. I'm out.
That thread is probably #2 on my list of "most depressing threads on SDN" right behind the "If you could do it over, would you?" thread.
What irritates me te most about these types of threads is that people focus to much on asking 'how much $$$ can I make' and never really asking questions like 'what can I provide that is worth 80k, 150k, 250k+...', 'what skills and work ethic do I have', and 'why am I supposed to be the one to provide this service'.
"Adding value" is such an abstract concept.
I don't want to derail here but let's just say GDP has been widely criticized and is no longer seen as an absolute metric of value even in a society as capitalistic as ours.In capitalist terms, no, it's actually quite precise. Something that adds value "creates" wealth in terms of capital.
Mostly, yes it is. By other metrics of value, teachers add the most value; by others, doctors do.
This is why we had the whole Utilitarianism vs Communism vs Capitalism debate in the 18th through 20th centuries. Guess who won?
To be fair, Utilitarianism never got a say. But let's face it, that system is bullcrap anyway.
What does a doctor provide that is worth that much money?What irritates me te most about these types of threads is that people focus to much on asking 'how much $$$ can I make' and never really asking questions like 'what can I provide that is worth 80k, 150k, 250k+...', 'what skills and work ethic do I have', and 'why am I supposed to be the one to provide this service'.
I don't want to derail here but let's just say GDP has been widely criticized and is no longer seen as an absolute metric of value even in a society as capitalistic as ours.
This kind of was my point. It's easy to pick out the "value" and link it to wages when it comes to jobs like welding, carpentry, dentistry, etc. Upper management jobs can easily not add any value at all and still be very lucrative (as long as there are intelligent analysts and advisors to keep the company afloat). Same can be said about other careers (especially in finance). Half of mutual fund managers underperforms relative to the market. Lastly, some companies produce have such an enormous environmental cost of production that all the "value" they add is completely consumed by the externality costs.GDP has almost nothing to do with value.
You can build a tank and sell it to the government who then drives it into the ocean and technically you've boosted GDP.
That said, it can be used as a general trend measurement.
I'll buy the unicorn for you with my ROI's, so you don't have to strain your 401k deposits.And I will ride rainbows on unicorns once I am doctor.
Deal!I'll buy the unicorn for you with my ROI's, so you don't have to strain your 401k deposits.
Of course the average business salary is lower. But, please don't go into medicine just because the average salary is the highest. This is very misleading.
Who do you think is smarter/tried harder in their life? Average 50 ranking MBA grad or an average med student who went to 50 ranked med school?
If you have a brain smart enough to get into top 20 med school, I believe you can get into top 5 MBA. If you can get into top 5 MBA, I believe you can easily outperform many of the physicians salary wise.
Best answer on this threadAnything really, if you are really good at it.
I can assure you I know of a few Auto Mechanics that would make more than a doctor. But rest assured that they work for companies like Bently and Bugatti.
If you are good at what you do, the money will come.
And if all you care about is money then there are far more easier ways of doing that then going to med school.
Honestly this is the least true thing I've seen in a while. Most students I know at my school would have been pretty terrible in business, it requires a different skillset and honestly relies a lot more on luck and connections than medicine. Most people who graduate from a top 5 MBA will still make less in their lifetime than a physician. Further, the ones that make more tend to work a lot harder than most physicians, at least for a period. It's unwise to comment on a field without any personal experience in it. Just because you can get a good GPA and score well on the MCAT tells you very little about business aptitude.
My butler I will call you Alfred but on a serious note there are many jobs. CEO's, some lawyers, some nurses etc.
Dude come on. What % of people gunning for CEO make it there? How many companies are large enough to be making it rain? What % of lawyers and nurses make 200k+? Your examples don't work when they are exceptions rather than the rule. Docs on average make 200k ish (depending on specialty), which is more than most other jobs can boast.
You compare the top jobs in fields vs avg doctors and that is not an accurate comparison. Docs who are CEOs of companies (or head of depts or what have you) make even more than your lower execs, engineers, real estate. In fact, I could say neurosurgeons make way more than any of those jobs if we are to pretend neurosurgery isn't a bottleneck just like your argument seens to ignore CEOs and most high level positions are bottlenecks. You can't pick and choose what to compareWhen I say CEO I mean MILLIONS not thousands. There are plenty of lower level execs making 200k+, government contractors, Engineers, Real Estate, etc.
You compare the top jobs in fields vs avg doctors and that is not an accurate comparison. Docs who are CEOs of companies (or head of depts or what have you) make even more than your lower execs, engineers, real estate. In fact, I could say neurosurgeons make way more than any of those jobs if we are to pretend neurosurgery isn't a bottleneck just like your argument seens to ignore CEOs and most high level positions are bottlenecks. You can't pick and choose what to compare
If we're talking about Wealth then doctors don't make as much as you think. They have more debt than assets when they begin their jobs. Almost all of their 20's are spent in medical school and Residency. While a young engineer can make 90k as soon as he graduates with very minimal to no debt. Once he/she gets in their 30's if they worked hard they would have been promoted by now and have hell of a lot of experience. You get my point.
I am very aware of how much docs make (taking into account higher taxes, interest rates of loans, up to 300k+ of loans, etc).
1- You're making money in residency, a fact most people choose to ignore
2- Even with all the loans, taxes, etc, docs are making at least 100k of actual income straight out of residency
3- 90k right after graduation for engineers isn't average (unless again, you choose to ignore all engineering fields and pick CS or EE only at super prestigious firms)
You're right that docs don't make a much in real life as most would expect, but your facts are skewed somewhat
Are you sure?
GP/hospitalist Average salary = 200k
Tax Bracket for 2014 = 33% (now making 134k)
Mal Practice = 13k (now taking home 121k)
Work time = 55 hr/week (12 hour shifts, 240 days avg) so if I renorm this to 40hr/week (88k per year, the extra 15 hours/week is basically a second job)
Loans = let's say you are still on IBR and assume 15% of salary which costs 30k/year (take home 58k)
so.... while you are paying loans, tax, mal practice, overworking, you are REALLY taking home 58k... :/ that's half of my original salary working 8 days/month.
I would never go into medicine for the money - ever.
even without rescaling to 40 hr/week - that's still ONLY 88k (not breaking 100k)
I'm a tutor and I would make more per year IF I had 40hr/week... I would literally make 102k/year (or 143k/year at 55 hr/week). I'm sure many 40 hr/week employee can pick up 15 hours around the place and make more than 88k.
You didn't pay taxes at your previous job?Are you sure?
GP/hospitalist Average salary = 200k
Tax Bracket for 2014 = 33% (now making 134k)
Mal Practice = 13k (now taking home 121k)
Work time = 55 hr/week (12 hour shifts, 240 days avg) so if I renorm this to 40hr/week (88k per year, the extra 15 hours/week is basically a second job)
Loans = let's say you are still on IBR and assume 15% of salary which costs 30k/year (take home 58k)
so.... while you are paying loans, tax, mal practice, overworking, you are REALLY taking home 58k... :/ that's half of my original salary working 8 days/month.
I would never go into medicine for the money - ever.
From a purely financial standpoint, doctors are among the highest paid, although they are not the absolute highest paid. But you also get so much respect from the general public as a doctor that engineers and other professionals would not get. The world will keep spinning if there were no engineers, lawyers, politicians, etc. The world will stop if there were no doctors left. Doctors allow everything else to happen.even without rescaling to 40 hr/week - that's still ONLY 88k (not breaking 100k)
I'm a tutor and I would make more per year IF I had 40hr/week... I would literally make 102k/year (or 143k/year at 55 hr/week). I'm sure many 40 hr/week employee can pick up 15 hours around the place and make more than 88k.
From a purely financial standpoint, doctors are among the highest paid, although they are not the absolute highest paid. But you also get so much respect from the general public as a doctor that engineers and other professionals would not get. The world will keep spinning if there were no engineers, lawyers, politicians, etc. The world will stop if there were no doctors left. Doctors allow everything else to happen.