It's really expensive to become a doctor, both in TIME invested and ACTUAL DOLLARS in cost. Medical school tuition ranges from $30k-$70k/YEAR and loans are usually taken out at a 5-7% compounding interest rate. This leads to ~$200k in DEBT at graduation... that you STILL cannot pay off during residency because the stipend really isn't a lot.
In this video, I go over a spreadsheet I make comparing net worth between an engineer and doctor (specifically an anesthesiologist and an internist in BOSTON). I graduated with my engineering degree so it's not unreasonable of a comparison.
Here's the spreadsheet to follow along: bit.ly/doctorfinances
I also discuss this in my blog entry: blog.amandaxi.com/2021/02/24/...
A couple notes:
- my $170k average debt number is a bit outdated; we're closer to $200k now on average
- I used a low estimate for the interest accrued on loans
- in my assumption, I make the people super frugal, so they save a lot of $$$... maybe not as realistic
P.S. The perfectionist side of me was driven nuts by a couple little imperfections in this video, but I'm trying to just move on from this attitude so I can keep making good content [while, you know, working full-time as an ICU doctor/anesthesiologist].
CONNECT WITH ME:
Blog: blog.amandaxi.com
Instagram: / amandasximd
Facebook: / amandasximd
My essentials for being productive: www.amazon.com/shop/amandaeleven
Graphics created with Canva: fave.co/3oUtdgg​
DISCLAIMER: I never record videos during active patient care. Opinions in my videos are mine and not representative of the organizations I am part of. Videos are meant for education and are not medical advice. Links included in this description may be affiliate links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel!