Things i have learned about money because of medical school

money stack

1.)         Asking your parents for money really sucks. Borrowing money from the government sucks even more. Medical school in the USA is synonymous with massive debt. Not being able to work and make money has a way of making an adult feel like a child. Think long and hard about entering this journey.

2.)      The main reason parents want their children to go into medicine is because of the “large” salaries they will be making in their 30’s. I have realized that this is misguided. They would be much better off teaching their children how to manage money. Learning how to manage money is a wonderful thing. Learning not to blow ones money on status symbols is another wonderful thing. Once you don’t need expensive status symbols in your life, the need to make a lot of money disappears.

3.)       Money only really matters when you have a family to feed. It is shocking how little a person can live on when they are single.

4.)       Medical students hardly ever bring up the issue of money but it is always on their mind.  They are constantly ruminating about what specialty will pay them the most. Most medical students are in this profession primarily for the money and prestige. If they say otherwise they are probably lying. I can’t fault them for this type of thinking. I partially agree with it.

5.)        It is better to be making a small amount of money early in life than to make a large amount of money later in life. I would much rather be making 40 grand a year at 22 years old versus making 150 grand at the age of 33. The average age of a medical student is 25 yrs old. That 25 yr old will not be getting a substantial income until they are at least 32 years old (  medical school is 4  years and residency is at least 3 yrs). You are a decade behind your peers. It’s no feeling better than to be financially independent in your youthful 20’s.

6.)      People judge a person more on their image than on their bank account statement. The public can not see what is in your checking account. What the public can see is how your present yourself. Image is everything (almost). One has to be careful not to fall into the trap of status symbols though.

7.)      You don’t want to be around people who like you for your earning potential

8.)       Retirement is a scary thing. This is especially true when you didn’t start earning money until your mid thirties.

9.)      Medical school is only a cash cow if you get in early and get out early. Don’t do it solely for the money.

10.)     When you have no money, hospital food tastes great…………….because its free.

11.)    Many doctors make a lot of money but have to work a lot of hours because they spend so much money in their personal lives. They have over extended their income on fancy houses and fancy cars. Many don’t even enjoy their money because they are working just to keep up with the proverbial Jone’s.  It’s not how much you make that matters. Its how much you keep that matters.

2 Replies to “Things i have learned about money because of medical school”

  1. Well said! I know too many people that want to use professional programs as means to support a materialistic lifestyle. Another thing you forgot to mention was that money won’t stay up late and study with you or keep your motivation going through the tough times in in your program.

    1. yes my friend. Sorry for the super late reply i just saw this. You are very right. Professional programs are often used as a means to support a materialistic lifestyle. Money runs everything…or so they say. Hope all is well!

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