My pre-med advisees love this explanation. Thanks for the careful analysis and your openness. It means more to them coming from you. I try to paint a realistic picture of their 20s, but they are hesitant to believe a professor who hasn’t walked your path. Very helpful insight.
I have a BS + MS in BME too and now work as a consultant but am really thinking about going to PA school. trust me, I hate corporate life and sitting/staring at a computer screen all day is not what I would like to do for the next 40 years of my life! Love this video!
This is one of the better mathematical comparisons I've seen. Other times that I have seen someone breaking down the long term finances of being a physician vs being something else, they always fail to take into account the fact that a doctor can chose to live off of a fraction of their take home pay. When a doctor lives off of a fraction of their pay and is able to save/invest 100k yearly, the return on investment of medical education can be quite high. If a physician chooses to only save/invest the standard 10-15% of their gross income once they're an attending, they will probably end up with a similar nest egg to the engineer, project manager, financial analyst or other well paying job that only needs a 4 year degree. There are so many different variables ofcourse. Overall I think that if someone who is in their 20's chooses to go to medical school, it is absolutely a good financial investment, as long as the person has it in their mind ahead of time that they probably need to live off of only 50% of their attending physician income for a few years so that they can pay back loans and invest. Ofcourse all of this is secondary, assuming the person WANTS to be a physician and that is their dream job.
Thank you for watching! How an individual saves determines their financial status. I know many of my colleagues fall into the trap of expanding their lifestyle to their increased salary - despite having hundreds of thousands of dollars in loans - so many do not really achieve a high return on investment. That being said, I know that I'm in a high paying profession and wanted to demonstrate how it can look with conservative spending. Either way, you're absolutely right - tons and tons of other variables to consider, especially whether someone is even happy being a physician!
Very thorough and very honest! I'm currently a military pilot looking into different medical fields to transition into one day. I feel as though doctors and pilots suffer from the same types of issues, which is interesting to see. Great video!
Thanks for watching and commenting! It's awesome that you're exploring medical fields; I definitely have some thoughts on various paths, though the financial investment/opportunity cost really varies depending on where you're starting from when you decide to pivot into a medical career. Good luck to you!
Hi Dr. Xi. Thank you for sharing this with us. I'm three years into working as an engineer and currently taking prereqs for nursing school. I think when it comes to making decisions about career choices, it's important to see people(your manager, VP, attending, etc.)in your profession, and think about if that's something you'd be enjoying doing 10-20 years down the road. And of course money or finance will always be one of many important factors to consider.
Thanks for watching! Definitely so many factors to consider when thinking about careers and pathways to pursue. Good luck on your journey to nursing school and the medical profession!
I’m not gonna lie. I was tied between being a doctor and continuing in computer science. I want a family and a nice work life balance. I also understand now that if money is one of my main goals then I should not be a doctor because of the loans and how late it would be for me to try and catch up.
Thank you for your comment! I really don't think a lot of premedical students realize how significant of a financial commitment they are making when they embark on the journey. If a premed is applying from a family that is able to afford the cost of medical education, this becomes a non-issue, but not everyone has that luxury. It's also so important to consider the opportunity cost of both paying tuition AND *NOT* making any income for 4 years! This all being said... if medicine is all you could see yourself doing, then you should 100% pursue it!
Thank you Dr. it’s been tough for me choosing wether I want to become a CRNA or an Anesthesiologist, I’m still being indecisive but your videos are very helpful and you are really good at explaining 🙏🏻. It’s a confusing phase, a lot of pressure one day I’m sure that I want to do CRNA the next day I think about the prestige and it changes my mind, then I think about the med school and... 😩
Hi there! I wouldn't go to medical school because of "prestige" - I actually don't think that physicians receive as much respect as they used to, plus the road to becoming an anesthesiologist is a bit longer and may lead to more debt in the long run, so you should definitely be committed to the path! Good luck!
Being a doctor...idk, being an anesthesiologist 1000% yes. I worked for an anesthesia company in the US and I drew up anesthesiologists and CRNA contracts, and yes for those specific two it pays. Then again I’m based in ny
Yes, it's definitely specialty-specific! Ultimately though, even if someone is in a high-paying specialty, if they don't enjoy the work, it doesn't matter how much it pays. I do know people who recognized this after finishing training and are branching out into other tangential jobs for less pay.
@@AmandaSXiMD of course very true, i have come across some anesthesiologists that do not like their career choice, but i have never met a CRNA that did not...but work life balance is so important!
What makes a student need to take out 300-400k in loans though? That part worries me lol. My parents aren't rich and I'm paying for all my schooling myself and obviously with student loans. Currently Im knocking out my pre-med BSc and plan to have that paid off before going into med school, since the average student seems to rack up $215k what would bring on the extra 200k for someone?
Thanks for watching and commenting! Some students went to private schools and took out loans for all of undergrad. While 200k is the average, this doesn’t really show how wide of a distribution tuition costs are across schools. Some are 20k/year and others are 70-80k/year! Additionally, it’s important to factor in living expenses, medical school boards, prep, supplies, etc. These costs really add up! Hope this helps clarify things and good luck to you!
@@AmandaSXiMD it does but talk about a rough morning now 🙃 There's no way I can afford that if it's 215k+living expenses that's financial suicide during residency, I'm not sure deferring the loans until after would make it any better. I'd really have to bank on making a lot of money out of residency. How do they expect low income families to pursue this type of education?
Dr. Xi, I have a question: What about the physicians that work at non-profit hospitals? Consolidate with a federal loan (given that it previously wasn’t a federal student loan), and get them forgiven after paying for 10 years?
Hi there! The loan forgiveness program has a lot of strict requirements in order to qualify; thus, there are few people that stick with it. Most physicians I know that took out a lot of loans ended up re-financing then just paying it off. Most non-profit hospitals actually pay a reasonable salary and most specialties can work more to make more... though that's a fast-track to burnout, too.
Most of the time there are other job opportunities that residents can pursue. The issue that arises is that after a decade of training, many people want to live in specific geographic locations or have a certain type of practice and those options are definitely much more limited due to the pandemic. Also, smaller hospitals are really struggling financially and I anticipate the medical personnel working in those organizations will start to feel that.
I think medicine is a team-based profession and am happy to work with my colleagues from various backgrounds including advanced practice providers/"mid level" providers. I just posted a video comparing the pathway between PA and MD/DO, and was definitely considering the path at one point!
![Should you become a PA [physician assistant/associate] or MD/DO [physician, medical doctor]?](http://i.ytimg.com/vi/RV7ByW_qbwM/mqdefault.jpg)
My pre-med advisees love this explanation. Thanks for the careful analysis and your openness. It means more to them coming from you. I try to paint a realistic picture of their 20s, but they are hesitant to believe a professor who hasn’t walked your path. Very helpful insight.
Glad it was helpful! Please let me know if your advisees have more questions about the journey/path!
One thing you have to remember that is priceless is that practicing as a doctor is probably the most respected career out there.
i work as a new grad RN and have met many young doctors. Didn't know it was really like this being a Dr. Thank you Dr 😌
Thanks for watching and for doing what you do! We could not take care of our patients without our RNs. =)
I have a BS + MS in BME too and now work as a consultant but am really thinking about going to PA school. trust me, I hate corporate life and sitting/staring at a computer screen all day is not what I would like to do for the next 40 years of my life! Love this video!
This is the best video comparison. Especially the bit about it being a career for the rich. Absolutely spot on.
Thank you for watching!
This is one of the better mathematical comparisons I've seen. Other times that I have seen someone breaking down the long term finances of being a physician vs being something else, they always fail to take into account the fact that a doctor can chose to live off of a fraction of their take home pay. When a doctor lives off of a fraction of their pay and is able to save/invest 100k yearly, the return on investment of medical education can be quite high. If a physician chooses to only save/invest the standard 10-15% of their gross income once they're an attending, they will probably end up with a similar nest egg to the engineer, project manager, financial analyst or other well paying job that only needs a 4 year degree.
There are so many different variables ofcourse. Overall I think that if someone who is in their 20's chooses to go to medical school, it is absolutely a good financial investment, as long as the person has it in their mind ahead of time that they probably need to live off of only 50% of their attending physician income for a few years so that they can pay back loans and invest. Ofcourse all of this is secondary, assuming the person WANTS to be a physician and that is their dream job.
Thank you for watching!
How an individual saves determines their financial status. I know many of my colleagues fall into the trap of expanding their lifestyle to their increased salary - despite having hundreds of thousands of dollars in loans - so many do not really achieve a high return on investment. That being said, I know that I'm in a high paying profession and wanted to demonstrate how it can look with conservative spending.
Either way, you're absolutely right - tons and tons of other variables to consider, especially whether someone is even happy being a physician!
Very thorough and very honest! I'm currently a military pilot looking into different medical fields to transition into one day. I feel as though doctors and pilots suffer from the same types of issues, which is interesting to see. Great video!
Thanks for watching and commenting! It's awesome that you're exploring medical fields; I definitely have some thoughts on various paths, though the financial investment/opportunity cost really varies depending on where you're starting from when you decide to pivot into a medical career. Good luck to you!
Hi Dr. Xi. Thank you for sharing this with us. I'm three years into working as an engineer and currently taking prereqs for nursing school. I think when it comes to making decisions about career choices, it's important to see people(your manager, VP, attending, etc.)in your profession, and think about if that's something you'd be enjoying doing 10-20 years down the road. And of course money or finance will always be one of many important factors to consider.
Thanks for watching! Definitely so many factors to consider when thinking about careers and pathways to pursue. Good luck on your journey to nursing school and the medical profession!
I’m not gonna lie. I was tied between being a doctor and continuing in computer science. I want a family and a nice work life balance. I also understand now that if money is one of my main goals then I should not be a doctor because of the loans and how late it would be for me to try and catch up.
Thank you for your comment! I really don't think a lot of premedical students realize how significant of a financial commitment they are making when they embark on the journey. If a premed is applying from a family that is able to afford the cost of medical education, this becomes a non-issue, but not everyone has that luxury. It's also so important to consider the opportunity cost of both paying tuition AND *NOT* making any income for 4 years! This all being said... if medicine is all you could see yourself doing, then you should 100% pursue it!
Thank you Dr. it’s been tough for me choosing wether I want to become a CRNA or an Anesthesiologist, I’m still being indecisive but your videos are very helpful and you are really good at explaining 🙏🏻. It’s a confusing phase, a lot of pressure one day I’m sure that I want to do CRNA the next day I think about the prestige and it changes my mind, then I think about the med school and... 😩
Hi there! I wouldn't go to medical school because of "prestige" - I actually don't think that physicians receive as much respect as they used to, plus the road to becoming an anesthesiologist is a bit longer and may lead to more debt in the long run, so you should definitely be committed to the path! Good luck!
Loved it … gave me insights
Being a doctor...idk, being an anesthesiologist 1000% yes. I worked for an anesthesia company in the US and I drew up anesthesiologists and CRNA contracts, and yes for those specific two it pays. Then again I’m based in ny
Yes, it's definitely specialty-specific! Ultimately though, even if someone is in a high-paying specialty, if they don't enjoy the work, it doesn't matter how much it pays. I do know people who recognized this after finishing training and are branching out into other tangential jobs for less pay.
@@AmandaSXiMD of course very true, i have come across some anesthesiologists that do not like their career choice, but i have never met a CRNA that did not...but work life balance is so important!
MDs deserve higher pay for their sacrifice in their best times of youthful lives. Otherwise no one wants to do it.
I just love your videos! So informative and inspiring to me!
Thank you so much!
Just to think I’m here studying the MCAT 🤦🏿♂️🤦🏿♂️🤦🏿♂️
One step at a time! Studying for the MCAT tough work... can't say I'd ever want to go back to that time in my life haha.
@@AmandaSXiMD lol
Great comparison, but something else you forgot to account for is how much the savings would compound if invested
Super helpful thank you!
Glad it was helpful!
What makes a student need to take out 300-400k in loans though? That part worries me lol. My parents aren't rich and I'm paying for all my schooling myself and obviously with student loans. Currently Im knocking out my pre-med BSc and plan to have that paid off before going into med school, since the average student seems to rack up $215k what would bring on the extra 200k for someone?
Thanks for watching and commenting! Some students went to private schools and took out loans for all of undergrad. While 200k is the average, this doesn’t really show how wide of a distribution tuition costs are across schools. Some are 20k/year and others are 70-80k/year! Additionally, it’s important to factor in living expenses, medical school boards, prep, supplies, etc. These costs really add up! Hope this helps clarify things and good luck to you!
@@AmandaSXiMD it does but talk about a rough morning now 🙃 There's no way I can afford that if it's 215k+living expenses that's financial suicide during residency, I'm not sure deferring the loans until after would make it any better. I'd really have to bank on making a lot of money out of residency. How do they expect low income families to pursue this type of education?
Hey can you do more videos on the lifestyle ? I am super into ICU and anaesthesiology, in 2 years I will finish Med school ☺️
Absolutely! I'm working on studying for another board exam, but after that's done, hopefully I can share more about my lifestyle!
Dr. Xi, I have a question:
What about the physicians that work at non-profit hospitals? Consolidate with a federal loan (given that it previously wasn’t a federal student loan), and get them forgiven after paying for 10 years?
Hi there! The loan forgiveness program has a lot of strict requirements in order to qualify; thus, there are few people that stick with it. Most physicians I know that took out a lot of loans ended up re-financing then just paying it off. Most non-profit hospitals actually pay a reasonable salary and most specialties can work more to make more... though that's a fast-track to burnout, too.
Wow I never knew residents were having contracts withdrawn during covid, that's quite scary. What do those residents end up doing once this happens?
Most of the time there are other job opportunities that residents can pursue. The issue that arises is that after a decade of training, many people want to live in specific geographic locations or have a certain type of practice and those options are definitely much more limited due to the pandemic. Also, smaller hospitals are really struggling financially and I anticipate the medical personnel working in those organizations will start to feel that.
What did you assume were the respective salaries?
How do you feel about “mid level” careers
I think medicine is a team-based profession and am happy to work with my colleagues from various backgrounds including advanced practice providers/"mid level" providers. I just posted a video comparing the pathway between PA and MD/DO, and was definitely considering the path at one point!
Dr.Xi , What was your student loan total? And are you married?
Not married. My student loans were only ~$15k; this was because of scholarships, working since age 16, and help from parents.
Wow, That’s impressive, 💐 ❤️
No it is not.
I'm sorry to hear that you feel this way. It think it can be depending on the situation.
@@AmandaSXiMD why would it be worth it if Physicians are being replaced with mid-level providers and machines.