Eh… It kind of depends on if they paid for medical school or their parents paid for medical school.
Most doctors don’t really start making a decent living until they’re in their mid 30s, and most of that goes to paying back loans. Medicine does not pay what it used to, and residencies are still basically a form of slavery.
I agree the work culture in residencies needs to change. I still find it hard to sympathize with the med school debt. Like many homeowners were paying off their debt for quite a while and came out way ahead. I expect the same of doctors.
Not saying they don’t work very hard and are very stressed, but they are wealthy when you define wealth over the course of life (and their ability to spread that wealth across time with credit).
still find it hard to sympathize with the med school debt. Like many homeowners were paying off their debt for quite a while and came out way ahead.
It’s yet to play out really. The drastic change in rate of reward vs debt is relatively new, and the debt to pay ratio is getting worse and worse, at least outside of specialties. There are older physicians who are still practicing that are making bank, but that doesn’t really guarantee the younger physicians are going to be in the same place when they get that age.
The management and finance sectors of healthcare are now taking the lion’s share of profit, and less and less physicians are owning their own practices.
I’m not saying they aren’t going to be financially comfortable, but it wouldn’t surprise me if most newer physicians end up just being upper middle class instead of “rich or wealthy”.
That’s fair, I hadn’t really adjusted for the recent COL problems. But I’m also thinking of specialities over family physicians, which seem to have already been screwed even years ago.
Yeah, it’s getting hard to find people willing to stay in family medicine. Specialists just end up earning so much more that it’s almost financially irresponsible to not do a fellowship if you can.
I will say that one of the good things about medicine no longer being super lucrative is that it’s no longer really attractive to people who are interested in the field just for the money. It’s a lot easier and more profitable to just get an MBA, or go into finance if you just want to make money.
Though that fact has created some of the worst people in the world imo… There’s a subset of physicians who end up deciding they hate patient care and end up going back to school for their MBA to become hospital administrators.
Eh… It kind of depends on if they paid for medical school or their parents paid for medical school.
Most doctors don’t really start making a decent living until they’re in their mid 30s, and most of that goes to paying back loans. Medicine does not pay what it used to, and residencies are still basically a form of slavery.
I agree the work culture in residencies needs to change. I still find it hard to sympathize with the med school debt. Like many homeowners were paying off their debt for quite a while and came out way ahead. I expect the same of doctors.
Not saying they don’t work very hard and are very stressed, but they are wealthy when you define wealth over the course of life (and their ability to spread that wealth across time with credit).
It’s yet to play out really. The drastic change in rate of reward vs debt is relatively new, and the debt to pay ratio is getting worse and worse, at least outside of specialties. There are older physicians who are still practicing that are making bank, but that doesn’t really guarantee the younger physicians are going to be in the same place when they get that age.
The management and finance sectors of healthcare are now taking the lion’s share of profit, and less and less physicians are owning their own practices.
I’m not saying they aren’t going to be financially comfortable, but it wouldn’t surprise me if most newer physicians end up just being upper middle class instead of “rich or wealthy”.
That’s fair, I hadn’t really adjusted for the recent COL problems. But I’m also thinking of specialities over family physicians, which seem to have already been screwed even years ago.
Yeah, it’s getting hard to find people willing to stay in family medicine. Specialists just end up earning so much more that it’s almost financially irresponsible to not do a fellowship if you can.
I will say that one of the good things about medicine no longer being super lucrative is that it’s no longer really attractive to people who are interested in the field just for the money. It’s a lot easier and more profitable to just get an MBA, or go into finance if you just want to make money.
Though that fact has created some of the worst people in the world imo… There’s a subset of physicians who end up deciding they hate patient care and end up going back to school for their MBA to become hospital administrators.