Hello, I just started working as a doctor, and can save some money monthly, but eventually the goal is to become independent.
Everywhere i read, there are people making 10k/month, in basic businesses, or in tech related jobs.
Im 27 years old, spent the last 10 years studying medicine and never made a dime. My job requires that i work from 7 till around 5. (+ night shifts) (+ stress, sleepless nights, studying 24/7, bad temper from supervisors, bad coworkers, being always physically present(no house office), etc…)
and at the end the salary is around 5k. its great i know, but for the upcoming 6 years it is gong to stay around that number until i get the specialty then it will become 10k.
BUTTT, if you compare it to the people that will NOW (or earlier), who start a business and work on it really hard (like i am going to work in the next 6 years in medicine), then THEY will be independent + make 10k + be proud of themselves + House office(onine) + A BETTER LIFE.
my question is where do i start, how do i start, what are these tech businesses that generate so much money?
what would you advise me to do if you were in my choose?
Being a doctor is the Worst decision i ever made.
byu/Temporaryuser1997 inEntrepreneur
Posted by Temporaryuser1997
28 Comments
Surprised you made it through med school with this kind of logic
Is starting a private practice not an option for you? I mean after you get your specialty. Do not compare yourself to others and where they are at what age – you are you, and you are here. The only option you have is making do with what you have, and I think starting a private medical practice is a viable option within the next 10 years. I would stop focusing on people making millions in their 20’s – most of them are lying.
Start with accepting that your first journey did not bring you where you wanted and being graceful about it so that you don’t burn mental revs on being resentful. It’s an asset, not a burden or a mistake. Everything you did so far brought you here.
The healthcare industry is riddled with problems. Patient problems, practitioner problems, admin problems. Find one that stands out to you the most and solve it with Tech.
Why not go into med tech? I used to work in the field. A LOT of doctors do side work supporting the work of tech companies. Its hard to get doctors to help with the development, so you’d be in demand.
Not all tech people make a lot of money
There’s people coding for $15 / hour (or less)
A lot of doctors are quitting and have money problems
Tech isn’t a free way to print money not without a lifetime investment in skills. And then you still need to attract investors, clients and users
In the last 12 years I’ve founded 4 startups, and work in the tech industry for many years, I’m 36 and I don’t have even remotely job stability or hope to access housing.
You work 1 years, you lose your job, you spend the money you earned in surviving until you find the next job, which lately can take up to 6-12 months. Rinse and repeat.
I would just have worked on McDonalds if I knew this as a teenager.
A lot being shared online is simply a lie.
Don’t believe everything you read or see.
Doctors are important and I’m grateful there are people like you who can help others but if it’s truly the money you’re after. You need to find something else.
First of all, congrats for completing med school!
The reality is not everyone who starts a business will make money. Maybe you need to ask yourself, are you passionate to continue in this field and become a specialist then consultant down the road?
Edit: I do know and heard off here medical doctors who don’t practise medicine after and went into corporate such as pharma/insurance/health tech and etc so there are opportunities out there
“salary is around 5k”
5k per what time period?
Where are you located and what specialty are you training for that would only pay $10k/month? Many specialists (in the US) are pulling in $500k+. Even general practitioners are getting more than $10k/mo most places.
I would make sure you’ve got your info right before making a huge career change.
Working in hospitals has that reputation yup. Just imagine how much worse it’s for the nurses that earn far less.
I think doctors in hospitals are very important, so dudes for doing that in the first place. As for being happy working there it’s important to know why you are doing it so taking on that burden makes sense. If it simply is not for you as a medical doctor you might have plenty of options in private practice depending on where you live on the planet, it would at the very least give you more normal five days a week 9 to 5 like workIng hours.
usualy to become a doctor there is a lot of memorized learning and endurance needed. In entrepreneurship that can be helpful in any team that wants to start up something. On your own is a question of how much in touch you are with your creativity, which with these learning and repetition requiring fields can sometimes be a missing link.
the assumption that people that want to be a entrepreneur will be successful and happy with it years down the line can be a pip dream. Not everyone is cut out for the struggles and uncertainty. Right now you have a guaranteed above average payed job that always will be needed every day throughout time with your pay probably rising with growing expertise and networking over the upcoming decades. There is a fuck ton of safety in that Compared to ie being always on financial edge chasing investor money and alike.
if you want to have some conversations on this topic hit me up, I might be able to help.
I’m a Nurse Practitioner and run my own solo practice. I do primarily mental health but also some general medicine. Getting here took a long time as I went to school part time and worked multiple jobs the whole time but it’s the best decision I’ve ever made. What I wanted to do as an NP changed a few times but I’m happy at where I landed and I can always change things when I want to.
I have more free time than I’ve had in the amateur 12 years or so. I have a large office where it’s it’s me and my dog most days.
As an MD, you have A LOT of flexibility when it comes to starting a practice. You can start solid and telehealth then expand. There is this idea that you have to take out a loan and rent a physical space, and hire personnel from day one. You absolutely do not need to do this.
I’m happy to offer you some guidance if you need it. NPs are more on the cutting edge of starting small practices where if you turn to another MD, they are probably going to direct you to a traditional model with a large office and a lot of personnel.
*** OP Is in Germany
It helps to add this to your post
So your education, employment opportunities , the medical field, etc – all specific to Germany
You might need to move if you want “more, better, faster”
Your risk of failure is considerably lower. Your risk of failure is screwing up the process of operating a business. You won’t have to worry about sales or a good product or manufacturing.
Life is like a thanksgiving morning 5K run – you’re in it with others but you’re running your own race, and at the end of the day it’s your finishing time that matters.
Oh, and some people will be hungover/still drunk and still finish ahead of you.
C’est la vie!
I’m partners with three doctors in different businesses. I’m married to a doctor. One of the most beneficial things in my career was my wife and her secure, stable job. A bank once flat out told me the reason I’m getting the loan was my wife. At least in America, it isn’t unusual for docs to make 300k plus without specialties. It’s hard, rewarding work. But it also provides a security most entrepreneurs do not have. As your career progresses you will no doubt be inundated with requests for financial opportunities.
Know this, just because you’re a competent doctor, that does not make you a competent business person. Doctors are seen as easy targets and their inflated egos make them susceptible to snake oil.
Enjoy your career and enjoy the many varied opportunities you’ll come across.
I make more than 10 a month, and have for over a decade. You have something reliable, with some security, and a bit of a safety. Also, being a doctor, your job is helping people, or was it just the money for you?
Is there anything you can write about your skills or experience that can be worth putting behind a paywall?
This is a digital product you can perhaps sell.
Or remote agency work? Feel free to steal an [idea](https://www.24hour.design) from us, but it’s quite hands on actually… :/
E-commerce work, with Print-on-demand, with things you like. I do this with [temporary tattoos.](https://www.sexiesttattoo.com) You could do it with shirts, or hats. Something that is relatively automated?
Plenty of things you can do, if you have 1 – 2 hours a night you can dedicate to getting it started!
I hope this helps. Keep your head up friend!
You’re 27 and literally just became a doctor. You think rich doctors and dentists and lawyers had their degrees paid for in year 1?
My uncle works for a pretty high powered law firm in my city and has since he got out of law school, he didn’t pay off his law school debt until he was like 45.
You went into a very lucrative career field, but it’s still a CAREER, it’s not a get rich in 5 years and retire field. You’re not a hedge fund manager or writing code for AI. You’re a doctor. Be proud of that. You are doing good for people and for the world. The money will come in time.
I mean here’s the thing, “I just started working as a doctor”. Welcome to the bottom rung of the ladder, now is where you shut the fuck up, do the grunt work, earn your stripes and show that you’re worth paying more. Just because you finished school doesn’t mean you’re worth paying cushy wages, all you’ve done is show you know the basics, not that you can actually do the work or not fuck things up royally.
Yeah, okay, location probably has something to do with it, but there’s a reason that doctor and lawyer are always the jobs people are pushed to go into. Cause you work your ass off for a while, make a living while you do, get really bloody good at what you do and then make a killing.
Doctors have some of the best wage guarantees even if they’re extremely mediocre.
Most “entrepreneurs” barely make a living for years before they become even comfortable, let alone make much money. Yes, it’s the latest fad in the world, but like anything, far, far more people fail miserably and never make a penny than succeed. Not everyone should own a business, not everyone can run a business, not everyone has the capability to even lead a small team in a business. If you can’t hack it in the early stages of a career because of stress, workplace pressure, long hours etc., then you’re definitely not going to make it building and running your own business.
Harsh? Maybe. But welcome to the real world. Medicine has always been opportunity cost, most people dont hit their peak earning potential until their 50s, and all you’ve done is got the piece of paper to say you know the basics, can do the bare minimum required in the role, and aren’t likely to kill someone out of ignorance. If I were in your shoes I’d thank my fucking stars that I made it through med school, suck it up and get used to the hustle of a hospital, get really fucking good at what I do and start steering my career towards where I want to go.
For reference, I worked in security for 13 years, including hospital security. I did a degree full time while working 50-60 hour weeks as a shift worker, graduated and I’m now almost a year into my new industry, earning slightly over 1/2 what I was making previously. I’ve shut the fuck up, ground my skill set, got good at what I do, learned constantly, pushed myself outside of work too, and I’m now looking at being promoted ahead of the curve, make 80-90% of what I was making doing 50-60 hours of shift work a week, while working a 9-5 and having weekends off for the first time in my entire working life. I’ve got a hell of a lot to learn still, and I’m constantly learning and pushing myself further, but I ate shit for 6 months job hunting to find what I wanted, got into the niche I wanted, and have started proving that I can do the work. My earning potential is currently lower than my old industry, but in 1-2 years I will be able to double my old earnings comfortably. Welcome to hard work and actually being worth the money you want, nothing is handed to you, you have to work for it.
Please check your DM
Meet people who run businesses and read articles about founder’s story, trying to spot the type of businesses that make you think, “That might be something I could do as well!” I don’t know where you live in Germany, but I’m in Berlin from time to time, and there are many startup and entrepreneur meetups here.
While meeting people, it can be helpful to break down the tasks you’ve done so far and sort them into categories: what you liked, what you didn’t like, what you were good at, and what you weren’t good at. This will help you understand yourself better and identify what you are capable of doing independently.
When you do this enough, you will find the sweet spot where your skills, your passion, and market demand meet.
I’m pretty sure there’s plenty of entrepreneurs who started a business that are saying the same thing about your situation. “I wish I had the academic smarts to be a doctor, they make the same amount I am right now (even more) but don’t have the stress of managing half of my clients who are awful and always demand more for less, always having to stress about the competition eating you out. Knowing if a big client will drop out and lose 30% revenue, making me incapable of covering payroll next month. Plus their workday ends at 5!? I’m working 80hrs a week just to keep things on an even keel!”
The grass isn’t always greener!
Bro what specialty and what country? Also you sound like a resident, as an attending there are jobs where you can make 3k a day, I’m not sure what percent of entrepreneurs are making that but I’m sure it’s not the majority
Just aim for a private practice. Maybe you can join an existing one of an elderly physician and take it over once he/she is gone. There are a lot of physicians out there who do not have suitable children on their own.
For now focus on what other people do on youtube and other social media. You can either write and report about your plight (writing a book as well?) or you can provide the society with some health information. Maybe you can report about some cool and interesting cases you have witnessed.
There are many physicians and related professions that have individuals making bank on youtube.
Dont think that building a business will allow you to have :
– freedom
– 10x plus money
– no struggle
That’s not the case.
You have a beautiful job, you have a good pay. Maybe start little to discover the business world but don’t quit everything yet…
Because being a doctor is beyond being wealthy and rich but truly helping people and saving lives. It requires a special mindset and sacrifice. I’m sorry to say this but I hate when people choose medicine just to earn more money and get rich somehow. The fact is you only have kind of guaranteed job for life but if you wanna be rich you gotta be the best of your speciality.
I work in tech and people make more than most doctors. But who cares about fixing a stupid code whereas you can save lives and make people healthy. I would be okay to cut my salary half if I can help people instead of working in boring corpo IT.
But hey, people learn coding and doing lucrative things just learning coding and tech in youtube. You don’t need to go to university to be in IT anymore. But you still go to med school to be a doctor 🙂
I think the big difference here is you are comparing yourself to people in the united states mostly, while you live in Germany. Most doctors here are making a bitover $10k/month with many specialties going into $20k/month.