Today’s inane image of the day:
Introduction
Back in May 2015, I wrote a blog entry entitled, “Don’t go into medicine for the money” where I crunch some numbers to counter the claim that doctors are all part of the 1%. Sure, there are doctors that are doing really well out there. And yes, the salary of a doctor out of residency is quite nice. But these things do not take into account the current status of crippling debt that many medical students take on. Becoming a doctor is a challenging road, especially if an individual is coming from a lower socioeconomic status which requires taking on more and more debt. Furthermore, doctors just don’t get a lot of education on managing finances, even when the average medical student graduate has OVER $200,000 IN DEBT.
Anyway, I decided to revisit this question of whether becoming a doctor is worth it financially and make a YouTube video on it. This time, I made different assumptions… specifically, I decided to look at whether I’m better off financially as a physician rather than an engineer. For those of you that are just getting to know me, I graduated with my Master’s degree in Biomedical Engineering. All of my friends went off to start their engineering jobs with real salaries and the ability to start saving money for life things – a car, a house, vacations, retirement – while I went off to medical school and residency and saved barely any money while also working ridiculous hours, exposing myself to occupational hazards [let’s not forget that I was an ICU fellow at the peak of our COVID surge and continue to care for COVID patients to this day], and letting the “best years of my life” go to waste.
Here’s the spreadsheet to check out my assumptions and conclusions: http://bit.ly/doctorfinances.
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