Why are So Many Doctors Broke? Is It Worth the Debt?

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Despite their high salaries, not all doctors are wealthy, and some live paycheck to paycheck. Here are 5 reasons why many doctors today are broke.
While most doctors have deep specialized knowledge, there’s a big difference between being smart in your profession and being smart with money. If you’re an aspiring physician worried about becoming a broke doctor, put in the time as soon as possible to advance your financial education. This video is a great place to start.
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TIME STAMPS:
00:00 - Introduction
00:14 - 1 | Believing They are Universally Smart
01:36 - 2 | Overspending Too Soon
03:38 - 3 | Decreasing Salaries
04:31 - 4 | Increasing Costs of Private Practice
06:15 - 5 | Tuition Debt
07:54 - Is Becoming a Doctor Worth It?
LINKS FROM VIDEO:
Med School Insiders Balance & Wellness Scholarship: medschoolinsiders.com/medical...
Money, Investing, Finances (Playlist): • Money, Investing, Fina...
How To Afford Medical School | Do You Need To Be RICH To Become a Doctor?: • How To Afford Medical ...
The Changing Cost of Medical School: • The Changing Cost of M...
Student Loans 101 | College & Medical School: • Student Loans 101 | Co...
#medicalschool #doctordebt #premed
====================
Disclaimer: Content of this video is my opinion and does not constitute medical advice. The content and associated links provide general information for general educational purposes only. Use of this information is strictly at your own risk. Kevin Jubbal, M.D. and Med School Insiders LLC will not assume any liability for direct or indirect losses or damages that may result from the use of information contained in this video including but not limited to economic loss, injury, illness or death. May include affiliate links to Amazon. As an Amazon Associate, I may earn a commission on qualifying purchases made through them (at no extra cost to you).

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27 май 2024

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Комментарии : 70

@MedSchoolInsiders 7 месяцев назад

What are your favorite financial resources? Share them with our community in the comments!

@enazzz3 7 месяцев назад

Federal Loan interest rates are 8%+, many Medical schools charge 60-100k per year, and there’s this toxic culture of you need to accept the offer of any medical school that grants you admission regardless of financial burden

@julienalexander6113 7 месяцев назад

❗️❗️❗️💯

@risingdawn2day 7 месяцев назад

I'm on the RN route but always consider this when I explore being an MD

@guillermoflores3199 7 месяцев назад

But...Most medical schools are closer to 40k a year. Plus as long as you work at a not-for-profit company (like virtually all residencies) your entire federal loans are forgiven after ten years of minimum payments. So still sucky but not as bad as lots of people make it seem. After residency you can continue working at a teaching hospital to complete loan payments at a minimum or go into private practice where you can easily pay off the remainder in a couple of years.

@bzat2024 7 месяцев назад

I’ve been in private practice since 1992-your post is spot on re: reimbursements vs cost of running a private practice . I’m hanging on with my fingertips …everyday I see new patients who are grateful to have a doctor to help them , IN PERSON ….like the old days !

@okoroifeanyichukwu8762 7 месяцев назад

Wow! You're already a multimillionaire?

@stephen. 7 месяцев назад

They really need to pass bill in the senate that pauses interest accrual while in residency. That would help A LOT of residents and people who plan on going to med school. I wish US (and Canadian) med schools should have a limit on how much tuition they can charge instate and US residents like in the UK. Til then, I’m trying my hardest to get a full ride or federal scholarship.

@HT.100 7 месяцев назад

Don't forget about the 80+ hour work week. CEOs brag about working 80 hour weeks as if it is the end of the world and they end up making millions. 80 hour work weeks is the minimum expected of doctors and they end up making pennies

@edhcb9359 7 месяцев назад

CEO’s never really stop working. 80 hours per week is when they are on vacation.

@HT.100 7 месяцев назад

@@edhcb9359lol

@AmazingZelgius 7 месяцев назад

@@edhcb9359that's just indoctrinated bullshit

@risingdawn2day 7 месяцев назад

Seems like I'm a Dr already. Just need to study the science

@fyevalentine7670 7 месяцев назад

Not to mention taxes! 300,000 is not 300,000 after taxes it’s more like 225,000 or less!! Then student loan repayment and mal practice insurance. About or just under 200,000. Still nice, still livable but not at the level people are thinking. Also never get a 30 year mortgage! You literally pay twice as much!

@TexasGal. 7 месяцев назад

If you’re called to be a doctor and it’s your purpose, then it’s worth it. But if you’re only going into the profession for the salary or prestige then it’s going to be a tough road ahead.

@dominick6131 7 месяцев назад

The two are not mutually exclusive. How about we reward people who pursue their purpose instead of taking advantage of it.

@blogdesign7126 7 месяцев назад

True too!

@carlosmejias 7 месяцев назад

Any illiterate RU-vidr earns much more money than a doctor 🙃

@philosophia4562 7 месяцев назад

@@dominick6131I think given what they do and the perks of it physicians are pretty well compensated from both a prestige and monetary standpoint. Let us start with teachers or a profession that is actually undervalued.

@beto6319 7 месяцев назад

@@philosophia4562 how is that so? How do you know that? Look up the suicide rate amongst physicians. How does prestige pay for anything? A physician gives up a decade (minimum) of their life, meaning you watch as your family and friends proceed with life as you are in stasis, miss important time that you will never get back. Then you take on the most debt of any other profession. Only after do you start making any money (while you shoulder the fear of legal repercussions that could financially ruin you) , but you then have to spend almost another decade to get out of debt.

@lostdreamsalaa4748 7 месяцев назад

one thing I noticed about medicine in the US and this channel, there so much discourage and nagativity rather than actual motivation

@MedSchoolInsiders 7 месяцев назад

So many young students decide they want to go into medicine before fully understanding what they are commuting to. We want them to have all of the information before making such a huge time and financial commitment. If becoming a doctor isn't the ideal path, we encourage students to consider one of the many, many other medical careers available.

@lostdreamsalaa4748 7 месяцев назад

@@MedSchoolInsiders as a first year medical student myself, I completely agree, it’s just my opinion that there so much discourage I see in here, or I should say there is barely Any motivation here .

@lostdreamsalaa4748 7 месяцев назад

@@MedSchoolInsiders just to be clear I don’t mean it’s a bad channel, in fact it’s the complete opposite, you helped me reached med school and thank you so much for that.

@MedSchoolInsiders 6 месяцев назад

Thanks! We'll take that into consideration for a future video. Best of luck in med school and beyond!

@sim_aware 7 месяцев назад

Extremely important question and will continue to impact not only Med School grads but the efforts to diversify medical care for the foreseeable future.

@samuelpaulson6416 7 месяцев назад

Great Video! I appreciate that you are highlighting the financial side of being a physician because there are so many myths about physician compensation.

@sydneyhart 7 месяцев назад

I can tell you from personal experience that if you have a physical disability or mental health issues, becoming a physician is far from a sure thing. You’re better off going into another field.

@alo754 7 месяцев назад

Risk of failure is also very real.

@prashant10. 7 месяцев назад

The fact that to learn how to save lives you have to pay while to take one you can do it for free!!! This world is freaking unfair!

@coolfunkykitkat 7 месяцев назад

So many providers either quit or retired early because of the stress and burnout during Covid. We are already dealing with a shortage of medical professionals, and the decrease in take-home pay when inflation is accounted for, the costs to start your own practice, and the huge amounts of debt just to become a doctor make this whole shituation much worse. I just…don’t know what’s going to change. Inflation seems to be a pretty big culprit here, but I seriously doubt that the politicians who get into positions of power on the backs of lobbyists who are benefitting from inflation (with corporate profits reaching all time highs recently) are going to do anything to help. It is just a very scary situation, especially as it pertains to our HEALTH. I’m sure the impacts of inflation will level out eventually given all the striking we see, and people understanding the worth of their work as a result of Covid, but I can’t help but be nervous. We all ought to come together and demand some very serious changes as opposed to fighting one another and choosing sides. We are all on the same side here!!!

@jerklord23 7 месяцев назад

In Austria going to university is free if u can manage to get in.

@danielwillis12 7 месяцев назад

9:13 had to have been an ode to Alex Hormozi lol...well played

@dkcmusic 7 месяцев назад

After Covid the government should’ve eradicated debt for all healthcare workers.

@WhimsyWendy 3 месяца назад

Unless they get their license revoked, doctors have guaranteed job security all their life. Unlike most other jobs.

@angelachanellehuang5663 24 дня назад

Underrated field

@DrBrandonBeaber 7 месяцев назад

How do you make these incredible animations?

@wholeNwon 7 месяцев назад

You are exactly right. On entering college, we were offered optional, free testing. I was told, among other things, that my addiction potential approached zero but the bad news was that I had very low monetary acumen. Yikes! So I added finance and economics classes to the schedule. I graduated from an excellent med. school debt free. My outpatient schedule was almost full before I was even able to rent an office! I am frugal and very hard working by nature and thus enjoyed a highly successful practice which I sold while it was still valuable. I often advise people just starting to read "A Random Walk Down Wall St." and almost anything by John Bogle and Charles Ellis. Never hire a broker or financial advisor. Invest in great companies by indexing broadly, cheaply (e.g. VOO), reinvest dividends when paid and NEVER SELL. Buy a house, perhaps office real estate, etc. Would I do it all again? Med. School...yes. It was a great experience. Practice?...probably when I did it. Now? No.

@kathryncashner3294 Месяц назад

You nailed it... Example. I finished high school with top grades and went to college, med school, and residency. My brother graduated from high school 3 years later , barely literate, and went to work in a union factory. I was a chief resident before my salary equalled his STARTING salary. OK, 4 years later (after 3 years of fellowship) I started making what was likely more than he'd make in any given year in his lifetime, but it took me an additional 15 years of training to get there. I fully agree that the only way to make the loan payoff work is to continue to live like a student and put as much as you can toward those loans as soon as possible. Alternatively, you can go to school on the military or on a Health Professions "scholarship," and put in years post residency paying off the "loans" that you didn't need to take out.

@a_name3282 6 месяцев назад

Basically just because you can afford something doesn’t make it a good idea and you should always put your money towards the future instead of buying too many unnecessary items

@nickolasdominguez3939 7 месяцев назад

If I’m majoring in bio rn should I try minoring in finance/economics?

@briannguyen4078 7 месяцев назад

Now imagine paying 75k for a basic BSN degree. Is that worth it?

@bugsbunny852 5 месяцев назад

Lol

@Nursing-tv4ec 2 месяца назад

I graduated debt free with an RN degree. Just go to a community college first get FAFSA, grants, scholarships. Then pay for your own BSN later RN-BSN was just $9000 at UIC in Chicago. Live way below your means and it's manageable. I paid it all myself none of my parents helped me and I came from the Phil.

@alfredcguo 7 месяцев назад

tbh now with SAVE program and PSLF you can just get all your loans forgiven after making minimum payments during residency so it's not even expensive anymore. By the time you are attending the rest are forgiven so realistically you just pay like 100 a month during training and finish debt free

@angelachanellehuang5663 24 дня назад

I work as a nurse

@shelly716 3 месяца назад

I don't really want to hear about opportunity cost because doctors make a lot of money once they are done with residency.

@Mercyforthewicked 7 месяцев назад

UGHHH what have i gotten myself into

@WhimsyWendy 3 месяца назад

You will be fine. Just live like you're broke the first few years of residency and pay off your debt. Then you can splurge and upgrade your lifestyle without that debt hanging over you.

@derekduncan264 18 дней назад

I listened to similar videos when I was younger and didn’t go this route. I am now 30 and starting Premed. Do it!! If this is your passion, ask yourself: If you DONT go this route, what alternative will you be doing for the next 8 years, and will you be happy? If so, do that. If not, go to school and become a doctor. I know many doctors and not a single one is struggling financially. You will have enough to live comfortably, and trust me when I say that NOTHING is worth giving up your passion for. Would you rather live comfortably doing a job you love, or have the nicest car, nicest everything but work too many hours at a job that stresses you to the core while ALL THE WHILE thinking about “what if I became a doctor”?

@jackreaction8502 7 месяцев назад

The debt will be worth it🫶🏾

@dixienormus8231 7 месяцев назад

Would love to see a video on “So you want to be a CRNA.” CAA and other mid level positions would be great too.

@jorgecastillo2391 7 месяцев назад

Oof that Bidenomics was definitely felt

@La0bouchere 7 месяцев назад

Nearly all of the inflation was due to terrible fiscal policies from 2000-2020, like keeping interest rates at 0 for an entire decade. Stop thinking memes actually give you information.

@Pdmc-vu5gj Месяц назад

Inflation is a worldwide problem. Every country. Nothing to do with Biden.

@illusions1738 7 месяцев назад

Can you be a surgery if you have bad memory

@MoonieToonie 7 месяцев назад

If you work on your memory yed

@illusions1738 7 месяцев назад

@@MoonieToonie yes sir

@joudo7 7 месяцев назад

I’m gonna be that guy, but why do you not mention DO’s as well when you mention solely MD’s?

@TurdFurgeson571 7 месяцев назад

Why do you need him to mention DOs?

@joudo7 7 месяцев назад

@@TurdFurgeson571 from my experience, the general population doesn’t even know that DOs exist. It would be nice if Kevin could use his platform and include DOs in his videos when he refers to MDs since they are equivalent.

@whatiskungfan 7 месяцев назад

Hahaha, so many lies. Lottery winners get poor too but doctors live rich life which is why everyone wants to be in medical school. The doctors can easily pay off debts which is why medical school can charge that much in tuition. Otherwise banks would have stopped offering lower interest loans (and pre approved mortgages) to medical students long ago!!!