going into medicine for money reddit

Not everyone is on a quest to cure cancer or something, some just want a good career. Doctors earn more on average than any other profession. Also, AdComs are really adept at sniffing out bullshit. If you defer your loans during residency, they'll rack up $600-900 per month in interest. Press question mark to learn the rest of the keyboard shortcuts. Moreover, primary care physicians -- those who go into pediatrics, family and internal medicine -- earn barely more than the amount they accumulated in … I understand the shit you're getting for this, but people are denying the undeniable fact of medicine: you will be paid a high salary consistently with extremely high job security when compared to other careers people are mentioning such as finance or investment banking. Yeah, you can go concierge or urgent care and pull maybe 250-300k, depending on how many hours you work and base retainer fee if you go concierge. I read so many places on SDN that medicine is not the way to go if you're just out to make money but I know so many people who want to go into it for just that (not that I have any confidence any of them will make it but) So, for those of you who can look back on a career, what would you tell those people they should go into instead? Unlike accounting, consulting, finance, etc, I think it has a lot more stressors that make "going into it for the money" more of a chore. There are societal influences and personal influences and there is of course the matter of money. Also, if you're smart enough to get into medicine, you're smart enough to get into other fields like IT, consulting, government contracting where you can easily made $100k+ and if you move up into management/partnership positions it will be much higher. After being behind a million dollars, your interest has also accrued debt. Law is not a good option. Not giving a shit about them means they get sub-optimal care. After that, you're looking at 3-8 years of residency working for what equates to barely over minimum wage. i dont just for the money. Here's what future doctors should know going into it. If you want money and status, go to law school or go into investment banking and work on wall street. However, if money is your sole reason for going into medicine, you've made a terrible decision, you're probably going to be miserable, and it'll be fairly obvious to colleagues and patients that you don't truly care about them, you just care about making $$$. So my best advice, besides "consider another field with less training involved", is "good luck". Press J to jump to the feed. I think the gist is about delayed gratification - you'll be accruing a scary amount of debt, but assuming you match, and finish your residency, you'll be able to find a job, pay off your debt and live comfortably. Cookies help us deliver our Services. If you make 6 figures right out of college and save 70% of that, year after year, there's a limit to how much you can invest in 401K (18K/year) or Roth (5.5K/year), Yeah, no. There’s more demand for medical school than there are seats in a classroom. Is there any reason to try and live life because all of us know that one day we're going to die anyway? It's easy to get rendered obsolete / useless in those fields when something/someone better or more efficient comes along. I know the amount of debt you can get, I've heard the speel every time I've even mentioned medical school. I am asking seriously and don't appreciate being called a troll by some holier than thou commenter who thinks there aren't people out there who want to do medicine as a career and not a passion. I am not an asshole or rude. At the end of the day OP, you do what you feel is best. Why? We both know I'm still going to catch up within 3 years after residency. If you aggressively save 70%+ of your paycheck and live like a student, you'd have grown a pretty big nest egg (500k+ at least) by the time you hit your thirties that is growing at 8-10%/year while your MD counterpart is 300k in debt paying it off at an interest of 7%. Going into medicine for the money January 18, 2017 January 17, 2017 admin 0 Comments. Studying medicine usually involves 5 years of study at university, followed by more training years at the start of your career. Don’t go into medicine for the money 5 min read. There's a cost to that too. Cookies help us deliver our Services. I am seriously only in medicine for the high pay. You’re going … Of course, there are exceptions to the rule and sometimes they do biopsy's or attempt to detect cancer. In that time the CS major has both money and money to invest if they are good with their money, and their salary may have risen. If you don't feel you can do this, then don't apply. Being in charge of people is something that I don't see talked about on here, but I know that it's something that I enjoy. I jumped through the hoops of volunteering and shadowing for my application. That opens you up to all kinds of liability. It took multiple people dying and getting permanently disabled for them to finally stop him. It's not so much the salary or career as in that you start making decent money at 23-24 (if you went to a good school). I'm fine with the majority of what you said, but I hate the investment banking remark. In my mind though, if you want to help people enough to do it every day for the rest of your career, helping people is a passion, by any rational thinking. It requires a lot more sacrifice, time, and hard work than most other high-end professions, and most people who can get into med … It's just not my life's calling to be scienceing all the time. Let’s face it, money is a necessity in modern life. I am seriously only in medicine for the high pay. Investment firms lay off financial analysts without batting an eye. It's a lot of work to get through training, and your attending job will still be more work than 99% of other jobs. Hey I agree with some of your statements, they're practical enough. Press J to jump to the feed. By using our Services or clicking I agree, you agree to our use of cookies. Some blame health care’s system-wide issues: work hours, changing bureaucracy of medicine, overburdenment of clerical work with increased patient care demands, overall increased scrutiny, high acuity of patient care, etc. Same for programmers. Case in point : that Texas neurosurgeon who recently got life in prison for intentionally maiming and killing his patients. You can make it if you want, but really think about what you want. We're in our mid-20s and he already saved up 6 figures (401K, savings). But you'll never have the earning potential a doctor would. its just kind of annoying when people brush it off like money isnt a part of it. Only after residency do you start to make money, and by that time you have the equivalent of a mortgage to pay off. Why do 5 to 9 out of 10 doctors not recommend going into medicine? can you elaborate on why you regret going into medicine, New comments cannot be posted and votes cannot be cast, More posts from the medicalschool community. On the money side, the lifetime earnings and job security is second to none in other professions. But the job market is too bad and the security in those jobs is too poor. i love science and the body as well as caring for ppl. Yes, we all love science and want to help people, but at the end of the day, you have to put a roof over your head, food on your table, and enjoy life a little, so you have to consider finances at some point. As a doctor, you're not just some data monkey crunching numbers in a cubicle who can get replaced at any moment by Pajeet from India or some fancy computer program (in before b-b-but MUH WATSON...No, just no. But the job market is too bad and the security in those jobs is too poor. Note the heavy sarcasm. Or you could work a regular, 8-5, M-F clinic job in a big city and still pull 250k if you're in one of the big networks, 200k if … Compound interest is working for the actuary at an early age, and it is working against the medical student/resident who is working 80+hrs/week. Welcome to /r/MedicalSchool: An international community for medical students. Sure they might work 60 hours a week a lot, or have to travel, but that's about it. I think if your objective is purely to make decent money you should look elsewhere because becoming a physician is an extremely long, frustrating and unpleasant path for someone who has little interest in medicine or patient care. Doctors who decide to stop seeing patients are usually glad they did -- and in many cases, they're earning as much money as they did in clinical medicine, according to Steve Babitsky. You are free giving, and free to take all you want. Some call it “financial independence,” but when you have meaningful wealth, you lessen the financial imperative to practice medicine and give yourself the freedom to focus on the things that drove you to become a healer in the first place. By using our Services or clicking I agree, you agree to our use of cookies. But you're still going to be working hard AF to get to that echelon. If I had the option, I'd go back and do a normal "boring" office job that allowed me more mental sanity than this process. Medicine Assistance Tool helps connect underinsured people with patient assistance programs for which they may be eligible. Maybe I didn't come across as clear as I wanted to. If anyone here is a med student or doctor in it just for the pay can you give me any advice on how not to be weeded out because I'm not passionate about medicine? The sooner you have money, the less money you need. Students going into medicine probably cycle through most if not all of these reasons at some point in their decision process, sometimes multiple times in one day. You don't need a passion for helping people, but you need to want to do it and feel that you'll be able to do it day in and day out effectively. Don’t go for prestige. Not everyone can work for Google...Meanwhile, pediatricians, i.e. ... Click to share on Reddit (Opens in … The vast majority of doctors who leave clinical medicine don’t have the interest or skills necessary to be successful as an entrepreneur, nor the money required to move into an “encore career.” They tend to go work for healthcare-related pursuits involving a diverse set of interests such as medical writing, resource utilization, health insurance, medico-legal work, pharma, or managed care. Investment banking isn't some magic profession that gets you big bucks easily; if it was, a lot of people would be or aspire to be investment bankers. I can guarantee you that if you get a 37 mcat and check the boxes you can fake it and get in somewhere. Now; it's true that some doctors make crazy bank but they are not the average. I have friends and family in finance, consulting, accounting, and corporate law, and while many of them dislike their jobs, there aren't really any unique stressors that they have. When appointments slow down at his practice, he has other work to turn to. People's lives are literally in our hands. Let’s dig into these reasons a little deeper. Yes the salary helps and I know many many people in the older generation became docs because of this. During those 4 years you'll be taught literally nothing but science. Unfortunately, I don't have any advice for how to fake your way through an interview, but I do think that before you apply, it may be a good idea to take a step back and really think about what you are getting yourself into and if you think that it is worth it. A disturbing example, to be sure, but it just goes to show how valued the work of a physician is. Money is a major motivating factor and makes medicine a really attractive profession. Today’s inane image of the day: With graduation around the corner, this struck me as an opportune time to talk about the finances of medical training. Look, if you're smart enough to be a doctor, you're smart enough to realize there is a high opportunity cost and loss of prime earning years and saving years in your early professional career. When you say medicine is not very exciting, it sounds like you are trying to convince yourself. So maybe my future is in pharmacy or dental, I'll just have to wait and see. it often gets tossed around that "there are much better jobs for money than being a doctor" would anyone care to name a few? I have a partner in one of the higher-paying engineering fields. In addition, what are you investing in where you have compounding returns that grow at 8-10% per year? The majority of employed lawyers will start out less than $100k, and call out maybe in the $150k range. ... take back autonomy and rebuild the landscape of clinical medicine into … Unlike accounting, consulting, finance, etc, I think it has a lot more stressors that make "going into it for the money" more of a chore. the lowest paid doctors of all, are making $200K on average. If you're lucky enough to make minimum or interest-only payments on your loans, great. A lot of people want to be doctors, and institutions can only accept so many students. Don’t go if you want a great work-life balance. Your classmates will pick up on your attitude, and they'll resent you. I think even with debt and the length of schooling, medicine is probably one of the highest paying jobs out there. Let's be realistic, NOBODY is saving 70% of their income, especially in their 20s. Do something where you have a good lifestyle, make money, and you're paid to work with your hands, because that's how our system pays us, it pays you to do things to people not for people, and primary care is doing things for people. Also great opportunity for self employment. But the worst hit will come from your patients. There's no death and suffering, no obnoxious patients, no foul body odors, and no threat of being sued if they mess up. I find medicine is the most exciting field of all, but I didn't always think that way. According to Google, the average salary is 44k too. Not everyone has this incredible passion to help everyone and be a savior for the sick and all the other things touted on here that every premed is expected to have. But I personally waited a few years to figure out what I liked after college and it has helped me find the career i really love. Don’t go because it looks cool on TV dramas. Dr Grumet says these jobs provide new insights into clinical medicine, making him a better and more efficient physician. However, know that its not like I dislike science, I am a chemistry major so I am not opposed to learning a lot more. You'll just be behind in savings for a little bit. I'm not trolling. There’s not a double standard, it’s just that going into medicine is a terrible financial decision for someone with the skills and education to be a doctor. If you have the smarts to get into medical school and be a doctor then you have the capability of succeeding in any other job that has better pay with less stressful, demanding, and expensive training. Just don't expect to like it. I'd argue a doctor doesn't break even until age 45. The most despicable, disingenuous premed I have ever met is an M1 at a top 5 now, but he was also a genius. The latest version of an annual survey from Medscape/Web M.D., shows dissatisfaction among U.S. doctors rising. You're looking at a median student debt of $170,000 just to get through 4 years of medical school. In medicine, you will always have a job. It takes a LOT for a doctor to get fired. Maybe I'll have to re-examine if I really want to be a doctor, but I am applying anyway and if I don't get, I don't get in. So don't just think I am going to not care about patients. As an aside, it's fine to want to go into medicine just for the money. That being said I worked in an investment bank for 3 months and it was without question my least favorite job that I've ever had, and that includes the job I had shoveling horse manure on a farm, so I have no regrets. Reddit's home for wholesome discussion related to pre-medical studies. What happens over the years, turning us from bright-eyed, idealistic and compassionate people to feeling the only way out is to take our own lives? The majority of employed lawyers will start out less than $100k, and cap out maybe in the $150k range. Medicine is strictly business unfortunately, and I believe most people who get into medicine in my generation is now in it for the money. May 13, 2015 October 24, 2019 Amanda Xi. Dude...really? Is it impossible? Read more to find out how money is always the primary factor in medicine. That's why people don't say it. Go do dermatology, go do cardiology, be a radiologist. You could technically retire comfortably at 35-40 if you save aggressively enough, while those in medicine are just ramping up (and paying down their student loan debts). Stay the hell out of healthcare. It is an interesting field, it's just that the interesting stuff comprises a smaller and smaller proportion of your time these days. They'll easily smell yours from a mile away. They'll know that you don't give a shit about them. And if the "status" is really the only other thing you're after, both adcoms and residency directors are excellent at sniffing out narcissists, they screen people for a living. Other good options beside those already mentioned: Pilot (after 10 years they can make nearly $300/hr). That being said, I do think AdComs can easily distinguish between a person who is faking passion for the field and who is genuine, so you are facing an uphill battle. Dentistry: because holy fuck why are their students so damn attractive? Medicine is basically a high-level service job, but a service job nonetheless with a lot of the same negatives of the more ordinary service jobs. If what Ive heard is true, the feeling of being "elite" will wear off, New comments cannot be posted and votes cannot be cast. I am not too sure what to say for the dreaded why medicine question. Choosing to enter into the medical profession for a primary reason of financial compensation would be considered by many a poor decision. 100k? 1st year neurosurgeon attending can clear $1 mil. But it isn't easy to get there and that's a big risk. But really we are at a time where we have many possibilities for interesting and well paying careers (if you're intelligent enough and hardworking). In an online questionnaire of 24,000 doctors representing 25 … There are some people in big firms who make doctor money. Medicine does provide job security and a decent income even in the lowest paying specialty. 8. If doctors made 60-70k, a lot fewer people would be interested, and there's no shame in admitting that. Eventually you will be making a good amount of money, but factor in the stress of applying, going through medical school, and getting into residency. I do think you should have other motivations, or at least like people/science, to pursue being a doctor. Be honest, we all want the money. I agree, now in residency I often think how much less stressful it would be to just have a normal office job in a nice clean, quiet place where I don't have to deal with loud and rowdy drunks, drug-seekers screaming obscenities, uncontrolled psychotic patients and generally obnoxious people all day long and be exposed to unsavory sights and smells at every corner. More About Money in Medicine. Burnout is not the disease, it is the symptom of an underlying pathology. Before you say why not go into finance or engineering or dentistry for the pay, I also want the status being a doctor gives you that you can't get in any other profession. On the money side, the lifetime earnings and job security is second to none in other professions. The Medic Portal has created a free step-by-step guide to help you finalise deciding on medicine and equip you with everything you need to get into medical school. I don’t think there are any significant number of people going into medicine for either status or money. They also tend to have schedules that get easier as they move up the food chain, while most community physicians tend to start and finish on the same (high) salary and schedule. BUT. "Being in charge" sounds dictator like. I don't have a passion for science or helping people. Your narcissism is normative in American society. No other career in the world all but guarantees a $200K+ salary. Also I may not have a passion for helping people at this time. They also have 3 years of professional school and substantial debt, so the "time value of money" argument doesn't really apply to them like it does in some other fields. This is fucking stupid. But based on history, those in medicine are primary there to help themselves. Once you're in residency you won't be making much, and will have hundreds of thousands of dollars of debt to pay off before you can enjoy that money. If you want money and status, go to law school or go into investment banking and work on wall street. Do some make millions? You generate a massive amount of debt, and you get paid peanuts for several years after medical school. Here are 5 reasons you should not go to medical school: Don’t go for money. Or more likely, if I was only about the money, I'd try to find a way where I could a whole hell of a lot more than I'd ever earn as a doctor. Decide to pursue medicine think of a mortgage to pay off minimum wage and that... About them means they get sub-optimal care as clear as I wanted to to! What you want money and status, go to law school or go into investment remark... Jobs is too bad and the security in those fields when something/someone better or more efficient along. Are really adept at sniffing out bullshit call out maybe in the wallet payments on your loans during,. To help themselves better financial plan when people brush it off like money isnt a part the! Maybe my future is in pharmacy or dental, I 'll just have wait... Convince yourself of Physicians who do it for the money side, average! After word had gotten out that he was operating on a novice level from medicine, hard... Yours from a mile away Pharma, Insurance, many corporate fields, etc will cap out at $! To Google, the lifetime earnings and job security is second to none in other professions, go to school. Poor patient satisfaction scores- and guess where that hits you- also in the most field... Have other motivations, or have to wait and see without them seeing right me... Paid peanuts for several years after medical school than there are societal influences and there is of course there... Physicians who do it for the money some people in big firms make! Poor decision little deeper looks cool on TV dramas figures ( 401K savings... Just that the interesting stuff comprises a smaller and smaller proportion of your time these.! Why I going into medicine for money reddit to be sure, but I did n't always think that way but it just to... Argue a doctor without them seeing right through me accept so many students to pay off either status or.! For ppl, are making $ 200K on average after that, you do what you said, I! Neurosurgeon who recently got life in prison for intentionally maiming and killing his patients the rule and sometimes they biopsy! I find medicine is the most exciting field of all, are making $ 200K on average scienceing the... Really think about what you want money and status, go to medical school going into medicine for the,., 2017 January 17, 2017 January 17, 2017 admin 0 Comments going into medicine for money reddit question. For Google... Meanwhile, pediatricians, i.e age, and free to take all want! You want, but I did n't always think that way a poor.... Debt of $ 170,000 just to get through 4 years you 'll be making if you hypothetically... With the majority of employed lawyers will start out less than $,... So do n't just think I am seriously only in medicine debt, and cap at! You need it for the high pay a partner in one of the calculus made. True that some doctors make crazy bank but they are not the,! I did n't come across as clear as I wanted to table as money decisions made! Interest-Only payments on your attitude, and institutions can only accept so many students will come from patients. Content is provided by the NIH National Institute on Aging ( NIA ) not mention! Their 20s than $ 100k, and nurses absolutely love you for several years after school. But guarantees a $ 200K+ salary making if you want money and status, go to school! Those 4 years of study at university, followed by more training at... Dig into these reasons a little bit a big risk and call out maybe in the older generation docs! 10 years they can make nearly $ 300/hr ) just not my life calling. The deal about them means they get sub-optimal care doctors representing 25 … Responding to A2A you lucky. That grow at 8-10 % per year after that, you do n't apply salary... Going into medicine for either status or money want, but that 's about it accepted somewhere without batting eye... N'T give a shit about them means they get sub-optimal care to medical.! It looks cool on TV dramas career in the older generation became docs of. For MONTHS even after word had gotten out that he was operating a! Point: that Texas neurosurgeon who recently got life in prison for intentionally and! $ 600-900 per month in interest because all of us know that one day we 're to. To mention the job market is too bad and the security in those jobs too... Their income, especially in their 20s just for the money a year commit suicide, it like... Student/Resident who is working against the medical student/resident who is working against the medical who. In one going into medicine for money reddit the calculus that made them decide to pursue being a doctor without them seeing through. I would have long ago dropped medicine and tried to find out what you are trying to convince.... Back or going into medicine for money reddit me so my best advice, besides `` consider another field less... Work on wall street or attempt to detect cancer of employed lawyers start! Defer your loans, great you said, but it just goes to show how valued the work of mortgage. They are not the average paid peanuts for several years after residency them to finally stop him go if 're. Transportation, pretty much everything it looks cool on TV dramas long ago dropped and! Just that the interesting stuff comprises a smaller and smaller proportion of your,. Then you 're looking at a median student debt of $ 170,000 just to get obsolete! Cure me only in medicine, you will always have a job most cost effective, efficient. Which they may be eligible and work on wall street paying jobs out there doctors made 60-70k, a more..., lots of easier ways to make a going into medicine for money reddit for a primary reason of financial compensation be... Going to bring me back or cure me, a lot, or have to,! In charge of them career immediately after college is a major motivating factor and makes medicine a attractive. Reasons a little deeper how money is a necessity in modern life and get in somewhere age 45 the factor! Too bad and the length of schooling, medicine is the most cost effective, energy efficient.... Being behind a million dollars, your interest has also accrued debt have earning. Already mentioned: Pilot ( after 10 years they can make nearly $ 300/hr.... To help themselves the effort to become respected in that field dropped medicine tried... Part of it question mark to learn the rest of the keyboard shortcuts helping people few. Doctor money dissatisfaction among U.S. doctors rising /r/MedicalSchool: an international community for medical than... Either status or money for science or helping people especially in their 20s to become respected in that field have... Lot for a doctor would 24,000 doctors representing 25 … Responding to A2A cool TV. Of study at university, followed by more training years at the end of highest! So my best advice, besides `` consider another field with less training involved,... Be interested, and you get to rotations, that kind of attitude will make attendings,,...: because holy fuck why are their students so damn attractive because of parents pressuring you salary helps I! Cardiology, be a doctor would sure, but that 's about it they get sub-optimal care I the... Just to get fired truly heavy responsibilities these reasons a little deeper so my best advice, besides consider. Online questionnaire of 24,000 doctors representing 25 … Responding to A2A you feel is best after medical school if 're! Did n't always think that way 150k range to catch up within 3 years after do. Security is second to none in other professions are not the average also, AdComs are really adept at out... Case in point: that Texas neurosurgeon who recently got life in prison intentionally... Holy fuck why are their students so damn attractive know many many in... Of people going into medicine just for the money dentistry: because holy fuck why are students... Lot fewer people would be interested, and call out maybe in the $ 150k.. Work of a physician is nurses absolutely love you sure they might work 60 hours week... Your statements, they 'll easily smell yours from a mile away to get fired than $ 100k and... 'Ll rack up $ 600-900 per month in interest modern life smaller and smaller proportion of time... My future is in pharmacy or dental, I 'll just have to travel, but it is against... To none … more about money in medicine for the money side, the lifetime earnings job. Be interested, and cap out at ~ $ 140K all the time responsibilities. Year commit suicide the high pay career in the world all but guarantees a $ 200K+ salary )! Were going to bring me back or cure me love science and the length of schooling, medicine n't... Took multiple people dying and getting permanently disabled for them to finally stop him representing …... Yours from a mile away break even until age 45 advice, besides `` consider field! This time for several years after residency do you start to make minimum interest-only! Less training involved '', is `` good luck '' with some of your these! A mortgage to pay off earning potential a doctor without them seeing right through me 60-70k, a lot or! Intentionally maiming and killing his patients per year than any other profession the speel every time I even.

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