Announcement

Collapse
No announcement yet.

What Career besides medicine/dentistry would you recommend to your children?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • CM
    replied

    .

     

    Leave a comment:


  • Tim
    replied


    6 figure careers are generally hard to get to and maintain.
    Click to expand...


    @newellcr Thank you for the summary. I really feel that some physicians here are potentially a little out of touch with the reality for the vast majority of college graduates. That is not a criticism, more like a function or the other brains they hang around with.

    Leave a comment:


  • ko
    replied

    CM wrote:1. Investment banking.



    1. Investment banking.

    Terrible hours but no worse than med school, residency, fellowship, or (at least in my case) private practice, and bankers make much more money than physicians. I burned out and left medicine at about 41-42 yo (before returning later). I probably would have burned out on banking by then as well, but I would have been 10-100 times wealthier.
    Click to expand...


    You sure about about? That investment banking, particularly at a bulge bracket bank, has hours no worse than residency, fellowship, and private practice? I've got several friends that are investment bankers and hire them regularly in my current job...and they work a good bit more than my doctor friends.

    If I recall correctly, you did some work in finance, so I'm sure you have an informed perspective - just wondering if this was really your impression.

    Leave a comment:


  • newellcr
    replied
    Good Life,

    First post here.  30 year FIRE accumulation, maintain background.  Not a doc, dentist or otherwise.  Mech Engineer and teacher spouse, here.  Generally happy with careers and both of us will be FIRE by 52, with semi- embarrassing toys and lifestyle.    Uhhh.  Been looking at the 'my buddy's son/daughter makes' comments.  Here is WSJ data for early, mid and late career with mid and higher percentiles.

    https://online.wsj.com/public/resources/documents/info-Degrees_that_Pay_you_Back-sort.html

     

    Location matters, but 6 figure careers are generally hard to get to and maintain.  Getting to 6 figures may require a balance of low earnings years and student debt.  Being a participant at WCI, you might be more inclined to value FIRE goals.  I am.  My level-headed teens seem to value FIRE goals...  FIRE isn't earnings dependent, it is saving/investment and total package benefits - earnings at age 22 have a lot of compounding power...

    What do the kids want?  My daughter wanted to be a 'mommy teacher', which was nice.  After many, many conversations about satisfaction, salary, and lifestyle;  she pushed herself and is a 4.6 student in a STEM program.  In her words, she's -gonna get paid.  My son is more well rounded and wants a military career.  He won't say if he (respectfully) want to eat bugs and jump out of airplanes or be a quartermaster.  There is a limit of truly open conversations with kids/parents, but I respectfully submit that a Large salary, may or may not be a necessary goal.

    Kind Regards,

    Chris

     

    Leave a comment:


  • CM
    replied




    .

    Leave a comment:


  • Tim
    replied
    @Sneezy,
    https://www.entrepreneur.com/article/309422
    I think your numbers need a little clarification. Location and your field within tech tends to be cyclical and subject to obsolescence relatively quickly. HCOL areas come with a price. Once you get out of the “brilliant “ category things get crowded.

    Leave a comment:


  • Sneezy
    replied




    Tech. I hope all 3 of our kids major is some sort of computer related field.
    Click to expand...


    Agree with this.  New college grads making 150k with no med school, no residency, no fellowship.

     

    Leave a comment:


  • Sajimone
    replied

    Hands down.. real eatate broker. More hustle = more money and has so many different fields you can go into! Lots of learning and provides a service to people. My uncle is probably hitting > 7 figures annually as an agent alone.

    Leave a comment:


  • Lordosis
    replied
    I could not imagine what I would do to fill the time between getting the kids on the bus to them getting home.  Cleaning and cooking and shopping only take so long.  We do it now and we both work and we have 4 little kids.  It is hard but doable and totally worth it.  I realize my ways are not for all families and some find great use in a stay at home parent.  Just saying it has not worked for us.

    Leave a comment:


  • q-school
    replied







    both my brother in laws are stay at home dads. my sons keep saying they want to be like uncle steve or uncle john.
    Click to expand…






    I thought I would want to be a SAHD. Now I have 3 kids under 3. I look forward to going to work.
    Click to expand…


    If I ever become a SAHD I might even become a bit more religious and ask for forgiveness and even do penance in order that I might go back to work. I love my daughter dearly but both of us agree that I am cut out to be a SAHD or even taking care of her by myself for more than 3 weeks continuously, max.

    Hats off to the men who are SAHD. I need structured work to have a fulfillment in life.
    Click to expand...


    i fully agree when kids are young.  howevah, with kids in school for 8 hours it doesn't seem nearly as taxing (to me).  who knows though.

    it's definitely not for me.  i'm already worried about how i'm going to fill my hours in retirement.

     

    Leave a comment:


  • Kamban
    replied




    both my brother in laws are stay at home dads. my sons keep saying they want to be like uncle steve or uncle john.
    Click to expand...






    I thought I would want to be a SAHD. Now I have 3 kids under 3. I look forward to going to work.
    Click to expand...


    If I ever become a SAHD I might even become a bit more religious and ask for forgiveness and even do penance in order that I might go back to work. I love my daughter dearly but both of us agree that I am cut out to be a SAHD or even taking care of her by myself for more than 3 weeks continuously, max.

    Hats off to the men who are SAHD. I need structured work to have a fulfillment in life.

    Leave a comment:


  • ko
    replied







    Actually, the pyramid in any other profession besides medicine is very steep. Hire 50, one makes partner, for awhile.
    Click to expand…


    ^^^^^ This  ^^^^^

    This seems to be the thing that most docs ignore when they suggest law, business, finance, etc.  Unlike medschool, where you study hard, graduate anywhere in the class, work hard, and boom you’ve got a guaranteed meaningful and well-paid job, when you get a business degree, you can work as hard as you want and there are still no guarantees or even great likelihoods.

    That new york biglaw friend of yours pulling in $800k is busting his ****************** and likely has been doing so his whole life, has at least one ex-wife and is currently married to his future ex-wife, and may actually be up to his eyeballs in debt maintaining that lifestyle.  Dare I say, he’s probably working harder than most (not all ? ) of y’all docs on here do, with all of the same stress or worse.  Fridays off and wednesday afternoon tee time doesn’t come until late in the game when you’re an old man.  And again, that’s all assuming you survive and make it up the pyramid.
    Click to expand...


    Couldn't agree more - and that's if you even make partner - if you're in the less then 10% that even make it to partner from your cohort that start at your BigLaw firm. And that's if you're even in the minority of your law school class at your top law school that even get a BigLaw offer. And that's if you're one of the small minority that even get into the top law school in the first place.

    Leave a comment:


  • Tim
    replied
    @GoBlueMD,

    Power in the numbers! If you can stipulate that the top 10 or 10% is the magic.
    1000 university students (acctg, prelaw, whatever)
    Only 100 get to even interview. Everyone wants the top 10%. Maybe 10 get the prestigious offer. That’s 1%.

    The anecdotes be used are most likely from university setting. How many people from high school does anyone know that chose something other than medicine that ended up taking in big bucks? Most people know less than 10 friends from high school, it would be rare if a physician found another high income friend. Two fro the same English class would be unlikely. No other career has the odds.

    Leave a comment:


  • GoBlueMD
    replied
    Multi-level marketing. You can be super wealthy, gain self confidence and transform yourself into a demi-god. Everyone will love you, believe what you say and buy what you are selling by the truckload.

    That’s what I hear.

    When I hear doctors say they wish they did other careers, I think about the MLM scam. They are basically disregarding the fact that 90+% of people in the other careers make less than the average doctor. Though in MLM, you are just plain losing money.

    Leave a comment:


  • Craigy
    replied




    Actually, the pyramid in any other profession besides medicine is very steep. Hire 50, one makes partner, for awhile.
    Click to expand...


    ^^^^^ This  ^^^^^

    This seems to be the thing that most docs ignore when they suggest law, business, finance, etc.  Unlike medschool, where you study hard, graduate anywhere in the class, work hard, and boom you've got a guaranteed meaningful and well-paid job, when you get a business degree, you can work as hard as you want and there are still no guarantees or even great likelihoods.

    That new york biglaw friend of yours pulling in $800k is busting his ****************** and likely has been doing so his whole life, has at least one ex-wife and is currently married to his future ex-wife, and may actually be up to his eyeballs in debt maintaining that lifestyle.  Dare I say, he's probably working harder than most (not all ) of y'all docs on here do, with all of the same stress or worse.  Fridays off and wednesday afternoon tee time doesn't come until late in the game when you're an old man.  And again, that's all assuming you survive and make it up the pyramid.

    Leave a comment:

Working...
X