Would You Take the Money and Run?

[DrArete]

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[christina30]

So, last week I randomly got back in touch through facebook with a kid from my high school, who came from a rich family. I remembered him as being one of the smartest, definitely a physics nerd.

Anyhow, we ending up skyping and part of our conversation turned to medical school. He mentioned that he was pre med in college, but dropped it after getting into medical school. I was like wtf?

He told me some basic story, said his grandmother had died, and he came into some money, and decided he wanted a different lifestyle, and that after graduation he went on to the peace corps, and now works part time at a museum in New York.

According to someone else I went to school with, he got several million, and bought some swank apt in NYC, no mortgage, and does all sorts of ****...

It got me thinking...what would I do if I had the same option? I consider myself very dedicated and hard working, but to be honest, if I had independent wealth, I probably would not go ahead with medicine.

There are other ways to help people and keep occupied.

Maybe that means I'll be yet another unhappy doctor, oh well.

I'd still go into medicine - I'd have the cash to pay my tuition, and that'd lift a huge weight, if you ask me.

Swank apartments in NYC cost way more than a million, so I'm sure he'll find himself out of money way sooner than you think.

 

[whoknows2012]

The money would be great...no AMAZING...however, I would continue my path as is because I want to get satisfaction out of my life.

 

[TexasFight]

I don't think it would change my decision to go to medical school. However, it would probably change what specialty I go into. And my lifestyle during medical school.

 

[whoknows2012]

I don't think it would change my decision to go to medical school. However, it would probably change what specialty I go into. And my lifestyle during medical school.

👍

 

[DrBowtie]

I'd quit immediately.

 

[lovemesomeTJ]

Hypotheticals hurt my brain...🙁

 

[Dr McSexy]

I would still go into medicine. I wouldn't want to be a worthless sack of **** with a lot of money.

 

[metallica81788]

I would still go into medicine, but I would defer for 1 or 2 years and do stuff.

It would be nice to be able to pay tuition up front and live like a king during med school. Also not having to worry about certain specialties for compensation purposes.

 

[Drrrrrr. Celty]

God no, I'd quit and get a PhD and teach as well as run a business preferably in a very warm area.

 

[auburnO5]

I would probably still go to med school... I would just take it reaaal easy and not be too concerned with getting into a really hard specialty. If things got too tough though, I'd bail.

 

[Perforin]

I wouldn't even hesitate. I would quit in a heartbeat. And that's coming from someone who actually somewhat enjoys medical school (so far).

 

[CapnCrunch]

I would still want to go into medicine. I've gone through the process of where I've eliminated several careers that I didn't think fit me and medicine was the one that was left. I want nothing more than to become a physician.

 

[TooMuchResearch]

I would pay my tuition/fees with cash money, live on a pittance (okay, maybe I'd throw a couple of parties for my classmates), invest the rest, and let it snowball for a decade or so.

 

[Hifey]

I'd take the money, defer med school for a couple of years to travel and have fun, and then go back to medical school. Of course, I would pay for it with the money inherited. Once I was done with residency, I would spend part of the year working stateside then spend a few months every year doing medical missions and/or traveling for pleasure. As nice as it would be to be rich, I don't think I would like to have nothing to do or take a whatever job that doesn't leave me satisfied at the end of the day. I'd rather be tired and happy than bored out of my mind.

 

[Stixman28]

I actually used this hypothetical to figure out if I really wanted to pursue medicine. I felt strongly that even with the money, id still go through school. It would be nice to pay off loans and live in a bigger apt, but other than that, i wouldn't change too much of my lifestyle. Maybe I'd get a driver so I could do some homework during my commute. (or sleep 😴)

 

[FrkyBgStok]

haha. it is easy to say you would pursue medicine with money, but it is a completely different story to ACTUALLY pursue medicine with the money. when things get hard you can say "screw it, i don't need to put up with this crap." I probably wouldn't do it. mainly because if you had $5mil in mutual funds at 8% return per year, you are looking at $400k a year no doing a thing. i think i could make a full time job of traveling and driving around me ferrari for that.

 

[VOP]

I'd become a psychiatrist. That's pretty much the only difference. I'd be too bored not being mentally challenged

 

[mcgyver]

i'd still go to med school. several million won't last a lifetime. (nice nyc apts = 1-4 mil). i'll use the $ to pay tuition and then become family doc.

 

[RogueUnicorn]

strange, to me the money would free me to pursue medicine without worry

 

[Perrotfish]

I couldn't say that I was living off of money I'd inherited. The shame would eat me alive. I need an income that I earned.

If I managed a patent or something, though, it would be a tougher choice.

 

[DrBowtie]

You guys do realize this isn't an interview.

PS. Mega Millions drawing tonight.

 

[DrArete]

.

 

[RogueUnicorn]

You guys do realize this isn't an interview.

PS. Mega Millions drawing tonight.

right, and i don't really understand why premeds/med students say they'll walk away with the money. i'm going into medicine despite the pay, not because of.

 

[DrBowtie]

right, and i don't really understand why premeds/med students say they'll walk away with the money. i'm going into medicine despite the pay, not because of.

I assure you after the 5th consecutive day reading Robbins for 8 hours you'll want to quit.
I'd say a sizable chunk of my class would quit if they could, but many are stuck with the debt.

I should say its about the freedom rather than the money.

 

[DrArete]

.

 

[DrArete]

haha. it is easy to say you would pursue medicine with money, but it is a completely different story to ACTUALLY pursue medicine with the money. when things get hard you can say "screw it, i don't need to put up with this crap." I probably wouldn't do it. mainly because if you had $5mil in mutual funds at 8% return per year, you are looking at $400k a year no doing a thing. i think i could make a full time job of traveling and driving around me ferrari for that.

 

[surftheiop]

Now I'm just confused, folks on SDN are constantly sayings its not worth being an MD if your in it for the money. But then if someone gave you millions of dollars, all of a sudden you would drop out of medicine. This sure does make it look like your in it for the money, because getting the inherited money is the only thing that changed your decision.

 

[Frazier]

I would still go to med school and likely be a doc that works only 1 day week ("hospitalist"... i dunno)

I wouldn't want to be too lazzzzy. 😉

 

[JenniferRU]

I'd still go into medicine - I'd have the cash to pay my tuition, and that'd lift a huge weight, if you ask me.

Swank apartments in NYC cost way more than a million, so I'm sure he'll find himself out of money way sooner than you think.

+1
It would just make it easier in medical school

 

[mvenus929]

I would still want to go into medicine. I've gone through the process of where I've eliminated several careers that I didn't think fit me and medicine was the one that was left. I want nothing more than to become a physician.

This. And I'm not the type of person who can sit around and do nothing, even if that 'nothing' is traveling the world. That's something that I enjoy after I felt I earned it. I'd probably not work as hard, maybe open a free clinic or something once I got my degree, but I can't see me not wanting to pursue medicine just because I came into a lot of money. And I've considered this scenario before, as I've been worried about suddenly inheriting a nice sum of money the past few years.

Being able to pay for my education out of pocket, and not worrying about keeping living expenses low would be a huge burden off my shoulders.

 

[mcgyver]

for a family earning 100k/year for 40 years (upper middle class?). that's 4mil. it's about the same. not saying it's not a lot. but not enough to give up your job.

Ummm...what????

Unless you have an affinity for nose candy, expensive hookers, and johnnie walker blue, SEVERAL MILLION, which is much more than most people earn in a lifetime, is plenty

 

[mcgyver]

haha. it is easy to say you would pursue medicine with money, but it is a completely different story to ACTUALLY pursue medicine with the money. when things get hard you can say "screw it, i don't need to put up with this crap." I probably wouldn't do it. mainly because if you had $5mil in mutual funds at 8% return per year, you are looking at $400k a year no doing a thing. i think i could make a full time job of traveling and driving around me ferrari for that.

that is some great mutual fund. if you had all that 5mil in mutual fund in the 2008-09 bear market that 5 mil just became 2.5 mil.

 

[DrBowtie]

for a family earning 100k/year for 40 years (upper middle class?). that's 4mil. it's about the same. not saying it's not a lot. but not enough to give up your job.

4 million isn't what is in the bank at retirement. That is total earnings. 2 million now up front and you could retire modestly.

 

[Doubtnichts]

strange, to me the money would free me to pursue medicine without worry

This 👍