Quote from: silentone on October 07, 2012, 01:29:26 PM
My brother is planning to go to medical school in another year and plans to specialize in something, but the debt from what will be in the 500k+ range. It will also he 10 years or so after he finishes his residency before he sees any real money.
Where are you getting these numbers?
A Doctorate from a Private Institution in Medicine costs $180,000. Not $500,000.
Also, residency is 3 years and another 2 if they wish to specialize in a field (such as Child Neurology, Child Cardiology, etc). A Chief Senior Resident is a Resident MD who spends an extra year past her/his 3 year residency.
A PGY 1 starts at 42K a year and that salary increases 3,000 a year for however long she or he stays in the residency. Not too shabby since you don't have to pay for malpractice insurance as a resident (the company you will be in residency with will cover your costs).
My mother is a Doctor. When she left her residency she started to make 180,000 a year from 55,000. However, since she has to pay out 65,000 a year in mal practice premiums (average for a Cardiologist in good standing), she only makes a 115,000 a year. In reality, she received a 60,000 pay raise..and not a 125,000 pay raise....and this doesn't include her staffing costs and loan paybacks.
If you do get all those degrees, remember, you wont find a job that will pay you for each and every degree u get. In all honesty, you'll be 60 before u finish school and if you land a job, they aren't going to altar your paygrade based on the 5 doctorates you'll get. For example, if a firm hires you for a position in statistical marketing based on your Ph.D in statistics they wont give you an added title and separate pay check for a Corporate attorney.
Many of my professors has two doctorates but they get paid just a smudging more compared to the one doctorate professors...and it has nothing to do with their degrees...it's their experience. They are much older and have been teaching longer (hence the multiple docts)
