![]() ![]() This is a common fate, as physicians are exhausted after working their tail off for 11 to 16 years before enjoying their attending salary. channel.īy pushing off your financial education, you’re prone to become one of the many doctors living paycheck to paycheck despite having a six-figure salary. If you’re in college or medical school, now is a great time to educate yourself, and I’ll be creating more financial videos on my Kevin Jubbal, M.D. You’ll be hard-pressed to find anyone who regrets learning about finances too soon. This means doctors are late to the game of financial education. Their real income only hits as an attending, usually around the age of 30 or later.It’s reasonable to educate oneself about money and investing only once you have an income, not necessarily before. Between studying, research, impressing your seniors, working on applications, and trying to be healthy, there’s little time to learn about new things.Īnd third, most college graduates begin earning around the age of 22, but physicians don’t have any income until residency, which usually happens no sooner than 26. Second, medical school and residency are incredibly time-consuming and taxing. ![]() After all, you’ll be making good money so it’ll just take care of itself, right? It’s easier to stick one’s head in the sand and think you’ll worry about it later. I find there are three main reasons physicians are bad with money.įirst, the subject of money is relatively intimidating, as most have six figures of student loan debt. But overall physicians are bad with money and are frequently targeted by bad actors that want to take advantage of their high income. Sure, once you’re an attending you’ll be a high-income earner, somewhere around $240,000 per year if you work in primary care or somewhere around $340,000 if you’re a specialist. And still there are exceptions, since I clearly took a massive risk in betting on myself and my businesses and walking away from a lucrative and safe career as a plastic surgeon.ĭoctors are also notoriously bad with money. But the trend, on average, is that doctors are risk-averse when it comes to their professional lives. I like speed and frequent the race track, and I know plenty of physicians, often emergency medicine docs, who love climbing or other riskier sports. There are of course plenty of exceptions, and risk aversion in one’s professional life doesn’t preclude them from being risk-takers in other areas. ![]() On the other hand, the more rebellious students or the ones who challenge the system were less likely to get straight A’s or jump through the hoops necessary to become a physician. They were hard-working students with good grades who are comfortable playing by the rules and working within the system. ![]() After medical school, there is a risk of going unmatched or not being able to get into your desired specialty, although that is highly dependent on which specialty you choose.įor these reasons, those that go into medicine are often the ones who don’t feel the need to rock the boat or challenge the status quo. There’s little uncertainty and risk in medicine – the most obvious of which being unable to get into medical school. You’re also guaranteed to make low to mid-six figures, at least in the United States, by simply following the formula and sticking to the path. There’s prestige and respect that is a result of the rigor and competitiveness of training in medicine. People will always continue to get sick and require healthcare. It’s always in demand, no matter what is happening with the economy or world events. Why is medicine safe? It’s a profession where the risk/benefit analysis is relatively favorable. After all, medicine is a safe profession, whereby if you work hard and stick to the path, you’ll achieve the common definition of success. Those who enter medicine to become doctors are usually more risk-averse than the average person. Here’s what they don’t tell you about doctors, and the unintended consequences. If you think doctors are hard-working, intelligent, and caring, you’re not wrong, but that’s only a small part of it.
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