Which of these paths will end up making you the most money by 40?

[Ambogeo]

Which one of these paths would make you the most amount of money by the age of 40?
(Assuming you're finishing medical school at 24/25)

A. Psychiatry
Choosing a psychiatrist residency (starting at the age of 25), in which you do the most moonlighting you can legally do (~80-100 dollars per hour) during the last two years of Psychiatry residency.
Then later on once you have a psychiatry job, work 10-12 hours a day (M-F) and maybe start a private practice till the age of 40. (*maybe do hospital administration at the side of possible*)

B. Internal Medicine
Choosing an internal medicine residency (starting at the age of 25), in which you do the most moonlighting you can legally do (~80-100 dollars per hour) during the residency.
Once you come out of residency, start a concierge practice charging approximately $100 per month per patient (in a decent suburb in the Midwest). (*maybe do hospital administration at the side of possible*)

C. Surgery
I don't have much knowledge regarding surgery but I am under the assumption it's not the best if you want to earn money by 40 since it takes the longest to finish residency and startup costs for private practice is high. And surgery is often associated with long hours so there is really no time to think and invest your money wisely.
Please correct me if I am wrong.

So finally, which one of these three residencies would be the best to do if you want to retire as a physician by 40. Assuming you have no student loans or any other loans starting residency and you plan on living in the Midwest (until you're 40) or any other area which isn't too expensive.

If you guys know a better way to earn more money with an MD (no top specialities), please give suggestions.

And please no "don't go into medicine for money talks". Just want to know how to make the most out of my Medical Degree financially.

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[eteshoe]

If money is your end game, medicine may not be the best option

 

[PistolPete]

You can make great money in all of these fields. Too many variables. I know psychiatrists that make 120k, and others that make 700k.

 

[ThoracicGuy]

Which one of these paths would make you the most amount of money by the age of 40?
(Assuming you're finishing medical school at 24/25)

A. Psychiatry
Choosing a psychiatrist residency (starting at the age of 25), in which you do the most moonlighting you can legally do (~80-100 dollars per hour) during the last two years of Psychiatry residency.
Then later on once you have a psychiatry job, work 10-12 hours a day (M-F) and maybe start a private practice till the age of 40. (*maybe do hospital administration at the side of possible*)

B. Internal Medicine
Choosing an internal medicine residency (starting at the age of 25), in which you do the most moonlighting you can legally do (~80-100 dollars per hour) during the residency.
Once you come out of residency, start a concierge practice charging approximately $100 per month per patient (in a decent suburb in the Midwest). (*maybe do hospital administration at the side of possible*)

C. Surgery
I don't have much knowledge regarding surgery but I am under the assumption it's not the best if you want to earn money by 40 since it takes the longest to finish residency and startup costs for private practice is high. And surgery is often associated with long hours so there is really no time to think and invest your money wisely.
Please correct me if I am wrong.

So finally, which one of these three residencies would be the best to do if you want to retire as a physician by 40. Assuming you have no student loans or any other loans starting residency and you plan on living in the Midwest (until you're 40) or any other area which isn't too expensive.

If you guys know a better way to earn more money with an MD (no top specialities), please give suggestions.

And please no "don't go into medicine for money talks". Just want to know how to make the most out of my Medical Degree financially.

Go into the field that excites you. That will be more satisfying than chasing money.

 

[y123]

Very few finishes med school at 24/25.... The median age at matriculation is >24 nowadays.
I think EM is probably the best way to go if you want to make the most money by 40.
IM is not bad neither.

 

[Mman]

Which one of these paths would make you the most amount of money by the age of 40?
(Assuming you're finishing medical school at 24/25)


And please no "don't go into medicine for money talks". Just want to know how to make the most out of my Medical Degree financially.

If you want to know how to make the most out of your MD financially, why are you using age 40 as the limit? Shouldn't age 60 or 65 by when you want to make the most money by? Because the most money by 40 doesn't matter if a different path would give you a lot more money by age 60.

The single biggest decision you will make to determine your financial outcome by age 40 is which medical school you attend and how much you are paying in tuition. Getting a full ride scholarship somewhere compared to being $300K in debt is a big, big difference. The second biggest decision to influence age 40 financial stability is which specialty you go into. Doing a 3 year residency and then making money is a lot different than doing 10 years of residency + fellowship.