Are y'all even watching the video? He went to med school and is going to make 300k with two entities paying his debt for him. Sounds like medical school was a great investment.
As much as I like Dave Ramsey, his mule headed refusal to recognize such things as good debt, was not only a childish muh feelings when called out by a debt collector personally, but the fact that his audience is the type of people who can’t and or won’t live within their means no matter what.
@@markspan2674 There is wise investment and foolish investment. Education costs often transition from the former to the latter when the person doesn't need to lay out any costs up front and it's all make pretend money. Couple that with people taking 6-figure loans to pay for silly educations like philosophy or something equally useless because they felt entitled to go to a private college, etc. Go to community college and then commute to a state school and get the same education for a lot cheaper. Of course there are exceptions like having the opportunity to study engineering at MIT or law at Harvard.
@@jacobpereramd8094 I think he was referring to the money you make when you finish your training. Nobody forced you into medicine so quit whining - there are literally millions of people who would swap places with you in a heartbeat.
@@JohnSmith-gy8rc In the Bay Area, tech managers make way more than the majority of physicians. A top trauma surgeon at a major local hospital works only half time and the rest as a real estate agent. Real estate brings 75% of their income for a fraction of the time... Physicians are very much middle class and their wages keep going down every year. Yes people would switch ina heart beat, because it can be a wonderful and noble line of work. Financially speaking, I don't think that's the best proposition out there, by far. If you work smartly 120 hours a week at ANYTHING like the top surgeons do for 30 years, you will be well off. Why? because you will become the best at what you do. If you do accounting for 120 hours a week, you will become an expert at some specific issues, you might become a forensic accountant, and get paid top $$. If you work 120 hours a week in sales, you will become GREAT at sales, and start bringing the commissions. If you work 120 hours a week as a recruiter you will build a network and become a successful head hunter. If you work 120 hours a week as a plumber, you will become the best plumber out there and can charge whatever you want. You get my point.
@@comment_account2343 Hi there Jacob, @jacob Perera MD maybe make it less obvious that this is a spare account for "commenting" lol Also I call complete B.S that surgeons work 120 hours a week for 30 years. You know why because thats over 17 hours a day. I could believe 80 hours a week, or even 90 or 100 hours a week. BUT lets no exaggerate here eh. And if they did i would not want them working on me if they were working 120 hours a week.
Would love Dave's perspective on how he expects students to become Doctors, Dentists, Lawyers WITHOUT debt. At this point, the American education system is making this unattainable for smart and broke young people.
I don't know why they bother to call. I often wonder if they are actually med students. On the internet, you can say you are anything. Ask any practicing doctor over 40. They aren't eating beans and rice, and they aren't poor with massive debt. Once you start earning 200-500K per year, you'd have to be an idiot not to be able to pay off 400K and begin to become wealthy. And if you can pass organic chemistry, you should be able to figure it out.
Just hopping in to say that law school isn’t worth it for the majority of schools out there. Only the top law schools have job opportunities that pay more than the debt that students take on
As a veteran myself, I am telling this caller and ALL VETERANS to verify all verbiage on "student loan repayment" documents. Don't be surprised if your loan(s) don't qualify and the DOD failed to mention that...
Should be able to manage school costs using the G.I. Bill. If you need other income, work part-time and cash-flow the rest. This is how I did it. Finished four years with zero debt.
I agree with you as far as medical and science education is concerned. But too many young people will pursue a degree in theater or creative writing or music, then become salty because they're now deep in debt while working at Costco.
He needs to consider the interest building up on the student loans. At 415K it would be around 30k per year with the average US fedloan interest rate being 6-7%.
Yea usually people who make a lot of money spend a lot of money and just feel like entitled to spend it because they make a lot. Their mentality is, well I have a prestigious degree so I’m justified and I know I can just pay it off anyways. Let’s just ball out.
I prefer a physical therapist over chiropractor. I want prevention not after the damage is done. A chiropractor broke the neck of a coworker I worked with years ago.
@@harlenkelly7331 OK, the doctors I know charge that kind of money. Since I am in a family of medical professionals I'm just going off what I'm told but a physician makes way more than an chiropractor and that's a fact.
Medical school debt is the best student debt you can have. No other degree has the average salary expectancy and security as a medical degree. I’ve yet to meet a poor doctor. Once you’re done with fellowship you can pay that debt off quickly which can’t be said for 95% of other student debt.
@@k_kelsey We don't have any poor private practice docs in NY unless they are rural. Poor docs in public service facilities and clinics? Sure. Bad place to land if you have loans.
Kudos to the new introductory tune. It is so much appealing than the old "aggressive pop/rock" tune from the past. Now for the medical debt. Live 10 years on a median income and forget about the typical "rich doctor's" life style and with 200K a year, I don't see how you can't pay off this debt. Again, live in a NORMAL house and drive a NORMAL car (couple of years old used Camry?) and you ought to be fine. Also, if you are willing to work in underserved (needy) areas, you may be eligible for some relief on your loan. Options...options
@@DJ-ws6je Exactly, this isn't communism. So as a starting doc, live within your means to pay off debt and then you can "scale up" if you wish. Thanks for your wonderful "input"
Notice how you dont ever get calls from medical students being half way through their education calling in Because then Ramsey would be forced to say drive Uber and door dash through the rest of college
For med school, you can do an MD-PhD that covers your cost and pays you a living stipend for both degrees. It's hard to get into but it's also hard to pay off 400k in debt
Dave has had a few calls like that. And he never really has a clear cut answer. A few of them he suggests MD/PHD, military, or I’ve heard him mention look for a hospital that will pay for it (which doesn’t really exists). He beat around the bush big times on those calls.
@@zachwalters8001 Yeah, I love that "Find a hospital that will pay for your schooling". I think Dave forgot it isn't 1992 any more. We used to get a stipend for continuing ed. Now we are a drag on the facility's bottom line. The world of healthcare has changed. He is right about the military, though. Most of the docs I know couldn't have passed basic. And you still have to be very very bright to be a doc.
@@MBryantFFNY there’s no way that you can work with that rigorous of a course load in Medical or Dental School. They study 24/7 and are always in the library. That in itself is a full time job. People in Medical school are not the ones who are partying every weekend, or engaging in immature behavior… they’re the ones who are doped up on caffeine with multiple textbooks in their hands.
SMART MAN! I joined the Army 20 years ago and had THREE degrees paid for 100% FREE for me. Best decision I ever made was serving my country in this capacity.
I know someone who had the gov't (read: you and I) pay for her community college degree at 50. Low income, fired from a dead-end retail job. She took Italian, English literature, and economics. It was a lot of fun for her. She is still working off the books doing exactly what she was doing before. And you and I paid for all of this. Feel taken much?
I agree. But Tulsa is an underserved location they might make more. Here in Texas they make anywhere from 180-240k. 300k for a new family doc is unheard of
Its like a mortgage payment and add interest on it too good god. I hope he doesn't do other stupid things like buy a crazy expensive house or fancy Mercedes
I watch these videos to remind me to never go back to school, continue to work my blue collar job while running my vending business, and diversify my investments
Some blue collar jobs have tuition reimbursement bennies my friend. I turn wrenches for a living and i go to school for free. Just have to pass the class to get the reimbursement for it.
Do you prefer to have your surgery done by a quack who learned everything free from the internet, or by a board certified surgeon who went through extensive medical training? What's next? Bring it on...
@@mathisnotforthefaintofheart Do you prefer to have your surgery done by a surgeon who is formed outside of USA university madness, or by a surgeon who paid an overpriced education to read the same books any other surgeon in the world will be formed with? By the way, in my opinion medical studies is the only field an institution is needed. Anything else can be learned with a 100$/mo Internet conection.
@@superblump87 I'm saying you never should bet your life to pursuit a career that may not be as profiteable as the university system wants you to believe.
Why is it painful to hear that someone who is making $300k to start AND having 90k in loans paid off by the Army reserve and state of Oklahoma for a total income of $390k per year needs to pay off $415k in loans? In four years the loans will be paid by someone else and his salary will be $500k per year. In that time he will have earned 1.2 million, which is more than some make in a lifetime. I would love to be in that “painful” position of “shame”.
For the nondocs in the comments just some clarification. Medical school debt free is only attainable if you have coverage for your tuition and living expenses. Medical students are generally not allowed to work so the schools borrow for tuition and a special loan to cover your living expenses. The loans are super higher now bc the government no longer subsidizes the interest while we are in school. Residency is not a good time to start pay back bc you make just enough to keep a roof over your head, eat and get to work. It would be much better if the CMS would build in additional funds to residents to start payback nd not just deferment. Family docs who make more are generally seeing private insurance patients and/or Medicare but not usually Medicaid. For the new residency grads on the thread, you can negotiate loan repayment as a benefit in ANY permanent job contract. Get a lawyer to negotiate the terms. That 500 - 1500 dollars can save you hundreds of thousands down the line. You can direct your sign on and retention bonuses to loan repayment as well. The biggest thing of course is saving more than you spend but these tips can help a huge deal too.
im just finished my second year of medical school and Im already 210k in debt. thats one of my reasons for choosing a surgical specialty, bc i need to be able to pay off what it cost to get here
Serious question - how exactly did this problem occur? I went in the 90s and it was less than 10k for four years. How is this even possible. That was a 4 year degree at a state school. Why????
There was a time where these schools didn’t take you seriously unless you came from a wealthy background. There were reasons for that, now it’s called “discrimination”.
@@Primitive_Code he's been gone awhile. His channel no longer advertises Ramsey before the videos but apparently he's still affiliated? It all changed after he.posted about going on a vacation in social media over a month ago. Since coming back seems to be like somewhat mildly distanced from Ramsey..but not fully?
He didn't master his craft. Watch his videos... he bungled the baby steps several times and Dave had to correct him. Other than that he would often just sit quietly beside Dave and look bored. Lesson for us all: never get complacent. There's always somebody else who wants your spot!
I’ll say it right now for any medical school hopefuls... if you’re going to have to sign up for almost half a million dollars in student loan debt, being a doctor is not worth it.
Untrue. Becoming a physician should not be confined to wealthy families. If a physician is committed to paying off this huge debt by leading a modest lifestyle, it's not a problem at all.
As much as I like Dave Ramsey, his mule headed refusal to recognize such things as good debt, was not only a childish muh feelings when called out by a debt collector personally, but the fact that his audience is the type of people who can’t and or won’t live within their means no matter what.
Isn't it annoying to see all these doctors complaining about debt when you are paid over 200 -300 k salaries a year. People with PhD in more difficult subjects don't even earn a third of your incomes. Just shut up
@@aprilmcclellan1248 not exactly. You could leverage much greater amounts of money and therefore earn/lose substantially more/less simply by having more cash to utilize, so having 415k in student loan debt with 275k would actually be more optimal if you used the extra money wisely
Unfortunately he didn't master his craft. Watch his videos... he bungled the baby steps several times and Dave had to correct him. Other than that he would often just sit quietly beside Dave and look bored. Lesson for us all: never get complacent. There's always somebody else who wants your spot!
No family medicine doctor is making 300k a year. They are the least paid doctors next to pediatricians. There are nurses that make much more than family docs.
As a PERIODONTIST that had $300K in debt, if I could go through training again, I'd IMMEDIATELY start focusing on growing multiple passive income streams each year along with paying down student loans. I you're a doctor, lawyer, etc. then you can do BOTH, pay down debt aggressively and invest.
@@annajones9701 Personally I invest in passive real estate syndications deals. It allows me to focus on treating patients yet reap the benefits of real estate such as passive income and tax benefits.
Doctors taking out $400k is pay to play, an investment unto yourself, to advance your career and make some of the highest income in all career fields. I don’t get the logic entirely it’s like we are treating them like they are $400k in the hole and they are an English teacher haha
Its amazing if you know how to navigate through it. Most don't. I work in academia and I am baffled by the knowledge students have about their phone and the Kardashians, but don't know the course they are going to take next semester.
And here I’m upset I only got 5,000 in debt of student loans haha but yeah I tend to pay it off but I honestly don’t know how I was never taught bout this stuff I immediately hop into college after graduating and only did 2 years until I stopped going in 2020 I went to BC3 it’s a community college I only went to try to make my mom proud cause she basically made me feel like college is the only route to success and without it you are nothing
