This post was originally featured in www.kevinmd.com
Content has been reworded for contextual relevance.
Doctors have the most luxurious lives
Doctors always drive the best cars
Doctors always go on fully paid vacations from big pharma companies
People always want their children to become doctors or marry a doctor because they are the most financially stable
What if I told you a large number of these millionaire medicos are secretly broke?
Would you believe many doctors nowadays work more hours and in more clinics because they have enough savings to last only for a few weeks?
Why do you think most doctors can never retire? Because they love giving their service until they reach the grave? Really?
The truth is......most doctors work to death because of financial illiteracy.....
What do I mean?
Revenue is total amount you earn
Income is what you have left over after all calculated expenses
True, a medical career gives you high revenue
but when you calculate how much a doctor actually has each month.....it is leading towards bankruptcy
Due to the expected lifestyle imposed by society.......doctors are expected to have a nice apartment......a nice car......fancy living......private education (even sending children abroad for medical studies).....fancy everything
These are a collection of liabilities that eat away at your bank account
Typical Bangladeshi doctor who works in public hospital in Dhaka, often has to do extra shifts at a private hospital in the afternoon and then a private chamber in most evenings....including weekends
This action is just to keep up with rising expenses.......
Even with money coming in......maybe from regular patients....or pharma paybacks or whatever.....the threat of bankruptcy is very real and very near
There are 8 ways you can be broke as a doctor
Going to a private medical school........worse.....in a rich foreign country like in the middle east/china/russia wherever
So before getting MBBS, you are born into professional debt
Parents borrowing money to pay for this expensive future
Passing medical school is the easiest and cheapest path
Trust me I know
Again you have to borrow money to pay for postgraduate degrees (domestic and abroad)
Getting married immediately after graduating with no career skills and also zero life experiences
To keep up with society expectations you need to spend heavily on such event
Believe it or not many doctors get divorced.....especially when you shift overseas as new pressures affect your relationships.....divorces are extremely expensive for both parties
Raising a child before you have a steady salary from a big hospital job or a regular patient turnover.
Every year becomes more and more financially stressful....multiplied by number of children of course
Nice weekend parties
Spending more than you THINK you make
I said expensive habits.....I didnt say bad habits.....that is a moral judgement.....but nonetheless some habits will destroy your bank account before it destroys your body and family
I'm talking about
Yes, even doctors can be drug addicts
We live in the perfect storm of high stress low satisfaction atmosphere
Of course we will look for some kind of escape
Even if it is an expensive escape
Downsizing from a failing hospital
Fired because of some issues in the workplace
Difficulty finding enough patients per week to increase revenue
Even moving to a foreign country but not working in the same field or same status can also be a failed practice since now your life spent training is insufficient in that health system plus you spent all that money to immigrate
Actually there are more than 8 ways to go broke as a doctor.......if I list all of them it will be too depressing
I don't want to be responsible for some doctor's suicide or to decrease university attendance
What I wanted to do was to tell you that these are the ways of the old world
A world that is copy-pasting expectations from financial idiots and loser amateurs
All is not lost my comrades,
What is needed is a change in mindset to evolve into something smarter and more stable
I am talking about becoming a physician entrepreneur
Im not saying that I made it, I dont have all the answers
But you should realize that you are a professional.....you are at the top of the society pyramid
Use your analytical and logical mental powers to free yourself
Get financial freedom
Dont work hard - work smart
Let technology guide you to an easier life
Away from bankruptcy
This blogpost was made possible with the assistance of
-A healthcare platform that connects you to a nearby doctor in only 3 clicks!
Thank you for you time and I wish you good health
Dr. Ismail Sayeed
MBBS MMed MSc
Founder & CEO
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