Doctor Common Financial Mistakes
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- Опубликовано: 4 авг 2024
- Money is stressful for students. I've been there. As a pre-med, medical student, and even as a physician, it's not uncommon to stress about money, student loans, and feeling stretched too thin financially. It's essential to get a grip on your finances from day one because of the effect of compounding interest. This applies to both investments and student loans. These are the 5 most common pre-med and medical student financial mistakes.
01:27 - 1 | Pushing Off Financial Education
03:31 - 2 | Prioritizing Prestige Too Highly
04:38 - 3 | Not Practicing Self-Restraint
06:59 - 4 | Misunderstanding “Scholarships” and Loan Forgiveness
08:27 - 5 | Cheaping Out in the Wrong Places
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Disclaimer: Content of this video is my opinion and does not constitute medical advice. The content and associated links provide general information for general educational purposes only. Use of this information is strictly at your own risk. Kevin Jubbal, M.D. and Med School Insiders LLC will not assume any liability for direct or indirect losses or damages that may result from the use of information contained in this video including but not limited to economic loss, injury, illness or death.
What other financial mistakes did I miss? Let me know! I'll be making additional finance videos =)
what do you animate with?
You hit home with the latest tech stuff
Hi there , me and my boyfriend are very interested on pursuing our dreams into being great surgeons. We’re currently entering the 10th grade and we’d like to start getting knowledge and tips so we can prepare for our future! Is there anyway you can give us advice or help ? We don’t come from the most fortunate family’s and our city and states reputation isn’t the greatest by a long shot.
U forgot to add physician pay is going down
@@user-lu6yg3vk9z this is a big one
Love how not feeling guilty about getting the extra guacamole is your standard for financial success. 🥑
#goals
A high paying job won't guarantee financial success. Knowledge on how to manage your money and make it work for you will though!
Mindprovement - Self Esteem & Influence Channel 🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮🤮 wrong
@@TiffanyWestNyc u...
suck
Old financial proverb: It is not what you take in that matters most. It is what you save and invest that counts.
Tiffany lets go crazy here and say you make 5 million dollars a year. If you spend 10 million dollars a year, does it matter you made 5 million in the first place?
Truee.., if thats why many in Switzerland are rich... its not just our high salaries that make us wealthy its our side businesses, state supports, money management and having shares, bonds etc..
When he said he made it because he could get guac in his chipotle bowl.... I felt that.
Jasmine Brown I knew someone would mention this in the comments. 😂 Good to officially know am not the only one. 🙇🏻♀️
Starvation is key
Victor Lin I lost mad weight like this stfuhingmeicne for 10 years in coba
im paying for my own undergrad and no loans so far but its only bc i dont eat as much as i should and lost like 18 pounds my freshman year
E Nur stay healthy man
Nur the hardest choices require the strongest wills
Sounds great
Literaly I'm on a diet now
You missed the part where the US higher education system practices predatory lending and has continued generally cutting funding towards higher ed for decades. Advocate for change!
This video makes me appreciate the Australian university fee system. For undergraduate and graduate courses, the majority of places are 'Commonwealth Supported', meaning ~90% of our fees are subsidised and the 10% we have to pay does not accrue interest. This means rather than paying ~300k+ for med school, it'd cost us around 30k
@C B *Australia
(Our tax rates are high too, but according to Wikipedia, not quite as high as Austria ;))
@C B Where did you get 55% from? www.ato.gov.au/Rates/Individual-income-tax-rates/ says 45c for every $1 over $180 000. Plus I think there's a 2% Medicare levy. (I agree it is still a lot of money if you're earning a lot. I don't think surgeon salaries are as high here either)
Also I'd say the majority of people here are well aware that nothing is "free" and that it all comes from our tax dollars. From what I have seen/experienced, having subsidised education and healthcare is a net positive, in that it means that people without a lot of money aren't discouraged from going to uni or going to the doctor, though maybe I'll eat my words once I earn enough to have to pay lots of taxes :P
@C B why is it relevant to mention Asutralia's tax rate? I was simply expressing my appreciation that us young Australians don't need to juggle medical school with the stresses of student debt or accumulating interest
@@dancinkayley Who does no one tell Americans that while taxes are higher you get education/healthcare/pension for paying said tax rate?
If you add these things in America you end up with similar rates.
*cries in poor American*
Most of schools educate student about the knowledge, but they don’t educate student about financial management.
Lathan Wong Medical schools are required to have financial aide counseling with every student before approving loan requests. The counselors advise to take out the minimum amount necessary. Most students don’t heed the advice. Can’t blame medical schools.
@@Davidjparkdo True enough, and those counselors are always available for consultation, it's just on you to consult with them. I would say they don't teach you long-term financing (like when you get your income what to do with it i.e. investments) but you'd probably be able to learn if you just set up an appointment and asked.
My high school has a must have to graduate course in senior year for economics and law. To know how the country works and how to live in it when you’re alone.
Wow Dr. J.
This is amazing. I am still doing my undergrad and this really has saved me from a long financial burden.
You are the best.
South African Medical Schools cost about $40k in total and most students get scholarships that don't need to be paid back but worked back. Most students pay off their fees before they finish. I don't get why American medical schools are so expensive. Oh and the quality of education in South African medical schools is great
@@thomasgabriel6441 be mindful that south Africa is currently on the brink of a genocide...
now i see why my friend moved to mexico to become a doctor. i owe 18k just for medical assistant and medical assistants earn 35k-37k every year if i remember correctly. still a lot of money especially for someone who is barely 18 years old.
Hi. I'm 14 and I want to be an orthopedic surgeon. I watch ur videos and they r really good and giving guidelines. Thank You
How is your grades looking like
Everyone wants to be an ortho before entering med school. I bet you will change your mind 93% in the next 5 years.
@@SurferO_24 just let him dream man. Stop trying to bring him down with your "93%" smhh
I'm not planning to join anything medical but I love the animations and knowledge you share that I'm spending a lot of time on your channel
Finally you post how expensive all those liabilities are. Thank you for bringing minimalism and that conveniences are not providing freedom, they are typing you down more.
Thanks alot man!
Was one of those who wasted money on unnecessary things and I'm constantly working on getting better with my finances as a student.
Love your videos man. Going to college this year and even tho most of your video are about med school. It’s always really helpful to know how you guys do it so I can apply it early on in my college life.
I'm joining pre med in august moving to Hungary @Debrecen university but I do have sickle cell anemia and lucky enough my parent are financially well off but I never forget where they once were and how they worked to get where they are so I take full advantage of everything they give me and appreciate it emencely, thanks for the video, I really relate
Great video and great channel dude 🤗🤗...all the best wishes😁
Watching this gave me anxiety. I’m switching to PA
This was great! Thank you!
Thank you for this wonderful video!
Very helpful video. I'm just starting my bachelors and need all the advice I can get! It is important to take care of yourself while you're learning how to take care of patients!
My father once told me that "There is nothing more broke then a doctor."
I am just curious how much is taken out of ur salary after doing med school
My father says the same
than *
@@Xarze it depends on what you do after med school, bu typically for most fresh docs nothing is taken out, but you have a hospital or employer that will make payments for you over a annualized basis.
But you make very little money with that deal. There are plenty of doctors in that situation which the most they make is about 45 to 85k depending on where they live and what their speciality is. There are exceptions of course. Some people start making big money straight out of med school or they have a family business they essentially take over.
But for most they have to pick a specialty and grind out another 4 to 12 years of apprenticeships, fellowships, and intern years. All while either making payments or signing a contract to work for a hospital for a number of years and each year they pay off a portion of their debt.
Such great advice! I love your videos
I really like listening to your videos. I don't care anymore about the graphics because your voice alone makes it really good to listen :)
Thanks for the wonderful video! I'm starting med school this summer and this is really helpful!
Congrats and good luck!
@@MedSchoolInsiders Thank you!
(´ε｀ ʃƪ)❤
Great timing for this video. Just got accepted to Medical School last week for August 2019. Looking forward to Part 2. Would be interested to hear about LOCs?
Congrats!
Thanks for this video Dr. J! This is perfect timing! I don't want to pull out any more loans for money but finding free money for graduate school is TOUGH! So where can we find scholarship money for med school? Can you please list some websites or companies that give scholarships for med students. I'm doing a 1 year special masters program right now and even finding scholarships for graduate programs is SO HARD!
Great video! Crucial topics discussed
The guacamole point
hit hard!🙏🏼
I’m a two hundred dollarnaire
300$k student loan? wow. that would cause riots and anarchy here.
D Z dentists aren’t required to take residency... and it’s not like they’re education is THAT much more expensive. Plus more dentists than doctors have a private practice.
D Z that sounds more like a fellowship into a sub specialty. If you take a 1 year fellowship, you lose 150k at the MINIMUM.
D Z In my opinion 0€ debt and 70k-120k€ in annual salary sounds quite appealing to me. I do live in Europe and I can tell you that you only earn this amount of money in really good jobs.
Never Back down it can be a lot more expensive. My in-state med school would have cost me 40k a year. My dental school I now attend (my state does have a state dental school) costs me 104k per year.
160k vs 416k for just grad school tuition is pretty substantial
@@someone40404 Europe has cheaper schools but get a lower salary in the job and more taxes. You pick and choose.
Hold on for a hot second, what I’m hearing is that guacamole is THREE DOLLARS at chipotle?!?! That’s way more than 2 sometimes even 3 avocados! I’m vegetarian so I never had to pay for guacamole there, and I had no idea how much of a cool thing that was wow
Excellent video man!
Nice
Thank you so much
Knowledge great video
..thx now we don't have to worry
I know college students experience financial challenges. However, my recommendation is for scholars to keep all or at least some of their books and maintain their volumes within their personal library.
hey dr Kevin...I'm a medico myself.. please do a video on mental health for medicos...I suffer from anxiety ,.. whether I'll do good in my residency .. stuffs like that...Im just procrastinating stuff because of my anxiety issues... please do an insightful video for medicos..I really wonder how people with higher academic scores keep it going and multitasking...
Great and very informative video as usual, can't wait for part 2. I'm gonna check out Med School Insiders as soon as possible, I hope that you guys can help me🙏
AYY Korean bbq lol. That was so unexpected haha.
That was a terrible, inhumane attempt at humor. Governmental terror tactics in North Korea is not a joke.
Giorgi Martynenko Korean bbq is South Korean?
Financial responsibility = Spend as little as possible. It's common sense. This is why it's much better to pick a college that gives you scholarships over a more prestigious university.
I'm actually wondering is there any websites that list of medical schools in accordance of tuition per year?
gotta love this guy
I’m a international student and our tuition is just so high I hope I would be able to find a a good scholarship for my med school
Where are you from?
Congratulations for 1million subcribers
If you take on the loan from the military and after you complete your service as a doctor what is the transition like from that to being a normal doctor
Rural health scholarships are pretty dam good imo. Especially if you are going into a specialty like EM where you’ll have an even higher salary. Stay there until you’re 35 and then move.
Good stuff. Best way to save money on food is to go to Walmart and get 20# of pinto beans and 20# white rice. That's 40# of food for less than $20. Not only that but that is the healthiest way to eat. Add a few veggies and an apple each day and you can eat for less than a dollar a day for 6 months.
Question: I’m currently a sophomore and looking into med school, but my first year was a bit rough (currently at a 3.1 gpa). If I can get my grades up a bit, get a good mcat score, and have experience with the healthcare system/patients, would I still be able to get into a good program with a scholarship?
Love Song yeah, u should
Would you do a video for IMGs??
Very nice
Goodness
would you still say prestige is of secondary importance now that usmle step 1 is pass/fail?
Hi I have a question. What did you mean when you said that missing a year or two of not getting into med school will cause you to miss out on earnings?
Since you are waiting a whole year before you begin your path to becoming an attending, you are essentially losing out on a year's worth of earning somewhere down the line. That is if you look at how many "working years" you have before you retire.
Learning to get ahead as a PreMed🤟🏾
Aboubacar dibassy yes! I’m starting pre med in the fall.
Lamya Smith ayyy that’s cool. GOOD LUCK
Is it better to use all your savings to cover your first 2 years of undergrad expenses or split it up evenly between all 4 years?
First two years. There's less interest that way if you have an unsubsidized loan and you can work the first years to decrease your debt for the last two.
Hi. I see you didn't mention the use of credit cards. What is your advice on the proper use of them or how to avoid using them all together?
That’s coming soon. I got very very very into maximizing credit cards a few years ago and it saved me tens of thousands of dollars when traveling to residency interviews.
wonder if that MSI scholarship applies internationally beecause where I'm from, you have to have either rich parents or someone else willing to pay for your medical school expenses because we don't have student loans. And I'm not getting any younger lol
wow what a coincidence, I got s notification for this video right as im considering taking out more unsubsidized loans....hmmmm
im lucky enough to not have to worry about any future costs regarding my school or living due to my family so, regarding that, is the opportunity cost of becoming a doctor greater when comparing to other lucrative careers?
super bittersweet
What if one joins the workforce for a year or two after college to save up money for living expenses before going to medical school.?
Eat Them Greens ive been working for almost two years and it’s actually really hard to save and make a living coming out of college especially if you are going into medicine. I’m starting med school next year and currently working two jobs just to pay off debt from applying and to make ends meet. My advice: live at home and save as much money if possible
You should not start medschool to become rich. You should do it because of an internal drive to help other people 😅👍
Or because you absolutely love science and medicine and you can’t see yourself doing anything else. At least that’s why I’m doing it. I’m not saying I don’t like helping people, but that’s not the main reason.
@@neverbackdown1918 yea you are right. Loving the job is also very important!
At the same time let's be honest here and objective. Through the rigors of medical school and its competitiveness it must reason that there must be a decent incentive to do so. Financial stability is a large component of ones life. Simply saying money doesnt matter is completely idealistic although going into medicine must have some internal motivator. Imagine if medicine paid its professionals minimum wage. Would you do it?
Tan K it’s a combination of everything. However, money should NEVER be the reason why you should become a doctor. That’s one of the main reasons for the high suicide rate and high burnout
@@neverbackdown1918 thrice.
I wish I chose a cheaper med school, but I went to a school based off of location :(
Adnan A what was your method to study for the MCAT?
what was it about the location that brought you there ?
How did you deal with pressure to succeed in med school?
One step at a time
1:16 James Holzhauer?
Is MBA do after MBBS
I recommend Rich Dad Poor Dad book by Kiyosaki.
Financial literacy is a must .
Why don't you just invest properly ?
Nobody:
Me being from the EU where medical school is free, staying at my parents, not planning to do a family, wanting to live a minimalist life and worrying about the huge amount of money coming my way as a physician:
I'm genuinely scared 🙂
Shit, I have pretty severe peniaphobia and hearing about all these extra expenses is triggering it so bad 😅
God i love how university work here, fee is not huge to begin with , plus if you do well on entery exams you get government scholarships, 50% , 75%, or 100%. I just got into pre med with 100 % scholarship and since i am staying at home for uni ( there are no dorms here , my uni is close enough to walk ) i can graduate pre med with no debt + i still can get 100 scholarship for med school to , if i get good grades.
Saqartveloze ambob?
Financial problems among doctors is common especially when it comes to overspending and bad investments. Living within your means and gaining financial education is key. Sacrifice your splurging in order to pay that debt fast.
Plz make video on medical student after MBBS ,what r the options
does increased cost of medical education translate to higher bill for the patient in the long run? That is the ultimate question. Otherwise this not just an individual problem, but should also require help from the government to make adjustments in this issue.
Off topic. I'm going for a radiography program and was wondering if a tattoo on my wrist would affect my career. How strict is the medical field?
I guess it would depend on where you live, but I’ve seen multiple doctors with tattoos. And if it’s on your wrist, it’s not like you can’t cover it up with long sleeves, or ever a tattoo arm sleeve
students tend to spend on eating out/drinking/entertainment etc, importance of which depends on the individual
I bought Figs :( and I also eat KBBQ once a month. This video is spot on. Omg, I also go to bi-weekly massages! lol
Lol at KBBQ. That’s exactly what I do
An important point i think that you missed is that when you finish residency or med school and you're ready to start working, you should strongly consider working for a hospital in rural undeserved populations as the income in those areas is better since doctors are higher demand. Doing that for a few years or more really helped out with my debt.
How you was able to paid for school without taking a loan ?
Im curous too
Imagine being able to save someone’s life!!a life is the most important thing in this earth and I could keep that alive I could help someone have 50 years more UPDATE I’m going to be a lawyer and end goal is judge guess I like having a say in other peoples life
How were u able to pay off medical school without completing residency? Curio UK s besides youtube whatever source if income did you have?
Oh you got scholarship! Great :) i shoulda kept watching so i guess u just had undergrad loans
If your parents are paying for your tuition, or at least for some of it, it'll take a huge amount of stress off of you.
Yeah but then you run the risk of spoiling your child and them not understanding the value of their labor, or the costs associated with their education. Lots of kids have gotten useless educations which translate to 0 income and 0 value to society because they weren't footing the bill. Lots of my friends I knew in college made REALLY stupid purchases because, surprise surprise, they were getting allowances from their rich parents and college was paid for.
Me? Had scholarships, grants, STILL had to take out loans, and NO help from family (because they couldn't not because they wouldn't). I was pinching pennies and KNEW the value of money, but more importantly the cost of making dumb decisions. When you are wasting other people's money you don't care, but you certainly start to when you waste your own money and realize you're going to have to pay that back with THOUSANDS of hours of hard work.
In Canada 30 percent of medical students pay between 20-80k
and another 15 percent of them pay 200k
Just remember, in Canada the government helps you with something called OSAP so when you start your medical school or college they will give you money, and when you become a doctor you start pay the money back with no increase in your loans!
And OSAP works for everyone, and it does not only work for medicine!
When the Korean BBQ came up, my heart soar!!! Thank you so much, this will make my med school experience a bit more awesome
7:14 you mentioned you guys offer a scholarship, but I checked your website and the deadline was two months ago :(
In Egypt we have free higher education, except the new elite programs and even those don't cost that much. Most med students here have their parents paying for everything till they graduate
Hi Doctor, I'm an international student from India. I finished My High school, and want to study medicine in USA. I searched a lot but finance is an issue. How can I study medicine with less education loan. And getting education loan without collateral in India ,the chances are very low please help me.
What about the video about the salary of hospital administrators ?
It would be a depressing video for doctors
Okay. We are ready to watch it
@@MedSchoolInsiders Make it , it is needed .
ayy Samgyupsal is too hard to resist 😂
Soo Medschoolinsiders.com gives out loans???
People are at the mercy of their parents. Those with smart parents will be tell their kids "You are not going to school to learn, you are just buying a credentials."
The federal govermnent is the problem if they atipped handing out loans like it was candy the colleges would be forced to compete with prices. Colleges dont even advertise price because they know the federal govt will pay whatever they cost. I say every student gets a max of 100.000 in student loans. If you choose to go out of state and then an expensive medical school thats your problem
Dave Ramsey
Long time No see you
Yoo can become my mentor
what's the point of keeping the smartest minds in that much financial stress
What’re you investing in that gives you a return of 7% per year?
I get 20 percent ROI a month on my investment, CARE TO JOIN ME ?
Lmao❤️ Korean barbecue (*¯︶¯*)
Man. I love the message, but those spaghetti arms...
What if your parents are proud and save for your college before college/early life
I disagree with paying for your kid's education. Not because it's inherently bad, but it just spoils kids too easily. Set aside money for your kids, don't tell them about it, and be there to help them when they REALLY need the help. Don't offer them freebies, encourage them to work hard and earn their way, but be there to support them when shit gets rough and they need help from their family. If they've worked hard and earned their degrees, then you could help pay down some of their debt as a graduation gift with the saved up college funds. That way they won't feel entitled, but actually be grateful and have developed a real work ethic!
@@LilJbm1 ok..... you know i am a teen.... and my parents save for me andd my lil bro since we were born..... so yaaa
@@anwta_k Oh no they shouldn't have told you! Don't feel entitled to the money buddy! Jokes aside, it's not bad for parents to save for their kids, I'll probably do the same, but it's in general not great for kids because a lot of parents aren't responsible with giving money to their children.
I don't want to push my parenting philosophy on you, also don't know the specifics of how your parents are raising you, but was just putting out there my thoughts and the double-edged sword that is money. Until you get a job and learn every 1 hour of doing something hard/not fun translates to $10 (mileage varies on job ofc) you realize that's not just paper it's a physical representation of YOUR time. In the case of your parents, they are giving you THEIR time, probably 10-20 years of their time, and it's just REALLY easy to not be appreciative of that.
I hate getting money from friends/family. As soon as I'm finished with medical school and have some real income the first thing I'm doing is paying back my family for all the help they've given me.
@@LilJbm1 ok im not going to read your essay, like good for you, want a cookie? Now let me go search the world to see WHO ASKED YOU TO JUDGE MY PARENTS! I DONT NEED TO GO ON AND PROVE WHY THEY SPEND TIME WITH US AND HOW RESPONSIBLE AND WELL OFF THEY ARE TO YOU! AND DONT CALL ME BUDDY! STRANGER DANGER TEHEHEHEH!
@@anwta_k Well I guess you proved my own point, oh well. You've still got some growing up to do. Good luck to you and your parents, best wishes for you in life.