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

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

  • Sajimone Sajimone 
    Participant
    Status: Physician, Small Business Owner
    Posts: 85
    Joined: 01/09/2016

    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.

    #198561 Reply
    Avatar Sneezy 
    Participant
    Status: Physician
    Posts: 89
    Joined: 01/11/2016

    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.

     

    #198766 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 1443
    Joined: 09/18/2018

    @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.

    #198796 Reply
    CM CM 
    Participant
    Status: Physician
    Posts: 941
    Joined: 01/14/2017
    1. If you weren’t in medicine/dentistry, what career would you choose if you had to decide now? 2. What other profession besides medicine/dentistry has the majority of people making >200k with solid job security?

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    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.

    One can transition into private equity or investment management from banking, or land a lucrative finance job at a large company in the industry served as a banker.

    2. I’m sure that most of my former colleagues in equity analysis are earning more than $200K/year by now, without the onerous training physicians often endure. Most of them had MBAs from good schools (usually Booth, some Kellogg, some Harvard, some Notre Dame, and one economics PhD from Stanford, of those I remember) and many earned the CFA designation as well. However, the majority of physicians could do the same (as I did). There is plenty of money in many areas of finance for those as capable as most physicians.

    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried bags for Cyd Charisse (gracious). Hosted epic company parties after Friday night rehearsals.

    #198802 Reply
    Liked by Kamban, Tim
    Avatar newellcr 
    Participant
    Status: Other Professional
    Posts: 1
    Joined: 03/16/2019

    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

     

    #198813 Reply
    Avatar ko 
    Participant
    Status: Other Professional
    Posts: 63
    Joined: 02/03/2016
    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.

    #198991 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 1443
    Joined: 09/18/2018
    6 figure careers are generally hard to get to and maintain.

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    @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.

    #198995 Reply
    Liked by newellcr
    CM CM 
    Participant
    Status: Physician
    Posts: 941
    Joined: 01/14/2017
    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.

    Click to expand…

    No one measures this, so any comparison is a bit of hand-waving.

    I’ve been impressed by how little many of the attending physicians on this board work. (That’s a compliment, not a knock.) In the right specialty or practice arrangement, many attending physicians can achieve a nice lifestyle. Not sure if that’s true for some more senior investment bankers.

    Also, I trained before hours were restricted, and the situation might be nicer now.

    My impression is that more junior bankers start a few hours later in the morning than most physicians (e.g., 9-10 a.m.) and usually work at least 12 hours, but with many days stretching into the wee hours of the morning, and with occasional all-nighters. They will also be required to work on many or most weekends.

    More senior bankers might work about 10 hours per day, six days per week.

    I’ve formed this impression from talking to colleagues at work (as an equity analyst) and business school when I was exploring alternative careers including consulting and investment banking. I’ve also read a number of accounts on the internet which seem to corroborate this impression. However, I did not work as an investment banker.

    If my impression is correct, then my lifestyle for most of my medical career has been substantially worse (though my current situation is the best to date). Nevertheless, either is very demanding.

     

    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried bags for Cyd Charisse (gracious). Hosted epic company parties after Friday night rehearsals.

    #199002 Reply

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