Anonymous wrote:I mentioned this in the previous thread but going to medical school later in life was far more financially feasible 10 years ago than it is today.
Tuitions have skyrocketed---what was $25k 10 years ago (when I went) is now close to $70K. If you're going to medical school 10-15 years later than most, this investment becomes tricky because you're losing out on 15 years of salary.
Added to this, medical salaries have dropped.
It's doable to go to medical school in your 30's but it may not be financially wise. A previous poster mentioned a mid-thirties woman who became a pediatrician. To do that today (2015) the reality is that tuition would be $50k-80K/year x 4 years. (not counting any living expenses). Then 3 years of residency making $45K/year. Then the starting salaries of pediatricians are roughly $100k.
Those are the types of numbers you're looking at in 2015. A much different picture than 10 years ago when the debt burden was a fraction of what it is today.
I'm not sure what you are talking about. Debt was horrendous 10 yeas ago too.
As for the numbers you might be correct in a vacuum or if OP plots life as you have.
OP is 30 so likely has at least 8 years in the workforce in the bank possibly more. We don't know what he/she does or what the financial situation for them is. Depending on what it is they do now could potentially continue earning on a partial basis even during school.
Living expenses both during and after med school are person dependent. If OP is inclined to live at the highest end of things while ignoring incurred debt that is an issue.
We also do not know the schools OP is intending to attend which could be less than the figures you gave.
Then there is the area of medicine OP plans on practicing and the area of the country/world OP plans to settle.
OP might also be okay with not having millions in the bank by age 50.