College Confidential - View Single Post

Bigredmed · 05-18-2006, 11:09 PM

Okay, I'm not sure I'm understanding this (although I applaud you for getting a chance to use some of the stuff you know!) so, what we're saying is that if I were to win the lottery tomorrow, and immediately invested all of it with a 7% annual return for the equivalent of my professional life (assume from age 31 - 65) I would have to win 1.12 M to equal what I will be earning during that same professional lifespan (if I were to be an interventional cardiologist)?

That's how I'm interpreting it, though I'm pretty sure that's not right. I don't - I might be closer than I think. If this was graphically represented would my earning line be linear, while my winning/investing line be exponential, and we're determining where these lines meet?

If that is at least close, I find it interesting, because at this point, the range is relatively small, but in the end, there are going to be large discrpencies in the actual end value wealth for the individual professions.

What I also think is interesting though, particularly in regards to the physician/attorney differences is that medicine, at least once you are in medical school, is a much "safer" or less risky profession than law. By this I mean, once you are in medical school, you are going to be a doctor, you are going to get training in SOMETHING. On the other hand, people drop out of law school like crazy, a significant portion will not end up using their JD as practicing lawyers, many more will not come in on a partner track, and for as much as I rail against prestige, in law it absolutely 100% makes a difference in where and how you will practice, and how much you will make.

So in one sense, from a pure statistical sense becoming a physician is not the wisest financial decision, but in terms of assuring one's income, it may actually be a better decision than it looks to be - once you've gotten into medical school: job security, probable shortage in the future, surprising freedom in determining lifestyle and practice considerations, and so on.

Let me know if I'm on the right track here (and by the by - from the other thread - I was a sociology major with a pretty low GPA)

05-18-2006, 11:09 PM	#7
Bigredmed Senior Member Join Date: Apr 2006 Posts: 3,297	Okay, I'm not sure I'm understanding this (although I applaud you for getting a chance to use some of the stuff you know!) so, what we're saying is that if I were to win the lottery tomorrow, and immediately invested all of it with a 7% annual return for the equivalent of my professional life (assume from age 31 - 65) I would have to win 1.12 M to equal what I will be earning during that same professional lifespan (if I were to be an interventional cardiologist)? That's how I'm interpreting it, though I'm pretty sure that's not right. I don't - I might be closer than I think. If this was graphically represented would my earning line be linear, while my winning/investing line be exponential, and we're determining where these lines meet? If that is at least close, I find it interesting, because at this point, the range is relatively small, but in the end, there are going to be large discrpencies in the actual end value wealth for the individual professions. What I also think is interesting though, particularly in regards to the physician/attorney differences is that medicine, at least once you are in medical school, is a much "safer" or less risky profession than law. By this I mean, once you are in medical school, you are going to be a doctor, you are going to get training in SOMETHING. On the other hand, people drop out of law school like crazy, a significant portion will not end up using their JD as practicing lawyers, many more will not come in on a partner track, and for as much as I rail against prestige, in law it absolutely 100% makes a difference in where and how you will practice, and how much you will make. So in one sense, from a pure statistical sense becoming a physician is not the wisest financial decision, but in terms of assuring one's income, it may actually be a better decision than it looks to be - once you've gotten into medical school: job security, probable shortage in the future, surprising freedom in determining lifestyle and practice considerations, and so on. Let me know if I'm on the right track here (and by the by - from the other thread - I was a sociology major with a pretty low GPA)
	Reply