What would you do if you were also a MD?
I am a 3rd year medical student at an upper tier medical school on the west coast. I'm curious what you (as a wallstreet type) would do if you were in my position and liked medicine enough that you would finish medschool and residency.
Would you choose a specialty like EM (3y residency) with a low time commitment (~36h/wk) post-residency to earn capital (average salaries ~250K) to apply in investing/entrepreneurial activities during free time?
or
Would you choose a surgical/medical subspecialty (~6y residency) with a high time commitment (55-70hr/wk) post-residency to earn considerably more capital (~350-450K) which you would likely not be able to invest yourself or spend time in entrepreneurship.
Keep in mind you would also be about 300K in debt after a 3y residency (more after a 6y residency if not paying the interest)
It's not just about the money. I find myself drawn to the opportunity and uncertainty that your fields of expertise provide.
Specialty like EM, by far, but maybe I am not the wall street type of guy you are referring to. 250k a year is more than enough to live comfortable and the low time-commitment makes it also possible for you to have a normal live and take up some hobby's. Besides, surgical is not good for your body in the long run, a lot of professionals stop before their 55's. So let's put it otherwise doe you really need the additional 100k and 200k a year to be happy?
Yes I am an ambitious man.
I guess what I'm really asking is: would 250K minus minimalist living expenses (250K - 40K = 210K) be enough to create sizeable wealth? If it is not, is 350K enough to create sizeable wealth if placed in the hands of a pro? If both are simply not enough to create multi-milllionaire sized wealth through investment then obviously the larger salary is better for someone without an entrepreneurial spirit. For someone wanting to take a risk than the smaller salary and more time is better as it allows for startups. Finally, perhaps I am misguided and underestimate the difficulty of launching a startup even if capital is available. If that is the case too, the larger salary again is better.
So I searched the internet for some time trying to find a forum where business people congregated. Took a while but eventually found WS Oasis. I am quickly trying to learn as much about finance and business as possible but ultimately I have no REAL experience in this area of study so I definitely appreciate all of your thoughts on what you would do given this situation.
gogogo dermatology
Not an option due to board scores, lack of published work in the field, and lack of connections
If you like business/investing, do the first. If you don't, do the second.
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