NY Times story in Style Section: Falling Down Professions

Yes but rarely does a 22 year old think about retirement funds when making the decision to take the offer from a major i-bank or go to med school. I think that the article was really focusing on current career choices, not so much the costs in choosing said careers.

Also, it's interesting if you look at other countries where the cost of education and graduating salaries are more on par. The way I see it is - lots of people in the US chose medicine and law back in the 80s when it was guaranteed that you were going to make a high salary and when the cost of post-grad education was not as expensive as it is nowadays (even proportionately speaking). Now that the salaries are not as great as they once were, and bc post-grad education is so expensive, people are looking elsewhere. I am sure that if you look at the growth rate of i-banking salaries btwn then and now it supersedes that of law and medicine by leaps and bounds. Add to that the possibility of being sued for malpractice and medicine doesn't seem too appealing, does it?

Here in the EU where college education is basically free and post-grad salaries are more or less the same across the board, you've got a more even number of college grads choosing across the professions. In fact, we have too many medical and law school grads.

[Vishenka69]

Re: NY Times story in Style Section: Falling Down Professions

I completely agree with the article. While DH was in med school and residency, I wasn't envied by pitied by most of our friends. We were definitely the poorer ones and just last weekend we were very happy recipients of a slightly used leather chair from my college friend whose husband is an i-banker. They got a new $6K couch, we got their free old chair. As an attending DH makes half of her husband's salary.

Back when DH started med school and the market was doing very well, a few of his classmates dropped out in favor of Wall St. At least once a week he says he wishes he joined them.

[Ladybug122]

Re: NY Times story in Style Section: Falling Down Professions

Well, let's just say that my little brother who graduated from college 4 years ago is now making about double what DH and I make working full-time. He has one of those jobs that I don't understand, but it has something to do with commercial lending. For Christmas I made him a tin of cookies and gave him a framed picture of DS (his Godson) and he gave me a necklace from Tiffany's. I felt like a jerk...
Anyway...I love it when people pre-judge doctors by saying they're "just in it for the money". Ha! There are a lot of easier ways to make money (and more of it!).

[Flynn]

Re: NY Times story in Style Section: Falling Down Professions

Interesting read. Another part of the equation that I wish they had mentioned is the COST of medical education. Also wish they had highlighted more the years of training and delay in retirement investments. I know we're a solid 8 years behind on DH investing in retirement due to his med school years. That's exponential loss.

http://www.nytimes.com/2008/01/06/fa...le&oref=slogin

I couldn't agree more.

When the politicians talk about the "richest 4%" (or whatever that number is) of people/families making over 250K and so they should be taxed more I want to yell at the TV. YES we make more than that but we have LOANS, we give back to the community with a needed service, AND we were paid minimum wage for almost ten years. There should be some kind of tax break for docs. Med school plus residency is EXPENSIVE. Duh.

So while I will vote for a Democrat and not look back, our taxes will go up and with government run health care, compensation will be lower for docs.

Sigh.

Re: NY Times story in Style Section: Falling Down Professions

YES we make more than that but we have LOANS, we give back to the community with a needed service, AND we were paid minimum wage for almost ten years. There should be some kind of tax break for docs. Med school plus residency is EXPENSIVE. Duh.

I think the better way to correct this is to raise the income ceiling at which you're no longer allowed to write off the interest on your school loans and/or make an exception for doctors. There is no other profession (that I can think of) that requires as extended an indentured servitude post-grad, and there should be some allowance for that.

[HouseofWool]

Re: NY Times story in Style Section: Falling Down Professions

I know we're a solid 8 years behind on DH investing in retirement due to his med school years. That's exponential loss.

This is what kills me. DH didn't start med school until he was nearly 30. We are soooo far behind on retirement it is scary. We still have 18 months of school plus 5ish years of residency.

When we discuss what specialty he is planning on choosing, income factors into it heavily. It isn't because we are greedy (far from it - he would rather take family practice because it will allow him medical missions overseas) but rather we have dramatically fewer years to save for retirement, college educations and pay off the phenomenal amount of debt that we have incurred. Nevermind buying a house or having more kids which at 33 is becoming a bit of a time crunch!

[Vishenka69]

Re: NY Times story in Style Section: Falling Down Professions

Wanted to weigh in on the retirement planning. When looking for an attending position, we were also focusing on how much each group contributed to a retirement fund. Aside from maxing out 401 (which really isn't much), DH's current group also deposits $20K a year into a retirement account. There are also private practice groups that include a loan-repayment bonus into the contract. That's definitely something to think about when choosing a specialty , location or practice.

[Auspicious]

Re: NY Times story in Style Section: Falling Down Professions

This is what kills me. DH didn't start med school until he was nearly 30. We are soooo far behind on retirement it is scary. We still have 18 months of school plus 5ish years of residency.

When we discuss what specialty he is planning on choosing, income factors into it heavily. It isn't because we are greedy (far from it - he would rather take family practice because it will allow him medical missions overseas) but rather we have dramatically fewer years to save for retirement, college educations and pay off the phenomenal amount of debt that we have incurred. Nevermind buying a house or having more kids which at 33 is becoming a bit of a time crunch!

You are not alone.

[HouseofWool]

Re: NY Times story in Style Section: Falling Down Professions

It feels so callus to be saying that he won't go into Family Practice because at $120K (in this part of the country) it just won't be enough. I have no visions of the bon-bons and country club lifestyle, but honestly, I would like to be able to afford a house that has more that 700 sf without worrying about being strangled by debt.

I'm sure that it will all work out positively in the end. Heck we are used to surviving on less than 50K annually (when you include his loans) so, being on one income while he is in residency won't be too big of a pinch. (We're planning on the SAHM thang and having a couple more kids in rapid succession.) At least health insurance should be cheaper through the hospitals than I what I am currently paying through my job. And no daycare costs!

Re: NY Times story in Style Section: Falling Down Professions

This is what kills me. DH didn't start med school until he was nearly 30. We are soooo far behind on retirement it is scary. We still have 18 months of school plus 5ish years of residency.

When we discuss what specialty he is planning on choosing, income factors into it heavily. It isn't because we are greedy (far from it - he would rather take family practice because it will allow him medical missions overseas) but rather we have dramatically fewer years to save for retirement, college educations and pay off the phenomenal amount of debt that we have incurred. Nevermind buying a house or having more kids which at 33 is becoming a bit of a time crunch!

You are not alone.

DH will be 49 when he finishes residency. And he's looking at a fellowship.

Retirement?

[Auspicious]

Re: NY Times story in Style Section: Falling Down Professions

We need matching "Finishing after Forty" merit badges or something. (Heh.)

[poky]

Re: NY Times story in Style Section: Falling Down Professions

We need matching "Finishing after Forty" merit badges or something. (Heh.)

I like that idea! Very very earliest DH could be done with residency is age 43, and that's if he does a 3 year program, and no fellowship. We'll see!

Re: NY Times story in Style Section: Falling Down Professions

Well, let's just say that my little brother who graduated from college 4 years ago is now making about double what DH and I make working full-time. He has one of those jobs that I don't understand, but it has something to do with commercial lending. For Christmas I made him a tin of cookies and gave him a framed picture of DS (his Godson) and he gave me a necklace from Tiffany's. I felt like a jerk...
Anyway...I love it when people pre-judge doctors by saying they're "just in it for the money". Ha! There are a lot of easier ways to make money (and more of it!).

I hate that! most times my DH won't say he's a doctor or won't want to sign things Dr. and Mrs. because people will automatically think we are rich. Sure we make more than if he worked at WalMart, but we make about 1/5 of what his brother makes who graduated college the same year.

[HouseofWool]

Re: NY Times story in Style Section: Falling Down Professions

We need matching "Finishing after Forty" merit badges or something. (Heh.)

IF DH chooses Path, we will squeak in under 40, but if he decides on Rad - we'll definately be in that club too.

Honestly - just the "I put up with no spouse and crappy hours for 10+ years" should earn each of us a merit badge.