Last edited by Brett92; 05-02-2013 at 10:20 AM.
The medical field is a tricky beast--some people claim they don't make enough money and others clearly are making cash hand over fist. Medscape recently released their own physician salary survey and the highest paid docs were the orthopods, with an avg salary over $300k. Sounds like a lot of money and it is, but there are a lot of things that can eat into that number. There are also a lot of ways physicians can supplement their income if they are so inclined, so what these guys make by seeing patients is no indication of what they actually take home.
It really does seem that entrepreneurship is really the only way to "make it" these days...at least if you want to live that kind of lifestyle. Sadly enough, being an entrepreneur isn't as simple as it seems. I'm still young, but from what I've seen, you either have it or don't have it when it comes to having those ideas and there isn't much you can do to become more entrepreneurial minded. Perhaps a bit more experience and exposure to things will fix that though.
Precisely why my goal is to enter into international business. Just because there aren't enough jobs over here doesn't mean that I can't be hired by a corporation to manage and exploit fresh, unexplored markets in the rest of the world.
You can make a ton of money if you're smart about things and make the right choices---if obtaining large amounts of wealth is important, that is. Physicians are no different than anyone else in that respect.
IT is an especially strange beast IMO. Supply & Demand shouldn't apply because there are a lot of people who *claim* they know how to do it, but can't. I was at an office yesterday. 1x network hub, 1x 10/100 switch, 1x consumer grade router, network wiring that is ran on the outside of the wall - literally a bundle of wires just coming through the ceiling (wires weren't even secured to the wall or anything). None of the network equipment was mounted, just sitting on the floor in a semi high traffic storage closet. Server wasn't on a UPS. No backup - not even a local backup. Poorly configured AV. Installer used the factory Dell image that was bloated with tons of trialware, instead of just loading a custom image.
...that felt good. Thanks for letting me rant.
Want to be rich? Start a business yourself and make it successful. It will take lots of hard work and time to do that, but that is the best way to get rich. Now running a successful business is much harder than it really sounds, and an education can help you get some of the skill set needed to make it run. From my experience with my side business and helping my dad out (who owns 3 different small businesses now), having an accounting degree/background is one of the most valuable degrees you can have for running a business yourself.
Overall education is a tool, not a guarantee of salary. I know many people that I graduated college with ~3 years ago that are in the lower to mid 30s for their degrees, while I am much higher than that. Mostly because I have been a much harder worker since I got out, but there is some luck involved as well.
And Brett92, I'm involved with networking on campus and I could only imagine what that closet looked like . Networking is really the field I'm looking to go into, and it's awesome bc my school is going to IP phones around when I graduate and they're going to need someone to manage that system.
My wife is a therapist and has a masters and a post masters degree and makes the same money I make with only a bachelor's degree. She owes $85k in student loans total I paid for most of my bachelor's while working full time, so I owe much less.
Its a little outdated now but here is my own personal " justification for higher education", The shelby I restored 3 years ago and still have. The MK2 jetta has been replaced by a 2008 Accord EX-L. I currently have a 54 chevy that I am doing now, LS powered chopped and bagged. All of which I own outright with no loans.
With that being said, I am gonna be 23 at the end of this month, I graduated high school in 2008, got my associated degree in 2011 and I am getting my bachelors degree in 16 days. As far as what the future brings I am unsure at this point. My two degrees are in the criminal justice field, So I have considered going to law school. It is a ton of debt to take on (around 180K) so I am going to need to think about that. I am close friends with the town judge who also works for the state court of appeals and I have spent time with him on the job and very much enjoyed that as well. On the other hand I have been restoring cars/doing autobody for a few years now an do enjoy that. I have a talent for it however the clientele in my area isn't too great, and with today's economy not a lot of people have extra cash to dump into "toys".
It's been my observation that you're never going to make big money working for someone else and keeping a savings account. Seems the millionaires out there either start their own venture and/or invest their money in things. Playing it safe is fine, but it doesn't lead to mad cash.
I agree a BS/BA is certainly not a guaranteed ticket to wealth, but that's a ridiculous reason to not get one.
-Chris, BS, MBA
There are still some professions that pay well, e.g. medical specialists (say, radio oncologists), but that's only for now.
Hell, cash out and move here:
and yes, i thought it went without saying that these people own their own practices. i didn't say in my post that there weren't marginal jobs for marginal or young doctors. the world needs HMOs too. but that stratification of income is hardly unique to medicine. i think this idea that medicine is somehow falling off the list of high pay and high opportunity is a little exaggerated.
if you need to take excessive levels of debt to get the paper, AND you're unsure of your prospects at getting a good placement when you are done, it's no different than any other college dreamer: maybe you're a bit over your head. yes, that's a generalization. but don't tell me real talent doesn't still have unlimited potential in medicine. i know lots of "struggling" lawyers. i don't know any "struggling" doctors. (once again; anecdotal.)
Imagine how great life could be working 30 hours/wk at a bar for 60-80k vs. working 50+ hours/wk behind a terminal assessing whatever for 60-80k.
I've learned to appreciate non traditional degree required careers lately...
Yes, NYC is a ridiculous place to live - you need A LOT of money to live a pretty decent lifestyle, otherwise, you're living in a relatively lower standard.
Elie - BASc MBA P.Eng.
Last edited by Preppy; 05-02-2013 at 11:59 AM.