*While this number isn’t the most accurate, it’s probably quite close to the reality.
The plumber starts working at age 18 vs. a doctor starts his attending job in his 30’s.
+ The time value of money put into retirement accounts starting at age 18 is WAY more powerful than that starting at age 38
+ Tremendous high interest snowballing student debt the doc accrues from age 18-early 30’s
+ Heavy taxes when the doc finally gets a real paycheck
= “doctors are wealthier than plumbers” is an illusion.
Most doctors love their profession, but far too many get burnt out from their perpetual struggle to build wealth from a -400k financial start in their 30’s.
Most of us choose medicine/higher education in general because it is our calling/ passion, not for the money. But it doesn’t mean we have to or want to be broke.
